Scaling Ethereum Applications on Harmony - Stephen Tse

okay moving into our next speaker we've got uh steven from harmony protocol and uh steven good to see you hey thank you and uh you're gonna talk to us about scaling ethereum applications using harmony let's do that that sounds like a good topic um if you can save us from the gas fees we'd all be hot we'd all be happy that's the whole idea thank you john i know that's why i let in with it so uh we'll look forward to hearing what you have to share with us thanks take it away thank you yeah hi everyone um it's great to be here my name is stephen i'm the founder of the project harmony we really excited to hear to tell you how this three years has been to talk about where we started thinking about the shouting problem and then the proof of stick problem all the way to what we are excited this year to be talking many of the ethereum developers thinking about the guest fees thinking about what is the future of scaling and i want to spend a little bit time talking about what is the future of all these chains and all these applications in different ecosystem and coming back to the cross-chain finance that we are working on [Music] for those who have been knowing us since three years ago and here's an update what we have been busy last year the exciting thing is we really launched one of the key milestones of our project called open sticking open sticking really is the concept that ethereum 2 has been understanding would be the key to transit from provost work to poor stake doing that in the context of sharding doing that in the context of multiple validators we are very excited to be one of the first blockchain to have thousand validators and delegations and making the whole slashing work making the whole view change work is can is uh it's really a breakthrough that we have been busy for more than a year we also spend lots of time doing the regulations and compliance our team is mostly based on silicon valley in u.s we take compliance very seriously so listing in a major exchange in u.s has been a key milestone for us to be integrated the fiat gateway looking working with the coinbase or setter api to bring the next level of integration with the market but then the summer has been crazy we know that it was invincible for many of the d5 applications on ethereum to be prospering so we during the summer we also spend lots of time looking at default applications why the gas fee is so high why is the traction really happening in particular we fork many of the device applications including balancer unit swap and play with many of the ave working on harmony the key idea is can the application be just migrate if not just fork on the end of the ethereum compatible chain and we'll talk a little bit more about that what we have done so far the last part is the ethereum bridge we all know that the ecosystem developer asset are all on ethereum but can it be scaled from a layer 2 perspective with a bridge we came up with a fly client design architecture so that not only we are able to have the scaling on harmony but we we are able to bridge it with the ethereum in a trustless way in a gas efficient way so today i'm going to talk a lot more about this milestone but also what we are looking forward to work with many of the developers here at youth denver but what's so special about harmony why sharding and sticking are still the key milestones that both ethereum and many of the protocols are going for well to begin with we are able to achieve two second finality not just plot time not just about how we need multiple confirmations but many of the financial transactions really need final confirmation for us to know some of the large transaction will just go through it really only require one block confirmation why that is possible is with sharding finally you can divide up the blockchain validators into about 250 values for harmony so that we can really run a faster consensus within the chart so with the one block confirmation the application not only feel fast we really is at the speed of web 2 so that the user doesn't need to wait and it's the whole concept of like we know that it works now we theorem with many applications but can it replace day-to-day applications both for financial application but also for web applications that the user get used to and for us the key idea is running a product running in mainnet people can use and develop from from very early on even within the year of the project to start we launched the mainnet with shards with cheap fees so that we can experiment people actually not just talking about a white paper a research concept but can actually come together with our value there's hundreds of thousands of them that actually play with different protocol innovation and development at the same time so some of the key innovations that we have done are having aggregated signature with the bls signature scheme so that the message that we pass around during the consensus is really constant size we are the first chain to actually put view change in production if people know um uh fast um pbf uh uh pbft um we actually is the first one to implement both delegation and slashing so we allow us to experiment with many of the sticking scheme we actually tried the quadratic voting way we talk about the medium stake so that the top sticker would never get centralized the bottom would also have the support of um enough stake so that they wouldn't be apathetic to the governance and earning enough stake to stay in the network we really envision this scheme to be supporting hundreds if not thousands of uh felonies validators so that it really is as decentralized as bitcoin and ethereum but today is all about ethereum ethereum applications how do we scale in terms of the transaction but also in terms of the guest fees but also bridge with this asset is what i here to talk about today in particular many of the layer 2 roll ups sidechain solutions the key part to all of this is are they compatible with ethereum are they compatible with the application are they compatible at the buy code level many of you know that there are many applications on ethereum before but the key part is can they easily migrate to another scaling solutions without doing lots of development work but also security audit security analysis so at the bike level compatibility is going to be very key so that you are not just about developing another application you don't need to