Simplifying Blockchain Transactions for Superior UX - Chirag Titiya

we're going to move on to the next speaker in our uh content that's bi-conomy chirag i think is here you here yeah you hear me okay yes i can hear you well well the show is all yours so we look forward to hearing from you and take it away all right uh first of all thank you eternal for having me for this talk and everyone else for joining uh my name is shirak titia i have been working with vikonami and i started with blockchain when like b5 was getting started with you know like some of the peer-to-peer lending applications or the auction marketplaces so today uh mainly we are going to talk about the usability and how to improve the experiences of you know web 3 applications so let's just get started present sweet so the blockchain has been like the d5 space has seen a rapid growth in uh last two years so here is some context about like the volumes and there are like you know multiple uh use cases or the protocols coming up be it like uh you know margin trading or alternative savings decentralized lending uh gaming etc so for all of these uh i think like for in my belief for uh blockchain or the crypto applications to go and do a next rapid growth stage we need scalability usability and interoperability so mainly focus on the interactions with these applications uh yeah so like you could pretty much build up anything with the you know you can combine like several protocols in d5 and use the composibility and uh make a really good ui in the user experience but uh the way the users are going to interact with it uh it still inverse like a lot of steps and some friction so uh it is very important to you know simplify all of these complexities in interacting with an e85 protocol or a decentralized application and uh the major issues are so i'm going to talk about the problems with uh usability like uh in the beginning you would like you know need to remember your whole ethereum address and uh you're sending this address to someone the wallet logins are complicated and you need to have a certain extension in your browser and uh you know like this is about like i used to try to figure out like how do we get this particular application into mobile and how the interaction would go like uh so that's one problem which is sort of like solved like about the addresses which is solved with uh the growth of ethereum name service where you just like you know sort of put up your name and uh the transaction is like linked with yellow basically it's linked with your address and the transaction goes through so apart from that the gas is a big problem so the gas prices are varying and you would like for example like if you uh set the gas price very high then you would you know end up like overpaying your transaction would go through or if you set this to a lower value then you might uh you know end up like getting your transaction getting stuck so these are the challenges like some protocols have certain deadlines and how do you figure out like exact uh you know what a price you should be putting in so these are the major issues of the gas prices when sending out the transactions meta transactions are a way to solve that where you have a certain entity called a relayer which space on your user's behalf or your or on your behalf and the transaction is basically like you know you sign a message and the then this signed messages like basically relate to the dap uh there are other issues with like pending and stuck transactions and uh you know with the you know transaction times getting too high or uh there are like certain complexities when you are doing yourself as a non-crypto savvy user where you go to metamask and see certain settings or any other wallet you see certain settings like what what is the gas limit should i put and uh what are the other settings so that this this transaction saves me money and it goes faster so these are the problems like it boils down to transaction and so that's why the topic of this talk would be like simplifying you know the transaction experience so that you or your users can have superior ux there are certain other interactions like in terms of scalability uh layer 2 is here there are several layer 2 solutions but and it actually uh you know a lot cheaper and faster when you are interacting on layer 2 but when you want to like move your funds back to your one it's a big process and hassle for uh you know it could go up to a certain number of days so these are like some of the problems which have been in the usability space uh uh this uh sort of you know shows that you know you consider like defined direction as a highway you are like you know interacting with different protocols heat farming uh savings etc and with like each stage uh you need to like stop at this checkpoint to pay the gas fees and it acts certain number of steps when uh you know you are interacting with the debt so these uh you know includes the friction and there are some solutions out there so basically the goal would be like you know how do we make these uh interactions uh on web 3 just like web 2 so you compare this with the web 2 stack and you know try to have like a better login solution for our users which are better you know managing the wallet solution without like you know being as a custodian so uh these are the challenges and uh how do we like you know transit from web 2 to 3 with the similar experience and yeah this would be the goal like how do you capture the next billion for your tab uh say you are a developer or you are working on a certain protocol or we are building something on top of it so how uh the user and onboarding can be improved and also there are certain challenges with uh you know you know having uh to pay eath or like buying the eat first let's say my employer has uh transferred me some tokens and i need to transfer these tokens and i do not know about it so i need to like make this entire round trip go to an exchange do the kyc and buy it and then i'm going to spend uh as those eat as a cash fees for a particular transaction so uh it's about like providing different options uh while reducing the steps for all of these uh interactions with the different protocols and there are some solutions out there which uh you know so this would be like a guideline or some inspiration from like different uh you know solutions which are out there right now uh in terms of uh violets in terms of like improving the transaction experience so i'm going to talk about uh this little bit more uh more on the economy side later on so so for example like uh you have valid connect or fault matting which solves the problem of like interacting easily with your mobile phones uh when you sort of just like you know