Wanchain Founders Q&A Part 2 Enosi, Sydney Crypto Meetup – Ep21

hi guys this is Aussietai from a crypto
current affair and we’re at the Sydney crypto meet up tonight to hear about one
chain from the founders themselves we’ve also got some other speakers tonight so
stick around and we’ll see you off I’ve got down the bottom so if you want to he’s managers each of the projects we
end up happening these people with like your main expertise great vision but
it’s a whole nother thing to launch a successful project a lot of unknowns so
I think we can do this process jack quite a few times so there’s a lot of it
was like coming to land mines everywhere into taking you know that guy to get
that vision is making reality and so justice for happiness tonight you have
quite a big over team members to that are also working directly with these
applications to help them navigate just another Hong Kong and South by Southwest and a
few other things you’ve been attending it’s the hob stool
yes others great you know we have the home court advantage they’re in from
Austin and you were the founding patron of the the Austin watch-chain collective
which is approved now 1667 watching projects in Austin and
so you know being a platform it’s very you know I just think about networks all
time of virtual networks attend physical networks so we’re the only platform in
Austin and while these developments budding activity in the branching space
I’ve been working to pull these these projects together
and a lot of committee interested I’m building on grandshaykh longer term and
so the perception was really good we work on a panel about sort of boarding
house how much activities have it in Austin and then you know Hong Kong gave
our Jackie ever talk about China and his journey in China and all the activities
happening still continues to have in China and several work want to say that
we’re not on the cross shape but cross culture and so I think there’s a little
big value in to also building a bridge between East to must you know it’s
fantastic I’ve actually got a lot of questions about China as well Tobias and
I just don’t give it a bit more updated what’s coming up this I think in this
weekend we’re gonna have the launching forum in Beijing
having multiple projects they have a mini conference in eighteen does March
24th and 26 we’re gonna have grupo Russian conference in Hangzhou we
actually invited many you know branching companies around the world in internet
space it’s a Jeep t20 g20 and praise cheering yeah g20 on 26 said one-day
event we also invited a young an icon to join us and also traffic network as well
and also we want to come up with the you know roadmap for the into alphabetically
Alliance and trying to try to create a next steps how we want to go and work
together and we also invited the governor fee issues to join us as to beg
us to come on this day that’s basically for the future tcp/ip of the internet
the blockchain so I think all these are small steps but I think it’s very
important for the Alliance to move forward to get the you know backups on
me from the government and also for me from the other companies as well I think
we’re trying to expect the Alliance some kind of goes to the traffic attract more
you know companies watching companies join our eyes right and the one question
I’m gonna have to ask people for sorry yeah what course I’m gonna have to ask
my safety otherwise I won’t be able to leave the building yeah and it’s best
coming from you guys is not so much way but what is going on with the exchanges
because I think everyone’s report you surprised the toys you know lasers in
February early March well I’m surprised like I am and y’all are it is some of
our control we do know that these changes are in the eyes you know we can
see that we’re not quite so sure why it’s taking so long but you don’t think
it’s gonna be soon bonus you can how the process works it’s not our development
team is doing the integration their development teams are doing the
integration so some people are kind of like maybe something else I don’t want
to reflect poorly on developing changes they’re also about me on 2.0 and they
are they exchange integration the other important point to get across is that
vertical tokens that are all grown block chains do take much longer they
integrate because there’s like a whole testing cycle that has to go on as
opposed to just just you know doing another years to 20 which they
effectively the exchange have a ten-point
they just push him through things a week I’ve heard his long new sub three months
to take to building protocol token so it’s um you know there’s Thursday that
like for time delay just as resultant the assume the mapping said we still are
been surprised it felt like the time is ticking and I understand there’s just a
lot of time interest in getting these coins listed and so you know we’re
totally aligned on that is definitely no hanky-panky going on every bus trying to
slow you know there’s just one question that
came through to me which is Decrypter assets really have a future in China and
is the characteristic of our moves against good they’re concentrating
they’re gonna have an impact well do you think it’s gonna open up and you can use
the collaboration between lunch and the Chinese community or even the Chinese
government in the future okay give a speech and Hong Kong about
just China’s policy its impact on the token economy and as I mentioned the
domain the economy is coming by around the world it’s not stoppable right and
