Présentation du stablecoin DAI & de la plateforme Cryptobooks @TalanLabs 28/02/2019

A rather talented event, so for this tenth edition, thank you again for welcoming us here. We are always very well received and always very happy to come and present two great projects. Here, we don't know about the 7G t-shirt, quite vintage, because we've been active in the ecosystem and Terium for about four years now. But we are a non-profit association. Have you ever heard of the 7th edition?

Raise your hand if you don't know it, since everyone knows it, all the better. I'll be able to appreciate it very soon on this plantation. So, we are finally a non-profit association, effective for the past four years. We're going to resume our activities. The site's activity was in France, and we have a huge news item called THC.

Is that what you're going to do? Raise your hand if you 've never heard of it. Maybe, yes, everyone knows about it. Raise your hand if you don't have tickets to be here yet. Okay, there are only about 90 places left here today, so if you want to come, high side Don't delay, there won't be any more soon!

So, is this it? What is it? Well, it's this amazing conference we held last year in 2018 and are doing again this year. It's a truly unique opportunity to have the entire ecosystem, Terium, and more in Paris. There's also a live stream at the 58th Theater, a Caste Room.

Even if you're not familiar with it, but you'd like to discover how it works, we have tracks dedicated to reaching people from all backgrounds. We'll help you understand the concept and practice it. Beyond that, these conferences are quite unique compared to other typical conferences where you have VIP areas and speakers who are difficult to approach. About 20% of the people at this conference are speakers. You'll meet lots of people and be easily accessible.

And then, on the weekend, if you like coding, there's the Haka Ton Aide Paris, which takes place at École 42 on Friday the 7th and Sunday the 7th, and also the Bloc. So, genomics, next week you can take your vacation. I had chainblock events all day, starting this weekend with the Lohan Confessional Chainblock Festival in Paris. So, there's a case study and a conference on the links between law and chainblocks, computer law, and especially blocked blocks. And on Monday, lots more things, including the summer meeting at the Rhéaume Magicienne Council of Paris.

We have a meet-up. We don't have a top-notch schedule that day, but there's a joy in reading all the stuff. You can check out these blocks at genomic.fr, and if you want to organize events during this generic box, there's a Google form on his blog at gmail.fr.

You fill it out, you create your event. The site is hosted in open source and is well managed. I have to tell you that today we are very happy to welcome members of ASEAN, including Rémy, who will come to talk to us about DAI and also the Crypto Books project. And once again, thank you to Talent for welcoming us so well every time. Good evening everyone, where I'll briefly introduce myself.

You'll introduce yourself, Jean- René, after, not to be impolite, right? No, Thibault Verbiest, at a lawyer's office. I've been passionate about the obscene for about four years now; it's my main activity, I can say that, and I 'm proud of it, by the way. And I'm going to tell you about the early days of Crypto Books, the story behind it, because I think it's an interesting story. Because for me, Crypto Books is a great story to tell when we're talking about crypto, about economics, it's not something you hear every day.

So it starts with a slightly annoying story: I've been passionate about writing novels for a long time, it's my hobby, and my first novel was published about ten years ago. At the time, I signed with a well-established and well-known publisher, so I had every reason to be confident. And then, a little over a year later, when I asked for an accounting, as they say with lawyers, meaning how many books I'd published... Will I ever receive my royalties? Well, the publisher didn't give me any more information.

Anyway, I quickly realized they didn't want to pay me, and we got into a legal dispute. I'm a lawyer, so in theory, I should be able to handle it. But even though I'm a lawyer, I found myself in a rather awkward situation because I'm going to send a lawyer—because lawyers have their own lawyers when they have problems, like everyone else—to break the contract. And it's been five years, and I still haven't received any royalties. Because they gave it away, I even stopped paying because we're a rare breed in this publishing business.

The stakes don't justify lawsuits that last for years with legal proceedings that will cost significantly more than the royalties. And so, unfortunately, some publishers—I don't want the system here—this is a publisher who had a solid reputation. Some publishers take advantage of this, speculating on the weakness of authors. We thought it was... Often, by the time authors are already quite happy to be published, it's true that we have an autograph, a paternalistic relationship with the publishers.

