Lion’s Den – August 23, 2024 [Full Episode w/ Subtitles & Transcript]

1
00:00:00,000 --> 00:00:14,580
Lions Den. Today is August 23rd, 2024, and we will have as our guest Vaultec from VSC Network.

2
00:00:15,380 --> 00:00:22,460
He will discuss in the latest updates regarding that network, the creation of staked HBD,

3
00:00:23,180 --> 00:00:29,740
and other features that they are developing. We'll give everybody a few minutes to get into

4
00:00:29,740 --> 00:00:31,520
the room, and then we will start.

5
00:00:59,740 --> 00:01:29,720
Thank you.

6
00:01:29,740 --> 00:01:59,720
Thank you.

7
00:01:59,740 --> 00:02:29,720
Thank you.

8
00:02:29,740 --> 00:02:59,720
Thank you.

9
00:02:59,740 --> 00:03:15,960
Okay, everybody, let's get this show on the road. Hopefully more will be joining as we

10
00:03:15,960 --> 00:03:24,940
go along. Today's our weekly Lions Den, and I had something else planned, and then we

11
00:03:24,940 --> 00:03:29,720
had a blog post by VSC Network, which I decided, well, I'm going to do it. I'm going to do

12
00:03:29,740 --> 00:03:35,600
it. I'll talk about that. And then it was like, well, why don't we see if we can get

13
00:03:35,600 --> 00:03:42,560
the person who is the main driver behind the project to come on, and instead of me opining

14
00:03:42,560 --> 00:03:50,320
and giving you my views, let's hear it right from the horse's mouth so that we can get the correct

15
00:03:50,320 --> 00:03:59,360
facts and tie it in. But what we are dealing with, this is about VSC Network. For those who do not

16
00:03:59,740 --> 00:04:05,600
know, VSC and Vaultec, you can correct me when you come on air if I'm wrong, but I believe it is

17
00:04:05,600 --> 00:04:13,740
considered a side chain. It is a network that is separate from Hive that he has developed. It has

18
00:04:13,740 --> 00:04:24,260
its own node operators, of which Town Hall is a node operator for VSC. Because of that, it runs

19
00:04:24,260 --> 00:04:28,680
its own transactions. It is also a smart contract platform.

20
00:04:29,740 --> 00:04:35,200
And ultimately, I don't know quite where it stands right now, but ultimately, developers will be

21
00:04:35,200 --> 00:04:41,500
able to go in and design their own smart contracts, very similar to what they are able to do with the

22
00:04:41,500 --> 00:04:52,900
Ethereum virtual machine networks, and create smart contracts to develop whatever they are

23
00:04:52,900 --> 00:04:59,340
looking to do, whether it's exchanges, whether it's games, whether it's whatever the case may be.

24
00:04:59,740 --> 00:05:10,700
That all can be built on VSC. And as we found out, there are a lot of direct ties into Hive, into the Hive ecosystem.

25
00:05:10,700 --> 00:05:20,800
And so why don't we start with having Vaultec come on and maybe just give a quick synopsis of what VSC is,

26
00:05:20,800 --> 00:05:28,900
maybe just some of the things that maybe I missed there, and give the correlation to Hive and some of the

27
00:05:29,740 --> 00:05:35,580
projected impact that you are looking at making, you know, again, from a 3,000 foot view.

28
00:05:35,580 --> 00:05:39,460
Then we'll get a little bit more detailed about it.

29
00:05:39,460 --> 00:05:47,720
Yeah. So, everything that you said was right. I do want to also add that VSC is EVM wallet

30
00:05:47,720 --> 00:05:53,060
compatible, so that means that you can actually log in with your Metamask wallet. And not only

31
00:05:53,060 --> 00:05:59,140
just log in and interact, but also you can actually send and receive Hive directly with that Metamask wallet.

32
00:05:59,740 --> 00:06:05,380
mask wallet. So we've actually enabled a way that you can directly send Hive and HBD to

33
00:06:05,380 --> 00:06:10,540
EVM wallets without any middleman, without any Hive account creation. It's a standard

34
00:06:10,540 --> 00:06:18,980
EVM wallet that now you can accept Hive. And overall, like our network, we're very focused

35
00:06:18,980 --> 00:06:24,660
on bringing good user experience to Hive, both in the onboarding side of things and

36
00:06:24,660 --> 00:06:29,520
also the smart contract development. So you can code in any language, any language, smart

37
00:06:29,520 --> 00:06:35,720
contracts from C++ to assembly script and all of that. So it's very accessible to developers.

38
00:06:36,500 --> 00:06:40,660
But other than that, no, you get a very good description of the VSC overall.

39
00:06:43,720 --> 00:06:50,980
Well, I'm glad I was paying attention for some of this. And this week, by the way, there

40
00:06:50,980 --> 00:06:54,160
was a blog post.

41
00:06:54,660 --> 00:07:00,720
And I will, it's in the Threadcast here, but I will bring it up to the top. I reposted

42
00:07:00,720 --> 00:07:07,240
it in Threadcast. If you hadn't had a chance to read it, maybe later go through it in greater

43
00:07:07,240 --> 00:07:13,860
detail. It does have a lot of interesting points to it. But this blog post that you

44
00:07:13,860 --> 00:07:19,800
put out the other day, Vaultec, do you want to give a quick overview of what it is that

45
00:07:19,800 --> 00:07:24,200
that entails and what new features you are bringing out or new?

46
00:07:24,660 --> 00:07:26,880
What capacities to the system you're bringing out?

47
00:07:28,200 --> 00:07:36,380
Yeah, so that blog post was about HBD staking on VSC. And there's two, three kind of things

48
00:07:36,380 --> 00:07:41,040
that are happening here or going to happen in the future regarding HBD staking.

49
00:07:41,840 --> 00:07:50,580
The first thing is HBD on VSC, it generates RCs and we'll have a blog post that describes

50
00:07:50,580 --> 00:07:54,280
this a bit more, a bit more in detail about how the RCs will work.

51
00:07:54,660 --> 00:08:02,540
But standard liquid HBD that you have on VSC, it generates RCs for your off-chain users.

52
00:08:02,540 --> 00:08:08,740
So those off-chain users, those Lite account users, you could say, or Metamask users, all

53
00:08:08,740 --> 00:08:18,540
kind of same thing, they can generate RCs directly using unstaked HBD. And as RCs are

54
00:08:18,540 --> 00:08:23,820
used, that HBD gets locked up and staked for a temporary period of time to regenerate those

55
00:08:23,820 --> 00:08:24,040
RCs.

56
00:08:24,040 --> 00:08:29,660
But once you actually have the coins, you get immediately get those RCs available to work with.

57
00:08:30,660 --> 00:08:39,320
The second one is we're working on a thing called sHBD, which is staked HBD, which is a form of

58
00:08:39,320 --> 00:08:41,380
liquid, liquid staked assets.

59
00:08:41,380 --> 00:08:47,080
So it's a liquid transferable version of HBD that it's also staked.

60
00:08:47,440 --> 00:08:53,920
So you get the 15% APR on Hive, while also still being very transferable.

61
00:08:54,040 --> 00:09:01,080
And both of those kinds of things create a very important ecosystem because you have the ability

62
00:09:01,080 --> 00:09:08,900
to you know easily transfer staked assets and easily generate RCs using standard HBD.

63
00:09:12,000 --> 00:09:17,240
Okay let's take the HBD first because these are these are some very, very important points.

64
00:09:17,260 --> 00:09:19,820
And for for those who.

65
00:09:20,460 --> 00:09:23,280
And I had this in one of the articles I wrote.

66
00:09:23,280 --> 00:09:23,980
There was a comment.

67
00:09:24,040 --> 00:09:31,960
And you did jump in and comment on it, Vaultec, but just to bring it to everybody who's on here.

68
00:09:32,540 --> 00:09:35,240
VSC is a separate network from Hive.

69
00:09:36,120 --> 00:09:39,660
There are different nodes associated with each.

70
00:09:39,980 --> 00:09:44,960
So on Hive, the Hive Blockchain, that network is run by the Witness servers.

71
00:09:45,400 --> 00:09:49,320
And people set up servers that run the code for Hive.

72
00:09:49,320 --> 00:10:08,660
And if you want to interact with the Hive Blockchain, so if you want to put up a blog post, you want to vote, you want to do anything on the Hive Blockchain that writes to the blockchain, you need Resource Credits, which on Hive are garnered by having Hive Power, state top.

73
00:10:09,020 --> 00:10:19,300
Now, what Vaultec is talking about is on VSC, which, again, is a separate network, separate node operators, separate cost to run.

74
00:10:19,320 --> 00:10:22,260
The network, all infrastructure has a cost.

75
00:10:22,820 --> 00:10:32,320
And this is important to remember, whether you're talking Hive, whether you're talking VSC, whether you're talking Facebook or X, there's a cost to run this infrastructure.

76
00:10:33,280 --> 00:10:38,400
And when you're talking about compute, there is a cost for everything that's done on these networks.

77
00:10:38,400 --> 00:10:48,940
Now, X and these other companies, naturally, there's no transaction fee like on an Ethereum because X and Meta and Google with YouTube.

78
00:10:49,320 --> 00:10:52,080
They monetize in different ways.

79
00:10:52,640 --> 00:10:56,400
And people are not going to spend 10 cents to place an upvote.

80
00:10:56,640 --> 00:10:57,780
It's just not going to happen.

81
00:10:58,280 --> 00:11:01,420
So that is one of the drawbacks to transaction fees.

82
00:11:01,420 --> 00:11:08,580
They are accepted in the financial world, but in the social media world, in other worlds, they have to be hidden.

83
00:11:09,100 --> 00:11:13,840
And that's exactly what Meta and these other companies do is they hide them.

84
00:11:14,240 --> 00:11:15,560
Well, VSC is no different.

85
00:11:15,720 --> 00:11:18,040
VSC, there's a cost to run this network.

86
00:11:18,240 --> 00:11:19,300
So when you want to run a network, you have to have a cost.

87
00:11:19,300 --> 00:11:24,300
When you want to process a transaction on VSC, there's a cost associated with that compute.

88
00:11:24,980 --> 00:11:37,240
So what VSC has done is taken the resource credit system from Hive, pulled it over, using that same type of regenerative investment for transaction fees.

89
00:11:37,460 --> 00:11:44,560
So again, no direct transaction fees in that regard, but there still is a cost.

90
00:11:44,720 --> 00:11:46,720
That's where he was talking about staking.

91
00:11:46,720 --> 00:11:49,280
Now, did I kind of lay that out?

92
00:11:49,300 --> 00:11:50,600
Did I lay that out properly, Vaultec?

93
00:11:50,700 --> 00:11:52,240
Is that exactly how it's happening?

94
00:11:54,400 --> 00:11:54,780
Yeah.

95
00:11:55,100 --> 00:11:56,320
Yeah, no, no, no, exactly.

96
00:11:58,360 --> 00:11:58,800
Okay.

97
00:11:58,960 --> 00:12:11,680
So now with the staking, so first off, when you say liquid HBD, that would have to be liquid HBD on VSC and not liquid HBD on Hive?

98
00:12:12,540 --> 00:12:13,500
Is that correct?

99
00:12:13,760 --> 00:12:14,340
That's correct.

100
00:12:14,520 --> 00:12:14,620
Yeah.

101
00:12:14,620 --> 00:12:18,880
So for you to get the RCs, you actually have to deposit HBD.

102
00:12:19,300 --> 00:12:21,680
So you have to deposit HBD in your essentially VSC account.

103
00:12:22,180 --> 00:12:29,580
So that could be your Hive account, that could be your MetaMask wallet, anything that has a presence on VSC.

104
00:12:29,740 --> 00:12:32,080
And once that's in VSC, then it can generate RCs.

105
00:12:33,420 --> 00:12:42,420
For Hive accounts, it doesn't really apply as much because Hive accounts have Hive RCs and they're going to use Hive for all of their interactions.

106
00:12:42,420 --> 00:12:47,180
So they're not really going to need RCs, at least at the moment.