scan a qr code and then you're logged in or you click on a link and it is sort of a password let's login to the app and then you can do the transactions basically so these solutions can be provided more on the wallet side and meta transaction is an idea where like i explained it basically allows your users to you know it allows you to sponsor cash for your users so the transaction so this gas paying step can be removed from the entire experience this makes a lot of sense when like let's say you have a decentralized exchange or you are making uh let's say derivatives and the traits are very often or uh it's a gaming platform or there are like several use cases where you know you can reduce these number of steps with uh enabling meta transactions so more on this later and certain options can be provided in terms of like whether you want to pay each as a gas fee you want to pay uh in any you know any coin which you already have an erc20 token and you are just you know in uh and so the there is a you know motor turnaround with the platform and apart from that uh it should be encouraged to make uh these different developer friendly sdks uh or very simplified api suites where you know other people can just sort of integrate your services with like a few lines of code and their usability experience is improved so some solutions are out there which are doing it for example uh in case of 0x it's a very good idea where you know people are just like signing the messages of the orders they want to place in the order book and sort of like exchanges this messages in decentralized way and when the transaction when the order is matched the transaction would be unchanged so these are some like very good ideas of the solutions out there to be like you know inspired from and then like you can also natively optimize the gas because the gas prices are going high ethereum price is going high and how do you you know reduce the number of computational steps natively in your smart contracts itself so that would like you know save a lot on the fees like you know despite of like you are doing some other solutions so that is like the native optimization so these are some ideas now i'm going to talk about uh bikonomy and how you know like sort of talk about on the high level how do you integrate it with your dap and how you can build on top of it so uh bi economy is basically a transaction infrastructure where we have like a very robust three-layer infrastructure in the back end which sort of relays your transactions and you need to follow a very few number of steps ah and that is one time to enable the gas less transactions in your tab and there are some other products where like users can pay gas fees in the rc20 tokens or there can be other use cases where users can pay fees you know in fiat to you later so all of these experiences can be improved with just uh three lines of code in your dab or you can you know even use the apis to uh sort of like relay the meta transactions from uh from the like any application that you're using so uh and the features would be the gases transactions like i talked about meta transactions and uh then uh the another feature is like there would be no struct transactions you do not need to or your users do not need to worry about uh how much gas fee should i set or you know whether this transaction will go through or not so there are uh certain uh services uh which you know take care of this at the back end uh apart from that uh you get a certain amount of gas refunds whenever it is you know feasible to burn the gas tokens uh uh we are using g token from one inch but it could be like any other guest open gst two uh so this would like you know improve the uh also like on the fee side where the users are paying less fees and gas or uh in terms of like overall savings and you can sort of like you know watch the tap statistics on the dashboard how your how your user base is increasing or for the solution you are providing and another problem which i didn't talk about is uh you know blockchain agnostic what what it means is like basically you are interacting with like different layer two solutions coming back to layer one and uh different dapps are on like you know different networks and basically like you the users need to change this rpc address all the time and then uh so this even more further includes like one more step to do this uh configuration of the network then you sort of like uh pay the gas fee so uh these transactions can like uh so with blockchain agnostic we if we deduce these two steps so users are just like signing the messages as usual uh it doesn't matter they are on any network and the transition would go through so yeah these are basically the features which i talked about like how do you integrate and like very few number of steps and uh the ideas would be like you can create a wrapper on top of any protocol to enable the meta transactions or uh even if it's not gas size transactions you are giving a choice to your users to pay in like any other token it could be a native token for your tab where you already have some token economics you can give some rebates so there are like certain amount of very interesting use cases uh now i'm going to talk a little bit about like how this is being managed uh at the back end so uh in case of uh you know the for example gas refund so for that uh that would be like you know a script to make the gas tokens when the gas prices are very low and when the gas prices are high these tokens are burned along with your transactions which is you know being relayed by a relayer and then it improves and like gas savings and overall gas consumed by a particular transaction so that's the one thing in terms of like a relayer infrastructure you have like you know you need to maintain a certain amount of heat in your relays be it like you know even if you're running uh your own re-layer with gsm and then like you need to stake these three layers so all of these account management and the relay stuff it happens at the by economy core back end and apart from that there are uh you know for like for pending transactions of the stock transaction there are services which are listening constantly to uh check these transactions and you know if you need to like resubmit or bump up the gas price all of these things are doing uh uh you know it's taken care of in the automatically and this is like sort of the architecture for one of the approaches where uh basically the transaction signer or the end user will just sign this message of the transaction they want to send and then it would come to the relayer and re-layer sort of like you know forwards to a certain forwarder contract whose job is to just verify these signatures by the user