Wire Network Node Sale - TOKEN2049 Singapore 2022

Hey guys, good to see you. See you. So my name is Magnus Chung and this is Ken DeCross here, CEO of Wire Network. Um we're an L1 blockchain focused on general computation and decentralizing interoperability. I know that's a really big mouthful and a lot of people say the same thing, so I just want to try to go through this and explain what I really mean when I say that.

So if you look at the lovely screen here, you see that there's applications, protocols, and hardware. You may or may not understand what that means, but it generally when people say the internet, this is what they're referring to. They're referring to a bunch of things put together that work together harmoniously, usually, to create what we know as the internet. Now, one of my favorite people of all time, David Johnston, has a famous saying. He says, "I was over down in Puerto Rico uh maybe like a week ago before like all the hurricane thing, so hope everything's fine there.

But um he was saying that anything that can be decentralized will be decentralized." And it sounds like a really simple saying, but what it leads to is a very, very hard problem set. There's so many things in our life that is currently centralized. And the biggest thing, the biggest elephant in the room is the internet. Now when I was looking at our CTO, Kyle, I was saying, "That sounds like a really big endeavor.

That sounds like it's really hard." He says, "No, Magnus, it's not it's not really hard. It's really, really hard, and it's going to take a lot of work and a lot of dedication and that's really what we put into it. So, what this is going to do here is kind of move across as I kind of do the parallels between web 2 to web 3 and at any time if anyone wants more information, there's a QR code at the bottom that you can scan. So, we work with a lot of wonderful ecosystem partners as far as like Medikey, you may know them R4R3, it's a wonderful marketplace.

We work with IP Fund, Perk Protocol, Entoro, Man Dogs that work focuses on decentralizing art for artists. Why is that important? Because the applications that you know on the internet of today like Google Chrome, like Firefox, all of these different apps, you know them and you see them and you trust them to be secure. But as we go down here, you'll see that security really is a bunch of dependencies that come down eventually to the hardware. One of the really big protocols that we're trying to solve and it's not just one protocol that is the answer to everything.

You really depend on many systems like for example in web 2 over here when it says protocols, there's RTP, HTTP, PPP, UDP and they all work together and they're all utilized as a protocol that allows us to do everything that we need to in the current web 2 world. One of the things that we worked on which is very difficult was universal universal polymorphic address protocol. What does that mean? That means right now there's a lot of talk of interoperability and interoperability is kind of like dodged around as either are you an EVM, are you compatible with Ethereum, or are you like part of the EOS network? Are you part of a substrate network?

What are you a part of? And we really believe that just like how networks used to be separated, we believe that we have to bring them all together. So, rather than having a bunch of different Chrome extension wallets, what we've been able to create through the abstraction of ownership is what we call UP app, a universal address. It allows you to access all blockchains all blockchains through one wallet. It's been years in the making, and it's been a a very big honor of mine to have been part of this project.

Like you can see, if you would like to learn more about it, you can go to UP app {dot} io. Now, everything here is dependent on this depends on this saying that it's secure, and this depends on this saying it's secure. So, one of the things that are kind of like a a dark horse in our industry is the security of the hardware that we run everything on. And a lot of you are providing or working on solutions with the protocols. A lot of you are working inside of the applications or the dapps.

But, I am very interested in starting a conversation around the hardware that we run everything on. One of the things that Kyle told me, he said, "Magnus, if the hardware is compromised, then all of the everything that is dependent upon that hardware is also compromised." And the way that we work this as a team is that if it's theoretically possible, then it's good enough for our C- our CTO. If it's theoretically possible to undermine everything that we've everyone here believes in and stands for at the hardware level, then that is something that really needs to be thought of and discussed. So, what we have done is everything from our hardware is trustless, open source, and can be audited.

And this is very, very important step. So, the nodes that are on our network is verifiably trustless. The protocols that we are building upon our network are also protocols that we would love to have other blockchains adopt. It's not a gatekeeping information. What we really believe is that we have to do a lot of great work in order to do what we all achieve here, which is Web3.

We say Web3, but when we look up a picture of cats or dogs, there's 7 billion results in under half a second, and nobody us not one of us here can support that type that type of bandwidth. So, again, I I really like to educate when I talk about these things. So, again, the hardware, this is very important to understand, the hardware is trustless. The protocols that run upon it are now dependent on trustless hardware, and the applications or the dabs are now running and utilizing the protocols in order to achieve full interoperability, bridgeless interoperability. And if you like to learn more about what I'm saying at any point in time, please, the QR code at the bottom will direct you to our site.

