Building on Metis with KORIS by Chris Cassar

Hi everybody. Uh my name is Chris Casar. I am from a course which is a part of the meet ecosystem. Um and I'm here to talk about uh meets overall and also the concept of a DAC and how that relates to the hackathon that we're having. Cool.

So um just a bit of a note, this is going to be a higher level conversation. So if you know some of these concepts already um please bear with me it's just to make sure that it's uh understood by everybody right um so jumping right into it. So the potential of creating decentralized companies. Um so decentralized companies they can operate without traditional in um traditional structures or uh centralized control and this provides greater control greater transparency and accountability. Um this decentralization can be more equitable and inclusive.

Uh it can create an inclusive economic system. that will allow for more participation and ownership by the stakeholders involved. Um, decentralized companies, they can also leverage blockchain technology which is in the name and this helps to create a new model for governance, finance and collaboration that is more efficient and resilient than traditional systems. So there's obviously a lot of challenges when it comes to this concept of decentralization. Um so to run through a few of them.

First of all, building a successful decentralized company requires a deep understanding of web 3 technology. Um this includes like the blockchain protocol, smart contracts, decentralized storage or any other aspects of the tech stack that you might find as necessary for your company. The number two thing that we all think about is the regulatory landscape, which is pretty scary, but it's there's some good things happening and there's progress. And one thing that we should keep in mind is this is always evolving. And although these uncertainties and challenges can make you question the compliance and the governance, just keep in mind that as long as you as a founder are aware of what's happening in the legal landscape, you won't be caught behind.

There's a lot of smart people working on how to regulate and how to navigate the regulatory landscape for decentralized companies. The third thing is the decentralized nature of web 3 introduces new security challenges. This can come in the form of smart contract vulnerabilities, hacks, and other exploits. This is this is very important when it comes to dealing with um all of the solutions that blockchain technology offers such as um data you how your data is managed the finance aspect as aspect of course and all the other benefits. Now, if you are a founder in the space, all of these challenges, you should welcome them because as founders, when we're building in this space, challenges often mean opportunities to build products to help solve them.

So, the opportunities when building in web 3 or in this decentralized space is it it enables the creation of open permissionless ecosystems. And this can drive innovation and collaboration across different industries and geographies. You now can get a group of individuals who before would never have been able to interact with your decentralized company. They are now able to engage and help you build and achieve that solution that you have in the vision of your decentralized company. An example of this is decentralized finance alone.

I mean that that of what it is now and what it's going to be is is huge. I finance is the bedrock of well economies around the world and being able to create a decentralized version of it and allow access to individuals to allow individuals to have access to this uh to to to finance to a standardized finance that everybody can interact with. it creates a whole new suite of opportunities because without people um well value is never created. So another thing is web 3 provides opportunities and new forms of value creation including monetization. Um, an example of this is tokenization and NFTTS.

And there's going to be a whole new suite of different types of value creation that I'm not creative enough creative enough to to say them right now, but what this allows you to do is you can democratize access to capital and incentivize user participation. This is huge, especially when you're building a product that solves a real problem. you can create a new class of super users that not only engage with your product um but they feel incentivized to give proper feedback. Um we can go a little bit deeper into the into what that incentivization means. Um but that's in another slide.

So these are just some of the essential components that I think that web 3 companies should look at when you're building in this space. So first and foremost and I think the other two are definitely important but the number one I I want to emphasize is user experience. So user experience design that takes into accounts the unique needs and behaviors of web3 users and incorporates the latest trends and best practices for UX design. So depending depending on your product or service, this will differ, but essentially all it means is just talking to your users, getting deep into the weeds of why they're using their product, when they're using it, what they're using it for, and how you can better improve that. That is the basis of UX.

Because when you understand that you can improve your UI or any other aspect of your technology so that they can navigate your solution and better find value from it. So number two is the governance structure aspect. Um this allows for democratic decision-m including the use of uh Dows decentralized autonomous organizations and other forms of decentralized governance such as DAX which I'll talk about um in a bit. And thirdly, community building, which is pretty big for web 3. Um, this involves fostering a vibrant, engaged community of users, developers, and stakeholders that can help drive growth and adoption for the company's products or services.

This is a lot different than what has happened in previous eras of technology such as web 2. Because before when it came to engaging your community members in the web two space to get feedback, it was it was really difficult. It's really hard to incentivize them to want to give you feedback and good feedback. Like and what I mean by good feedback. If they just tell you to build a feature, that's not good feedback.

That's them trying to be a product manager. That's your job. Good feedback is when they talk to you about the problems that they're having and how your app can fix that. And it's up to you to figure out the feature to build from that feedback. Before navigating that space in web 2, it was super difficult to engage users.

I mean, uh, I've launched tons of apps before and nobody cares and it's it's a part of the process. But now with web 3, you're allowed to create this community that almost becomes part of your founding team to navigate this space with you so that you can get feedback from them and they're more incentivized to grow with you because they believe in the vision and the product or the service. So this brings me to like a higher level understanding of product or service. So this is more from like a client-f facing perspective. This is not like the different the differences between infrastructure or application layer or middleware.