China has been doing the regulation of restrictions on Bitcoin many times back
in 2013 it’s Prince the whole thing right they basically put a restriction
on the exchanges and the relationship with the banks and cause the big
meltdown on the market but eventually all that came back up right and the
industry just I mean walk along very quickly and and China has been in
multiple times and the reason they then is I think September 4th
Tendai cos and also we’re targeting will be targeting on the exchanges the China
you know I think they trying to cool it down I think two things I think that the
goals for the regulations to two goals one is not the cause okay so we’ve got
three panelists to do we all want to just a point on this executive of the
nosey foundation and the foundation has been established to basically disrupt
the power industry we’re aiming to build an enabled retail software stack that
enables small retail communities to set up their own trading network that allows
them to determine their own price affinity instead of being entirely so
it’s um it’s a bottom-up play and um and I’m looking to to to make this
absorbtion basically because I’ve been in the power district for 35 years and
the main thing one of the main things I’ve learned at that time is that we’re
not gonna do it themselves I’ve been developing mighty systems I
mean it’s all things who live in technology strategy of words of
consulted over 60 meters worldwide that’s what that’s Cooper’s love you and
part of that is a pairing to do it was good and one thing I do know is that
they have no incentive to do so to disrupt their own industry and so
it’s gonna happen it’s gonna have to have to happen from the bottom up and
the way to do it is to enable people to have the same level of trust with each
other as they want someone else so I spent a couple of years either mr.
Sydney actually studying small contracts and small contracts security so I wrote
like a variety of different tours to find water contracts so you guys want to
heard of you know the Dow half and parody one attack and parody one attack
bought tuned that cost like 200 mil eat or whatever it was
so basically book tours to simulate the execution of the small contracts such
that you know you’ll be able to identify your flag the mental issues that could
cause you that there’s like hundred million dollars so apart from that yeah
that’s right if you have under $20 so you know before you see the guys out
there so I I’m Carly CTO of a comedy called digital cards according so we’re
Visine your cover the currency fund at the moment we got set up based in the
Caymans and I’m also advising or war so advisement free license one of them is
what the university project that’s that’s a good project number one is a
new pop chain out of Korea more details coming said and the third one is a
medical base our chain with a company that has access sort of hospitals up in
Queensland so I’m also in the process of doing some
over-the-counter trades as well so that’s sort of my background as hi I’m Tobias Abby my background has
been in derivatives trading for the past ten years for the past two years I’ve
been very active in the blockchain space primarily as an investor I’ve also taken
about a number of roles advisable icy hose and projects I work with a group of
investors it’s almost there’s a decentralized group of investors that
cool to get in funds and okay a lot of projects Michaels part of that group and
a lot of the investors were participating in an Aussie and in that
yet that’s also yeah one of the things that I’m doing in the spice it another
thing I’m doing in the space right now he’s setting up a are giving out of this
with the exchange independent reserve to offer institutional liquidity for people
that want to put large buy and sell orders really sort of large the numbers
as this place is sort of moving so quickly
yeah there’s at the source fingers in a number of pies and I’m working with
people internationally to potentially bring icos to the retail market in
Australia institution mustard so can you show your insight
yeah it’s not exclusive to institutional investors can invest that sort of saw
it’s because it’s good it’s a sense in Australia with quietly but audibles
there’s no need to go and using our theses
unless the trade size is above a certain point being able to offer these in our
liquidity terms and we can play a mic and instructions deals around time it
was to wanted to give a counterpart today that had issues with their
settlement as I had funds coming out of the Caribbean so clear enough for them
almost put down a deposit or modular market across a wedge the money to clear
all we’re providing locking in the price and we can deliver the crypto once their
funds please so I think there’s more and more professional services come online
and make the industry more akin to mediated original financial services
that yeah it’s gonna be including for this base how their job essentially is
doing something similar which is looking to be trading in Australia so how do you
think your company will be different and what does that actually mean for
consumers yeah it’s probably the first question I
was gonna ask there you go with the but specific points always the way the thing
is absolutely absolutely the best of luck because they if that happens we
think you know computer be trading in processor consumers and retailers that
deal with those consumers are really just um you know that the backend aging
to the wholesale market for them that would be brilliant that would enable
