Kirk Dameron: Enterprise Ethereum Alliance | ETHDenver

and uh but I have some with no hands up beat them on that so okay good that's very helpful thank you let's get started and I think it's appropriate that I show this first slide blockchain is complex I agree with everybody it takes a long time I sort of felt like I gave myself six you know masters courses graduate courses and in blockchain and self-study before I got employed in this space but if I was to say that this four key characteristics in watching they would be these four I'm going to start in this corner and just say that it's decentralized basically block chains run on peer-to-peer networks peer-to-peer networks means no one notice in charge all the nodes have a equal copy of the entire blockchain if they're full nodes there's some new stuff come in with light nodes and wallet nodes that we'll talk about in another pitch not today but basically it's decentralized there's many replicas there's no single point of failure on the blockchain I mean in fact it's highly fault tolerance through that you can actually have roughly 49% of the blockchain nodes go rogue and as long as it's not 51% everything stays real secure secondly everything's cryptographically secured so all of the stuff you do in normal web action where you get through a firewall with a password username isn't the way we work in watching and watching everything has a public key and a private key the public key is essentially used into the address of where something is going to go on they just like get one two three Main Street and the private key is a key that you only know it's a long cryptographic hash none of us know what our keys are we use techniques like password managers and other techniques to keep that straight and that's a whole nother topic on how to to not lose money by being careless in this space but Congrats security the second this searching it's an immutable ledger you can think it's a type of legend that you can write on but not and you can write on to the ledger and you can write read off the ledger but what's written on the ledger cannot be changed and that's go economically secure and finally smart contracts I don't know that smart contracts is a particularly good name these are programs for computers those of you who have computer science backgrounds they're programs that are turing-complete programs along the etherion blockchain you can do arbitrarily complex business logic and even can be done with the program can be done on the etherium watching so that's my quick introduction to blockchains in the slide and say hey okay so far you know that it's got these four characteristics if you'd move over there on the right I'm going to just I guess I can move something like I put one other thing here and that's just this layer diagram and all I'm showing is the blockchain and we talked tonight you can think of it as having two layers those of you who are sophisticated could talk with me about more layers but you can think of it as there's a layer of the etherium client software that's the software that runs on ten thousand hundred thousand different machines we call that the protocol layer that used to say layer and you can also think of them the decentralized applications some people call those I guess you'll see this a lot some people call them gap so the point is tonight I'm going to be talking mostly about that aetherium client or protocol layer and it's just useful to know that it exists it's a thing okay that's all I'm going to say about watching and obviously we need watching 101 for some of you and for others of you this has all been boring because you know this stuff I was asked to give a little overview of consensus going to try to do that fairly quickly we have pretty audacious goals we are a group of people who are not just developers but we're developer heavy but we are also entrepreneurs and computer scientists people start on startup businesses lots of business leaders a lot of business development people we are quite serious about laying the foundation for a decentralized world that's in our DNA and there's a mission statement assemble these tools needed to build and scale scales can be an important part of tonight's talk how many of you know that the current aetherium network is not really very it's got a number of things it's just amazing but performance in today's public chain is not one of them right it's crap yes we need to scale it it can't do the hundreds of thousands of transaction transactions per minute that the visa Network does for example so it needs to be both built in scale and we think that that's really going to be nothing less than the emerging social economic and political operating system of the world we do that through providing infrastructure just stuff that you need to make it work a bunch of products and we also got called a year and a half ago and got asked about would you agree to come in and talk to us or teach us or do a proof of concept or help us do use cases to figure that out so we also got involved in the enterprise area about I was saying 18 months ago I'll say 20 months ago now and we've grown that area very rapidly from three people to online I don't know if we're above 70 but it's high right now so you can think of the company is being broken in those three groups so this says a little more about it in the infrastructure we're trying to grow the ecosystem some of this will never make any money on we really don't make any money on some of these products they're out there serving you today within consensus we said a different way for I said it since there are eight watching clients two of them are active in the main clients that run the production network over those eight clients neither of the production network ones consensus or spokes we have spun out has built three of them the java the half scale and the dotnet implementations of aetherium we actively maintain currently the dotnet implementation and we also are implementing them we're now actively maintaining the existing Python implementation and the reason I put reference implementation is we're going to do a Python reference implementation as part of supporting the enterprise ethereal Alliance but our developer tools are more widely known how many of you develop in a theory I'm seeing a over a half a dozen how many of you who develop in aetherium don't currently use trouble do I see any has one out of the seven so truffle has had 60 70,000 downloads today and truffle is the development framework in for JavaScript developers of choice do you have a new development that's why we also we also do populous which is a Python development