This is more like a broadstroke division of web 3 products or services. So a web 3 product is from a user point of view is typically an application or platform that's designed to provide a set of features or functions to users. This can include things like dexes, uh, prediction markets, peer-to-peer lending. Um, product web 3 products are often characterized with a use of blockchain technology and smart contracts to create greater transparency, security, and trustlessness. Um, web 3 services on the other hand, this is typically a set of ongoing activities or processes that are performed by a decentralized network of users or nodes.

So this can includes things like staking, node validation, content hosting. Web3 services are often characterized by a use of decentralized storage and computing power to create more resilient and scalable systems. So if your service helps to improve um a layer 2 scaling solution or it engage somehow an infrastructure layer uh that that would be considered a service um from a user point of view. So governance structures um really important for web 3 and essentially this is as most of you probably know is the process by which decisions are made by indententralized networks or organizations. Um decentralized autonomous organization or Dows are often used to achieve web3 governance through democratic decision-making or stakeholder involvement.

um web3 structures they often prioritize transparency, accountability and community involvement to align the network decisions with the interests of the broader community. Um so then you have the community building aspect which is really important for web 3 products or products or services. Um so community building in web 3 involves creating a network of stakeholders who they all share the common interest or goal of your product or service. Web3 community building is is this is typically focused on building trust and fostering collaboration among participants often through social media, online forums, Discord, Telegram, whatever your medium is. Um, but it's basically a point where everybody can talk and engage in what you're building and build with you.

So, communities often play a critical role in driving adoption of decentralized networks and technologies. Um, and as I said before, it's really useful for providing valuable feedback and support for development of new web3 applications or services. So, super important to have this insight um when you're building uh in the web 3 space. So the question, do we need a token? Um, I'm a bit conservative on this.

Um, so my initial route is that not all web3 companies need a token. In many cases, there are other forms of incentives or rewards that we can use to encourage participation and collaboration within the network. For example, a company might offer badges or other digital rewards to users who contribute to the network in meaningful ways. So it's all about the perspective of that incentive system that you place that allows the users to understand how they're being rewarded and not all the time you need a token. In some cases though um a web a web3 company will need a a token and this is to facilitate transactions within the decentralized network or ecosystem.

Uh it can be used to incentivize users to contribute to the network or exchange value within the network. So the the best practices for leveraging block blockchain technology. Well, first of all, you need to develop a strong understanding of it and its capabilities. Now the word strong here doesn't mean you have to become an in-depth um expert in blockchain technology but having an understanding of what exactly is out there, what are the best practices, what are the standard practices for implementation and more than likely what will give your users the best um experience when engaging with your application or service. So this is essent this is essential to making a decision of how to use your block the blockchain technology and you want you want to take this in account so you can identify the most effective strategies and solutions for your use case.

It's also important to stay up to date as I mentioned before um with the latest trends and developments in the ecosystem so you can ensure that your approach is relevant because this space is moving fast. I mean, I know the hype with AI right now is is is intense and it seems like there's a lot of stuff going on there, but arguably the blockchain space is moving a lot faster development wise because of the open source nature of this industry. Um, so you have to make sure you stay up to date so that you can choose the best tech for your users. Um, once you have that down pack, then you have to clearly define your problem you're trying to solve. Um, I know there is a tendency to build cool stuff and that is important.

I love building cool stuff. But if you want to build something of value, you really have to dig deep into the problem that you're trying to solve. And once you solve that problem, you have to have to take a grounded approach of how blockchain can solve it. Because blockchain is not a one size all solution, but it is effective where it is placed um and and how your users can benefit from it. Next, um you have to identify the right block the the right blockchain plat platform for your uh for your needs.

There's a lot of them out there. Um each has its own strengths and weaknesses. Um choosing the best one has to align with your goals and needs. Um the things I take into account are scalability, security, uh speed, um uh how expensive it is to use the blockchain platform. Um which is why we chose mites uh for chorus.

So why layer 2? Um well, you've probably heard this uh a lot already, but the main thing is that it improves scalability and efficiency of blockchain networks. Um there's a lot of things that happen where you can enable off-chain processing and transactions and this can increase the overall transaction capacity of a blockchain network while reducing the congestion and transaction fees making it faster and cheaper. Um they can also enable new use cases for blockchain because when you increase the speed you then have high frequency trading, micro payments, real-time gaming. Um this this increase in speed can make it so that your application has a wider range of use cases and also there's the um argument around the environmental impact um something that is more efficient uses less energy and that's always a good thing.

So uh MEIS uh is a EVM equivalent equivalent smart layer 2 built on top of the Ethereum blockchain. It provides a scalable and costefficient solution for building and deploying uh decentralized applications. um optimistic platform. It's it's built using the optimistic uh rollup technology and these platforms are a layer 2 scaling solution that aggregates multiple transactions into a single batch post that transaction off batch offchain and if there's any errors in the data availability. There's a fallback fall back to a rollup mechanic which posts all the data back on chain.