retail so renewable energy decentralized energy to proliferate so much law freaks
you wouldn’t be stuck with with your standard feed-in tariffs and all this
stuff that we so I wish them well but they’re taking their proposition to the
big players and the big players have absolutely no incentive to do things
frankly why soul managing for more than 30 terror-filled you buy it for less
than the retail tariff then I win you win who lost they did so they really
don’t want it to happen and I know this from personal experience as well so not
just on the edges Simons this happens also in the retail space
all over so with IBM in the last four years I’ve been leading the worldwide
transmission distribution and some of the wholesale consulting space weather
for the company worldwide including number of blockchain projects and what
we doing projects with some of these retailers but but you know large-scale
retailers and their offerings have drilled they’re planning to build these
things but they watch new projects once it gets to a certain size so I think the
pellets are probably going to be stuck in kind of science project held for a
long time if they’re gonna take that biology to the big players
the second thing is I think my understanding what a leader is trying to
do is to say that in order to enable PhD training and you the current regulatory
framework doesn’t allow that and so what they do is actually enable a platform
where retailers can say you can sign up and
belong to various retailers can stop to impede to be training which is the only
way that you can do it is that is that a correct assessment but that’s not I’m
sure that said that’s that’s true you do need a scent retailer but you don’t the
retail doesn’t have that three million customers said oh mom it could be anyway
anybody with a retail license can do that so why not start from the bottom up
and establish the facilities for a retailer to to gain such a license or
maybe a small I’ve already has one and and then enable that retailer takes a
market of play that is specifically about the community energy and allow
their customers to do trades which is several first and and the retailer they
benefits they scale up and from the opportunity to your friends to sell you
another 90 this was my opportunity for them to make to make money still and and
they Champy the bid frankly but they can’t do it because they don’t have the
economies of scale they don’t have the ability to hedge their wholesale risk in
the national acoustic market the way that the players do so they come and
they go they get to a few thousand customers and they fail or they get
acquired and never quite gets there so what were I need to do is to open source
the software and make it available for free and we’re going to see development
free retail small retailers or what we call neomi talents community
organizations who just want what their communities out so technically you could
be collaborating they can have something to tell okay all right well let’s let’s let’s go
to my colon and have a chat about what are you doing and I understand that
you’re a CTO so I think one of the really interesting thing is what
challenges do you think as a CTO actually faces that sort of technology
that’s the problem like scaling issues or is it really trying to find the glue
dense yeah so when it comes to you know as
well as the CTO or chief technology officer you know it’s a fancy term but
basically like me because I’m running a pond in terms of the finest looking at
mobilize new projects and being like you know asking those technical questions
okay if the boolean new blockchain or embrace if the structure does it
actually solve a problem does it actually work does it actually makes
sense okay they had is there bullying like an application based project with
smart contracts I think go for it and look for it a quote quality and it also
comes down to fundamental business questions like is a function needed
what is the problem um it doesn’t require a token in order to solve the
problem and then so does the talking to Robert’s value intrinsically from the
network itself as opposed to you know been the efforts of a third party which
will make it a security when it comes to issues to do with the blockchain itself
but the number one issue I think by far is scalability so nuts to do with
Fruitport and transactions per second so whoever can crack that while still
making a you know having a decentralized network are you having many different
nodes from and getting consensus for many different players then that’s
basically the holy grail and you know if you’re amiss for scanning projects out
there there’s red-bellied pop Shane from the University of Sydney there’s hash
browns there’s a whole bunch of moment projects out there as well that are
trying to solve the scalability issue so I mean that someone is you for for
chance at the moment I think in terms of security is confirming to be quite
secure you know you already don’t spend on Bitcoin you can’t really go in fear
and it was an order to don’t spend you might have one yet to spend trying to do
the double spend is far more than whatever you thought you would get out
the double spend itself but to the journal my friend Ian suppose in
computational power sir as a follow-up question on me we talked
about the fund and the issue of scalability I have been hearing a few
startups and even seen me saying that well we want to do something in
financial services sector but one of the issues is that the current technology is