107
00:12:47,440 --> 00:12:49,020
Maybe in the future, they might need it.

108
00:12:49,020 --> 00:12:55,960
For like large operations, but they don't really need RCs in the same way that like a MetaMask user would, for example.

109
00:12:56,740 --> 00:13:02,520
So it's mostly kind of applies to like people who are using the kind of like non-Hive account users.

110
00:13:03,180 --> 00:13:03,720
Oh, okay.

111
00:13:03,720 --> 00:13:04,140
I see.

112
00:13:04,380 --> 00:13:14,700
Now, is this, the RCs, is this to cover the cost of writing to Hive or is this covering the cost of VSC?

113
00:13:14,940 --> 00:13:15,900
Maybe I'll misunderstand.

114
00:13:16,200 --> 00:13:18,400
The cost of VSC.

115
00:13:18,460 --> 00:13:18,760
Yeah.

116
00:13:18,760 --> 00:13:22,520
So we only put a very small amount of data on Hive.

117
00:13:23,420 --> 00:13:37,300
We do, we do, we put a pretty good amount and the estimates are like when the network is fully running, we're still putting, you know, a minimum of one custom JSON on the chain every 30 seconds or every 15 seconds or whatever it is.

118
00:13:37,540 --> 00:13:48,480
So there is still definitely a lot of like writing that is happening to the chain, but it scales so that when we're adding more and more and more usage on VSC, we're not really adding a ton more on.com.

119
00:13:48,760 --> 00:13:59,640
So it's, it's really just only for the resources on VSC and the computation costs as well.

120
00:14:00,700 --> 00:14:01,120
Okay.

121
00:14:01,440 --> 00:14:01,940
Understood.

122
00:14:01,960 --> 00:14:12,760
So really there, if you have a Hive account and you have some Hive Power in your Hive account, odds are, this is really not too applicable to you.

123
00:14:12,760 --> 00:14:18,760
This is more for the Ethereum accounts and whatever other wallets.

124
00:14:18,760 --> 00:14:19,600
We're able to integrate.

125
00:14:19,600 --> 00:14:20,000
Okay.

126
00:14:20,240 --> 00:14:21,120
So I got that.

127
00:14:22,000 --> 00:14:37,660
Now the sHBD, this is something that's very, very interesting because as you said, it's, it's a state asset that has basically transferability and liquidity, if you will, I presume liquidity over time.

128
00:14:38,080 --> 00:14:47,800
And so general backend premise or, or the general operation of this, let's see if I understand this correctly, I would have to take liquid HBD.

129
00:14:47,800 --> 00:15:03,460
And deposit, do I have, maybe I'll just ask you, does this deposit of the HBD go into savings on Hive, or do I have to take the HBD, transfer it over and deposit it onto VSC and stake it there?

130
00:15:03,640 --> 00:15:06,180
How does that, the mechanics work there?

131
00:15:07,480 --> 00:15:07,880
Yeah.

132
00:15:07,880 --> 00:15:12,920
So you need to deposit into VSC, which goes into our gateway wallet, basically.

133
00:15:13,420 --> 00:15:16,280
So we have VSC.gateway is the account name.

134
00:15:16,660 --> 00:15:17,560
And then when you.

135
00:15:17,800 --> 00:15:22,680
You stake it on VSC, it will add, it will add that money into the savings of that account.

136
00:15:23,180 --> 00:15:27,020
And then it's transferable within the actual VSC network as well.

137
00:15:27,020 --> 00:15:33,640
So you can send that around to different users between, between different users while, while it's still being staked.

138
00:15:35,080 --> 00:15:35,500
Okay.

139
00:15:35,540 --> 00:15:47,300
So essentially what happens and, and this'll lead into my next point and why this is, this is so fascinating and, and quite frankly such a huge boom in my opinion.

140
00:15:47,800 --> 00:16:06,240
So let's say I take a hundred HBD and I drop it into a VSC, I deposit into VSC and a hundred HBD goes into the gateway network, which the gateway network then actually deposits because it's still on Hive.

141
00:16:06,240 --> 00:16:07,840
It does, it never leaves Hive.

142
00:16:08,000 --> 00:16:11,860
So the HBD is deposited by the gateway network into savings.

143
00:16:12,280 --> 00:16:17,680
In my wallet on VSC, I get a hundred sHBD, a wrapped version.

144
00:16:17,680 --> 00:16:17,760
Okay.

145
00:16:17,760 --> 00:16:17,780
Okay.

146
00:16:17,780 --> 00:16:20,080
Whatever you want to call it, a derivative version.

147
00:16:20,500 --> 00:16:23,640
So I get a hundred sHBD in my wallet.

148
00:16:24,300 --> 00:16:36,260
And so now I have a hundred sHBD that effectively I'm earning whatever the, the interest rate is as per the Hive witnesses.

149
00:16:36,600 --> 00:16:44,620
So I'm earning that even though it's not really showing up in my wallet, I don't imagine because you're not going to have the front end showing that on HBD.

150
00:16:44,620 --> 00:16:47,620
It's on, on H, on sHBD, it's on HBD.

151
00:16:48,020 --> 00:16:55,000
But now I can take sHBD and utilize this the same way as I would liquid HBD.

152
00:16:55,100 --> 00:16:55,720
Is that correct?

153
00:16:57,240 --> 00:16:57,760
Yep.

154
00:16:58,120 --> 00:16:58,320
Yep.

155
00:16:58,420 --> 00:17:05,180
I mean, it's not, it's not exactly a hundred percent, like it won't generate RCs and you can't withdraw it from VSC.

156
00:17:05,540 --> 00:17:11,600
It has to stay on VSC until you wait the 3.5 day period or whatever the withdrawal time is.

157
00:17:11,640 --> 00:17:13,900
It might even be more depending on what we do.

158
00:17:13,900 --> 00:17:17,600
So it's not quite as spendable.

159
00:17:17,600 --> 00:17:24,980
But within VSC, it's very spendable and that could be paired with other tokens on VSC, for example, including regular HBD.

160
00:17:25,880 --> 00:17:31,100
So there is some limitations because of just the way it all works.

161
00:17:31,100 --> 00:17:36,320
But overall, it's, it's, it's nearly identical as regular HBD.

162
00:17:37,320 --> 00:17:37,820
Yeah.

163
00:17:37,820 --> 00:17:46,940
I get your point about the inability to withdraw because, well, and it is state, so your inability to withdraw is state.

164
00:17:46,940 --> 00:17:47,440
Yeah, of course.

165
00:17:47,600 --> 00:18:00,920
It is contingent upon the staking requirements that, that are, are set up within the system, just like a Hive Power has staking requirements and it's a 13 week power down, et cetera, et cetera.

166
00:18:00,920 --> 00:18:04,560
Now, the point I'm leading to with this.

167
00:18:05,160 --> 00:18:16,380
So now that we have the basic framework, the utility of sHBD is dependent upon the ecosystem that is built.

168
00:18:16,380 --> 00:18:45,820
Within or on top of whichever way is the appropriate way to say it, but the, the ecosystem that built around VSC, so one thing you mentioned in, in your article, and, and we can go enough different directions with this for this idea, but the idea is you could take sHBD, if I'm understanding correctly, and you could swap it for ABC token, whatever the hell ABC token is.

169
00:18:45,820 --> 00:18:48,040
The higher level basket.

170
00:18:48,040 --> 00:18:48,860
is applied to.

171
00:18:48,860 --> 00:18:55,600
So there's an ABC group or a community that has the ABC token that they put on VSC.

172
00:18:55,600 --> 00:19:01,500
So now I can swap my hundred sHBD for whatever that is.

173
00:19:01,500 --> 00:19:05,280
That points to in ABC token, or another option.

174
00:19:05,280 --> 00:19:05,340
Yes.

175
00:19:05,340 --> 00:19:10,640
Is we could get into, and maybe you can dive into this a little bit, some defy applications where maybe we can.

176
00:19:10,700 --> 00:19:12,620
CAPT 선생.

177
00:19:12,820 --> 00:19:15,300
There's an application that allows us to collateralize.

178
00:19:15,300 --> 00:19:15,640
Right.

179
00:19:15,640 --> 00:19:15,780
Yeah.

180
00:19:15,780 --> 00:19:15,800
No I can.

181
00:19:15,800 --> 00:19:22,160
the sHBD. Maybe there's an application you mentioned in the article about synthetic assets.

182
00:19:22,640 --> 00:19:31,300
So now maybe I can use this sHBD to acquire a synthetic version of Apple stock if it's on there

183
00:19:31,300 --> 00:19:37,700
or some type of synthetic bond or some type of something that somebody created. Can you dive

184
00:19:37,700 --> 00:19:44,780
into some of the DeFi purposes that you could potentially see emerging out of that?

185
00:19:45,800 --> 00:19:55,460
Interesting. I'm not going to speculate too much on what might be good DeFi because I mean,

186
00:19:55,460 --> 00:20:05,200
I don't know. I don't. But I definitely, I'm definitely very interested in just having that

187
00:20:05,200 --> 00:20:12,580
as like, you know, like having that be part of like liquidity pools and such because people are

188
00:20:13,620 --> 00:20:15,780
already going to...

189
00:20:15,800 --> 00:20:22,540
To be making, wanting to make that 15% APY and that being inside of a liquidity pool shouldn't

190
00:20:22,540 --> 00:20:29,380
really change that a lot. And that would be good, you know, for like, if I'm, let's just say I have

191
00:20:29,380 --> 00:20:35,480
a token that I like a lot and I want to prop up its value, I can kind of donate that 15% APY to

192
00:20:35,480 --> 00:20:43,020
that token. I can't really give very many good examples of like DeFi stuff necessarily. I can

193
00:20:43,020 --> 00:20:45,780
say for like the Bitcoin wrapping that we're building.

194
00:20:45,800 --> 00:20:54,040
You'll be able to take that 15% and apply that onto your Bitcoin wrapping. So like I'm a user and I want

195
00:20:54,040 --> 00:20:59,000
to make 15% because I want to, you know, I have, I have a hundred thousand HBD. I want to, you know,

196
00:20:59,000 --> 00:21:03,400
make some money off of my money. So the smart choice is to not only stake that, but also put

197
00:21:03,400 --> 00:21:07,720
it into a wrapping provider because those are very capital intensive. So I could run a wrapping

198
00:21:07,720 --> 00:21:15,800
provider that gives me 15%. And then I can like, I would make more money off of that just from the,

199
00:21:15,800 --> 00:21:21,560
the transaction fees and the wrapping fees and all of that. So that would be probably the best

200
00:21:21,560 --> 00:21:29,560
use case of what we're trying to support is just your user that already wants that APR from the HBD,

201
00:21:29,560 --> 00:21:35,800
but then you also can run a wrapping provider that will give you, you know, another 10% or 15% APR.

202
00:21:36,680 --> 00:21:40,920
So you could see some pretty high percentages just from that acting as a wrapping provider

203
00:21:40,920 --> 00:21:45,720
and moving stuff in and out of the, in and out of Bitcoin to, to Hive and GSC.