framework and we also do the package manager as one of our spokes net cerium is the dotnet implementation I'm just naming a few Weeke we also do identity systems registry systems token standards reputation systems as well as another thing we offer for free a lot of developers don't want to spend time syncing clients and getting the network going so we support the inferior watching infrastructure that is our spoke our founder pays the salaries are currently a for quickly growing people who run the in fear a watching of infrastructure and that simply gives very fast performance to developers without having to worry about things even though you'll want to test on the main net or test on the test nets directly you can also test on the main net or the test net directly through into your infrastructure get a little hat faster performance sum across between of view we need to bait a whole lot of new companies at any given time we have as many as thirty or forty we're developing decentralized applications for the most part although some of these infrastructure products are also companies that are really literally startups and things spin Alka say if that is what makes the most business sense some of the ones you may know are made a mask made a mask if you don't know about it and you want to touch the watching without getting into all the complexity of downloading a job uh yeah a parody or yes client you can download made a mask and run that right off your Chrome browser as an extension and soon you won't even need to run it as an extension you porch identity app currently in developer alpha I believe viewport is going to actually change the world gnosis was one of our spokes for the last two years we use of spoken hub structure so when I use a spoke I'm using the term to say we have a central hub and we have the bunch of spokes that usually have anywhere from one to as many as ten or twelve developers and business people and each one of those is potentially an independent startup that we're incubating gnosis is the most recent one that we now they became their own independence company about four or five weeks ago and they just did a token auction last week would your music is another plus many more and on enterprise we essentially do consulting and production and professional services I mentioned just a few of the biggest clients BHP Billiton is a the world's largest natural resources company has nothing to do with doesn't have to do with mining Bitcoin either but it has nothing to do with financial transactions Microsoft Energy did a with the largest German IPO last year with the largest German IPO since 2011 and they're using us and also now the United Arab Emirates Gomberg government a lot of this is more public the government of Dubai has actually decided that all government documents within the government of the Dubai will actually be on the blockchain by 2020 so it's a very aggressive development program that means if you get a marriage license if you get a birth certificate property records property deeds building inspection records it's all going to be done on the blockchain I only put this slide for consensus for one reason some of the debate is about whether Enterprise aetherium is inclusive whether it's not whether it's losing some of the beauty of the traditional public chain I just want to show you from our vision inclusion for all from our mission for the planet the platform we really see that a Syrian came into existence with the purpose of becoming a world computer that's all I want to say about consensus other than to point out that in that green box right over there I put a small sized poster you have to walk over to it but it's kind of a current marketing view of what is public about our spokes infrastructure and so on so you can go over there and read a little more about some of these and see some of them that bought their books I'm going to take questions at the end so one last thing to teach about blockchains as I move from consensus now into the blockchain is that the public blockchain is known just that if a public watching or sometimes we use the term we we've geeks who are in the space but it's a permissionless blockchain nobody needs to get permission to use the blockchain the etherium blotching which is very familiar with one way I've said it to friends is kim jeong-hoon can write on that blockchain so computing and so can Donald Trump if he chooses to soak in the Mafia cartels and so can the defendants of the order of Mother Teresa we can all use the watching its public infrastructure but here's what I want introduce is it possible to clone that code and run it in a smaller blockchain context behind the firewall well of course I can that's known as a private watching private watching have been with us for a long time the existing Bitcoin they exist usually for test networks and in etherium they exist in a big way so we use the term private or a consortium network to simply mean not everybody has permission to get in and access it with enterprise etherium we're going to at second class the permission the permission or the private watching tonight but I'm also going to say why I think that you are together in importance so you need to know they exist with that let's move on to the enterprise steering Alliance so that's consensus when I begin to read the reddit posts after the enterprise aetherium Alliance launched on the 28th of February I got a narrative in some reddit post that went just a little bit like this this is just an introduction to let you know where the rest of the talk is going and I have apologies here to junior Tolkien and to all you serious aficionado zuv the Lord of the Rings so here's what I kind of heard here in blockchain like the Shire and the hobbits who lived in it was short it had incurred a few problems in its history but those were long in the past the story continues along come the large corporations and their forces of exploitive centralization who would like to control the great power of aetherium this of course is Saruman who is allied with Sauron and he would like to constrain the great power for corporate and now I don't think any of that's correct and I hope in the rest of my talk to convince you some of that but here's what I see it as I see the enterprise of cerium working with the impact materials that they're in alliance and some group of consortium or public/private watchings working with the private watching the public I said it wrong and I need to say it right because some of you are new to this I see their price appearing Alliance which certainly is about the business of private or construction bla chains I see