It's their knowledge of Perth, and I recognized it, and I thought, and I was so happy they did, and I didn't even ask for royalties. There's all that from my publishing, and so what I got out of it, like only one, was that it's black box publishing. That's what—if the judge had ordered the accounting, the judge had no way, no way of knowing if the accounting of the stories was correct, except in Rambouillet for three listeners of 14, Mrs. Hemming was moved. So it's a black box, it's a black box with intermediaries because I'm not talking about the other intermediaries, I don't mean to say really to be confronted, but there are quite a few intermediaries, obviously, even in the publishing world, and with practices that aren't always Neither honest nor transparent, and a few years later we find ourselves now in 2018, I think, yes, about a year, from the beginning of 2018 until the end.

I'm about to finish a second argument already discussed with my guys Jarry Lacombe, who, if there's a PC diploma and you're also part of the team, and whom I accompanied for their Haitians as a lawyer, which is the fourth, is it here in France that you succeed if you don't move, if you don't know these diplomas, I think they're still quite well known in the ecosystem now on the terrible certification of police officers in the field, but I'm going to talk to him about that, really not at all, no idea behind it, and then we say, but on Bolton, and instantly I said to myself, so yes, we're going to do it, I'm especially not going to present my book to a publisher, we're going to do it now, is to be a little more intelligent, and that's how Crypte Books and, but also simply as that, in the course of a conversation, often salty, Vian, it's a discussion in a county, in case there's something that which is triggered and written e-books is also as simple as that and it seems obvious to us that Loeb the chain and a little relevant answer to a real problem because we often say that the Blue Jays is a solution to a problem that doesn't exist I don't know if it's the expression that we no longer touched I don't want anymore if it's the expression contribute and doctors all the conditions were met for the right chain to be relevant what we wanted to avoid as much as possible was entering into a logic that has become very complicated like that since 2006 it's not simply a complicated logic it's that it seems to you in all intellectual honesty that we cannot in the conditions of a mission ceni ciolos means a token why a new kloten but we admit we're going to do things differently we're going to create a platform that allows you to zoom in on a work without knowing about books minutes ebooks because it's true I participate more complicated than one day will do it and we can buy them with it at the beginning we The whole Tony team had said, but then it's a bit ambitious to say everything and lead crypto, and we said we'll start by tackling the Terium, we'll accept it in the summer, we also analyzed all the roofs and walls, and 20, and then finally it's perhaps still the photo lines, few biological liquids are known, those that are the most liquid, and so we decided that we promise, in any case, my father wants above all, it's you, and it seemed interesting to us because the land baths that, on the contrary, we can buy things with, and Prince is served with trade queues, and 20 among six weeks was known for its Corbières wines, its wines which in most cases, well yes, they don't serve much purpose because for that, the technology would have to progress, promised applications would have to be already available, that you could surpass them, your colony receiving, it's still quite rarely a unique case today, and two games that quickly found themselves open at the RCV and that don't know what to do, the clip for some of them in all The case responds to liquid, they have a car value in the Eure department, the changes caused, well, it's not complicated from a computer science point of view, also accepted, and to the Cognac residents, 26 Thériault stops, and the idea was as simple as that at first, and we sang these lyrics, good evening, Apple trend, good evening, my name is Jean René, so there you go, so who told you the story, we said to ourselves, with the blockchain, we benefited from transparency, we benefit from immutability, so all transactions in the publisher couldn't say in this case, no, in fact, tobacco sold as many books, so it's finally an answer to the problem, well, I'm going to continue while we wait for the image, so we base ourselves on smart contracts on the inside, with each purchase of a book by a reader, there is the author's share, the platform's share, and the contract is executed, and then, well, with all the transparency that we know, the blood with us, we can go and check the transactions, by the way, I wanted to, I hope, show you some later, and also show you the platform that we We've set things up, so I'm going to move on to a presentation of our platform. September Expo, a club, so there's a book by Thibaut called " Libre" (Free). So I'll go directly to the page. Here's the paper that doesn't block you. When you click on "buy," you arrive at the page with the book summary, some information, the price, the language ( for now, we're doing it in French), and with lotteries.

