 So again, thank you for, thank you for joining. Let me, let me start with a promise or rather a fantasy. Imagine a new economy that runs on blockchain where businesses can form networks and validate each other's transactions where they can describe their business deal or a contract in computer code in smart contract. The smart contract then settles in fiat currency. And this fiat currency businesses don't have to hold in bank accounts. They can hold them in their digital wallets. And this fiat currency has properties of cryptocurrency. They have individual numbers so that you can trace them. You can assign attributes and you can run them in, and settle them in smart contracts. Now this has been a promise of enterprise blockchain for many years and it has been a motto of this great organization Hyperledger to create blockchain platform for business. And we've built amazing technology that supports that. We have enterprise platforms that allow businesses to do just that, form networks, deploy smart contracts, issue tokens and so on. Now what have been missing is the legal framework for that. A legal framework that will make every smart contract legally binding. A legal framework that will make, for example, if a business issues a token with a promise that will make this promise legally binding. So we have technology and we have a legal framework for that. Well, in Russia we do. We live in exciting times and they have been two major developments recently that give us a hope that we can build this new economy. Last year a much debated federal law and digital financial assets came into force. This law allows us to do just that. It allows businesses to issue tokens, to raise money, issue tokens that represent their goods or materials so that they can trade tokens instead of physical goods. And most importantly, it gives a legal framework for blockchain platforms where businesses and users can deploy smart contracts, issue tokens and run a new economy. Another major development, and you've seen this around the world, are central bank digital currencies, CBDC. And our central bank of Russia is developing a digital ruble, which is a claim on central bank. It's a fiat currency that has properties of cryptocurrency. You can trace it and most importantly, you can use it in smart contracts on other platforms. So what we have now is technology, rather mature platforms, and we have a legal framework. Are we ready for that? And we at SBIR Bank are ready. We have built a blockchain platform that is almost ready for production. We're in the final stages of getting a license from Bank of Russia. And this platform allows businesses to do what I just described. It allows businesses to issue tokens. Those tokens are called digital financial assets, and it allows developers and businesses to deploy smart contracts and settle smart contracts in fiat currency. How did we do that? We use Hyperledger Fabric as a technology core. We have enhanced it. I'll talk a bit later about that. We made it available via our cloud offering. We've created basic functionality that lets users issue tokens and deploy smart contracts and we build products on top of that. Our main product is the platform for digital financial assets that is open to our clients. And we expect our clients to be businesses, corporations, financial institutions, and most importantly, developers, fintech developers or software vendors that we see a large interest from them and we hope that they will create smart contracts and applications that use smart contracts and settle in fiat currency. Now, a few words about who we are. SBIR Bank is the largest bank in Russia and in Eastern Europe. It's one of the top European banks by capitalization and it has a huge customer base. We have almost a hundred million retail clients, almost three million active corporate clients. And most importantly, SBIR Bank is the center of SBIR ecosystem. SBIR ecosystem is comprised of almost 50 businesses in all different industries from food delivery to taxi to video streaming. And most importantly, it's technology offering. I already mentioned the SBIR Cloud, SBIR Cloud is our cloud offering and part of that the technologies that are SBIR Bank laboratories, laboratory for artificial intelligence, robotics and SBIR Bank blockchain laboratory that I have. So in our laboratory, we've developed this platform, tokenization platform and our main product is a platform for issues of digital financial assets. Now, what this platform is, it is open to our clients, our corporate clients via a familiar user interface, the interface that they use every day to manage their accounts, to move money. But now it has a window into our blockchain platform and they can issue and create tokens, simply by filling out the form in their SBIR Bank business online application. So they can issue tokens that represent their goods, for example, grain or metals that they produce or it could be a monetary claim, it could be a commercial paper. So we see in this new functionality, the new economy where a business no longer needs to go to an investment banker to organize an IPO or to issue commercial paper or a bond. They can do this all in forms of tokens that they issue on the platform. Once the token goes through all the AML and KYC requirements, it becomes available to investors. Investors can buy the