it as being quite a bit together with the public watching so let me use my metaphor I don't think that's correct I see it of a few groups of people for example I see it more like these dwarves and these elves they basically are going to talk they're going to get together and they're going to choose to build something that's a little better something that will allow groups of people with very diverse interests corporate interests and private interests criminal interests and and charitable interests to essentially work together to do commerce and exchange information even though they are these are other different types of people and maybe just maybe we can build a blockchain world like the Shire where the outcome is more like that peaceful in bucolic Shire you saw at the end of the story the hobbits can be happy again the roads work the roads can be passed on if you do criminal activity on the road and you're caught by people or people self-defend you could be in trouble but if you're not doing criminal activity on the road the roads are just working better those communication pipeline so in short I want to take you on this little journey and suggest that I think there's many many synergies I believe it.what is likely to emerge from this complex and growing ecosystem that now has the Enterprise aetherium alliance and a number of large corporations supporting it and also has the public watching I want you to see it as one big synergy and work together and suggest that that it will come out well in the end of that there's synergies so let's see if I can say succeed with that objectives so very quickly I want to jump to a few fast just a historical factor last fall we already had a cerium being arguably the most popular watching now some of you would say if you look only at coin cap I'd say that well wait a minute bitcoin is more popular in terms of its value with its value token but basically the development community the developer community of the serum blotching is just amazing I'm amazed I know one company training over 800 engineers in blockchain this year so that was the point number one point number two even before we announced the enterprise a Syrian liance we already had enterprises developing these inter of these enterprise-grade watchings we'll talk about it in a minute but bhp is the world's largest mining company the Nasdaq was doing it JP Morgan Chase Banco Santander those are just a few of the articles that were coming out so why does a cerium make sense for enterprise watching a lot suggests it's all for all five of those points are quite important one it's open source if you're not familiar with open source it simply needs all the code all the source code the code that has the instructions in basically a human readable form for developers in basically a human readable form is all exists in open source space and if you don't trust the binaries it's going to run on your computer and make some executable happen you can download the code as this gentleman does himself and there are it's right download that code yourself and go at yourself so you can have an ethereal node that you know what's running it it turns out the corporation's like that too it's easy to learn an average talked about high development productivity and developers seem to like it we're getting a lot of developers in this space very wrap in it's a rapidly growing ecosystem this is not to be underestimated the public chain provides a lot of innovation in the space the corporations have noticed that you can't go into the halls of an IBM well IBM's not using a theory room now but a JP Morgan or BNY Mellon who are and finding the most innovative technology across the board being developed in that corporate environment and they agree they want the innovation that they see coming out of the public space but it also scales the developer community when one company that I mentioned is hiring 800 new developers of their training 800 of their people a blotching technology this year with formal programs that scales this community gets it even larger and then finally there's this proven ability to tokenize very complex assets many of those ones I'm aware of are still kind of under the covers but it is amazing what can be tokenized on the etherium watching there's a standard you can look it up it's called GRC 20 it's the essentially the token standard that we use in the etherium watching and it allows toking to be created that always settleable in ether which is the value token of the etherion blockchain but they can be token to represent anything we're doing experiments within our mesh where we'll have ten different tokens for different purposes that are issued to people under certain ways under certain rules by smart contract and then can be dished out to others and they will end up having value you're already seeing this with some of the etherium tokens trading on secondary markets so I said why the Raynor prize is using a cerium but now I'm going to say why why this alliance and basically I would say it many of us have touted I was one have been touting the benefits of the cerium and in some ways we were successful guys like Kent guys have been you were running just a theory meetup since 2014 we've been saying Wow cerium this ability to do smart contracts arbitrarily complex logic and decentralized at eliminating it disintermediate a lot of industries that means takes out middle middle people where there's a lot of value being lost to transactions between two end-users on a network so the enterprise space says hey we've got some challenges one was the public aetherium broke protocol is not optimized for the private information networks for example even running a proof-of-work the current consensus algorithm that's run on the public blockchain is a proof-of-work algorithm and there are limits to how long you can lower the block time the enterprises are saying why I don't need that I don't want the permissions to be where everybody in the world can get into my banking network where I'm going to trade money with other banks so why can't I have watching that our one-second blockchains bought what time so you can see you get some scalability just in faster block types but secondly the current of hearing improvement process and if you look it up on github that's VIP if there an improvement process there's a number of VIPs to get proposed by this open source community but even the etherium developers within the public network say it moves the state the pace of snails the changes that need to be made sometimes don't get made as well as they could be and we don't have the fight in the etherion community that's going on