204
00:21:46,520 --> 00:21:49,800
So that could definitely be a good opportunity. Cause you're kind of combining those two things

205
00:21:49,800 --> 00:21:56,040
that like your user that wants to make that APR. And then you also want to provide you also want

206
00:21:56,040 --> 00:22:02,440
to provide that capital to run a wrapping provider for VSC. So I'd say that that would be one of the

207
00:22:02,440 --> 00:22:07,320
best the best examples for this. I mean, I'm sure there's others, but that's the main thing

208
00:22:07,320 --> 00:22:15,640
that we've been looking at for, for the staked HBD. Yes. And I think that's key and I appreciate

209
00:22:15,640 --> 00:22:21,640
where you're coming from where you isolate it to the, the DeFi purpose that you have in

210
00:22:21,640 --> 00:22:29,240
mind and that you're actually building out. Um, but the key here is the ability to compound

211
00:22:29,240 --> 00:22:38,440
your returns. Because as you just said, you have the 15% HBD in savings, as set up by the witnesses,

212
00:22:38,440 --> 00:22:44,760
but then you can take your sHBD and apply it to other DeFi, um, options

213
00:22:45,640 --> 00:22:54,040
that are out there, other DeFi programs, and earn another return. So like you said, if it's

214
00:22:54,040 --> 00:23:01,200
Bitcoin wrapping, maybe that presents you with another 5%, 10%, 15%, whatever it is,

215
00:23:01,280 --> 00:23:08,060
on top of the 15% you're making. And if you start to get into the idea of taking the sHBD

216
00:23:08,060 --> 00:23:16,680
as an asset that can be transferred, and its value is based upon, I mean, there's a very direct

217
00:23:16,680 --> 00:23:27,280
and transparent path of what that sHBD is, because it goes right back to the HBD. So

218
00:23:27,280 --> 00:23:34,800
it's not too hard to find out the transaction that it was assigned to. And so now you can use

219
00:23:34,800 --> 00:23:37,800
this for, and I mentioned it before, like in...

220
00:23:38,060 --> 00:23:44,160
In the sense of collateralization, because you have an asset that is very crystal clear,

221
00:23:44,360 --> 00:23:50,260
and depending on what other tokens are tied to it, you could collateralize this with a different

222
00:23:50,260 --> 00:24:01,000
project and get paid out in ABC token or whatever the case may be by putting up your sHBD. And then

223
00:24:01,000 --> 00:24:07,480
you have effectively a loan against your sHBD that is earning you 15%.

224
00:24:08,060 --> 00:24:15,340
So now you get this circular system going that could really, from my perspective,

225
00:24:16,160 --> 00:24:24,520
pull a lot of HBD into the VSC ecosystem. And I don't know if you've really mapped that out

226
00:24:24,520 --> 00:24:32,880
mentally, but you could be talking about conceivably tens of millions of HBD involved

227
00:24:32,880 --> 00:24:37,860
here, simply because if you just look at some of the volume of transactions,

228
00:24:38,060 --> 00:24:45,320
on networks of this sort, as applications in this, as different DeFi applications are built,

229
00:24:46,220 --> 00:24:51,140
I mean, to get, you know, 50 million in trade volume, that usually, unless it's

230
00:24:51,140 --> 00:24:55,820
wash trading, requires a hell of a lot of money. Have you mapped that out?

231
00:24:57,720 --> 00:25:04,360
I mean, I've done some analytics around the actual kind of revenue of the network. So yeah,

232
00:25:04,360 --> 00:25:07,260
I have an idea. I definitely...

233
00:25:08,060 --> 00:25:15,680
There's definitely a lot of opportunity there, especially with the HBD staking and all of that.

234
00:25:17,300 --> 00:25:21,980
We have to just see what happens when we actually run this in production. And that's when we'll get

235
00:25:21,980 --> 00:25:27,740
better numbers. But yeah, I think a lot of people will want to leverage this even just for

236
00:25:27,740 --> 00:25:33,380
the transferability, just having a stake HBD, that's also still transferable to some extent,

237
00:25:33,380 --> 00:25:35,400
like that's very good.

238
00:25:36,760 --> 00:25:37,500
And then I'm...

239
00:25:37,500 --> 00:25:37,820
Yeah.

240
00:25:37,820 --> 00:25:43,100
things that we would be doing like the bitcoin wrapping and uh you know for our for rcs of course

241
00:25:43,100 --> 00:25:48,940
because we would want rcs I'd hope um to use the system so uh no no there's that there's

242
00:25:48,940 --> 00:25:56,960
definitely a lot of stuff there um that I'm quite excited about yeah and it's it's very

243
00:25:56,960 --> 00:26:03,380
interesting the transferability because although I mean we have to admit a three-day lock-up period

244
00:26:03,380 --> 00:26:09,260
isn't quite the end of the world so when you put your HBD into savings right now you have a

245
00:26:09,260 --> 00:26:13,160
three-day lock-up period it takes you a little while to get your money so not not the end of

246
00:26:13,160 --> 00:26:21,260
the world and so if you want to uh let's say trade something let's say you you uh you see a big drop

247
00:26:21,260 --> 00:26:26,540
in the price of hot and you want to take some of your HBD and buy hot but you're in in savings

248
00:26:26,540 --> 00:26:33,260
and that one day price drop is no longer there three days later you missed it well if

249
00:26:33,260 --> 00:26:33,360
there's a big drop in the price of hot and you want to take some of your HBD and buy hot but

250
00:26:33,360 --> 00:26:42,300
there is and I would imagine at some point that there will be some type of version of Hive on

251
00:26:43,680 --> 00:26:49,500
on vsc in some way shape or form whether it's through a liquidity pool or or something oh yeah

252
00:26:49,500 --> 00:26:54,540
no no Hive works hard works on vsc yeah it's it's not like I'm it's not like you know we're talking

253
00:26:54,540 --> 00:26:59,520
about all of this stuff with HBD but no Hive is Hive does work on vsc um and it's part of

254
00:26:59,520 --> 00:27:03,240
our asset system so it's all it's all available um and there definitely

255
00:27:03,240 --> 00:27:10,140
is a potential for like direct liquidity pools with shbd and Hive that's totally doable

256
00:27:10,860 --> 00:27:15,420
um I don't know how good those might be because of course there's there's pressure from people who

257
00:27:15,420 --> 00:27:19,920
are trying to trade between those two routes or you know there's just things that might may not

258
00:27:19,920 --> 00:27:24,180
make them the best price execution I don't know we have to see what happens when we actually run

259
00:27:24,180 --> 00:27:30,360
these contracts but it's all it's all very doable um and all you know it's it's not something that

260
00:27:30,360 --> 00:27:32,880
we're we're just we're trying to you know prevent

261
00:27:33,240 --> 00:27:39,000
um so so you have five on here um you'll have Hive on vsc yeah so theoretically if there is

262
00:27:39,000 --> 00:27:46,200
the liquidity and if the uh pools or or the market mechanism is working on vsc if somebody

263
00:27:46,200 --> 00:27:55,380
has their hbd locked up but they could do it through vsc as opposed directly through Hive

264
00:27:55,380 --> 00:28:02,860
then you have your sh the and if you see a big price drop in high very quickly and you want to

265
00:28:03,240 --> 00:28:09,120
try to trade it or you think it's a grand entry point for you you can go ahead and do that and

266
00:28:09,120 --> 00:28:15,720
grab the Hive off the open market um and now you have your Hive and if the price goes up to two

267
00:28:15,720 --> 00:28:20,460
weeks later you can just move back out of the trade and it's like but you're still earning

268
00:28:20,460 --> 00:28:28,620
your 15 on the hbd so it really opens up a lot more possibilities and flexibility yeah yeah exactly

269
00:28:30,420 --> 00:28:33,120
well this this was a pretty big announcement

270
00:28:33,240 --> 00:28:38,520
um what are your next what what plans come next

271
00:28:40,140 --> 00:28:45,720
um we have quite a bit going on right now uh there's going to be more blog posts coming out

272
00:28:45,720 --> 00:28:51,960
um there's going to be one tomorrow um I won't say exactly when but around the morning um it's

273
00:28:51,960 --> 00:28:55,200
kind of we've already we've already talked about it a little bit but we're just have a dedicated

274
00:28:55,200 --> 00:29:01,440
blog post for it um so I have another blog post we're really increasing the blog posts um Nifty

275
00:29:03,240 --> 00:29:09,180
has been great at helping us write the blog posts a lot of our blog posts um and we're trying to do a

276
00:29:09,180 --> 00:29:14,160
blog post every week about what we're doing um so either on either on a topic that we care about or

277
00:29:14,160 --> 00:29:20,880
direct Development Updates or anything like that just constantly pushing out new blog posts for us

278
00:29:20,880 --> 00:29:26,280
uh we're gearing up for hivefest so um on hide festival have some really cool things that we're

279
00:29:26,280 --> 00:29:33,060
going to be talking about and also showing people um but I'll leave that up to uh you know I'll I'll

280
00:29:33,240 --> 00:29:38,700
that up to people's guesses, because I don't want to spoil it too much.

281
00:29:38,700 --> 00:29:41,040
But we have a lot that we're going to be showing at Hivefest.

282
00:29:41,040 --> 00:29:44,820
And I think after that, we'll kind of figure out there

283
00:29:44,820 --> 00:29:46,540
what's kind of the next steps for us.

284
00:29:46,540 --> 00:29:48,820
But we have our network that was running.

285
00:29:48,820 --> 00:29:49,820
It's running very well.

286
00:29:49,820 --> 00:29:54,400
We have EVM compatibility, EVM mob compatibility.

287
00:29:54,400 --> 00:29:57,200
We're working on a lot of the stability things a little bit here

288
00:29:57,200 --> 00:30:00,480
and there still, but the network overall is very reliable

289
00:30:00,480 --> 00:30:02,180
and working very well.

290
00:30:02,180 --> 00:30:03,760
And we're just figuring out how that

291
00:30:03,760 --> 00:30:05,180
looks with an actual front end.

292
00:30:05,180 --> 00:30:07,460
So we're making a lot of progress,

293
00:30:07,460 --> 00:30:09,260
and we're getting ready for an actual,

294
00:30:09,260 --> 00:30:11,420
actually showing something that's tangible to people.

295
00:30:14,740 --> 00:30:16,300
I'm going to throw something out,

296
00:30:16,300 --> 00:30:19,640
and it may not be able to be answered.

297
00:30:19,640 --> 00:30:24,600
But it sounds like you're still at, for lack of a better word,

298
00:30:24,600 --> 00:30:26,220
a prototype stage.

299
00:30:26,220 --> 00:30:30,420
You're still doing a lot of the basic infrastructure.

300
00:30:30,420 --> 00:30:32,020
You got some nice things going.

301
00:30:32,020 --> 00:30:34,260
But there's still more infrastructure

302
00:30:34,260 --> 00:30:35,780
that needs to go into place.

303
00:30:35,780 --> 00:30:39,160
But my question is, and you mentioned the smart contracts

304
00:30:39,160 --> 00:30:42,840
and being able to program in multiple languages,

305
00:30:42,840 --> 00:30:49,060
how far out would you say you are from an outside developer

306
00:30:49,060 --> 00:30:52,180
coming in from a project, taking a look at VSC,

307
00:30:52,180 --> 00:30:55,340
and starting to build stuff on VSC?

308
00:30:55,340 --> 00:30:56,500
Can that be done now?

309
00:30:56,500 --> 00:30:58,420
Is that something you?

310
00:30:58,420 --> 00:30:59,700
That can be done right now.

311
00:30:59,700 --> 00:31:00,200
Yeah.

312
00:31:00,200 --> 00:31:01,620
We have a JavaScript.

313
00:31:01,620 --> 00:31:04,700
It's called AssemblyScript, but the language

314
00:31:04,700 --> 00:31:06,540
is very similar to JavaScript.

315
00:31:06,540 --> 00:31:09,280
And that provides a very straightforward development

316
00:31:09,280 --> 00:31:13,480
experience, at least compared to Solidity.

317
00:31:13,480 --> 00:31:17,400
So any developer can come on and start playing around with VSC now.

318
00:31:17,400 --> 00:31:21,480
It's just there's not a guarantee that the network will always work.

319
00:31:21,480 --> 00:31:23,420
And of course, when we do migrations,

320
00:31:23,420 --> 00:31:24,920
like maybe setting up a new network,

321
00:31:24,920 --> 00:31:27,480
that would be considered our main net.

322
00:31:27,480 --> 00:31:29,280
That might create some problems, especially

323
00:31:29,280 --> 00:31:30,920
if you're trying to use it in production.

324
00:31:30,920 --> 00:31:31,420
But.

325
00:31:31,620 --> 00:31:35,480
You can actually develop on the network right now.

326
00:31:35,480 --> 00:31:39,220
There's nothing stopping you from doing that.

327
00:31:39,220 --> 00:31:41,180
So maybe prototype was the wrong word.

328
00:31:41,180 --> 00:31:44,860
You would say this is still classified as your test net?