token, trade it. And what's important is that we as operator, of course, we provide governance of the platform, but we also provide a settlement coin on the platform. So when an investor buys a token, it actually exchanges a stable coin, which is tied to fiat currency, to Russian rubble. And we provide a smart contract that provides for delivery versus payment. One atomic transaction where you exchange a token with a token representing money. What is this stable coin? Stable coin, of course, is stable. It is tied to a Russian rubble. It is controlled by smart contracts. You can validate these transactions by connecting your own node, your own server to the network where you can spawn your node in SberCloud and our blockchain is a service offering. And what's important is that this coin and the movement of this coin is integrated with the bank's backend so that the movement of the coin represent movement of fiat currency in our client's bank accounts. What's important here is that unlike perhaps other stable coins which are perhaps algorithmic or stable coins that are backed by metals or other reserves, this stable coin represent actual money in our users' accounts. So in order to transact on the platform, a user, we will lock this amount of money in our user's bank account and we'll create Sbercoin or stable coin on the platform. And then our users can use it to buy other tokens, to trade or to send it to the smart contract. So this stable coin is a native currency of the blockchain platform just like Ether is a native currency in Ethereum. And just like in Ethereum, you can send Sbercoin to a smart contract. A very simple smart contract that we present to our users, to our clients, to businesses could be as simple as a three-party contract where there's a seller, a buyer and a third party. Almost an escrow or a letter of credit contract. Of course, contracts can be written in computer code in chain code in hyperledger fabric and can be of any complexity. You can describe a financial instrument, a bond or swap or exotic derivative in the computer code. And what's important is that it can settle in stable coin in fiat currency. And the new legal framework gives legal binding to this new instrument described in code. Now, not every business wants to describe the contract in code or have an ability to do that. So for that, we created a smart contract modeler or a smart contract constructor, as we call it, which is a graphical user interface that can cover actually a vast majority of supply chain or trade finance contracts. Two or more parties can come to an agreement and sign their agreement with the private keys, the digital signatures. And they can describe conditions of delivery, conditions of the straight deal and many stages of payment. And each stage of payment can be tied to a certain event or a certain action by an inspector or how we call it in blockchain an oracle. So you can, like I said, you can describe a vast majority of supply chain or trade finance contracts by this visual GUI. The platform is open to developers where they can upload their smart contracts, they zip up their chain code, they add their own web application and they can either spawn a node in our blockchain as a service, use the GUI interface to upload the chain code archive, upload the web application and they can make this application available in the App Store. The App Store is curated by us and we hope that developers will create new applications and create new financial products and make it available in App Store for our clients and for their clients and start selling their apps. Now, this blockchain is a service. I mean, you have this offering in other cloud solutions in Amazon and until recently, Microsoft as well, but what's important is that we also offer a native currency for this smart contract. So simply by importing a library in your chain code, you can start using the stable coin to settle your smart contract and that's what makes this offering unique because this offering is not only from our cloud solution but it's also from the bank. So what is the platform made of? It is based on Hyperledger Fabric 2.3 protocol. We have adopted it for our local cryptography in Russia just like in China, there's a different standard for elliptic curve cryptography. So we use Russian cryptography to sign transactions so that our users who already have digital certificates, big AI certificates that are issued by a government party, they can sign their smart contracts and sign their transactions. And you can trace every transaction, every signature to a government certificate authority. We have also enhanced the consensus protocol of Hyperledger Fabric by replacing the transaction ordering mechanism from Kafka, which is a CFT protocol with a variant of a BFT protocol, a smart BFT that allows us to offer a true blockchain consensus mechanism to our clients. Why is it important? It's important when I describe it to the clients, I give them the minimum number of nodes. Let's say there's spare bank and three other independent validators. Now, if it runs a true consensus protocol like smart BFT, then we can server our nodes, bear banks node, or God forbid we can throw in invalid transactions and the consensus algorithm will weed out those transactions and will not let them propagate. So when you have 10 nodes, then it's spare