Here are some authors we select. So if you proceed to the purchase, as Thibaut said earlier, we'll accept about twenty. Tokyo hasn't paid 20% yet. For now, for our functional version, we started with the lands. So you choose your currency, you enter your Theron address, which, as you know, starts with "heroic," your email, and then you click on "pay with ethers."

So when you've chosen a token, there it is. The token's name will be indicated there. Then you'll receive an email summarizing all the payment information. So basically, you have to send an amount that has been converted using the current exchange rate. So, there you go, it was, I don't remember, 8 euros.

You have the currency conversion and you have to send [Music]. So we've done an integration and metamasks for the moment, which should normally, well, this is what it should display. There you go, you make your transaction. Metamask, it's usable with a Ledger Nano S, with any hardware wallet, paper wallet, or online wallet. So, I'm not going to go as far as the transaction, but I'll show you one from this afternoon.

And so, I was talking to you about transparency earlier, and you can see that when the contract is executed automatically, the rights holders receive their share of the book. So, overall, we have the platform's share and the author's share. Crypto Books, the idea is also to give a much larger share to the author than what you can find on other platforms, and it's to allow the author, for example, like Thibaut, if you have a translator for your book in English, or six for the cover design, if you have a graphic designer, it's about integrating them. to the contract, and so there you have it, they are certain of receiving their share, everything is transparent, and that's the idea he was talking to you about earlier, to really use a block, not just to say I'm using my blog, Shane, but for a truly useful purpose and to address the problems you mentioned earlier, which publishers don't necessarily... I'll come back a little bit to the platform, so beautiful, the computer [Music].

So, at the interface level, below, we have a carousel with all the books that will be presented. Currently, as I was saying earlier, we have self-published authors, so we have Thibault, we have a book by Bruno Colmant on the stock market, a hellish machine, yes, I'll say. Right after that, we have a book to completely change the theme, feel-good books are very trendy, my life begins now, so we're going to offer a catalog of two self-published authors, and as Thibault pointed out, we also have a partner publisher. This is Renaissance du Livre. You can see a small logo here below, Renaissance du Livre.

This is our first publishing partner, the biggest Belgian publisher. You might have heard of me. I'm from Belgium. It's from Brussels, and the biggest Belgian publishers, Renaissance du Livre, are playing with us because they see Crypto Books simply as a new distribution channel for their books, nothing more. And what's also interesting to say is that they're playing with us in a crypto economy or economic gamble logic.

What that means is that we've been hearing about the famous Zhao 1 for years. You all know the women, ETA, with their noses. We don't really know many. There's one who made headlines, but it didn't go very well. Well, no, actually, we do it in a very simple way.

A real AO is that the partners, the partners, we really feel like we're in a company. Crypto Books' partners are partners in a company; they are partners in the sport. So, the publisher who's working with us is a big help in the development of a project. It doesn't have a fixed form; it helps us understand the ecosystem we're in and make the right partnerships. We'll explain later what those partnerships are.

It's the Renaissance of the Book, and there's no percentage of a company involved. A portion of the Tekken is received as a commission by the platform, and the whole team is actually dedicated to the project. The whole team is in the same boat. So, the developers, the developers of Crypto Books, they're densely branded, contracted like us. So, we associate our partners in the smart contract, not in the company.

That doesn't mean we won't associate them in a capital way. Tomorrow, José, just a quick aside: we'll soon be raising funds because we've done everything, knowing you a little, to save money, but today there are still limits. Today we still need a little more help. The developer doesn't want to pay everything, in any case, we're thinking about VAT, for example. Let me tell you, the biggest headache for Crypto Books is the Pogo.

Two zeros, it's not the technology, it's not the business model, it's not the community, it hasn't found authors, it hasn't made existing partners, it's not that, it's more complicated, the most complicated thing is the VAT, it's the VAT, the VAT, it's a nightmare, and we're not going to go into the details of the cadeul, but it's a real nightmare. If I also have a microphone, then we'll see, I'll continue quickly on the books, we'll see, we'll also offer the entire French-language iBooks catalog, that will allow me to have, that will allow us to have titles like, well, Marc Levy, well, all the books, all the great books, all of them, you buy them, other books, you could read on your e-reader at the beach, well, it will be possible to buy it in and on land, and very soon, in any case, especially for a club that we've already taken, I don't know if we've yet, I've passed, it's Géraud who is the timekeeper, is that you, can we hear a few minutes or questions, that's quite good, I'm going to Perhaps, if you don't mind, Jean-René, we could also share our vision of what we want to develop, because this is just the first step. How do we do this? Yes, so, as Thibout said earlier, there's no economy in the way we've currently developed the site. There are certain limitations, so we've created this functional site.