329
00:31:44,860 --> 00:31:46,100
Yeah.

330
00:31:46,100 --> 00:31:47,780
We're still in test net.

331
00:31:47,780 --> 00:31:51,140
We're going to figure out exactly how the main net transition looks.

332
00:31:51,140 --> 00:31:54,700
But essentially, it's just when we get to a state of like,

333
00:31:54,700 --> 00:31:57,620
it's mostly stable and that we can kind of guarantee

334
00:31:57,620 --> 00:32:00,920
that stuff will be OK for a decent amount of security.

335
00:32:00,920 --> 00:32:03,860
It might not be perfect, but we'll figure out

336
00:32:03,860 --> 00:32:08,200
an exact kind of plan for the main net launch at some point.

337
00:32:08,200 --> 00:32:13,980
And that might involve some other work on the code side and all of that.

338
00:32:13,980 --> 00:32:17,240
But basically, we want to get to that point where it's like, maybe it's not

339
00:32:17,240 --> 00:32:18,980
feature complete, not everything is done,

340
00:32:18,980 --> 00:32:23,460
but it's at least going to be stable enough that people can start using it.

341
00:32:23,460 --> 00:32:26,360
And so we have some different things there that we have in mind for that.

342
00:32:26,360 --> 00:32:29,400
But that ultimately become a bit more concrete over the next few months.

343
00:32:29,400 --> 00:32:30,200
So for us, that's kind of the plan.

344
00:32:30,200 --> 00:32:30,600
OK.

345
00:32:30,600 --> 00:32:33,840
So for a full main net, I don't know exactly when that will be.

346
00:32:33,840 --> 00:32:39,240
But definitely within the next kind of four months, three to four month period,

347
00:32:39,240 --> 00:32:43,280
we'll have a clear idea on when that will happen.

348
00:32:43,280 --> 00:32:44,360
OK.

349
00:32:44,360 --> 00:32:50,560
And this may not lead into my question, or a question, excuse me,

350
00:32:50,560 --> 00:32:52,520
that is in the Threadcast.

351
00:32:52,520 --> 00:32:59,880
But a number of months back, you made a presentation to the core developers

352
00:32:59,880 --> 00:33:06,120
about multi-sig, multi-sig wallets, expanding that greatly.

353
00:33:06,120 --> 00:33:10,800
And I know you were on the developer call presenting it with the core developers.

354
00:33:10,800 --> 00:33:12,420
And then they said they'd look into it.

355
00:33:12,420 --> 00:33:16,140
And I guess a little while later, they said, this is acceptable.

356
00:33:16,140 --> 00:33:19,860
Do you know, if you would, could you give a quick overview of what that

357
00:33:19,860 --> 00:33:23,400
was with the multi-sig wallet and what you had found to really expand

358
00:33:23,400 --> 00:33:25,920
the security regarding that?

359
00:33:25,920 --> 00:33:28,760
And do you have any idea of where that stands with the core development?

360
00:33:28,760 --> 00:33:29,160
OK.

361
00:33:29,160 --> 00:33:32,140
Yeah, yeah, for sure.

362
00:33:32,140 --> 00:33:37,240
So right now, Hive has a limitation of the multi-sig to about 40 signers,

363
00:33:37,240 --> 00:33:42,920
which really means about 30, 34-ish actual active signers.

364
00:33:42,920 --> 00:33:45,880
Or no, it's like 26.

365
00:33:45,880 --> 00:33:48,600
But anyway, it's a maximum of 40.

366
00:33:48,600 --> 00:33:50,540
And then there's some majority that you need

367
00:33:50,540 --> 00:33:55,380
to set for the actual majority control of the multi-sig, which

368
00:33:55,380 --> 00:33:57,400
is OK for certain sizes of projects.

369
00:33:57,400 --> 00:33:58,560
But when we are talking about a core development,

370
00:33:58,560 --> 00:33:59,100
it's it's a lot of work.

371
00:33:59,100 --> 00:33:59,120
Yeah, absolutely.

372
00:33:59,120 --> 00:33:59,140
I mean, you're right.

373
00:33:59,140 --> 00:34:04,060
talking into the hundreds of nodes then that becomes a bit more problematic and we want to

374
00:34:04,060 --> 00:34:10,960
enable VSC to be able to scale to hundreds of nodes in consensus a network with only you know

375
00:34:10,960 --> 00:34:17,920
40 nodes being in control of the whole network is not really the best thing so we really want

376
00:34:17,920 --> 00:34:24,700
to expand that capacity so that we can do either either in a few hundreds or a thousand nodes that

377
00:34:24,700 --> 00:34:28,960
could be signing and so and running that multi-sig account and that'll just make the network so much

378
00:34:28,960 --> 00:34:37,360
more secure and make it really safe long term so that that is with some technology that we actually

379
00:34:37,360 --> 00:34:43,240
use with in VSC itself which allows us to do like a form of signature compression so the signatures

380
00:34:43,240 --> 00:34:51,700
on Hive they're about 64 bytes total each one and that's per signer so if you have 40 signers then

381
00:34:51,700 --> 00:34:58,940
that's 40 times 64 and that's quite a lot of data and if you get into the thousands of signer

382
00:34:58,940 --> 00:35:04,260
then you can easily get into the, you know, several kilobytes of data per transaction.

383
00:35:04,500 --> 00:35:05,940
And that adds up very, very quickly.

384
00:35:06,520 --> 00:35:10,420
So with this signature compression that we've suggested to the core team,

385
00:35:10,800 --> 00:35:15,880
which is already used in BSC for its consensus, and it's been working quite well,

386
00:35:16,300 --> 00:35:21,980
it allows you to compress thousands of signatures down to one constant size signature

387
00:35:21,980 --> 00:35:25,280
that is about 100 bytes big, about 100 bytes long.

388
00:35:25,280 --> 00:35:33,640
So that ensures that we can make a lot of transactions on Hive without a lot of data

389
00:35:33,640 --> 00:35:35,820
with a huge number of signers.

390
00:35:36,100 --> 00:35:37,480
And that's very, very, very efficient.

391
00:35:38,000 --> 00:35:42,840
So that's essentially what it enables, is it just allows us to sign a lot of data

392
00:35:42,840 --> 00:35:45,660
very efficiently with a lot of different signers.

393
00:35:45,860 --> 00:35:49,700
And that gives us the security of a very large network with a lot of nodes

394
00:35:49,700 --> 00:35:52,860
once we get to that point of a lot of nodes running consensus.

395
00:35:54,320 --> 00:35:54,800
So...

396
00:35:54,800 --> 00:35:55,260
And so...

397
00:35:55,280 --> 00:36:00,240
In terms of progress, last I've heard, they're going to try to deploy some Layer 2 version of that,

398
00:36:00,340 --> 00:36:03,020
just kind of a test version without it being part of the core,

399
00:36:03,120 --> 00:36:04,880
and then they'd see how it works from there.

400
00:36:05,620 --> 00:36:06,880
I don't know exact...

401
00:36:06,880 --> 00:36:09,260
I don't have an exact timeline of when they will do that,

402
00:36:09,400 --> 00:36:11,880
but hopefully within the next kind of six months,

403
00:36:11,940 --> 00:36:15,780
that'll be deployed on the Hive mainnet so we can start working with it.

404
00:36:16,320 --> 00:36:19,220
But I definitely need to check with them on that because I want to, you know,

405
00:36:19,280 --> 00:36:20,700
I want to check on progress.

406
00:36:21,640 --> 00:36:24,800
Probably would be good to bring up at HiveFest with the BlockTrades team a bit.

407
00:36:24,800 --> 00:36:28,020
So I'll definitely try to talk to them around that time

408
00:36:28,020 --> 00:36:31,700
and figure out, like, hey, what's, you know, when is this going to be available?

409
00:36:34,460 --> 00:36:37,120
When is HiveFest as a side tangent here?

410
00:36:38,360 --> 00:36:40,580
It is September 10th.

411
00:36:40,720 --> 00:36:40,940
Yeah.

412
00:36:41,620 --> 00:36:42,180
Oh, okay.

413
00:36:43,480 --> 00:36:46,040
Anyway, back to the question that stimulated that,

414
00:36:46,080 --> 00:36:48,300
and I don't know if this has anything to do with it,

415
00:36:48,400 --> 00:36:49,780
but SunSeeker asks,

416
00:36:49,920 --> 00:36:53,260
stake in HBD will generate the same as it does in savings.

417
00:36:53,260 --> 00:36:54,500
Does it carry?

418
00:36:54,800 --> 00:36:55,600
Extra risk?

419
00:36:56,220 --> 00:36:59,480
Or can I have to move my savings there and give them another purpose?

420
00:36:59,620 --> 00:37:02,260
Well, the second answer is yes, you can move your savings there.

421
00:37:02,340 --> 00:37:04,000
I don't know if you do it happily or unhappily,

422
00:37:04,160 --> 00:37:08,340
but that's up to you and you can give them other purposes based upon what's built out there.

423
00:37:08,440 --> 00:37:14,280
But the risk, the one thing that instantly jumps to my mind is if I'm taking 100 HBD

424
00:37:14,280 --> 00:37:19,660
and I'm dropping them in, I'm depositing them into VSC,

425
00:37:20,320 --> 00:37:23,480
the wallet there is a point of vulnerability.

426
00:37:23,480 --> 00:37:25,760
And how is that protected?

427
00:37:25,760 --> 00:37:27,000
Is that multi-sig?

428
00:37:27,000 --> 00:37:31,700
How is, you know, because you could conceivably have hundreds of thousands,

429
00:37:31,700 --> 00:37:37,060
if millions of HBD going into that wallet, how is it protected?

430
00:37:38,400 --> 00:37:42,200
Yeah, so that's currently in the multi-sig based.

431
00:37:42,200 --> 00:37:45,600
So all of our consensus nodes are part of that multi-sig.

432
00:37:46,080 --> 00:37:50,160
And so with that change, we can expand the multi-sig,

433
00:37:50,160 --> 00:37:52,600
so it's much larger than the maximum of 40.

434
00:37:52,600 --> 00:37:52,700
Okay.

435
00:37:52,700 --> 00:37:52,760
Yeah.

436
00:37:52,760 --> 00:37:52,820
Okay.

437
00:37:52,820 --> 00:37:52,880
Okay.

438
00:37:52,880 --> 00:37:52,940
Okay.

439
00:37:52,940 --> 00:37:53,000
Okay.

440
00:37:53,000 --> 00:37:53,100
Okay.

441
00:37:53,100 --> 00:37:53,200
Okay.

442
00:37:53,200 --> 00:37:53,300
Okay.

443
00:37:53,300 --> 00:37:53,400
Okay.

444
00:37:53,400 --> 00:37:53,460
Okay.

445
00:37:53,480 --> 00:37:56,800
And we'll have consensus staking on VSC.

446
00:37:57,220 --> 00:38:01,400
So nodes that are part of the consensus will have to stake a certain amount of HBD

447
00:38:01,400 --> 00:38:04,020
or whatever token that we're using for that.

448
00:38:04,460 --> 00:38:08,280
And that staking requirement ensures that they can be part of consensus.

449
00:38:09,060 --> 00:38:14,580
And being part of consensus allows them to actually, you know,

450
00:38:14,800 --> 00:38:17,140
be part of that multi-sig and interact with it.

451
00:38:17,680 --> 00:38:22,100
And so we currently have a two-thirds majority on the network in general.

452
00:38:22,100 --> 00:38:23,100
And we'll change.

453
00:38:23,100 --> 00:38:26,480
We'll also have the multi-sig be a two-thirds majority.

454
00:38:26,820 --> 00:38:35,480
So in order for that to get hacked at all, the attacker would have to control two-thirds of the stake of the entire network,

455
00:38:35,480 --> 00:38:38,460
which could be to the hundreds of thousands of dollars.

456
00:38:39,780 --> 00:38:46,280
So there's definitely, you know, it's definitely very hard for that to be an attack point, realistically.

457
00:38:48,960 --> 00:38:49,220
Okay.