This site will lead you to know.wire.foundation, and I would actually now like to hand the mic over to our CEO, Ken DeCross, to speak on our nodes. Hi everyone. Thank check.

Hi everyone. Thank you for being here. Uh Magnus, great job on the presentation. So, what we've done as a L1 blockchain, uh we are trying to decentralize, uh have automation at the at the core level. So, our nodes provide multiple functions.

They are how we distribute and function with our token. They are our governance layer. Um and they also have network resources that are provided to them. So, what are network resources? If you look at how Ethereum functions, you buy tokens or you got tokens from the ICO of Ethereum, and applications built on top of Ethereum, and all user interactions, whether it be buying, selling NFTs, uh distributing currency to to wallets, you have to pay a gas fee.

That's just how uh Ethereum works and every other blockchain. So, what we've been able to do is our our core blockchain does function the exact same way, but these nodes provide network resources. And what that means is if you have a node, you are able to whitelist your application or your platform, and that would give it would allocate free resources to your user base. So, if you and they would have free transactions on your applications. That's the resource side of this.

So, for example, if uh OpenSea, which we all know, the NFT marketplace, they're built on Ethereum, and every time you try and list a NFT or buy an NFT, you have to pay the Ethereum gas fee. Hypothetically, if OpenSea was built on Wire and they had a node that they whitelisted, everybody who who interacted with OpenSea buying and selling NFTs, it would be absolutely free, like a Web 2 experience. Uh the only fees that people would still be paying are the OpenSea royalty fees that are embedded in like as the sales fee. So, from the resource standpoint, uh we have three levels of nodes. There's the tier one.

Let's see if this comes through. Oh, no, it didn't uh Okay. So, there's three levels of nodes. I didn't bring this slide with me. So, tier one is our governance layer and there's only 21 nodes that are available and those are how the consensus mechanism is is created.

So, uh the tier two, there's 84 of those nodes and they give you .15% network resources. The T1s give you 4% of the entire network's resources. So, that's for like an enterprise-level company uh or if we're trying to get companies from Web 2 into Web 3, let's say eBay, Amazon, you know, you name it. They're going to need a T1 level uh network resources.

If you build a great game or a great app, uh you will need a uh T2 level of network resources. Uh and then we have a tier three, which is the uh like high-value user level. So, if you all these companies that own a node, they're able to provide their user base free resources. Any resources that are not that are left over, they get automatically allocated to a resource exchange and they uh applications and companies that do not have a node will be able to buy those resources from the T1 giving or the nodes and that would give them an extra revenue stream. Um, and then the third thing that we have with the nodes is the actual token itself, our wire token.

Uh, so our tiers, uh, the top tier gets 7.5 million wire distributed over a 12-month period. Our T2s get, uh, 1 million wire distributed over 24-month period and then our T3s, which is our we, you know, it's our black card Evan for the user base is, uh, 100,000 wire over a 3-year period. So that's that's the vesting period for those. Um, and how we work the consensus mechanism is the 21 T3 node the 21 top tier nodes, that is the governance.

So if you're sitting on the board and that's how that is who is voting and approving, uh, improvement proposals. The tier two, which is there's 84 of those, that is, you know, kind of like Congress. They are voting yes, no on improvement proposals to pass up to the council level, uh, for that final approve approval for the improvement proposal. Now, the probably the best, uh, use the best case for consensus right now is Hedera Hashgraph. They do a really good job.

So they have, uh, very high value companies sitting on their council and that's how they've chosen to help, you know, distribute, uh, their network. What we've done is we've we looked at that and we wanted to take it a step further because decentralization is our future. And what we've said is anybody who owns a node will be, uh, listing candidates for approval. And so if you are, let's say a a big fund or you're, you know let's say call it Amazon and you own a node you are listing candidates that the rest of the nodes will be giving a you know a yes no on so we're giving one more step to to decentralizing the network and what we mean by that is your network is only a secure as the as the collective market cap of the council that's sitting on it so if you have 21 high value companies and they're worth for example 10 trillion dollars if your network if wire network ends up being a 20 trillion dollar company then there is an arbitrage opportunity for for the council to sit on the nodes that's why you need one more step it has to be a Hedera hashgraph plus an extra vote for candidates that way there is no arbitrage opportunity if if the network get if blockchain becomes bigger than web 2 companies which we all believe is going to happen so if you go to wire node.wire.

foundation or click the QR code all the information is there for each tier of the node and Magnus and I will be here to answer any questions or set up meetings we would love for not only everyone to you know invest in our company but if you are if you have a applications and you want to utilize our technology we would love to have a conversation for you building on our platform okay thank you