in another coin community right finally corporate users of the theorem have been forced to essentially clone with the open source code and then to break and tweak it so some of you are aware that quorum how many have heard of quorum open source project let me tell you what's interesting about quorum there were about 15 hands maybe quorum is an open source private permissions watching guess who open sourced it JP Morgan JP Morgan had never done an open source project in their life they took the gas block chain and forked it or not work that they created a noob watching with a new method of getting a Genesis block so that they could use it for private and permission transactions when the enterprise aetherium Alliance announced reaction on the launch on the 20th of February we actually demonstrated it transactions that could occur between say Bank a and Bank C that Bank B couldn't see but Bank Bay and maybe could do a transaction and maybe the regulator could see it all of that done by cryptographic magic that I won't go into details so it resulted in these three problems basically fragmentation is a code base a lack of application portability so what is written by JP Morgan's run on the JP Morgan private chain can't go over here and be run by some other bank running another private chain even though the two banks might want to do business so this lack of portability is costing money and then the banks realized whenever they lock into vendors if you have a small market you get a small number of vendors competing in the space and so maybe only one vendor wants to support a particular product well then you can get essentially monopoly of event and it results in a lot of duplicated efforts ultimately a lot of developers developing twice so or one of development is going on to develop the same kinds of basic technology twice so basically Enterprise aetherium is an initiative to do and well this will get emphasized we're going to develop a reference standard we are not developing products the enterprise aetherium Alliance is not a product producer we are producing a reference standard we are going to write some code or our members are going to write some code and that code will become part of a reference implementation so we actually expect the reference standard to have both be written in English language or computer science language for a firm and totally testable standards but it will also have perhaps two different reference implementations to prove the standard and that we have compatibility between implementations written in different languages so anyway is for private deployments of interest etherium networks but it is really key for why I think the Morgans story isn't true that I read on reddit it's building upon the public aetherium roadmap and the public aetherium protocol and it's retaining public aetherium compatibility that was hard fought and hard argued that that was what came together to create this I can assure you that the founder of my company Joe Rubin is absolutely committed of this stuff you saw on that vision statement and he would not be associated with it if it didn't lead to a better world that is actually that decentralized world we're talking about this just mentions the three classes of people that I guess I can put on that either sada gets lots of screens the initiatives driven certainly by some of the largest corporate users of aetherium but also by the vendors who sell technology in that in price space and also by startups in cents this is one of those startups although I we're growing so fast that we may not I don't know when we have to quit being called a start-up oh I want to give you a brief timeline and this will put something with a little personal flavour in it where I fit into this the real kickoff with enterprise appearing alliances private conversations that happen to DEFCON to accordion and sascha I think you were there Sasha and Kant we're all there from our aetherium Meetup and I know others were here were there private conversations where they began to talk about exactly the problems that I just summarized so basically it was incubated in the September to December timeframe there were weekly meetings tech meetings weekly governance meetings talking about principles and whatnot decided that they would aim for having a initial in-person summit on December 15th well I joined consensus in the fall in that time of you Batian and I had nothing to do with the theory enterprise etherium I had heard a lot about it at that time I was working mostly in the affair in the enterprise space though the consulting and professional services side of our business but only for a while I got tapped on the shoulder by someone else who is too busy which is the case in our company everybody's too busy has too much to do and he thought I could perhaps go hire some people to help work on the protocol essentially our founder Joe Leuven was helping to support some of the protocol development work and I'll show you a picture in a moment anyway we got together over December 5th December 15th with different people who are part of this rough and fuzzy consortium nobody could get paid by the enterprise their Alliance it didn't exist so this was just companies choosing to spend their own nickel to do things to advance this somehow consensus drew the short straw and got given the job to take the principles that were in a lot of white board Oaks and photographs and whatnot and turn that into a written document a vision document and believe it or not we were busy and aggressively have any phone calls and meetings pre-christmas after Christmas and three new shares and so on it's live works and we did show up indeed with that draft document by the second week of January or by the first week of January we circulated it to the other members we took that draft document to a second in-person meeting in January and then we publicly released in February and right now we are just in this phase of getting the board working and boarding new members we have a massive number of new members that are coming I want to show you my one humblebrag picture this was January 10th and it just happened that we've been given the job to generate the draft document so that's four of us from consensus and that doesn't represent our overall power in the theory of my alliance I'll tell you but it happened to be that we took the job of writing this vision document and on the tenth which was the day before the date I just showed you a moment ago we had an all-day meeting where JP Morgan offered to do some training on their quorum product we all want to see it and when we were done we said in a corner of the