458
00:38:49,220 --> 00:38:53,000
And so as the network expands and grows,

459
00:38:53,100 --> 00:38:57,780
that wallet itself, like most of the rest of the network,

460
00:38:58,300 --> 00:39:02,080
just the vulnerability just keeps declining because, like you said,

461
00:39:02,140 --> 00:39:06,580
if you have 500 or 250 nodes that are in consensus,

462
00:39:07,380 --> 00:39:12,820
now all of a sudden, I mean, two-thirds of that, depending on the dollar amount,

463
00:39:13,000 --> 00:39:14,520
that could be a hell of a lot of money.

464
00:39:15,720 --> 00:39:16,740
Yeah. Yeah, exactly.

465
00:39:16,740 --> 00:39:22,160
And we'll figure out the exact schedule because it's kind of hard to, like, make a network

466
00:39:22,160 --> 00:39:23,080
and then have, like,

467
00:39:23,120 --> 00:39:25,540
a preset amount of money that's required the stake.

468
00:39:26,280 --> 00:39:30,680
So we'll probably do something where, like, in the early days of the network,

469
00:39:30,680 --> 00:39:36,120
becoming a consensus node is only $300 worth of token.

470
00:39:36,120 --> 00:39:41,720
And then maybe like another three months later at $600 and then $1,200.

471
00:39:42,140 --> 00:39:45,120
And then it goes on and on and on until it reaches some cap.

472
00:39:45,860 --> 00:39:52,500
So we'll figure out some schedule to basically, like, let the nodes grow because you still want to have, like, a diversity of machines

473
00:39:52,500 --> 00:39:52,980
and diversity.

474
00:39:53,100 --> 00:39:58,140
of node operators but you also still want them to put money into steak um and so that we could

475
00:39:58,140 --> 00:40:02,380
potentially do something where like it slowly ramps up over time and it just keeps growing

476
00:40:02,380 --> 00:40:06,300
and growing and growing until it reaches kind of like a saturation point where it's like high

477
00:40:06,300 --> 00:40:13,340
enough where you know everyone everyone's putting in a good amount of money to use to stake um and

478
00:40:13,340 --> 00:40:20,060
then everyone who is you know um like like there's a good diversity of nodes as well in that so we

479
00:40:20,060 --> 00:40:23,820
have you know a few hundred nodes or a few thousand nodes that are running the network which

480
00:40:23,820 --> 00:40:36,220
which would be plenty um excellent um vic van asked what is it does vsc stand for voltaic cycle

481
00:40:36,220 --> 00:40:43,020
what is the full meaning of vsc I don't know um it's it is originally supposed to be virtual

482
00:40:43,020 --> 00:40:49,900
smart chain yeah that was the yeah I don't know if I've ever seen it I've always just

483
00:40:50,060 --> 00:40:54,700
heard to it as vsc I didn't know yeah no we haven't we haven't really called it that very

484
00:40:54,700 --> 00:40:59,260
much either but no it's supposed to be virtual smart chain it's kind of kind of like at t a lot

485
00:40:59,260 --> 00:41:04,780
of people don't even know what that means just like yeah yeah well what does 18 mean american

486
00:41:04,780 --> 00:41:11,420
telephone and telegraph uh let's see uh vic van vsc logged in with your metamask wallet and also

487
00:41:11,420 --> 00:41:18,220
interact send high re send and receive five that's cool um I I presume well I don't want to steal

488
00:41:18,220 --> 00:41:20,060
your thunder so maybe just tell me go jump in and see what's going on um I don't want to steal your

489
00:41:20,060 --> 00:41:26,860
lake but I presume the plan is to add a type of wallet systems or other type of you know you

490
00:41:26,860 --> 00:41:32,620
already have staking of bitcoin I don't know maybe cardano some of these other things that are out

491
00:41:32,620 --> 00:41:37,660
there there's a lot of things starting to generate some momentum I would imagine over time you're

492
00:41:37,660 --> 00:41:44,220
probably going to look at to incorporate as much as you can is that correct yep yep absolutely we

493
00:41:44,220 --> 00:41:49,660
want to add more wallet supports wallet supporter for sure and that's pretty easy for us to do so

494
00:41:49,660 --> 00:41:55,180
when we figure out what we what we want to support next then we have time um we'll definitely add

495
00:41:55,180 --> 00:42:01,580
you know two or three other wallet types and what would they be I mean let me let me ask this uh you

496
00:42:01,580 --> 00:42:10,380
you have metamask because of that is it pretty easy to add like an x d5 oh yeah no no x x d5 is

497
00:42:10,380 --> 00:42:15,980
evm compatible so so you can use it it's just front-end integration so x d5 is yeah totally

498
00:42:15,980 --> 00:42:19,420
doable oh okay so when you say when you say

499
00:42:19,660 --> 00:42:24,380
you're just saying anything evm yeah yeah now that's what I mean is it's anything that like

500
00:42:24,380 --> 00:42:33,580
uses the evm signatures um we can we support so um any anything x d5 you know uh coinbase wallet

501
00:42:33,580 --> 00:42:39,820
um this is I think there's some list that we had that there's close to I think 400 different evm

502
00:42:39,820 --> 00:42:44,300
wallets um most of them were mobile apps but there we have a list somewhere that like

503
00:42:45,740 --> 00:42:49,420
we basically support right now about 400 wallets um that are evm

504
00:42:49,660 --> 00:42:54,300
compatible so that's all available on our site that we're working on uh we're not quite ready

505
00:42:54,300 --> 00:42:58,540
to show that publicly but we we have we have we have wallet support for about 400 different evm

506
00:43:01,420 --> 00:43:08,860
and so in that instance the on off ramp to Hive would basically be and I could use either Hive or

507
00:43:08,860 --> 00:43:14,620
I could use hbd for this purpose but I have my Hive or I have my hbd on the high blockchain

508
00:43:14,620 --> 00:43:19,420
simply take that deposit it into uh vsc

509
00:43:20,060 --> 00:43:27,580
I get the version of whatever the coin is and then I could go to ethereum I could go to

510
00:43:28,220 --> 00:43:35,580
uh you know any of these uh ethereum type tokens is is that correct that that ultimately will be

511
00:43:35,580 --> 00:43:41,580
what what the plan is or am I going like token wise or are you just meaning like login

512
00:43:42,780 --> 00:43:49,180
I'm talking token wise so if I will I be able to go from my shbd to

513
00:43:50,060 --> 00:43:52,780
ethereum in my wallet or something like that

514
00:43:53,980 --> 00:43:59,580
um potentially yeah we're we're looking at the at the more cross-chain token stuff for sure that's

515
00:43:59,580 --> 00:44:05,900
that's unknown but I can't say when because we haven't even really released the bitcoin wrapping

516
00:44:05,900 --> 00:44:11,260
so it's our main priority is going to be bitcoin wrapping over everything else but it's definitely

517
00:44:11,260 --> 00:44:15,900
on my mind um and it's definitely something I want to do so it it'll it'll happen eventually

518
00:44:16,460 --> 00:44:19,580
well okay let's just use bitcoin so ultimately

519
00:44:19,980 --> 00:44:27,260
first off I'll be able to take my shbd swap it for wrap bitcoin and then if I want I can

520
00:44:27,260 --> 00:44:34,940
unwrap the bitcoin and go into my bitcoin wallet correct yep yep exactly yeah yeah that's exactly

521
00:44:34,940 --> 00:44:42,460
what would happen add litecoin to that that might help too and litecoin yeah like

522
00:44:42,460 --> 00:44:49,340
litecoin will be will happen before um anything ethereum that's for sure uh litecoin and uh doge so

523
00:44:49,660 --> 00:44:56,860
yeah I'd imagine once you get bitcoin the other two are probably very similar oh yeah yeah I know

524
00:44:56,860 --> 00:45:02,220
it's very similar similar we just have to add the support for the mining algorithm the the script

525
00:45:02,220 --> 00:45:08,300
um for for litecoin and doge and where we're going to go because all the contracts are the same

526
00:45:11,500 --> 00:45:18,940
uh vic van how does the transaction process involve transferring high from metamask how is the charge

527
00:45:19,660 --> 00:45:28,380
charge if you're talking transaction is based upon your um your uh uh Hive Power correct

528
00:45:30,300 --> 00:45:36,460
um if you're transferring from your Hive account it's just your your rc's on Hive

529
00:45:36,460 --> 00:45:43,580
if you're transferring from your evm wallet right now there's no rcs for evm wallets not yet at least

530
00:45:43,580 --> 00:45:49,180
but in in the ideal world once we implement that it'll it'll cost a little bit of rcs like very very

531
00:45:49,660 --> 00:45:54,860
small amount of rcs um and you can even get that paid for you as well because we have rc delegation

532
00:45:54,860 --> 00:46:01,500
uh instantaneous rc delegation um and uh you can get a little little bit of that a little bit of

533
00:46:01,500 --> 00:46:08,300
rcs and then you can transfer your Hive directly with any of your mola um which this brings up a

534
00:46:08,300 --> 00:46:17,180
question um I I I love the rc system I I think the ingenuity and I wrote an article today about how

535
00:46:19,660 --> 00:46:26,220
with ai agents where you're talking forget micro payments you can keep we talking minuscule

536
00:46:26,220 --> 00:46:32,460
payments but the rc system is not commonplace it's most people understand especially in the

537
00:46:32,460 --> 00:46:36,700
financial arena they're just used to paying transaction fees you're on ethereum whatever

538
00:46:36,700 --> 00:46:41,740
the transaction fee is you pay that you know you you approve it in your metamask or whatever wallet

539
00:46:41,740 --> 00:46:47,900
for whatever evm you're on or I'm sure cardona is the same or bitcoin all of them have transaction

540
00:46:47,900 --> 00:46:48,860
fees so

541
00:46:50,060 --> 00:46:56,780
will there be an option when somebody comes on to vsc let's say and they're using their their

542
00:46:56,780 --> 00:47:02,780
ethereum their evm wallet and they want to conduct some type of swap some type of transaction

543
00:47:03,580 --> 00:47:08,300
could they pay a trade straight transaction fee a direct transaction fee

544
00:47:08,300 --> 00:47:13,180
just like they're used to anywhere else and they don't have to worry about any of the

545
00:47:13,180 --> 00:47:19,420
resource credit or any of that stuff like um are you talking about like like

546
00:47:19,420 --> 00:47:19,580
the

547
00:47:19,660 --> 00:47:24,940
they pay the actual liquid asset and they use that to do the transfer yeah like when you go

548
00:47:24,940 --> 00:47:29,580
to ethereum and you want to move you know a thousand dollars worth of ethereum it costs

549
00:47:29,580 --> 00:47:37,020
you 20 bucks in eth uh could they have something like that on on vsc where they want to swap from

550
00:47:37,020 --> 00:47:44,380
abc token to xyz token let's say and the transaction fee is a few dollars can they pay

551
00:47:44,380 --> 00:47:49,420
those few dollars uh maybe it maybe the answer is they're going to pay that in

552
00:47:49,660 --> 00:47:55,820
sh uh shbd because that's the base token it sounds like for fc

553
00:47:57,340 --> 00:48:02,940
yeah I mean maybe um that's definitely something where like I can see it making a little bit of

554
00:48:02,940 --> 00:48:08,140
sense for uh very expensive things like I I think there's kind of two categories to this

555
00:48:08,140 --> 00:48:14,220
there's rcs um which for vsc we kind of control the pricing of rc's because we

556
00:48:14,220 --> 00:48:19,420
you know we are the we are the network and we have our our set kind of models for how the rcs work

557
00:48:19,660 --> 00:48:30,120
But there is definitely, I think, a use case for people who are like, let's just say I am trying to unwrap and the unwrap is going to be very expensive.

558
00:48:30,400 --> 00:48:33,800
Well, obviously, that's not going to cost, you know, RCs.

559
00:48:33,900 --> 00:48:36,400
That's going to cost an actual something that has dollar value.