You'll find it in a few days. This Crypto Books Point Club site is n't the current version; it's not online yet. But in a few days, you'll also be able to use it, and you'll actually be able to buy books. The site works; you could buy the books you've seen. We'll be adding them in the coming days.

But we have a bigger vision that will require, as the author said, fundraising. Ideally, we'd also like to allow payment by credit card, but with a conversion that will, of course, use smart contracts, since that's the very essence of Crypto Books. So, to allow as many people as possible to access this, we'd eventually arrive at a technology—we're talking about blockchain—but we'd arrive at something that's transparent for The user will pay by credit card, they will receive their book, but ultimately, at MX6, and with a blog behind it, if they don't know all the details, it's not a big deal, and perhaps that's what ultimately leads to its use—a democratization of these tools. So we would like to integrate these payment methods, and then, in terms of vision, I'm starting to say, yes, we would like to create, reinvent—that's why we've always put it in the " Reinventing Book" section. We would like to create a large platform where you can find tons of resources like graphic designers, translators, proofreaders, with a rating system, or something like that.

Because that's the difficulty, as you were telling me again at noon, you're an author who wants to have your book translated into English. It's not easy to find someone who will do a good translation, and it's not easy to know if the translation is great or not, if it truly captures the spirit of your book, etc. So we could arrive at a high-level evaluation with validators, why not also with readers who directly rate it, like a 5- star rating that assesses the quality of the translation, what they thought of it, and then create a pool of resources. We had a pool of resource people we could call upon, the countries in question. So, you're an author, but you want your book translated, you look in the community for a translator you get along well with, a graphic designer, and then you launch your book and then you put it online on Kyoto Books.

So we have this idea of ​​reinventing books together with everyone, of making this change. And to go even further, as we were saying earlier, there are many avenues. We would like to integrate booksellers, which is what we're doing. We've created a partnership with them, which is a link between physical bookstores, and by the way, we're always thinking about the IFI sector, Thibault, you said it, with your books, and with the fact that we would also eventually sell paper books, so, integrating a network of Partner booksellers that we would highlight after determining how, etc., etc.

The bookseller would also highlight Crypto Books, for example. To lighten the load, booksellers often use the little sticky note with a short comment about the book, etc. We could imagine, on the " My Life Begins Now" platform, a network of partner booksellers putting their little sticky notes on the printed sheet with a small QR code, saying, "Here you go, scan it, scan it, it's based on Crypto Books, you receive it to put it on your e-reader," and there you have it. We have this vision, really doing something different, right? I think you've said it all.

And the platform is launching in French, but it will eventually be available, I hope, in English this year and then in other major languages. That's also the goal: to make it a global platform. Thank you, hello everyone. So, I'm Rémy Fuld, I'm a blockchain developer at Natixis. I mainly work on private blockchains for commissioned projects, so that's...

For my job and my passion, it's cryptocurrency, and Terium is one of them. So today I'm going to talk to you about the project, but at the heart of AOT and its Coyne style. So we'll start with a quick overview of the different types of Coyne 'stables,' so stable tokens. I apologize, and this presentation is in English, not translated into French. I hope that's okay everyone.

So, a little overview of the different types of Coyne 'stables,' then we'll get into the nitty-gritty of what they are and how they work. We'll present the different players and the risks of the system, and then we'll look at the different young aces of this platform and this style, like Queen in hockey. A type of 'stable' is Canon, worth 2 euros worth of tokens that are worth 1 euro, or in dollars, so in this case, more like a dollar. So, let's go. Those that are collateralized in fiat currency, often in dollars, for example, Teaser, which is the most well-known, so that the advantages of this type of token from this era are known to be easy to use.

To understand, for a dollar in the bank, never a Kivu token in dollars on Shine blocks. Why? It's quite easy, and the CDC is already a good virtue to be simple to understand. Then, in theory, it's less vulnerable to HAC since the collateral is held in a bank. A bank is very secure.