bank and at least two other nodes that they can exhibit business and behavior to know of their service and the network will still continue operating. And that is the basis of this new decentralized economy that we hope will be our future. Again, in this future, a smart BFT protocol will allow our clients not to trust our name, but trust the cryptography and consensus algorithm. Since we have independent validators, they need to validate transactions. They cannot see the details, the transactions because they hold confidential business details. For that, we use the mechanism that we developed and call confidential non-fungible tokens. What validators validate is an atomic exchange of one token to another and a transfer of one token to another. And the token does not reveal its details. It has, of course, a unique ID. It is tied to a specific owner by its public key, which is a one-time public key. And it has its whole body encrypted in an encrypted payload. And the content of the token, which is a promise of the token, it's quantity, what it represents, be it a financial instrument or a shipment of goods. It's all encoded so that the validators cannot see its contents. Part of the platform, of course, is the wallet. We're fortunate by that businesses in Russia have already have digital keys. They have their private keys on USB sticks that they sign their tax documents and other documents. And we reuse these tokens to sign smart contracts and to sign their user transactions. So all users need to do is to go to their familiar user interface, as Berbank Business Online. Again, the application that they use every day. And they use the same private key, the same digital wallet that they'll let us just out of the box offer our clients offer the businesses ability to issue tokens and run smart contracts and operate on the platform. And of course, major work went into integrating the platform for the bank's backend. Of course, this needs to be done if you need to, if you run a real stable coin, which is tied to a user's account. Like I said, this has been a major work because it needs to adhere to all the security constraints and all the regulations. But it allows our users to seamlessly represent money that they have in their bank accounts by stable coins, use the stable coins to settle trades in tokens and also send the stable coins to smart contracts. And once they're done trading, or once they've made money on using smart contracts, they can withdraw their money into their fiat account. And again, this has done the major integration work with the backend. Now, how does it look to the user? Those are the screenshots that our users see when they issue tokens. So they can create a type of a token. A token can have, of course, a sticker, its name, its logo, and it can have many attributes that are specific to this issue, right? If it's commercial paper, it's principle and rate. If it's grain, it's the quality of grain and so on. And they can keep issuing tokens every time they need to. Now, we'll already use this functionality on the platform for the issuance of renewable energy certificates. They do not fall under the law of digital financial instruments, assets. And we started trading in this REC certificates or renewable energy certificates in December last year. So the platform is already open for business, trading very soon. We hope to get licensed by the Bank of Russia so that our clients can issue full-fledged financial instruments in tokens on the platform. Once you've issued the token and it has been approved, of course, you can transfer it or you can offer it for sale. And then it is available for investors to buy in order to buy tokens or trade them. Investors, of course, need to represent their money in stable coin. And that's what they do in this user interface. Now, before we're licensed, before we open for business in digital financial assets, we've opened a test map for developers. It consists of the minimum of four independent validators, four nodes. Four nodes, of course, they run on our variant of Hyperledger Fabric. On Fabric, we've created a public channel and we've deployed a CNFT smart contract. And of course, it's open outside the API. Developers can use a simple JavaScript bundle to build web applications on top of that. Web applications use a limited subset of API calls like issue, transfer and redeem. And of course, you can build a full-fledged application, your own application with middleware, database, your own UI. And for that, we have another Java bundle or a JVM bundle to use. And of course, you can create your own custom chain code. This chain code, you can upload to the network, to the platform. And like I mentioned already, this custom chain code can already use libraries that move tokens and most importantly, that libraries that move stable coins. So you can write a smart contract that moves stable coin. And of course, this is for now on test map, not a real ruble, but once you've tested, you can migrate it to a real production system and create a new fintech application. This concludes my presentation. I hope that it's been entertaining. We live in exciting times and I think we're ready for this exciting times. Thank you. We have a few minutes for, we have eight minutes for Q&A. Yes, thank you, Oleg, and great hearing you. So we have two questions for Oleg