560
00:48:37,060 --> 00:48:47,600
So in that sense, you could theoretically be like, hey, you know, I want to, you know, I want to actually spend liquid and then use that.

561
00:48:47,600 --> 00:48:59,920
But I think for RCs, realistically, unless it's like really, really, really, really big, it makes sense to just use like just standard HBD because that standard HBD is what generates the RCs.

562
00:49:00,060 --> 00:49:09,800
So if you have like a thousand or two thousand HBD or even just a few hundred, that'll be plenty in transaction fees or to cover any transaction that you reasonably need to do.

563
00:49:10,140 --> 00:49:17,400
And there might be a limit to that. Like, obviously, you're not going to be able to put gigabytes of data on the network with that or, you know, even in the hundreds of megabytes.

564
00:49:17,600 --> 00:49:22,620
But, you know, you'll be able to do enough that like the user won't fill up like they're being limited.

565
00:49:23,420 --> 00:49:29,380
So that I'm not really concerned as much with that.

566
00:49:29,380 --> 00:49:34,160
I mean, maybe for certain operations like DeFi stuff, you definitely have to pay the raw money.

567
00:49:34,660 --> 00:49:44,680
But for stuff that's like just VSC contract interactions and transfers and all of that, it's, you know, it's fine just using the standard, you know, standard HBD.

568
00:49:44,780 --> 00:49:47,440
And then it will generate RCs based off of that.

569
00:49:47,600 --> 00:49:52,960
Well, maybe let me frame this another way.

570
00:49:53,160 --> 00:49:58,160
So if for my own understanding, hopefully for people listening.

571
00:49:58,820 --> 00:50:05,160
So essentially, if I'm understanding it correctly, you go on to Polygon, you have to have Matic.

572
00:50:05,280 --> 00:50:07,180
You go on to Ethereum, you have to have B.

573
00:50:07,280 --> 00:50:13,060
You go on to Binance sidechain, you need BNB.

574
00:50:13,060 --> 00:50:16,800
So if you are on VSC.

575
00:50:17,600 --> 00:50:28,240
You need either HBD or sHBD, because that is the base, if you will, base currency for the network.

576
00:50:28,240 --> 00:50:31,360
Is that is that a good way of framing it?

577
00:50:32,340 --> 00:50:33,680
Yeah, you need HBD.

578
00:50:34,540 --> 00:50:37,880
sHBD doesn't generate RCs because it's just a staked version.

579
00:50:38,000 --> 00:50:39,260
It's just for like making money.

580
00:50:39,900 --> 00:50:43,760
The actual regular HBD, the non-staked is what generates RCs.

581
00:50:43,820 --> 00:50:46,900
So you just need standard HBD, non-staked.

582
00:50:47,600 --> 00:50:48,580
Oh, well, yeah.

583
00:50:48,660 --> 00:50:50,080
OK, I get your point.

584
00:50:50,080 --> 00:51:03,560
Yeah, so and you could have liquid HBD that's located on VSC in your Ethereum wallet and you're good to go.

585
00:51:04,580 --> 00:51:04,780
Yeah.

586
00:51:05,120 --> 00:51:05,320
Yep.

587
00:51:06,100 --> 00:51:06,440
Gotcha.

588
00:51:06,900 --> 00:51:07,340
Exactly.

589
00:51:07,340 --> 00:51:16,340
And so because of that, OK, that kind of OK, now I see that kind of makes my direct transaction question.

590
00:51:17,600 --> 00:51:24,420
Kind of a moot point, because if you have it, the system is going to turn it into RCs.

591
00:51:24,880 --> 00:51:29,020
However, it does, like you said, it's going to take some of that HBD.

592
00:51:29,240 --> 00:51:36,860
It's going to stake it and then it'll be released when when they covered the fee through the staking period, whatever that might be.

593
00:51:38,900 --> 00:51:40,180
Yeah, exactly.

594
00:51:41,040 --> 00:51:41,820
Simple game.

595
00:51:41,920 --> 00:51:44,520
Everybody does not own enough HBD.

596
00:51:44,520 --> 00:51:47,520
I would say I would go one step further.

597
00:51:48,480 --> 00:51:58,620
And say, quite frankly, there's not enough HBD out there, because if this thing takes off, like I'm sure you're envisioning and some of your models are you're working towards.

598
00:52:00,380 --> 00:52:14,860
We're going to need a whole lot of HBD, because if you get a lot of transactions going in and you get a lot of activity and you get a lot of different types of DeFi applications being built, there's going to be a lot of HBD required.

599
00:52:15,580 --> 00:52:17,440
Plus, I presume the HBD.

600
00:52:17,600 --> 00:52:22,040
It's going to be used for staking in some way, shape or form for the node operators.

601
00:52:24,220 --> 00:52:25,300
Yeah, yeah, for sure.

602
00:52:25,300 --> 00:52:38,580
And I mean, we'll we'll see what ultimately what it turns turns into what I what I also think is important to not overlook is we're we're building the first liquidity pool for Hive and HBD.

603
00:52:39,220 --> 00:52:42,840
No, nothing else exists for Hive and HBD currently.

604
00:52:42,840 --> 00:52:44,780
That actually is like a real liquidity pool.

605
00:52:45,380 --> 00:52:47,540
And we have some other things that we're working on on that.

606
00:52:47,600 --> 00:52:48,920
And that is that is pretty unique.

607
00:52:50,360 --> 00:52:51,440
We'll talk about in the future.

608
00:52:51,440 --> 00:52:58,260
But but just having that functionality alone currently is not replicated on Hive.

609
00:52:58,260 --> 00:53:05,120
Like the market that we have currently, the listings based market on Hive does not do what a liquidity pool does.

610
00:53:05,120 --> 00:53:11,540
So that's a huge opportunity for people to put liquidity in that pool and maybe make some money off of that.

611
00:53:11,720 --> 00:53:13,340
I don't know. We'll see.

612
00:53:13,340 --> 00:53:17,220
But just having that ability has never existed.

613
00:53:17,600 --> 00:53:29,900
Before and as a network, of course, like just getting a little bit of fees off of those off of that trading is super, super valuable to support the network and also support the people who are putting liquidity in those pools.

614
00:53:30,320 --> 00:53:39,360
So even just like even just like getting the same volume as the internal market on Hive would be very, very valuable for the network.

615
00:53:40,080 --> 00:53:42,440
And I think in my book, it would be a huge success.

616
00:53:42,440 --> 00:53:46,220
So just getting that just getting to that point would be would be amazing.

617
00:53:47,600 --> 00:53:58,820
Yeah, and that makes sense because the internal market isn't isn't always the most liquid and sometimes it's not always the fastest moving either.

618
00:53:58,820 --> 00:54:13,400
It's the price of you'll see a Korean pump and it's it'll go up 60 percent on CoinGecko, but you only see a 30 percent increase on on the internal market.

619
00:54:13,400 --> 00:54:16,660
All right. Yeah. And then then you get like a bad exchange rate.

620
00:54:16,660 --> 00:54:17,580
So that that definitely.

621
00:54:17,600 --> 00:54:20,720
Happens. And, you know, we we want we want to try to solve that.

622
00:54:21,020 --> 00:54:35,600
And the other thing, too, that that's that's very important is when we actually hook up HBD with other tokens right now, you have to pretty much for it for HBD to be converted to anywhere else in the ecosystem.

623
00:54:35,600 --> 00:54:41,360
You have to convert it to Hive either through the internal market or through some other means.

624
00:54:41,540 --> 00:54:47,380
And that push puts a lot of pressure on those markets in either one way or another.

625
00:54:47,600 --> 00:55:04,020
You have to trade that out on the HBD side or on the Hive side, and then you have to trade that out by selling it on another exchange and just like having a way that you could directly trade HBD for Bitcoin, that takes off a lot of that pressure because a lot of people are going to Bitcoin anyway, that's through Hive.

626
00:55:04,020 --> 00:55:12,760
So just going through that route directly really is very impactful in reducing the kind of price conversion, jostling and all of that.

627
00:55:12,760 --> 00:55:17,300
And it makes it makes HBD more kind of valuable because you're not you don't need to.

628
00:55:17,600 --> 00:55:38,100
Get on Hive for its value necessarily as much like you still have to have Hive Hive definitely backs the asset, but there's other routes that will consider HBD as $1 per HBD and those routes are great and pairing with their token with other stable coins, too, is another one like USDC to HBD.

629
00:55:38,100 --> 00:55:45,720
So all of that is very, very, very impactful and very powerful within our ecosystem to have.

630
00:55:46,640 --> 00:55:47,360
Now.

631
00:55:47,600 --> 00:55:51,020
I presume anything could be built on there.

632
00:55:51,020 --> 00:56:11,980
So like anything, and my point is like Hive-Engine tokens, if a project team wanted to take their Hive-Engine and also have it replicated on BSC, especially for the point you're saying, because even through Hive-Engine, you have to to go through swap Hive, that would be possible, too.

633
00:56:11,980 --> 00:56:17,520
I presume that a Leo, as an example, or somebody could put they could put their token.

634
00:56:17,600 --> 00:56:21,100
On BSC and and develop that under a contract, too.

635
00:56:22,360 --> 00:56:23,100
Yeah, right.

636
00:56:23,100 --> 00:56:27,720
Yeah, they they would need to do some work there to do like a migration or whatever is needed for that project.

637
00:56:27,720 --> 00:56:34,560
But yeah, if you're a Hive-Engine project project and you want to migrate, you know, that's all available to you to start working with.

638
00:56:35,480 --> 00:56:35,980
Okay.

639
00:56:37,760 --> 00:56:46,400
Morty, also known as Liquid Eye listening and while preparing dinner, please anyone in one sentence, why should I put my HBD on BSC instead of just leaving it in Hive?

640
00:56:46,640 --> 00:56:47,140
Hi.

641
00:56:47,600 --> 00:56:51,800
Yeah, the direct, there is an alternative, I guess, to in general, and it's.

642
00:56:52,220 --> 00:56:53,680
Yeah, I was just going to ask that as well.

643
00:56:54,680 --> 00:57:14,660
I mean, I would say that

644
00:57:16,660 --> 00:57:17,240
Matt first.

645
00:57:17,240 --> 00:57:17,540
Matt first.

646
00:57:17,540 --> 00:57:17,580
You can's mark.

647
00:57:17,580 --> 00:57:17,600
Matt first.

648
00:57:17,600 --> 00:57:25,040
or two different power downs hbd is in savings right now that's a three-day uh you know unstaked

649
00:57:25,040 --> 00:57:34,800
period uh Hive is 13 weeks uh but what what voltex said vic van is that they may depending on their

650
00:57:34,800 --> 00:57:40,800
parameters on bsc they may extend it to four days five days whatever they're they're going to have

651
00:57:40,800 --> 00:57:45,600
to what would be some of the contingency factors that would lead into that decision of what type of

652
00:57:45,600 --> 00:57:53,340
time frame you're looking at I mean really it's just network processing what we what we want to

653
00:57:53,340 --> 00:57:59,720
do is ensure that then network can properly process all of this and also not and also just

654
00:57:59,720 --> 00:58:03,780
you know it can maintain kind of the balance sheets because ultimately like what this what

655
00:58:03,780 --> 00:58:09,060
this works down to conceptually of like just thinking about it is BSC is basically a giant

656
00:58:09,060 --> 00:58:14,460
accounting system basically what it is you know you have user balances you have smart contract

657
00:58:14,460 --> 00:58:15,380
balances you have

658
00:58:15,600 --> 00:58:21,300
balances, you have, you know, incoming, outgoing transfers, you have withdrawals, you have a bunch

659
00:58:21,300 --> 00:58:26,320
of things. It's just, it's just a giant accounting system. And so some of that stuff, especially when

660
00:58:26,320 --> 00:58:33,920
it comes to like locked up HBD, you know, there's, there's the 3.5 day period, but there might also

661
00:58:33,920 --> 00:58:39,040
be some, a little bit of extra delay. But I don't think there will be too much delay. I don't think

662
00:58:39,040 --> 00:58:44,600
it's just if there's another reason why we should have it longer, like just so if people don't,

663
00:58:44,600 --> 00:58:49,080
you know, they don't pull it all out at once or anything like that, it could be more of like a

664
00:58:49,080 --> 00:58:53,360
gradual kind of thing where it's like, oh, you have to wait, you know, seven days or, you know,

665
00:58:53,360 --> 00:58:58,600
something like that. There's not probably not too much limiting. There's not too much of a limiting

666
00:58:58,600 --> 00:59:03,500
factor to, to make it 3.5 days. It's just, it might make it a little bit easier on us to have

667
00:59:03,500 --> 00:59:07,340
a little bit more delay in there. So people can expect, you know, it might take five days or it

668
00:59:07,340 --> 00:59:12,080
might take four days or, you know, whatever it is. I just don't want to get into scenario where like

669
00:59:12,080 --> 00:59:14,580
it's exactly 3.5 days and then some other delay.