This allows for faster and cheaper transactions while maintaining the security and decentralized um decentralization of the Ethereum network. So MeteS leverages the optimistic world of technology to provide a high performance and lowcost solution for developers to build and deploy DAPs on Ethereum. It also offers a range of features including easy to use tools, templates for developers, fan trans fast transaction processing and lower fees as mentioned. So what are the ways to onboard users? Well, you have wallets um which provide a user-friendly interface for managing private keys.

Um social login now with um certain providers. Some DAPs allow users to log in to this social media accounts such as Facebook, Twitter, Apple. Um this is going to make it easier for users to access your application. Um there's also issue there's there's some issues around that with um data privacy and security but um that depends on the provider you use and that's a question that you should ask as a founder when building with this technology. Then there's the email login which is allowing the web two pathway of logging into apps uh but with the web 3 access.

So an example of this is Nuvo uh which which we've implemented into Chorus. Um and they provide data storage, secure data storage management for businesses and organizations. Um their platform allows for storage of a wide range of digital assets including documents, images, videos all can be easily accessed and managed to a single interface. Um they offer advanced security features to ensure that the data is protected from unauthorized access. Um and it's all decentralized.

So you hold your keys um and you your users have access to their keys whenever they want and it also it it makes it really easy for them for you to for them to access your application. Um so what is a DAC decentralized autonomous company company? So the DAC model offers a governance structure that helps manage and incentivize autonomous and decentralized communities. Um the way where where that where that DAX differ from Dows is by offering a fully operational company like functionalities. This can include payroll, marketing, messaging, and insurance.

These stuff all sound boring, but they're super important for organizing your team so that you can move fast like a nimble startup, but still have the decentralized nature of a DAO. So DAXs they enable role delegation and assessment of other members along with DAC templates that offer benefits for existing blockchain company compan companies non-blockchain companies and and small groups. So you don't have to be a big company to um want to create a DAO like you don't have to it doesn't have to be a huge billion dollar startup idea. It could be a small community that you want to utilize this framework so that you can move fast and organize people efficiently. Um and that's where Chorus comes in.

So we help to create and manage DAX. Um we use a customizable governance structure and with Chorus DAC managers can easily assign tasks, boner proposals, manage community funds. Um and this allows and we also integrate with all of your community management platforms. So like Discord um there that's automatically ported into your DAC when it's created through our interface. Uh our platform offers templates and tools to help users build and operate your DAC making accessible both for blockchain and non-blockchain companies.

Um so examples of what could be built. This is um not the entire list. This is just what I thought of. Um, but of course, um, there's going to be more creative people than me who can come up with different ideas that expand this. So, decentralized social networks, um, gaming platforms, supply chain management, all of these, um, are just examples of what could be built.

And I'm sure there's smarter people in this crowd right now who could figure out better examples. So we have a hackathon going on and the goal of this hackathon is organized by medies and it's designed to recognize the best developers and professional contributors in the community and encourage them to build on the medies platform and utilize its programs. Um the goal is to develop solutions to real world problems that could be solved with a DAC on course and create a prototype of the solution on the media's test net. Um the hackathon will be judged based on innovation and relevance of the problem/pro project focus the potential of the solution to be implemented as a DAC and the usability of the prototype application that is created on the media's test net. Um so that sounds like a lot but it's it's it's not as complex as as it's sounding.

So the main requirements are you you have to develop a solution um with a really simple wording like what problem are you guys solving um and how can it utilize a DAC the DAC model on chorus create a short road map like I said it doesn't have to be like a like a fiveyear road map it could be a simple uh oneear quick gant chart or something or even just using Microsoft Word just quickly create a road map of milestones that you can achieve um and the criteria area have them as like measurable features or aspects that you want to implement um to achieve these m milestones. Um then the next step is utilizing me's create a um smart contract prototype. doesn't have to be a full um application solution just like some just capture the main I would say the main use case of your solution and deploy that on the media network. So it doesn't have to be a complex smart contract just something that shows that this is the beginning of what you think your DAC could be. Um then we'd want you to provide a problem statement.

So super simple like what problem are you solving and why is it a real world problem um then submit a presentation so you have to present it um that's probably the main deliverable from this hackathon is the presentation and once you have that you have to be available to present it um yeah so the rewards first place 1500 second place is 1,000 and all the teams will be eligible for building for the builder mining program and including in the Distribution campaign that Chorus is hosting. So, we're also hosting a a separate um campaign where if you sign up with your your DAC that maybe you've created from this hackathon, there's an additional uh 1500 that the uh that Medius is also sponsoring. And additionally, there's the Nuvo rewards. So if you implement Nuvo into your DAC process into your DA into your DAC application um there's bounty awards that will be a part of that and that can include um various badges um for first, second and third and an additional reward uh on top of the rewards mentioned previously for first and second place. And the winning team will it's the same thing.

You'll be eligible for the building miner program and included in the distribution campaign that we're hosting. Um, yeah. So, I think I'm right on time actually. So, if you have any questions, uh, Meetis has a room, uh, to the right. Uh, I'll be hanging around there.

You can ask me any questions or any other the MeteS team members. Um, Nuvo is there as well, of course, uh, which I'm a part of as mentioned previously and Mety's the main mess team. Um, yeah. So, thank you very much. [Music]