just not geared towards being able to transact for example there could be
issues with front-running and scalability and transaction fees right
which is what do have highlighted and I’ve sort of mentioned this before
aluminum but um Vitalik earlier this year actually did a podcast with Forbes
and said look I think the short-term future with the blockchain is actually
private blockchains because they aren’t happy scalability issues whereas i think
that the holy grail at the moment or the sentiment of most people is to say well
i definitely want to invest in a decentralized approach and do you have a
view from a technical soundness perspective how that can operate or does
that an you know affect your investment choices yeah so when it comes to
scalability there’s actually a lot of applications out there that are just
running on the if your own test set or raphson so when scalability is solved I
think it is solvable then and what these applications are just gonna move over to
the current block chain like literally the next day so I’ve been with a time
being what you can say in your white paper to justify you know why you’re not
running with a polymer chain to begin with but private one is simply talking
about your scan of the scan bit of the informants you talked about there’s only
like 15 transactions per second on average say on aetherium
you know the cost is too prohibitive an order and so I do think for time being
you know there’s gonna be a lot of applications built on the Pompey
testament or on the prime in network and they they can still add value in that
environment and then I think when the systems become a lot more scalable
they’re just going to flick a switch and then we keep some applications that are
running sale of urea or any other function of Manchester sort of
scalability issue interesting sorry that doesn’t impact
your investment not really I mean when it comes down to our so there’s a
business side of an ICO and the technical side on the business side it’s
asking those fundamental questions I mentioned before but also looking at the
team the advisors and just doing the normal due diligence you’ll do on any
company that you’re investing in and then on the technical side of stuff it’s
you know do they have the technical ability to actually execute what they’re
doing do they have open source code if they do you know no throw it are any
security vulnerabilities in the ICO small contract or the small contracts
that they’re building for their system and also in terms of like the what the
technical information the white paper you know how do they describe what
they’re doing in a technical matter and is it sufficient and doesn’t make sense
and obviously in terms of my CEO is it getting a lot of attention as well so
there’s a whole bunch of factors go into you know whether or not to invest as
myself but like those are generally the doctors so if you look at the top market
job nearly 99.9% of them hole themselves utility tokens would you invest in
security tokens if it’s a really good project ie for example they actually
tokenize traditional assets yeah I mean I’ll be interested in investing in
security base tokens most of the targets were investing in at the moment
what would have considered to be utility base tokens
um and there’s ways to determine whether or not the tokens going to be a utility
or security and that is you want to look at how the token actually works in terms
of does it drive its value from within the network itself interactions within
the network as opposed to the episode third party is being marketed not as a
security I like very bad idea of money I see to go out there and say I talk about
profits investments making money from the token and all of that you can’t do
that if you want to create a utility token because what are you doing is
sending a product as opposed to a security so I’m definitely interested in
all sorts of tokens if a security token is actually solving a World Forum on
definitely interesting to the floor awesome right can we get
that mic on that’s you know floor we have any questions from the fall on the
back over here catch me theorem I think those questions now in terms of where
would you go just walk chain and you would be positive but if you think
etherium was going to resolve the congestion and the other issues that we
were seeing at the moment um I mean they’re not were pointing something that
could do it I think the project that’s most likely gonna succeed at the moment
is inferior because the theorem has emotional developers on it actually has
more transactions than the other possibly and also there’s essentially
five main you get our scalability projects for fear of this plasma Raven
true–but Kasper and slotting so if any of one of those succeed on the five and
I think more than wanting gonna succeed then you can see that you can easily see
the transaction transaction Fruitport increase 115 transactions per second to
like into the thousands and that means that the system is going to be a lot
more scalable than it is at the moment on cosbo transactions going to go down
significantly and so you’re gonna see a lot of applications switch over but
there are blockchains out there or technologies I just mentioned you know
red belly hash broth there’s a whole bunch of others as well so you know I
I’m agnostic to our blockchain succeeds but just objectively from what I can see
at the moment I think it’s most likely gonna be theorem at this point in time you woulda killed security token and
then this I’m understanding most because of the current regulatory environment is