room and started going through that with italic italic was there for those of you who are new to this space Vitalik booter and they're in the middle young boy wonder is kind of an amazing teenage prodigy that wrote the white paper that that became the protocol let's see the high level standard it became the standard for the yellow paper which is the detailed standard for how the etherion protocol runs and both Joe Rubin our founder at consensus and batalik were two of the seven cofounders of the etherium project that's amber ball day from JPMorgan this was all like a picture that was taken by one of the bankers and I thought after February 28th so I knew it was public it was okay somebody tweeted it so I grabbed a copy of it that was pretty fun I'm the guiding principles for the enterprise aetherium is simply that were this community of industry experts we're going to develop some features and enhancements to Assyrian but we're going to be driven by these needs from enterprises I'm going to explain later why I think this is good for the public chain but I've already said a development of a reference standard not a product we're focusing on that horizontal technology on the client protocol layer that's what we're really trying to get that's the protocol that we think is going to operate around the world we think the public chain will operate on that protocol is really maintain compatibility with they're going to be able to operate together and then obviously long term if it makes sense to have one chain one will one will care you'll see some architectural reasons that we're going to essentially implement a theory in version 200 with more modular code that's essentially what we're going to do keeping the etherium standards keep talking about maintaining compatibility and we're certainly going to leverage other standards certain once the EAA is formed also be resources for businesses to get together and talk that's already happening the goals were to essentially just be a governance and standard body for this new protocol once again retain compatibility I want to really underline that like doing that a lot and to innovate rapidly and to put governance in place that is enterprise-grade governance I don't want to go too deep into this but let's just say consortia in general founded by large corporations often times have governance issues you could probably picture that right if you take 70 of the largest financial institutions in the world and maybe if 30 of them will enjoying because they felt their board we needed to have that watching word on their on their marketing documents to say that they're progressive it gets hard you know in a room to figure out which direction are you going we believe we've solved that problem we think more will come out about that later I'll say only a little bit today I'll take questions though and finesse it a little further but we think we have some enterprise great governance and I'll just say this much what here's the blockchain good for well it's good for making immutable records it's good for making data by datastore commits that say something happened at this point in time that's a very good foundation for doing governance and so we're already in intest with a lot of that so our short term technical objectives and I hinted at this earlier but this is the one slide where I have it written clearly we want a more modular aetherium how many of your software developers died 20% for maybe 40% if your software developers you know the term coupling and cohesion essentially a protocol that's put together by a bunch of people mostly in their 20s after the etherion white paper over the next year Russian to get out at cetera etc often get some coupling going on it's not easy to take the existing public aetherium protocol and just say oh I'll remove these two modules and I'll plug in proof of stick and you can see that if you've been reading the conversations about how long it's taken just approve the stake on the public theory watching so we're going for a modular architecture for those who are software people you can think of blocks clean blocks that have clean responsibilities and clean interfaces to other parts of the code so we're basically going to re-implement aetherium we will benchmark it with some consensus algorithms this is practical Byzantine fault tolerance the point is it's a it's a consensus algorithm that's very fast and works where you don't have the problem of not trusting all the notes so for a private blockchain it works very well we've committed that one of our bench markings will happen with that consensus algorithm but we will all connect kind of shows how fast you can get but we will also expect modules to be written by members that will do proof of work proof mistake and so on and then finally we're committed to having a configurable privacy implementation including a time machine so what have we done on governance we've essentially got a foundation legal structure I've got the documents if anybody needs them but we are Delaware corporation documents were filed about the middle of February right before we had the announcement and roll out many of the members of the Enterprise aetherium Foundation are in regulated businesses the simple reality is if you're Broncos on down there in Spain and you're in the money movement business you're going to have regulators down your throat so there's a lot of things that you have to do we have to have a legal entity before we could go public because we couldn't go public and have members really be formally fined and part of this until we had incorporation documents and lots of thousands of dollars of lawyers consultant from many countries we've established a number of core working groups the bylaws define six but within like the technical working group that I'm involved in we already have formed up five or six sub working groups and we're going on a very bottom-up approach so people can come in and participate in the formation of those sub work is a technical working smaller groups on topics like we have one on Python aetherium one on the go theorem and quorum right now one on benchmarking went on some of the technology leadership like in different spaces for the.net or the JavaScript implementations etc and then we're establishing a membership model to scale so we we ended up with our full bringing quite a bit after the announcement launch day so much so that we had to rework a few governance things the board hadn't even met yet the board had to come together and figure out we can automate new members coming in so they've been voting and putting in place that kind of stuff and websites going