White. First, Fabrik now prefers the raft service to Kafka. Have you looked into raft? I believe we have. We made a choice with Smart BFT. Mm-hmm. Well, the reason that Smart BFT is a business in full torrent that that's what we rather offer to our clients, not a crash full torrent consensus. Right. So also Matthew was asking a while ago, the extension to Fabrik, will this be contributed back? Yes, they will be. Now Smart BFT is already available in GitHub, it's a great work of former IBM developers that we're using, and yes, we will open source integration of Smart BFT into Fabrik, together with another, I will not name the names, but another major contributor. Great. Thank you. And there are two, three questions. So another question was, as a Fabrik maintainer, primarily of the chain code libraries, would very much like to get your thoughts on how you develop smart contracts? How do we develop smart contracts? Yes. Well, there are different smart contracts for different applications, and Fabrik supports several languages for that, and for some applications, you use Golang, for some, for example, if you need to use some, let's say financial libraries that are not available in Golang, you would use Java, so it's a different approach every time. Yeah. I hope your answer is your question. Yeah. There was a question about how do you get access, how does one get access to the test net? Well, that was my last slide, we have a simple email, blockchain at the sparebank.ru. So simply write us an email and we'll get you set up. Great. That's very easy. Kamleis is asking, most people prefer Ethereum and related projects for tokenization. Why did you choose Fabrik? Do you have any specific reason? Well, there are several reasons. Well, first off, we needed an enterprise blockchain platform that was developed for the enterprise from the ground up, from the ground up. Most importantly, a platform that would have a consensus mechanism, not for public and anonymous networks, but for validators who know each other and for limited subset of validators. Basically we cannot use Ethereum because it uses proper work. And if we have four or 10 validators, a small network then we cannot really use Ethereum. But another reason is that Hyperlegio Fabrik is, well, perhaps, well, not perhaps, but it is the most popular enterprise blockchain platform and we really need to target as many developers as we can, so simply by popularity. I know Ethereum is also popular with public protocols. That makes total sense. I'm checking if there are any more. No, there are not many, there aren't any questions. If anyone has questions, please feel free to ask. Hyperlegio, Besson, Quorum also are also an enterprise blockchain with built-in built tokenization. So that could also be a choice. I'm guessing the answer here is that you've been working on this way longer than Besson or Quorum were around in Hyperlegio. That is true, but we're not, I mean, our main goal is to offer products to our clients, right? So we're not tied to a particular platform or a protocol. So if, and I think it's only logical to start offering different protocols, let's say Hyperlegio, Besson or Quorum or Polkadot as stage two, three and so on. What's important is in this network that we're building, independent validators and integration with the banks and integration of issues of tokens with their own backends. So at the end of the day, you may want to choose different blockchain protocols for consensus and to validate transactions. And it's perhaps even less important than the tie to the real world that you have. So integration of your blockchain node to the bank system is more important than a particular protocol that the nodes talk to each other, but so that's, so the short answer that, yes, it's very likely that we will use Quorum as our next step or other Ethereum derivative. And I mean, we have two more. Wondering, you know, oh wait, there's a question and the Q and A as soon as I can. Thank you, Kamish. How can an application in your app store earn money? Well, that's a good question that we, to be honest, don't have an answer for. We have, well, rather we have several answers, right? You can charge by an Apple model, right? You can charge by transaction, but also don't forget that the bank makes money of transactions. So another model is also very much possible. We are FinTech developers, developed applications. They host them for free. We don't charge anything for the sale of this application, but we continue making money of transactions. Yes, a band. Okay, that's great. My question is probably much more loaded, so I'm not gonna ask it. I'm gonna ping you about it after the conference because it would take too long to answer. Well, thank you so much for presenting. It was a pleasure as always and thank you for sharing all of your insights. If anyone wants to chat with you or comes up with questions after this session finishes in 30 seconds, how can they reach you? Are you interested in having some offline chats or breakout sessions? I just posted our general email in the chat. It's a blockchain. It's bearbank.array. And of course we answer every email and you can continue this conversation via email and we can move to another channel. Okay, sounds like a plan. Thank you so much and enjoy the rest of your day. Thank you. Thank you everyone. Bye bye. Thanks.