that what straining your the security check intersection that is true yet so
when it comes to security token it’s also about okay if it’s going to be
security what is it going to miss that how is it gonna be trainable in which
environments are they going to be trampled in and at the moment there’s no
real exchange out there it’s that’s winning to trade security tokens from
them right from the door I mean there are a few exchanges coming up like
t0 that most people won’t people know about when they say they’re gonna be you
know SEC regulators or not and you’ll be able to train security tokens but we
just don’t really have a very good environment have a moment it just
doesn’t exist sorry can I just quickly jump into it and actually regulatory essentially I think that the really
interesting thing is it’s true that SEC has come out and said that all the
troika’s that they’ve seen would constitute utility tokens and most
jurisdictions follow thanking us so I think that that is a way that’s company
you take a look at what can be tokenized there’s so many things that can be
targeted that has really low liquidity for example like the global real estate
market or even fine on you know if you can Turk and I said an actually own part
of that the liquidity premium that you can unlock these multitudes of the
current Krypton market so I think that in some ways and you know what I can
couple times and I think a lot of panelists would agree that that is the
inevitable future and that is really the valuing because if you imagine there’s
so many utility tokens around utility tokens are there to transact
something that something has to be less estimates but I really think security
tokens are gonna be the future here what’s holding it back is no one wants
to be first through the door because they’re probably going to get
scrutinized and essentially shot by the SEC so it changes the whole financing
fundamentals to the entire world because instead of having some complicated
network that you want to have a utility token for you could literally financier
China coffee shops are something quickly simple like a normal everyday business
can be funded through the ICO model once we accept that you can have a security
token and that can be done on the International sort of transnational
borderless way once we have the framework for that so although it’s slow
coming in it’ll probably take longer than we expect I definitely think that’s
the way yeah I think you know securing the private key the thing that unlocks
the door is the most important problem versus trying to solve an ability even
if these projects there’s about half a dozen out there
thirty thousand developers but the biggest problem I find is not
scalability itself even if you Scout to a thousand what they say it a hundred
fault you’re never going to get to the transaction speeds of a sipping memory
in a trading platform today and obviously there’s multi chain side
chains the ones that even if you try to please through some of these settlements
around the world you’re never going to get to that speed even if those projects
exceeded so on the scalability part do you think the better or the bigger
problem is not so much scalability to think those can be solved in a way those
nodes are architecting you know some whether you have a closer or that been
integrated but I think the biggest issue is the ability for one blockchain to
integrate to another block chain or a blockchain to integrate to an existing
legacy platform so you’re really talk about cross chain just for the benefit
of everyone zero my focus is a sticking Sun because
unfortunately throughout transaction systems around the world they’re being
around in spoken days you know – it’s those Americans have to be solved he
would truly benefit from yeah so I mean there’s at that point so
on your first point about systems you know I see was getting hacked in
you know coin – and you know website getting hacked in all the others getting
hacked that has to do with the application layer so as people are not
doing their research or their thinking or spending their time on auditing their
small contracts that’s that’s that’s how we get hat I’ve always get hacked are
the phishing sites and the third way to get hacked is there’s a vulnerability on
the website itself as a person I see a smart contract where secure websites
that somebody got in and change say you know the contract address and people
send money to that address so that’s a like application level issue you’re
supposed to like an online auction issue and I do think that you know there’s
gonna be a suite of different you know tools out there security based tours and
there’s already one of these services that will help reduce that risk and
there’s also like loose – that’s right yeah centralized exchanges others yeah
so that’s true it’s a new trend one centralized exchanges that’s exactly
true there’s a wave of decentralized exchanges coming out there boom
something like zero exercise great everyday networks but you’re right like
ultimately if you’re in your encrypt ov if you hold the teens you own the crypto
you don’t want the keys you know in the crook code we could call with a system
where you know you have trusted third parties like our decentralized banks or
even centralized paints themselves winning to hone our Krypton class to be
hot there’s something inherently wrong about that just quickly on the point
about you know in terms of drug transactions are just not being as
important or not being a spaz the existing systems actually why