I work in a bank, and installing dance software isn't easy. The disadvantages, however, are that these underhanded tactics add a trusted third party, so there's a centralization at the company level, which is okay. Then there are Lester Bolton tokens collateralized in crypto, which bring more decentralization, more trust. We do n't need to rely on a trusted third party; we can quickly liquidate the collateral that occupies it. If there's ever a drop in the value of the underlying crypto, it's very transparent; anyone can edit, anyone can see what's happening.

That's for the advantages and disadvantages. The thing is, since we're dealing with crypto, it's not at all stable. It's very volatile, and therefore it's going to be an inefficient use of capital because we'll have to over-collateralize our Bolton to be able to liquidate if there's a drop in the price of the underlying crypto. And then there are the Lester Boltons that are uncollateralized or partially collateralized, like Bézis. So what you need to remember overall, from my point of view (though perhaps others won't agree), is that it's a stopover because if they're not collateralized, it means they're closed by the SEC because they must have realized that, well, in fact, it was based on the principle that the new ones through the mines are real, and so it could be bogus.

And Seignosse closed by the SEC, which we'll talk about, the DAI that is collateralized and is losing at the moment. So we can see that it's on the markets, the Steeple Coyne today, by reds had registered, N'DIA holds for a month, we're A little evolved, but that's where the outrageous dominance of the PhD student comes in, so it's regularly used for other purposes, pseudonyms said on TF1, we're not sure they really have the two billion dollars, 2.2 teaser they issued, yes, but often they come back with new audits that prove that finally confidence is returning, the system, the inside is roughly equal to 1 dollar except when it's equal to 95 cents or 90 cents because there can be fun articles and the daily, we see that a brand and a cap of 71 million today, it was a month ago, today it's 88 million with fairly continuous growth since it was launched a year ago despite the fall of the underlying asset at the end of 2008, but the collateral, which is the term, went from $1400 to $100 in such a short time, price / May 14th, which is quite extraordinary, is that despite a 14-fold decrease in the price of milk in a year, the The daily remained roughly stable against the dollar, so that already proves, even before looking at how it works, that it works. It's a good stress test, you might say. Someone once said on Twitter, " Ballester Balqon, how does it work?"

The unstable Cohen token is attacked by dollars deposited in a bank, and depositing them in banks means promises for paper dollars, for banknotes. So it's unstable because it's a promise to pay, a promise to pay, another promise to pay—absolutely nothing. Therefore, the counterparty risk is cubed. That's why there are other types of 'stable' Kohn tokens that appeared, like Steibel, which is completely transparent and collateralized. We'll see about collateralized ones.

So, the daily... I had a video, but since they call it... you can see them on the Blaye website. So, the main goal is to break the trust, to reach a price equal to 1 dollar, and they 've more or less reached that point. You see, however, it's not exactly...

but the price, the silo, both... The dollar is the objective, so as we were walking, to understand the system, you have to understand how central banks worked before 1973 when dollars were actually commodity money. You could exchange dollars for gold, basically. The American central bank is for... so what to do to be sure that these bills have the value of...

I print bills, but since I have large stocks of gold, you can exchange your bills for gold. Indeed, with gold to pay your peers, it's effective against bills, it's simpler, but if you want, you can always exchange your bills for gold. So that was until 1973 and the agreements of... up to the Bretton Woods agreements, and today it's calmer, but... so it works a bit on this ancestral principle: having collateral, and so I can issue value based on this collateral.

So it's a bit like I have a house, I put a mortgage on my house, and I can then borrow against the... on my house, and so if the value of the house and the bistro is good, or if I ca n't repay my loan, the bank can always seize my house because, well, it's my collateral that allows me to... Yesterday, a DICE loan was based on a similar principle. So, what happens with it is all managed at the level of collateralized debt, which is what we call CDS PP, a theme that will need to be remembered for later. So, my part is on the platform, but at the heart of AOT, so it's the DICE platform, we'll talk about it later.

To arrive and say, well, I'm making my own mini central bank. I deposit ethers in smart contracts, in the smart contracts of the CDP, and in exchange for this collateral, I 'll be able to create one of the tables, so a debt, a debt that will be formalized in... And knowing that one Diana dollar is... So, for example, if I deposit 1.5 and land the dent in my smart contract, I'll be able to make a maximum...