recompile you don't need to worry about buy code security that you got a text because you have another overflow because this transpiler doesn't work we love web assembly tooling but at the same time how do we allow this application developer that are very familiar solidity to deploy right now today is what we are enabling so harmony is not only ethereum evm as our core running in our node but now we also integrate it with metamask web3 truffle so all of these will be you just need to change your chain id and just work isn't it wonderful to have that level of integration so the user doesn't need to download another wallet they have to change the endpoint users can benefit from everything that you ethereum have developed so far both the toolings both the portals wallets so that they would just be useful for any of the developers coming in any users already have used the ethereum ecosystem and this year it's all going to about layer two solutions roll-ups and we're very excited and we are studying it to understanding what validity proves the way that ziggy singh have done compared to rob solutions like optimistic fraud proofs is what we are studying can we be allowing this solution to have faster withdrawals we know the importance of data availability on ethereum but then the withdrawal process and then the compilation process just as important so if you're interested in that topic talk to us we are working with projects that really key in solving this problem but what do we want to build now who can we really help to deploy the applications our key focus is to decentralize finance defy everyone know that but can we build a cross-chain finance on this what what why d5 project will come to harmony why now instead of waiting um ethereum 1.5 roll up solution to be ready or you film two to be ready is because there are lots of applications that are not possible on ethereum that we want to enable today everyone knows the guest fees um it's not just whales paying hundred thousand dollars um and paying hundred dollars fees we really want everyone to have access to all these applications now to experiments to participate and that we see also applications that are not possible that people only run on test net for ethereum that would love to be part of the solutions it goes without saying that our qin is fast our guest fees are low but what applications should run on harmony today in particular we saw many experiments in the devices space that actually want to think about the concept of pooling pulling in the sense that you actually have a community or group of people dial a portfolio that bring the assets together you actually want to balance the portfolios you want the let's say the urine fault to be putting out dividends and paying out the rewards daily earlier anyway so this kind of grouped together we are doing an amazing effort on ethereum with vaults with urine we pull together all the things can be done on chain can be done even faster with cheaper fees but everyone is asking for the settlement the ethereum that's why we need the bridge when we have the faster chain like we do we'll be able to play with market maker far more sophisticated on-chain with faster granular oracle data feed so that the economics attack when the original and the price change in our place will be and the price change in our place will be a lot faster to recover in particular many of these market makers they don't want to get exposed when the market change but they are going to getting congestion when they need to update the parameters when they need to deploy contract when they need to monitor it it has to happen to allow not just the traders but the entire ecosystem of finance infrastructure to be happening on the chain the key point is we can always bridge it with um as a settlement we can always balance it there will be arbitrage with the ethereum to to connect with it to have a cross-chain transaction with it we also see the opportunity of all these big tokens like all these stable coins it is surprising how many u.s dollars in the world right now on different financial system there are like tens of u.

s dollars both synthetic but also for different issuers on different chains on different protocols that these are all arbitrage opportunities that is already happening both on ethereum and all these chains but how can we allow more liquidity so that people are not getting hacks and getting um wiped out in the pools and vaults just because uh the infrastructure doesn't work just because all these um vaults and transactions couldn't go through because of the network we see me many more maybe hundreds of stable coins in different regions different countries happening in coming months and years can we have infrastructure to support all of them so today i want to say harmony wanted a better decentralized exchanges for all these cross-chain assets so that can be settling with ethereum but work with different chains and different assets in particular we want more efficient market makers so that traders are comfortable making the liquidity for all these stable coins so that people are not seeing the volatility market makers are part of the ecosystem for a good reason to facilitate all these transactions but we also love all these innovation digital arts today all these brand assets and fun generator arts and online community that want to experiment with different game mechanics is also a great way for us to think about we have games we have ours can there be a community that have incentives and it will really come to the financial aspect very soon because having the middlemen having the community having a community having values the financial part will come naturally in particular many of the partners for us already ask that they want to do a drop campaign to bootstrap the community they want to enable trading for their asset in the games in the in the generated values uh among the games or community can we have different experiments how we actually launch all these games but also a new community how to have low fees for all this art is crazy you cannot ask moms and pops to play with all these arts and games if we ask for tens of dollars just to to be participating so we also see that the derivatives of all these assets in terms of lending internal scoring to be displaying in maybe maybe in virtual events or it is happening and our partners already make a great launch to be playing um with the sticking with uh with