understanding is for example where every box chain as polished publishable their
enviable results that they were to do six hundred thousand transactions per
second that means that is actually a lot faster than what visa can do at the
moment across 300 different machines at different locations so we might actually
reach scalability that approach is that over like a centralized system
but even if we don’t approach it like to the same level or better than a
centralized system you know as long as it’s just you know scanner what’s canvas
capable to an extent then you can run all sorts of applications in a really
really efficient manner I was another question for the back he’d need to keep
this moving yeah so all free projects are calms down
and are not scalable because they want sonic or DPOs we just gone on dedicated
proof of state so the issue would delegate from mistake or potential issue
is the fact that you actually may have centralization so my understanding is
that statements most of statements binding is done by only system one like
70 nodes and it’s done by the founders of steam in itself so ready you know
you’ve already pulled out does it have to be a decentralized Network already
sent me no it’s also sorry if I can just step in and for the benefit of the
audience just explain what delegated proofing stage especially there are a
few or she essentially excuse for example in this room we have a few
centralized people that we vote for those people and say that not all of us
has to validate and the transaction in fact a few of you we nominate you to say
yes or no whether or not the transaction goes into the blockchain so that’s why a
lot of Yas and other ones are actually and not completely decentralized yeah so
essentially the way it works is how like think about the system we have at the
moment so we’re the House of Representatives we elect you’re a local
member and 100 so essentially Donna came from st. works in the same manner so you
you basically vote for um delegated notes and these delegated notes will
then validate on behalf of you so the issue of that system potentially is the
fact that you know you are not gay you might not get enough people actually
participating in the network and so essentially these notes that have been
dedicated the powers will just inherently do whatever they want to do
because they’re not really being held accountable other people who elect them
and you know it’s an issue we’ve got a lot you know in democracy as well you
know the disconnect between certain people and the elected representatives
and so pitchers seem in and you also run on DPOs so you know there’s a degree of
centralization that in terms of us being scalable with their definite release
anything yes awesome awesome next question over here very very
enthusiastic remember going on its Coulson lets punch out it few quick
questions before we get land on one here’s another one alrighty
now there’s a wave of institutional money coming in or waiting in the
sidelines can’t get their hands dirty I had a question for Toby what do you
think that will look like do you think these institutional guys will you know
take the top ten or twenty in a long etherium long big coin kind of say
that’s what you think they’re going to come and play with the big boys
and enjoy funny the hands in in all coins and what that will institution
reply yeah question look I think initially the funding
currencies in the crypto with liquidity so it’s all gonna come on Julie that’s
why my friend they’re focusing on River State points because I believe in
running bastard Islands this little return you can generate some crypto and
that’s one particular angle and yeah as you said that they’re gonna be people
focusing on old coins and I cos I think I’ll be like the traditional space where
you can invest in a blue tube fund or you can invest in a hedge fund with
complicated strategies making this key bet so I think it’ll spread evenly
income buyer and talk to you is because basically that’s the only way in but
once they’re in it will filter down the respective and like it’s probably not
too similar my own approach is if I believe in crypto I what I’m playing the
high beta assets because think everything is going to everything has a
high correlation whether we like it or not so we see their markets last a
couple of weeks or whatever it’s just red red red for everything and Green
Green Green when it bounces and the riskier players outperform so I think
there’ll be a lot of people chasing those high beta or high risk assets it’s
hard to say but I think initially they come in buy the big players then they’ll
spread down through the same events and then like everything they’ll reach for
the risk through I see others right there my understanding is most of
the crypto funds are purely token funds because at the moment it’s very hard for
existing hedge fund you’re not going to get a mutual fund investing in crypto
just yet but it’s very hard for people to change their band notes so if you set
up a crypto fun you’ve got that mandate to invest in tokens and these new world
assets where I don’t think yeah I think this is like a statistic saying 80% of
hedge fund managers are crypto but not even one or two percent of their funds
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3 thoughts on “Wanchain Founders Q&A Part 2 Enosi, Sydney Crypto Meetup – Ep21

  1. i was gonna buy some wanchain and its gone up… do you think it will correct so i can make an entry into wanchain?

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