I'll be able to issue 100 DICE That is to say, my debt on my collateral must always remain above 150%, so I must always be over- collateralized in and r because, well, since land is very volatile, we need time to liquidate my and r if there's ever a price drop. So why issue debt in a dance in the SCDP Jean Bardet and land, so plus 50% of what I want and put at a minimum, and I can m Hind, so in this example, my ratio is 150%, or if I ever reach 149%, I want to liquidate. So I'll explain right here, well, right here on the next slide. So if I repay my debt, it's simple, there's a stability to pay. So the stability, if it was 0.

5% until three weeks ago when I did my presentation, and today it's at 1.5 percent, sorry for this mistake, I have to repay my debt that I put in Finland, which I made... That is to say, leaving them with the sandals plus the stability fit, so if it was 1% and I kept this debt for a year, I would have to repay 101, quite simply. And once I have repaid my debt, I will be able to recover all the collateral, that is to say, all the ethers that I put as collateral. So far, so good, it's simple.

Then there is liquidation. So indeed, if the land that was at $100 drops to $80, if the bay, therefore, a lot of collateral, all- weather, hot, it drops to 120%, which is below 150%, and so at that point, anyone can come and liquidate my collateral. So what happens when I have to automatically liquidate all the collateral that is blocked? A smart contract will be sent that will try to liquidate all my collateral to repay my debt plus the stability fit plus a 13% penalty because I mismanaged my debt; I let my collateral decrease too quickly. to what I had issued, and so I have to pay a penalty which will be used to cover later, or rather, which turned out to be something else later, we'll see.

So, 13% has slightly deteriorated, which is quite a lot, but at the same time, you have to think that if you take out a mortgage on your house, they'll seize it and if you don't repay that mortgage, they'll seize your entire house. So, ultimately, you're responsible. And if they ever manage to liquidate all my collateral, or rather, part of my collateral, to repay my debt, and what remains is collateral, well, they'll give me back that collateral. So, they'll give me back my nerves, which were n't used to repay everything. The different actors we talked about, the CDS PP holders, so the people who can create a debt for themselves based on ethers, but also the MKR token holders, so it's the platform's self-governance.

What I may not have told you is that the stability fit, so, basically, the interest rate of my loan I'll have to pay for it anyway, called Heart for the moment, so for example, if there are 100 million dollars in Heart and the rate is 1%, we can know that basically it will bring in money for the platform, but only one million per year. So there are the users of Die, so that's me for example. If I want to go to THC, it's because I want to pay for admission in Die thanks to Jerome. It's possible, and soon on Keep the Book, I hope. But it's good, indeed, paid in Lowlands, a little bit for the user experience, I don't know, it's not crazy.

On the other hand, paying in dollars is already a little closer to the euro. Then at the user level, there are the Keepers in the team. These will be the people who will liquidate the CDPs. So as soon as they see that the CDP falls below the 150% collateral ratio, they can liquidate it. And again, yes, it's the people who are more like robots who will do this automatically after the Oracles, so the oracles are what determine the price of Ether, the price of the best Caire token, and the price of Die.

This is extremely important. And besides, the Lizard Action and the platform's governance are central because, basically, if the price of the tokens is manipulated, it could cause everyone to liquidate quickly. There's no risk on the rails, that's why there are so many. So today there are a dozen or twenty of them. There's a kind of median function, meaning that even if 49% of the oracles are correct, they send out random values ​​up to 49%.

For that, it's pretty complicated. And then there are also the global ones. Yes, it's a list of people who are also designated by the platform's governance and who can make a global decision. It's so important to know if there's a flaw in the smart contracts, if an unforeseen event occurs, they can... Press a button and Deer Valley Olic to the liquid, we'll see later how it goes, but if the team finds everything, all the people who have DAI will receive it pro rata.