live and establishing the membership model to scale because we think it's going to get rather large but we want to build this builder mentality in essence and the way we're doing that is through the different companies bring essentially chunks forward into a governance process we will decide a competitive process really with other technology what becomes a part of the enterprise reference standard and what doesn't and in the long term objective is simply to realize the potential of enterprise etherium technology long term but to get it started right now that's where we really need to be on private commission chains right now and we keep talking about this ensuring stewardship of the protocol it just means we're quite committed to staying in sync with the public appearing at work I did mention governance already so what more to say here remember lead we are a nonprofit officially we're incorporated is a United States 501 C 6 which means we are a trade association you had to come up with some legal entity that is recognized because believe me the Fed and the banking regulators in the Department of the Treasury also wants to know and you need to be officially in the which we actually did there were meetings discussing where would you incorporate it if a global organization I'll say more about that in a minute so it could have actually been in other places but it ended up being most convenient to get it done in u.s. we're quite committed to this idea of not top-down decision making but the voting can be based on contribution and building the technology this is varying vital there is a sliding scale so the bigger companies have to pay a little more money but the top C for the enterprise aetherium is twenty five thousand dollars a year so that's way under 10% of the fee to being some competitive construction Network we're not trying to hire a lot of employees at the enterprise a theory level rather the members are going to be doing work so in consensus has put some substantial resource on some work that we're going to be doing but we see other companies doing it as well let them make their own announcements so the remember when proposals but the idea is that voting that there is in our bylaws and our principles and the board will enforce it to say that soing doesn't come just because you decide to be a member you've been a member for 10 years it's going to have to do with what your developer contribution is to moving this technology forward we think we're getting incentives right okay here's my slide where I want to talk a little about why I think the public chain in the private chain are strong complements it boils down to two arguments number one both are working on similar problems and number two I think both chains are a testing ground for each other but let's let's break that apart both the public assyrian space is like our jump through to stake and other enhancements and the private consortium corporations enterprise is also recount consensus algorithm both need to improve scalability and they're both doing research on it improving and performance so scalability is literally site for the network performance is rate of transaction execution both are working on verification issues both are working on benchmarking both are working and how do you make software safe and more reliable how do we make for example the solidity smart contract language perhaps be a formally verifiable by the way one of my new colleagues who I've become very close to just kind of coincidentally we hired just four weeks ago and he's bringing back to life the lll language that's low level you Peaks it's got five elves low-level list like language that you can use to write very very efficient smart contracts we'd that be useful for most of you now if a contracts only going to do something to give my kids something on the day I die or a week after I die I can write that contract in whatever inefficient language I want but if a contract is au port identity contract that's going to execute in the in the limit hundreds of thousands of times per minute you may want that contract to be in a very very tight bytecode and so we're already within consensus working on another language but so are people in the public space developer tools I'm working a lot into developer tools right now and strong privacy Zoku has been here talked about a year ago where in June before they put out V cash in the fall the cash of course runs on the Bitcoin watch chain but Zoku who would get my fav name Zucco sorry I'm we met him once and it is before ez cash was announced so I was just reading about it Zuko Zuko was give a talk at the enterprise DEFCON 2 and talked about how DK snarks were awesome for etherium and those of you were insiders I'm going to the detail know that the metropolis release of the public watching is actually going to have some built-in elliptic curve cryptography that's going to support the support in order to support the case Noxon etherium and finally the tech manatees are testing ground the public chains essentially the public chain serves as a bug bounty the value that he talked about earlier I don't tend to talk much about it unless I have a security point to make the fact that there's always value out on the fury network the fact that today exchanges are happening and trading those value tokens not just of etherion but of gnosis and digits and you name it there's a lot of tokens but the fact that those have value presents what's it's effectively a bug bounty a hunter plot honeypot that says hey hackers if you can hack this packet then you have an existence proof after a period of time it doesn't say it can't be hacked it says it hasn't been hacked given this time frame despite this much money that turns out to be a big advantage for the that's a bet kind of battle testing that essentially if here iam has experience with stood for example last fall the 35 day consecutive did not distribute a dial of service attacks for 35 days and it withstood it hyper ledger has not been tested in that same way one way to answer the question about private change this this came across my Twitter feed about five days ago whatever the dish is Dan Finley happens to be a colleague of mine at consensus he's one of the founders and co-founders and co-lead of the made a mask project and Vlad sanfur is a major person works for the foundation he's doing the research on Casper the the new protocol for beginning the scales and network he's one of the lead researchers on the appearance on Dacian and Vlad said it does anyone have a reasonable plan for making banking obsolete using only private blockchains I'm asking for a friend here Indian