670
00:59:14,600 --> 00:59:20,540
Happens where people don't expect it. And then, you know, something might, but we'll see how it

671
00:59:20,540 --> 00:59:25,480
works. It just requires us actually testing it out a bit more and getting a better idea of what

672
00:59:25,480 --> 00:59:29,960
those, what those limitations are. But, but conceptually the whole thing is just a giant

673
00:59:29,960 --> 00:59:37,340
accounting engine with smart contracts, of course. So. Yeah, that's, that's an interesting

674
00:59:37,340 --> 00:59:43,740
way of, of looking at it. A simple game. Don't sleep on light accounts of BSC.

675
00:59:44,600 --> 00:59:50,860
It has a lot of use cases. Do you want to briefly mention the light account system and what you've

676
00:59:50,860 --> 00:59:55,180
designed and what simple game was referring to? What are some of the potential use cases

677
00:59:55,180 --> 00:59:59,340
that you've envisioned or you've heard tossed around regarding them?

678
01:00:00,340 --> 01:00:07,700
I mean, yeah, the onboarding experience is, is, is quite changing here to have. We'll have a blog

679
01:00:07,700 --> 01:00:14,380
post about this coming out kind of soon that will describe this a bit more in detail, but just the,

680
01:00:14,600 --> 01:00:21,620
the overall experience compared to an EVM wallet user is way different. Like on Hive, you have to get

681
01:00:21,620 --> 01:00:27,200
key chain, download your wallet go through a provider like, you know, either a free provider

682
01:00:27,200 --> 01:00:33,320
that requires email or phone verification, or you pay for it. And you do this really heavy process,

683
01:00:33,320 --> 01:00:38,840
which actually it's, it's kind of surprising that we've onboarded so many users on the Hive, like

684
01:00:38,860 --> 01:00:42,800
the millions of users that we've gotten on the Hive, how, you know, even with that process, we've

685
01:00:42,800 --> 01:00:44,280
still been able to do, you know, millions of users.

686
01:00:44,280 --> 01:00:44,580
Yeah.

687
01:00:44,600 --> 01:00:52,340
But that, but that flow is really bad compared to what MetaMask wallet users are. Like I'm an EVM,

688
01:00:52,340 --> 01:00:58,880
I'm a, I'm a crypto junkie. I've used MetaMask my whole life or Solana wallet my whole life. And I

689
01:00:58,880 --> 01:01:02,920
want to use Hive, which I've been introed about, you know, somewhere at maybe a convention or

690
01:01:02,920 --> 01:01:06,600
something, but I don't want to download another wallet. You know, that user doesn't want to

691
01:01:06,600 --> 01:01:10,600
download wallet. They, they really don't, right. They, they might download it if they really,

692
01:01:10,600 --> 01:01:14,280
really, really like Hive at some point in the future, but most users who are just checking

693
01:01:14,280 --> 01:01:19,640
out Hive don't really want to do that. So what VSC enables is that you can actually use their

694
01:01:19,640 --> 01:01:24,680
wallet address, that exact same wallet address on their EVM, and you can actually send Hive to that,

695
01:01:25,240 --> 01:01:29,160
right. That's not, that's, that's, that's an unheard of experience in crypto even, you know,

696
01:01:29,160 --> 01:01:34,280
no one is really have been doing that because for the first time, can you actually go onto another

697
01:01:34,280 --> 01:01:39,240
blockchain, which is, you know, Hive and actually use that wallet directly, right. Being able to

698
01:01:39,240 --> 01:01:43,560
go in and actually use that EVM wallet and send and receive Hive to that wallet.

699
01:01:44,680 --> 01:01:49,800
And same with Bitcoin too, because we have wrapped Bitcoin. So, so that experience just

700
01:01:49,800 --> 01:01:53,640
onboarding is way, way, way, way better. And it's something they're familiar with.

701
01:01:53,640 --> 01:01:58,520
And I think that's something that will lead to massive adoption once we get that in front of

702
01:01:58,520 --> 01:02:04,200
users. Because it's just, it's just not, doesn't exist right now. It doesn't exist at all.

703
01:02:07,640 --> 01:02:12,200
Very interesting. And being a light account, I'm going to presume that doesn't give

704
01:02:12,200 --> 01:02:19,320
full functionality. So the idea of taking your Ethereum account and writing a blog post,

705
01:02:19,960 --> 01:02:22,280
that's not going to happen, but the ability.

706
01:02:22,280 --> 01:02:26,520
Not possible, not possible right now. So it's really just send and receive,

707
01:02:26,520 --> 01:02:30,360
send and receive and like stake in the future. That's it. There, there is definitely things

708
01:02:30,360 --> 01:02:35,560
that you do want to use your Hive account for like the blog post aspect. But that's

709
01:02:36,840 --> 01:02:41,400
a temporary problem. We could definitely implement blogging for light accounts.

710
01:02:42,200 --> 01:02:47,640
We need to figure out a kind of a unified way to do this in the, in the right way, but we could

711
01:02:47,640 --> 01:02:52,680
definitely add that support where we could have, you know, an EVM wallet that's blogging and then

712
01:02:52,680 --> 01:02:57,160
a Hive account, you know, Hive account that's responding to that blog. That's all very doable.

713
01:02:57,800 --> 01:03:01,880
We just need to work out like the indexing support and the contracts to do all of that.

714
01:03:01,880 --> 01:03:06,040
And you know, just all the code stuff that makes it happen. And then of course, all the front ends

715
01:03:06,040 --> 01:03:10,680
need to integrate that because, you know, I think they'd want this functionality and we want them to

716
01:03:10,680 --> 01:03:11,960
have it too. So. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah.

717
01:03:11,960 --> 01:03:18,040
Um, you know, that's definitely doable. Um, but it's not going to be available out of the box

718
01:03:18,040 --> 01:03:23,240
and it doesn't need to be, you know, most people coming on here probably, I mean, maybe, maybe

719
01:03:23,240 --> 01:03:27,240
they're not, maybe, maybe most people are coming on and blogging, but you know, a good chunk of

720
01:03:27,240 --> 01:03:32,200
them don't blog is the truth. And most people just kind of want it for the asset, uh, especially if

721
01:03:32,200 --> 01:03:37,240
they're an investor or if they're just trying to use the DeFi functionality. Um, but eventually,

722
01:03:37,240 --> 01:03:41,800
you know, blogging will become possible with that and you will be able to have an EVM wallet post.

723
01:03:41,960 --> 01:03:47,800
And on, on creating posts, uh, it just aways until we get there. It takes time. Um,

724
01:03:48,600 --> 01:03:54,440
well, and that brings up an interesting, uh, philosophical point. Um, and I'd like to get

725
01:03:54,440 --> 01:04:02,440
your idea on it. Um, I, I know the SPK Network, um, they were using, and, uh, the name, uh,

726
01:04:02,440 --> 01:04:09,480
eludes me at a moment, but it was a, a third party, uh, off chain, uh, idea where they could set up

727
01:04:09,480 --> 01:04:11,880
what they were calling also light accounts. Um, and, and, and, and, and, and, and, and, and, and,

728
01:04:11,880 --> 01:04:11,940
and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and,

729
01:04:11,940 --> 01:04:18,020
where you could get this account through this, this empty, I guess. And what it would allow you

730
01:04:18,020 --> 01:04:23,940
to do is it would allow a lot of stuff to be posted all the same, but front ends could read

731
01:04:23,940 --> 01:04:30,020
both on-chain and off-chain. Um, I wish I could remember that the name of that, um, that yeah,

732
01:04:30,580 --> 01:04:36,420
Starkerz and, and them talked about, um, what is your view about on-chain stuff,

733
01:04:36,420 --> 01:04:41,860
off-chain stuff, database size? Because they, they had a point that not

734
01:04:41,860 --> 01:04:51,140
every lol not every uh I agree has to be on chain but I've heard for years about the the problem

735
01:04:51,140 --> 01:04:56,820
with you know the size of the blockchain growing and the size of the database going

736
01:04:56,820 --> 01:05:04,260
to me seems counter to what happens in the technology world because we see the ability

737
01:05:04,260 --> 01:05:12,580
to store more data for less money over the course of time um increasing as we go two three years

738
01:05:12,580 --> 01:05:17,940
further down the road and you get bigger databases you get better compression mechanisms and all this

739
01:05:17,940 --> 01:05:24,180
other stuff coming in different architecture and software stacks and all this good stuff that it

740
01:05:24,180 --> 01:05:30,420
seems to me the cost of storing a gigabyte worth of data over time keeps decreasing

741
01:05:32,740 --> 01:05:34,180
that seems counterintuitive

742
01:05:34,260 --> 01:05:38,580
to me saying well we have to get all this stuff off chain because all this bloat is going to

743
01:05:38,580 --> 01:05:44,340
cause problems am I looking at this wrong uh I don't I don't think they're mutually exclusive

744
01:05:44,340 --> 01:05:50,260
at all no no I don't think so um because when you look at it like even though yeah cost of storage

745
01:05:50,260 --> 01:05:56,980
is does decrease but also there's still limiting factors in both like the indexing ability and

746
01:05:56,980 --> 01:06:00,820
you know the serving ability and all of that stuff that doesn't really matter the storage

747
01:06:00,820 --> 01:06:04,100
part you can have a lot of long-term storage but that doesn't really change

748
01:06:04,260 --> 01:06:08,100
your your situation with the indexing or any of the user display

749
01:06:08,100 --> 01:06:11,940
so I'm of the opinion that if you structure it correctly

750
01:06:13,220 --> 01:06:18,260
you can you can definitely because the thing is you want to structure your technology to scale

751
01:06:18,260 --> 01:06:22,100
and if you're not doing that then it's not possible for you to leverage that

752
01:06:22,100 --> 01:06:27,620
storage usage right so if if your if your blockchain has some limit in there technically

753
01:06:27,620 --> 01:06:33,620
where it can only process I don't know uh 10 10 kilobytes of data every three seconds or something

754
01:06:34,260 --> 01:06:43,080
that that's a huge limiting factor more so than the storage so I'm of the opinion that we can

755
01:06:43,080 --> 01:06:47,880
architect these things in a way that actually does leverage the storage capability that you

756
01:06:47,880 --> 01:06:52,560
know it it does decrease over time right there is there's models and there is you know lower

757
01:06:52,560 --> 01:06:58,440
cooperation costs and all of that that will decrease the the storage costs and I'm of the

758
01:06:58,440 --> 01:07:03,720
opinion that we in order for us to do that we have to actually build the technology to enable

759
01:07:03,720 --> 01:07:09,060
and the stuff with the indexing the off-chain is certainly one way to do that there's different

760
01:07:09,060 --> 01:07:14,460
ways that we can we can leverage that technology to to scale and I you know I'm not opposed to

761
01:07:14,460 --> 01:07:19,500
using that off-chain indexing either for the for the posts it just requires me figuring out

762
01:07:19,500 --> 01:07:24,660
how that exactly looks because with the post specifically that we built for the with the

763
01:07:24,660 --> 01:07:29,760
speak Network stuff and that off-chain indexer it was mainly just for posts that were kind of

764
01:07:29,760 --> 01:07:33,060
like you know it was it just post that was really it there was nothing else