So during the summer, normally it should have the same land value as those who are in mourning. Then after the platform, but Coeur d'Hérault, it's the person who allows, among other things, voting on all the parameters of the CDPs. There are a certain number of parameters on which they can vote, so they can say we're going to add new types of this EP. So today, to a single type of CDPC, the collateralized CDPs in and R, they can modify the types of CDPs, they can modify the sensitivity parameters, they choose the oracles, they choose, go, the people who trigger the global German one, they also vote on the risk parameters, so to be selling, it's the maximum quantity of DAI that can be issued, so for Le Mans it's 5 million, but we see that we're approaching it because we're already at 80.8 million, so it may be necessary to increase it quickly.

Therefore, it also applies to the liquidity in Sion. Finally, the liquidation ratio, which is classified, means we are liquidated if we fall below 150%. So, Lafitte Stability Fils and the interest rate are close to May, so today 1.5 percent, the liquidation penalty is 13%, and on other parameters as well, expensive people who are involved. If we say that it is, well, given that the economic incentives have finally had the economic situation at the full rate value, in fact, for the moment, it is the stability fiq that is paid in hand.

NKM is actually what is happening is that the m care that is paid for the stability fils have been deceived, which are destroyed, so this increases scarcity, the value. So, the small illustration with all the oracles, so we see that they give roughly the same price, dissatisfied with the different risk issues. So, if there is a drop in the price of land, normally the liquidation comes as a bulwark against the drop. So, normally, between The 150% and 100%, we have a little time, we have the time needed, in any case, to liquidate the collateral, so it's done by Sparta, contracting quite quickly. So I told you that the collateral used for the CDPs was D and R, actually it's not really shared CD&R ether, no, 6 passes, and at the beginning one ether equals one ether to be shared, so we call them "chickens," let's say.

And so what happens is a liquidation, the 13%, in fact, they will be used to buy Ether and Airplay to destroy them, so that will increase the ratio of " chicken ethers" to the ethers on the land, and basically all the people who have "chicken ethers," terms used by [unclear], will have a gain because if they come out after Bayonne for a shared notary, they will have more than they had before, and conversely, if the liquidation does not allow them to recover all the debt, there will be [unclear]. Pooled ethers will be issued, issued from scratch, so there was a kind of pooled loss throughout the system. Therefore, there's another mechanism to adjust the price of the die, but it's never been used, and the assumption is that it will never be used. It's the TTR FFM, the Target Trade Feedback Mechanism. This would allow the euro to decouple the value of the die from the dollar.

So, if we see, for example, that the DAI drops to 95 cents, we could say the target for the DAI is 1.05, for example. But this parameter has never been used for the simple reason that if the DAI starts to fall a bit, the people who issued debt are happy to buy back die at a lower price to repay their debts, at a lower market price, so that a kind of self-adjustment occurs. And the last mitigation, I wanted to say, is the global liquidation. It's tomorrow, so the global liquidation, which has already happened once, was the second week after the launch.

There was a problem in The space contracts, but there was very little garlic that had been issued, so it won't pose too many problems, and since then it hasn't been reactivated. So what happens when this German global system is that, first of all, it means there was a vote by all the designated people to say, "Okay, we're in a serious situation, so we're going to liquidate everyone." So what happens is that we can no longer create CDPs, we can no longer create dies. As a result, everything is hovering around the price of ether and hovering around the last value that the oracles raised. And there's a period during which the last liquidations, the last auctions to recover the last collateral, can end.

And once that's done, all the people who have d'ayew, who have CDPs, will be able to claim theirs. So, if I have $5 and the land within large areas, I'll be given a lot of land and destroyed medals. In any case, medals have no value. Well, that's all very well, but what about...? Besides being paid for at the Terry and Community Conference and Crypto Books, there are other uses.

So, for example, I can take out a loan to myself, which is pretty cool. There's a person in the United States who had a $2,540,000 mortgage on their house at 1.4%, and they pay $2,500 a month, including $1,793 in interest. The thing is, Bosch, I won the Ether lottery, the one he invested in land at the very beginning. He owns a lot of land and thought, " I'll take out a loan to myself."

At the time, the interest rate was 0.5%, and this will allow me to prepay the loan with a lower interest rate. Plus, I can adjust my repayments as I see fit. That is, if I don't want to make any repayments for a year, that's fine. Conversely, if I want to repay...