answer in a very good way he said well here's the play basically just keep selling by the watching how many want to try to watch and I hope everybody puts their hand up it'll help me you don't want to play that watching in your house or your dad's company or your wife's workplace whatever you want your private watching but if I keep selling your private blockchains as long as they have what's in their quotes they're with the auction to hook them all up and hook and do transactions to other chains guess what you got keeps adding you essentially have an Internet and sure people can put a firewall if they want to that's essentially what I just said the second time is what Jeremy Miller said in his keynote talk on the 28th of February he said essentially if we build this compatible protocol you essentially have a chain we're all going to communicate do value transfers with all of the wonderful cryptography can lonely distributed ledger the immutable one or the one honest wonderfulness on the public more chain but we're going to be able to do that we're yeah sure if you want to have a private blockchain and hang off that you can do whatever you want in your private space we there's no way a public blockchain can prevent that a public watching once you put it behind a wall and do your private stuff in your own private servers isn't going to control that but now you have the clean roads in mind more in Maya Shire going to help middle-earth analogy you've got roads on which traffic interests and make things happen so this is just a summary I'm not going to repeat all that I think I've made every point I've made the open-source point oh and then I could make it very clearly this point we don't think many of the enterprise aetherium Alliance members want to work in this protocol layer space there's not much money to be made here it'll probably be companies that have certain altruistic reasons to do it because I don't think we have a good plan to show it you know how consensus makes money from putting three developers on working on this space we think other companies will work on it but most of the cool applications will be done between you know multiple banks multiple bond holders multiple shipping companies multiple natural resource extraction companies and we expect them to be working on the decentralized applications the depths that run on top of the block change from a whoo point of view that's who the members are I'm not going to list them all I should explain that there were 30 launch members on the 28th there is a board designated and it's a rotating board and it's got clauses to keep the power from staying to central but it's going to rotate and it does I'm going to be very clear the board has 11 members and it says in our rules and bylaws that six of those members will always be some large enterprises I'm done just okay glasses oh I see I thought that you need for glasses meant that I wish should have stopped well then there's only one more quick to make you can obviously see some of the large banks but we we cover on Asia honest and and others in Asia credit Swiss in Switzerland UBS in Switzerland of course all the banking financial institutions that are really large tend to cover a lot of of ground globally banco Santa and there is a big Spanish bank with always a big Asian applying thought they're a big you know enterprise consulting firm and Enterprise Services as is Accenture tell Indus is in Luxembourg moving of the Institute's is if I heard the statistic right something like seventy percent of the property and casualty in that mature car etc medical insurance certain kinds things seventy percent of the insurance in the United States is written by members of the Institute's thirty percent worldwide so that just that one company and that was just on launch day then you see startups and watching vendors in there too so we had some good press coverage I don't expect you to know all those I'm just so showing you that the New York Times fortune Wall Street Journal all covered it those of you who are watching the stuff he talked about earlier that the price did rather start to move quite a bit around that day I think and finally if you want your interesting getting involved you can get a replay of the entire launch day at aunt Ethel is org we're adding members right now and you can send a note to info at death Alliance dot org interview in Colorado corporations are interested I'd love to serve as a conduit right into the people to talk to if you'd like to and that's all I have questions right now guys it's really low frequency for QA so Flynn going to I cannot hear you by 9 o'clock on when we here at both of you know with the words chairs it goes back second back there now shop so we'll say we rise acute a couple quick points moving forward is we want to keep everyone engaged and connected we do have a black so I I will send the link to that query blog about boxing which you get is way too for non degree of pathologies - not even in the interaction that when I moved in verdict I citation is out for startups and really watch you get with your developer and you're working block seeing especially in these are blocking backgrounds we know anything will be added on your yeah so reminder if you'd like to present on - or another one of the Havel coins come chat with me if you'd like to lead exchange at the hackathon come talk to me we are going to be going to two brothers bar right after this so work we like to keep chatting but we'll Anthony until 9:00 we're looking for as the group grows we need more venue we need more any other company to you and be instance sponsoring a second event also come chat with me yes but it obviously great presentation I was knighted reading about it here's the first question just my thoughts watching here you you threw in the patrols oh yeah yeah that's good nobody's like we should my bed of course right here my question is around garments and he said technical contributions gives some kind of points of government so I was imagine like Rufus take you're saying you guys are in assessing 19 like github commits represented okay how does it work let me try to answer that the board did not exist neutrally till about the day before the launch so we had to be incorporated to get banks and boyars signing off documents we carry our living board members okay um consensus does have one of those board seats so consensus it gets an important player but we'd like to think we were bigger in the startup and launching this effort than we are in maintaining it we want to be back in them in the zone of just moving decentralized mesh to answer your question the board's