the asset in particular we launched it with the animoka brands with a popular beast quest games so that they will be part of the card sales to support the sticking we think it's going to happen a lot all the asses can it be part of the evm ecosystem can we separate back to ethereum if people choose to can we have the nfd marketplace all possible now so what we wanted today to ask you guys is if you have a community that actually want to experiment with ours different game mechanics to launch games maybe you already have a game that you are thinking about how to participate in all this digital economy we are ready to help you guys to launch it but why all these bridges um what do we see this year happening what is harmony's world map we already have a lithium bridge that actually help people to do settlement back to ethereum we are testing the on the test of a trustless bridge that we don't even need any of the trusted parties in the way but still just allowing smart contract can we put all these bridge on smart contract is what we're experimenting with to be able to play with the proof of work with the proof of stake on flight clients something that zcash as well as one of the top research papers to figure out the like-line way to connect to two chains is our best research came out the end of last year to think about how we use like client for bridges that will connect with many other bridges that we want to do in particular how to think about to connect with the finance marching cosmo and pokepot is going to be the key topic this year for many of the blockchain not just looking at their own ecosystem not just fighting with the ethereum developers but it is really the eventual goal of the all the blockchain to connect what's the point of developing another financial system if we don't talk to each other by uh bitcoin is also the king elephant in the room that to me to harmony is just a start of really developing a wrapped btc for landing but in a non-custodial way in an open source way we see wbdc rent btc all really gaining traction because there's a strong need for all the liquidity to be able to use for for for wrapped asset to provide liquidity the demand is there but is it going to be open source is it going to be non-custodial can you participate can it be cheaper can the withdrawal time be much much shorter is where the innovation is and harmony already published the research paper is already working with the best architecture partners to make it happen so hopefully you can join us to experiment with all these bridges not just looking beyond ethereum but really looking at this as a fintech revolution for all of us to work with each other most of all today we want to talk to developers we're very excited to be giving keynote speech in many of the events but also participated as judge speaker we just hosted a workshop two days ago to talk about the technical part of the bridge and deploying of a ethereum application on harmony without much change changing the chain id we finished the bridge hackathon to ask developer to think about what kind of applications on the on on our bridge but the bridge is just uh infrastructure we ask them what kind of cross-chain application they can come up with and we were very excited to work with like 20 like really industry leaders as our judge putting out 50 000 prices just earlier um this month to tell them that these are the right direction to build applications can you use more than one chain but also core rv work with different applications in different chain can you borrow money from fa can you do flash long across things can you have the nft in one applications and then integrate it with using diff in different for landing is what we are really interested this year how to think about liquidity among l2 layer 2 and and ethereum how to think about different ecosystem of pokedoc coming up and be able to work with them it's going to be very exciting for developers to uh to connect all the applications to compose all the um like different innovations in different chains coming to east denver is really something that we've been doing the last two years but this year we are we are more excited to be bringing the film developers to just like to just deploy without much change we have signed up for six more like global hackathons with bitcoin we're very excited about the way they think about the bounties we have we are we have allocated major resources but also articulating how bitcoin and ethereum ecosystem to think about developers can participate so what harmony wanted is developers to think about what crossing application is composing with multiple applications whether it's going to be aggregator whether it's going to be about the portals that are already working with all this application to think about use to think about cross-chain asset we already have many of the fiats gateway as a layer one but can developers make use of all these different assets in different chains and ethereum is what we're excited about hey john yeah i don't see you from just my note um so but community also loved um also love the um this program so we have these campaigns to do more tutorials um so please check us out if you want to know more about we really want to get more regional fks for creating us but if john allowed me to talk about one last slide here is really the whole idea that we have these grants for all these new ideas that ethereum 3 is experimenting whether cryptographic primitives or even oracles think help us to think through the cross-border finance and the fiat integrations that radical markets is really going to be coming so the very last slide is just all the content for the developers and the roadmap we really want to work with you guys um coming back to talk to john i thought i have a few more minutes but uh most important of all we're just very impressed of how the ethereum denver has always been the experimental experiment experimental playground so great to be here today uh thank you everyone thanks stephen wonderful presentation uh yeah grants programs are seemingly very common nowadays so if you're interested in doing you know cross bridge grants and all those check out harmony come to their booth and the gamer job experience in the virtual castle check out their bounties and uh we're very grateful for the support thanks for coming stephen we'll uh we'll see you in the ether space thank you again thank you john great to be here thank you