Quickly, the loan I made myself in and I can do it really with the repayments I want, that's the first use case, but for this case you have to have a lot of land and then you have to believe in the land and but it allows you to keep your holdings, it's crypto and in addition you borrow and against it, so the real use of the die today is mainly the trading, the leverage trading, the mayor Jean trading, so basically if I have 1.5 and land and that generates this Hendaye with sandals, I buy back ether and there I find myself long with a multiple of 1.66 on the land, I make a loan to myself, with this loan I buy back ether and there I have more and wander what I had at the beginning, I can explode too and I can do this several times, so I can do it, I never like a certain number of die, I buy ether with it, I put back 16 and father so that in my cdp, so I can put More dies and so on, and I can loop like that, and with infinite liquidity, we could reach a leverage of three times, so I can go, I can leverage like and r x 300 and 4 shots of confidence, so for those who know, we can already do it with eight guys without leverage 50, but there are a lot of fees, but here we can do it alone with leverage of 3, and in most cases, in fact, today it's used more for that than to pay for real stuff [Music] besides, I experienced it, it was quite nice, so there you go, and then for the future, there's something that's going to happen quickly, it's multi-collateral dies, so that means that today we can only borrow against ether, so shared land, but tomorrow we'll be able to borrow against ether and some smart contracts, some, sorry, tokens, pay 20, and according to rumors and partnerships of the platform, but at heart it would be rather with oh my god and gxx Gold and maybe WTC, which are the Tekken pouring 20 that hit Bitcoins, so we can put Bitcoins as collateral in this DP, which is pretty cool. Has DAI survived flash crashes? Sure, let's say, gold platforms.

There are two things to mitigate this flash crash problem: the oracles already give a volume-weighted average from a certain number of exchanges that are planned at the beginning, so normally they all have the same formula to give the land price. If there's a flash crash on one platform, it might not impact the price that much compared to the volume of all the platforms. And then, generally, the flash crash situation is... The second thing is that there's a parameter that says the land price can't drop by more than 10% every fifteen minutes, I think. So even if there's a real flash crash that happened at 0, actually to leave time for Easter so that if there's a problem, basically, a global usage that...

What's happening is like on the stock market, there are even if the price plummets, and we really wouldn't allow the price on the platform to decrease by more than 10% every five minutes. I believe in what it is, which is already very popular. Basically, it's similar to exchanges on the stock market that say they're prohibiting trading on a certain stock, except here it's artificial because the retail price can really plummet. If so, when we continue without restriction, I have a question about the Husky, which is more of a new skies teaser, tax-wise, keeping it as a kind of safe haven that would allow you to stay within the rules and regulatory aspects. Is there a DAI?

There are people who use it for that, since it's rather stable, and not necessarily... well, I don't know, but it's true that if, for example, I made a mistake and I have a lot of land, I can convert it in Hendaye, and so it forces me to... Paris normally, and I have a value of approximately... stable against the dollar, so it protects me against the fall of ether while remaining in the crypto world, so that's also an advantage. If I go on an exchange and AirDiet, there are quite a few, by the way, they did a great job because they solved the problem of the oracles of the decentralized exchange, so to make the switch and R of Garlic and Uster Volkhine collateralized, so for its purposes, I really want to address the problem of having acquired a lot of land because I tried or whatever, and now I want to buy D-Day to hedge myself.

Why is that? So I think it's going to cause me a lot of problems, and regulators or Collioure, this theme is mentioned, that Hyundai Savings, and it's by not being able to earn interest on its land, how to justify it after saying we'll... you have your... and... I put some in, I never bought on each one, I do them, if in fact, that's good, and then it comes So, where did that come from?

Actually, I was looking for a contact sport that can distribute ethers because it wasn't very good anymore. What I don't see is that I forgot, I didn't mention it. There's the camp, you complain, and multi-collateral die. There will be, at the same time, the Thai did well to note it. So, in fact, if I put my medals in a smart contract, I'll be able to get an interest rate.

So, a bit like if I had a bank account and it earns interest, and those... so you're going to tell me how its finances are, and that it will be financed by the stability fit. So, separately, I have a stability fit for people who like to be die of 2%, and well, I could have a one percent interest rate on the die saving waits. So it's really be your own central bank, your own bank account, and your own ledger. And what about...

but then, for the problem of how we deal with the authorities, he was already lost, a little more care. [Applause]