going to have to operate to actually action the principle and turn it into what specific things will count as contribution so that's not been done yet that will be done to an open and transparent process but from a tool point of view the Technical Working Group one of the 11 board members was designated as in the this is where the board responsibilities start stops the board responsibilities names the chair of the technology working group and that is the name it's Alex baton from be my melon he's awesome he's pushing decentralization he's pushing bottom-up and he has made the call so all the technical sub working groups are literally organized from the bottom up and he's made the call that we will test a product that we she sent us a bill it's over there on that chart it's called boardroom it's a governance project and we've already been you're four months into doing work demonstrating how that can be used to actually action literally get up pull requests and come up with a governance so I'll take a couple more questions and then no more this is already answered one on consensus with keep that enterprise etherium alliance and then we'll shut down I will be happy to take questions privately much longer but we shut down the meeting and maybe three or four it's a good short answer because I don't know a great deal about either polkadot or Cosmo well that's not true I mean you saw it you saw tenements involved with us but I don't have a lot of the technical details that will roll out they as members cosmos as a member can be pushing for the proposals and standards that they want to have in case of poccadot I don't know and I don't want to pre-announce some things that I know are coming in terms of involvement of people so I said I'd go over here Brian um the question is how do we contrast with hyper ledger I'm going to get an easy answer I've got a brief on that pretty quick but I am NOT an expert on hyper ledger right now I do understand that hyper glacier is a good strong project with strong industries of course and obviously is a competitor for doing some of the enterprise solutions I tend to think that the biggest selling points of enterprise steering blotching or the enterprise steering Alliance was exactly what I argue compatibility with the public chain is what's going to make that world that I pictured in my metaphor work but I am NOT an insight expert on it obviously we as a company and I'm sure other companies are thinking a lot about that and I think I have something on my calendar to get deep dive in that topic the there was a comment that maybe hyper ledger I don't know the answer maybe hyper ledger isn't designed to work in a public setting I think that makes perfect sense it was certainly designed for the private space if you notice what we're trying to do with enterprise steering Alliance is to have this portable consensus of modularity so we really think that will become the protocol there's a reason the internet uses tcp/ip it's an old protocol that hung around and 22 years after the tcp/ip and packet switching came into existence in 1972 and there's a strong analog here with Bitcoin and watching it came in in 1972 with what exactly one use case and one customer the use case was electronic communication and the customer was a US Department of Defense it didn't do much through the 70s didn't do a lot through the 80s although packet switching began to change and cost some technology chips it became big when the coming of the web hyperlinks etc in 223 what do I have 22 years later in 95 this man in Harvard Business School is referring to that T severity of packet switching as a as a foundational technology not a disruptive technology and then on foundational technology years later there was this amazing plethora of patre of disruptive business models correct I actually think that's the perfect analog in the Harvard Business Review people in the january/february issue said the same thing Bitcoin i've been wrongly calling the disruptive technology I think that's wrong I'm adopting the Harvard Business Review world I think I didn't mean bickering that blotching blotching is not a disruptive technology Bitcoin was a disruptive technology take that back but watching is not disruptive rather its foundational watch he came along as it needed to happen in the Bitcoin space to solve the double spending problem and you had essentially one use case value transfer it does it optimally as kent said and as i've tried to argue in any bitcoin i mean watching 101 if hearing 101 course would argue i'm theorems about so much more it's going to be capable of disrupting a thousand business miles one question more and that will be it do you think you might yeah so it seems like kind of the differ a lot about private permission watching but i don't know that you're really maybe argument that a private permission blockchain me it's a great question why this very good question he's pointing out i talked about these private permission bought chains in public watch chains but I didn't really aren't sure why it makes sense can let me be clear if I were to put a title in front of my name we're low on titles and consensus I mind makes no sense at all but I would probably call myself a decentralized take a decentralizing technical punch major or something like that I'm all about the other it's just that many of the banks many of the big customers are not there today very simply if you'd ask your bank in 1996 were they going to let you work with your bank account on that internet they would have said what are you kidding let you access my banking records on your internet the internet has bad people out there in fact haven't you heard there's pornography and there's Creek criminal activity and there's illegal transfers of money and grandmas getting defrauded on that Internet we're never going to put our bank on that Internet technology what did they do they all use the internet today and then they firewall it off with with passwords and whatnot so my point is there's a substantial number of people and a substantial number of enterprises who there's no way they're bored who barely understands blockchain is going to say yeah memo for evident on this vision that some of us see we see this evolving they're evolving in the way Dan Finley said eventually you have the inert watching internet the world wide web of value the world wide web of tokens so and their interest they think they need it today pretty horse but I mean aren't you and this is selling a lie for them at a private watch we've had all these discussions in the open with all of those members so anyways who's that thank you very much [Applause]