765
01:07:33,720 --> 01:07:40,020
um but with a lot of the Hive user base they want more of the upvote stuff because like those posts

766
01:07:40,020 --> 01:07:44,220
would never get upvotes they would never get voted value they'd never get you know rewards

767
01:07:44,220 --> 01:07:50,760
or something like that and so um I'm trying to figure out kind of a nice middle ground where

768
01:07:50,760 --> 01:07:55,980
like it's also off-chain to some extent or there's some scaling element but then also they still have

769
01:07:55,980 --> 01:08:00,540
proof of brain or they still have more of those like crypto operations that that people do on

770
01:08:03,720 --> 01:08:08,220
the technical part behind that um and I think we'll find a good fusion of those two of those two

771
01:08:08,220 --> 01:08:13,980
realms um I think honestly uh it's just it's just not a not a an immediate thing that can happen

772
01:08:13,980 --> 01:08:22,140
right now especially when we have a lot of other things happening and in progress if I I would say

773
01:08:22,140 --> 01:08:28,020
anything in the digital world especially with money and crypto the the number one could of

774
01:08:28,020 --> 01:08:33,600
course always security but would you say right behind that scaling is the most important issue

775
01:08:33,720 --> 01:08:37,020
that we face with systems and networks like this

776
01:08:39,300 --> 01:08:47,520
um yep yeah it's security for sure um and on the part of VSC our security is of course consensus

777
01:08:47,520 --> 01:08:52,140
consensus driven so like there's a lot there's there's a lot of good security there from just

778
01:08:52,140 --> 01:08:57,180
the core Network perspective um we're doing a lot of other things to ensure that it's secure like

779
01:08:57,180 --> 01:09:02,880
for example mev prevention um we're building a system that will prevent um the minor extractable

780
01:09:02,880 --> 01:09:03,700
value attacks which is

781
01:09:03,720 --> 01:09:09,720
um basically the witnesses tampering with the the transaction ordering um and that allows them to

782
01:09:09,720 --> 01:09:15,240
get better returns on like things like dexes for example so we're actually working on technology

783
01:09:15,240 --> 01:09:21,240
that will prevent those kind of attacks from happening at all or you know mostly mostly

784
01:09:21,240 --> 01:09:25,860
prevented um so there's definitely a lot of things that we're trying to work on that approves security

785
01:09:25,860 --> 01:09:32,700
of the system in general um and and then of course like wrapping as well because wrapping is a big

786
01:09:33,720 --> 01:09:39,780
um so we're doing a we've done a lot of research on on making secure wrapping systems both from the

787
01:09:39,780 --> 01:09:46,380
Bitcoin side of things and then also like other chains like EVM in the future um so we're putting

788
01:09:46,380 --> 01:09:53,820
a lot of work into actively making it as secure as possible for sure uh I don't know if I don't

789
01:09:53,820 --> 01:09:58,800
know what this refers to maybe you will uh fish said there's another multi-sync solution by the

790
01:09:58,800 --> 01:10:03,240
way on Hive could you mention the several key differences among the two solutions

791
01:10:03,720 --> 01:10:07,020
um are you familiar with another solution other than what you proposed

792
01:10:07,920 --> 01:10:12,840
uh what what solution is is that are you referring to if you if you're referring to keychain it's not

793
01:10:12,840 --> 01:10:18,300
a um it's it's if you're referring to Hive Keychain it's not a multi it's not a solution in

794
01:10:18,300 --> 01:10:24,180
itself it's just an application the the the keychain multi-sync stuff is just a front end that

795
01:10:24,180 --> 01:10:31,620
provides support for the Hive multi-sync there's nothing else it's just a just a UI um if that's

796
01:10:31,620 --> 01:10:32,460
what you're referring to

797
01:10:33,720 --> 01:10:39,300
I I don't know I I didn't know what it was uh is there any incentive for nodes running

798
01:10:39,300 --> 01:10:45,540
node server my boss yeah there's some type of incentive for nodes aren't there yeah not not

799
01:10:45,540 --> 01:10:52,680
right now but in the future yes yeah incentive yeah people are just testing in beta um yeah

800
01:10:52,680 --> 01:11:00,540
they didn't mention to me um how small a node can you run can you run this on a a uh raspberry

801
01:11:01,980 --> 01:11:02,640
yes

802
01:11:03,720 --> 01:11:12,060
uh let's see I'm trying to

803
01:11:15,900 --> 01:11:18,780
add the windows uh

804
01:11:23,280 --> 01:11:26,940
fish cool I pay beer and coffee with LTC

805
01:11:28,860 --> 01:11:33,660
uh that's it's amazing how uh that's still a preferred

806
01:11:33,720 --> 01:11:36,600
uh medium of exchange after all these years

807
01:11:38,580 --> 01:11:42,660
I was a big Charlie Lee fan back in the day and I don't know whatever happened to him

808
01:11:44,760 --> 01:11:46,320
um oh let's see

809
01:11:49,140 --> 01:11:53,220
are you saying that you we need HBD to buy RCS transactions

810
01:11:53,220 --> 01:11:59,460
on bsc if you so be Sabrina if you have bse I mean excuse me if you have HP in your wallet

811
01:11:59,460 --> 01:12:01,800
and you are engaging what you are on Hive you're covered on bsc that's

812
01:12:01,800 --> 01:12:03,180
single store exchange for a month minute average that's what that is you give them a contract

813
01:12:03,180 --> 01:12:09,920
That's mostly for the EVM wallets that don't have Hive Power.

814
01:12:16,520 --> 01:12:20,600
Liquid HBD and Ethereum wallet as pertaining to VSC.

815
01:12:21,160 --> 01:12:22,280
I don't know what that means.

816
01:12:24,480 --> 01:12:26,980
You can convert Hive to HBD anytime.

817
01:12:28,780 --> 01:12:30,860
Yeah, but that's true.

818
01:12:33,180 --> 01:12:37,440
I'm just trying to think a lot of comments.

819
01:12:40,320 --> 01:12:44,640
Khal, what Tass said about not enough HBD being out there is 100% correct.

820
01:12:44,740 --> 01:12:46,380
The float on HBD is tight.

821
01:12:46,560 --> 01:12:46,700
Yeah.

822
01:12:47,220 --> 01:13:00,800
Well, not only is the float tight, as was just mentioned, there's not a lot of, other than the internal market, there's not a lot of ways to get the HBD unless you do go through the conversion mechanism.

823
01:13:03,180 --> 01:13:04,880
Which is expensive, too.

824
01:13:05,280 --> 01:13:05,460
Yeah.

825
01:13:05,740 --> 01:13:07,860
Burn more than the slippage, even.

826
01:13:08,760 --> 01:13:09,360
So, yeah.

827
01:13:10,180 --> 01:13:13,360
Vickvan, light accounts, what's the difference between real and light accounts?

828
01:13:13,680 --> 01:13:19,400
Basically, light accounts can engage in financial transactions on VSC.

829
01:13:20,640 --> 01:13:29,020
They are not going to be able to do things such as vote and blog posts and whatnot as of this point.

830
01:13:32,400 --> 01:13:32,880
Yeah.

831
01:13:32,880 --> 01:13:32,940
Yeah.

832
01:13:32,940 --> 01:13:32,960
Yeah.

833
01:13:32,960 --> 01:13:33,000
Yeah.

834
01:13:33,000 --> 01:13:33,020
Yeah.

835
01:13:33,020 --> 01:13:33,040
Yeah.

836
01:13:33,040 --> 01:13:33,060
Yeah.

837
01:13:33,060 --> 01:13:33,080
Yeah.

838
01:13:33,080 --> 01:13:33,120
Yeah.

839
01:13:33,120 --> 01:13:33,140
Yeah.

840
01:13:33,140 --> 01:13:33,160
Yeah.

841
01:13:33,180 --> 01:13:33,560
Maybe never.

842
01:13:33,680 --> 01:13:34,120
Who knows?

843
01:13:40,540 --> 01:13:46,500
A lot of comments that people put in pictures.

844
01:13:47,000 --> 01:13:48,420
We're getting near the top.

845
01:13:52,100 --> 01:13:54,640
And that's it for the question.

846
01:13:54,960 --> 01:13:57,260
So, we got all caught up on that.

847
01:13:57,920 --> 01:14:03,060
Is there anything that you, I know you don't want to reveal your name.

848
01:14:03,060 --> 01:14:10,920
I don't want to reveal your hand before HyFest with it being a couple days or, you know, a couple weeks away and some blog posts.

849
01:14:11,220 --> 01:14:14,660
So, the blog posts are, by the way, under VSC.network.

850
01:14:14,660 --> 01:14:21,400
So, if you want to keep up to date, log on and follow that account.

851
01:14:21,960 --> 01:14:26,720
So, you'll be able to get those updates from the VSC team.

852
01:14:27,540 --> 01:14:32,840
Or you can harass Nifty on threads and maybe, you know, waterboard him.

853
01:14:32,840 --> 01:14:37,340
Or torture him and get some information out of him before the blog post.

854
01:14:37,600 --> 01:14:46,200
But are there anything about VSC that we didn't cover, Vaultec, that you want to throw out there?

855
01:14:49,440 --> 01:14:50,100
Let me see.

856
01:14:50,180 --> 01:14:50,660
No, no.

857
01:14:50,740 --> 01:14:51,920
I think we got everything.

858
01:14:53,280 --> 01:15:00,480
There's always, of course, much to talk about what we could build and what's theoretically possible and, you know, what the future could look like.

859
01:15:00,480 --> 01:15:02,820
But, no, I think we covered all.

860
01:15:02,840 --> 01:15:04,040
All the main things that matter.

861
01:15:05,420 --> 01:15:07,200
At least what I can think of.

862
01:15:09,400 --> 01:15:12,000
Why don't we finish with this?

863
01:15:12,080 --> 01:15:18,400
Let's step back and give you as a developer, with a developer point of view of things.

864
01:15:18,900 --> 01:15:20,740
What is your view of Hive?

865
01:15:21,060 --> 01:15:29,220
Obviously, it's optimistic and positive because you're building this tie dive and you wouldn't be going through all this if you thought it was a piece of crap system.

866
01:15:29,220 --> 01:15:32,260
But what do you think the potential is?

867
01:15:32,840 --> 01:15:43,880
And what really do you like about Hive that you find attractive that push you in the direction of saying, okay, I'm going to go through the headaches of building all of this and tie it to Hive?

868
01:15:44,180 --> 01:15:51,440
What really stands out to you as the bullet points to Hive versus some of the other systems that are out there?

869
01:15:52,820 --> 01:15:56,860
A lot of the account system, I'd say, is pretty good on Hive.

870
01:15:56,900 --> 01:16:00,560
I mean, it's a pain point for users, but it's pretty.

871
01:16:00,560 --> 01:16:06,120
It's pretty, pretty interesting in terms of what it, what it can enable.

872
01:16:07,500 --> 01:16:11,620
So, so definitely account system and then RCs as well, you know, those are very useful.

873
01:16:12,420 --> 01:16:22,140
The custom JSON is for us is particularly important because we, all of our stuff is custom JSON and definitely would be a lot harder to do that with an EVM chain, for example.

874
01:16:22,520 --> 01:16:28,120
So yeah.

875
01:16:30,560 --> 01:16:54,040
Excellent. Excellent. Okay. Well, we went on for about an hour and 15 minutes, which is pretty good. And I think we covered everything. And so hopefully everybody will follow, follow your account and what Nifty's posted and other members of the team. And we'll be sure to, to watch what you have to say at HiveFest.

876
01:16:58,340 --> 01:16:59,340
All right.

877
01:16:59,620 --> 01:16:59,840
So,

878
01:17:00,080 --> 01:17:00,540
with that,

879
01:17:00,540 --> 01:17:08,280
we will wrap this one up and we will be back again next week. So everybody have a great day.

880
01:17:09,960 --> 01:17:11,220
All right. Have a good one, y'all.

881
01:17:11,600 --> 01:17:12,040
Ciao.