and also prevent the replay attacks and then ultimately it goes to the uh your your contract basically taps recipient contract uh only change you need to do in your dab contract is you need to enable meta transaction and what's the way to do that is basically like if you have any message or center property or the uh you know transaction initiation property in your any method of your smart contract then you need to inherit a certain contract which makes your recipient contract uh you know like native to accepting meta transactions so uh in that case like you just change the message or center property to uh that function value and then you're ready to send out the meta transactions so this is uh these are like some steps which are involved like first you do the smart contract changes based on the approach that you want you let's say you want to enable gas stress or you want to go for a certain approach where like the users are paying gas fees and erc 20 tokens so based on that you just need to inherit these contracts so once you make this smart contract changes then you go to the bikonomy dashboard and register your contract with the uh you know different methods that your users will be interacting with so that would be the second step and in dashboard there are like other features where uh i'll share the resources link where you can like actually check the docs and the dashboard so you can enable other features like if you want to like you know enable the gas token burning you can watch the stats and uh this registration process is one time once this is done you are ready to send out the transaction by using the uh you know doing some client side changes in your code which would be like importing uh using the sdk or directly using the apis so these are the contracts where you sort of like inherit this contract based on the transaction approach which you're choosing and if you notice it just like you know defines the message sender how to it could be a real layer or it could be an end user so it handles the case in case of you know if the transaction is forwarded with three layer and what is the end user address which your contract should use so that's the whole purpose and your contracts are ready to you know enable the cashless transactions and apart from that you just import like i mentioned in three lines of code where you import the sdk and uh then like you once you have registered your tab and the smart contracts you just provide your api key uh in this object and then you just change your current provider to use the buy economy provider and that's it like then you can just send out any rpc call so yeah one more thing like what happens uh in terms of like infrastructure when you send out these transactions the buy economy provider will pick your transaction uh and it will intercept prpc call and it will uh you know it will check if your contract is registered or not and then it will come to the method and then your transaction happens by uh sending out the uh you know the signed transaction by three layer so ah that's the same step like i mentioned and once you've provided this chain then you just like send off like you know use the send transaction rpc call and your transaction would go through and it would be guess less experience uh there are some other steps where like if you want to use the forward which is paying for gas in erc20 tokens uh you just need to import like uh helper clients which will like enable again like you just use like two different lines of code and it will be you know in any token any supported token you want to pay for gas fees and you can create this so this is documented well in the top docs and uh you know i can sort of reach out to the telegram or discovered community to us uh we encourage devs to build on top of like different protocols and use uh buy economy in their different use cases there are uh some prices and the hackathons uh you know to sort of encourage building tutorials or building on top of any protocol using buy economy so yeah that's like the technical uh intro on the high level and these are some stats where like you know at the different dapps who are using bi economy and how like it improved in the user base or how it increased the volumes of the transactions which could be like a big metric for a particular tab so this was a curve on layer one and these are some of the stats then there is idle finance uh which also uses layer one and these are like sort of numbers in terms of like you know the how the experience is improved for the end users uh another good use case is uh per protocol where it's basically like perpetual con perpetual contracts on btc effect like users can interact on layer 2 and it's a very you know seamless trading experience and uh here are some other stats about the partners or in the tabs who have been using buy economy and this slide talks about the you know how you can enable cashless transactions what are the other products which is the forward enables uh to do you know pay the gas fees in the fc20 tokens and uh there is also friction between like you know moving your funds from layer two to layer one so there is another uh product which you can you know use or you know leverage to build on top of uh so that's called like instax it and this is about like some resources where you know how if you want to use buy economy then you just go to the docs and go and register on the dashboard there are some other links which uh you know like how it used to be like uh you know truffle uh uh stack and like and how you can you know travel apart from like traffic three how you can like move on to uh hard at ether's type change stack and there are some other resources that like if you want to like participate in hackathon and build a product so how quick uh quickly you can you know build a solution in very less amount of time and some other references for like using uh different like you know services like wallet connect to enable your wallet to have like wallet connect functionality where like end users can have uh you know very less amount number of steps or they can have like seamless mobile interaction with the wallets that they want to use so yeah that's it from my side uh i think i'll be ready to take questions now all right well let's see if we've got any questions jonathan do we have questions i'm not sure that people know they can ask questions so if you do have questions feel free to answer the or ask them in the twitch chat there and um when our speakers are done we're happy to like ask the questions jonathan any questions i guess not okay so thank you gerard we really appreciate it and uh we'll look forward to seeing you around the ether space yeah thank you it doesn't lisa yeah you got it