 It is preparing, setting up your webinar for YouTube Live. And Karen, I'll go ahead and make you the host. Yes, please. Okay. Thank you everyone for joining us. We'll get started in just a few minutes. Control my screen. Thank you everyone for joining us. We will get started in just a few minutes. Yes, Chiazoo, you can definitely share a YouTube link. Thank you everyone for joining us. We'll get started in just a couple of minutes. We'll just give one more minute for people to join the webinar, and we'll get started soon with Jorge's presentation. Well, thank you everyone for coming today for this Hyperledger in-depth, An Hour with Public Mint, bringing the fiat into the blockchain with Hyperledger Facebook. We have Jorge Pereira with us here today, the CEO and co-founder of Public Mint. Before we get started, please meet yourself real quick. Before we get started, I want to go over a couple of housekeeping, Linux Foundation meetings here, which is our parent organization that Hyperledger follow an antitrust policy and a strict code of conduct. So please follow all the guidance there. You can look at our policy on our website and also on our Wiki page. This session will be recorded, so don't worry about it. You will have access to this later on our website and also on our YouTube page, and we are actually live on YouTube right now. On our website, these slides will also be available to download as well if you're interested. We like to make this sort of session, these member webinars a little bit different than the webinars you usually attend. We like for it to be very engaging and interactive. So feel free to raise your hand, put questions in the Q&A or in the chat box early and often during the session. I will be monitoring the Q&A in the chat box if something seems relevant to what Jorge's talking about in the moment, I may bring it up. So please be active in the discussion. This is here for you to learn, here for you to have this moment with public minds and learn from what they're doing and see how it can apply to your own work. So without further ado, I will stop sharing my screen and allow Jorge to join us and start his presentation. Welcome Jorge. Right. Well, hi there. Let me just start with sharing my screen, just a second. So welcome everyone, I'm George, CTO at Public Mint. Just to reiterate what Karen said, I would be really happy if you guys interrupt me at any time, just ask questions. Karen will just post them to me. Don't necessarily wait for the end of the presentation, the more we can have a conversation, the better for me and for all of us. So Public Mint, I'm here to tell you a little bit about what we're doing, why we're doing it and then how we ended up choosing Hyperledger and particularly Hyperledger Betsu for our project. So at Public Mint, we've looked at everything that exists in terms of fiat payments, in terms of fiat payment networks, in terms of how digital money flows around the world and we're building a new system to handle fiat money and we'll go through a little bit on why. Before we go any further, I'll just give you a brief introduction on who's on the team. So Halsey and I started with Uphold. I was there for four years as a CTO from the start. Halsey was the founder of Uphold and that's probably my first bigger blockchain related project. Halsey dispensers the introductions, he was founder of CNET, he was one of the regional investors of Salesforce, built a product that then became Google Voice, opened DNS and has a number of other large achievements that he's built. We met back in 2013 when he started Uphold and then after I left, we had a few ideas on what we wanted to do next and Halsey has co-founded Public Mint with me and has been advising us from business perspective and also with all his background. During that period also met Paolo. Paolo was head of the Swift Bureau which means he was literally responsible for the connectivity of an entire country to the Swift network. Diane and Thomas, we met back in while they were also at Uphold, Diane was here for Uphold, Thomas was legal counsel at Uphold. Once we started Public Mint, they've already also left Uphold and we worked well together. So we had this benefit of starting off with a team that has already worked together in a few areas. And then Tiago recently joined to thankfully help us with marketing and communications. He's probably one of the people that you've seen more active on the channel. And this is essentially the core and the management team, so to speak. We're all still very on zone, particularly the five on the right. And one of the things that brought us here is was realizations of things we wanted to do at Uphold but ended up not being able to, particularly because it was and it still is in many ways a centralized entity. And even though it connects to blockchain and to the LT technology, it's still not fundamentally at the LT project. And we thought we could do something different to focus on a specific set of problems that I'll go through right after. So, part of what we're building and what brought us here and the piece that is more related to Hyperledge Bezu is the fact that what we're doing is using blockchain technology to handle everyday money. We are firm believers that even now in technology there's sometimes revolutions. The most meaningful technology and the most meaningful adoption is typically through incremental evolution. So you can think of smartphones as you have them early on dial, small buttons, they still evolve. There's still a phone, they evolve to become something a lot more. So unlike the crypto space, which is in a way attempting a revolution and within its own right, we're taking a slightly more programmatic approach and starting from the other side, which is starting from the fiat world, adopting technology that has come up relatively recently and applying those innovations to improve how digital fiat works. So then it's important to take a moment to take stock on what is fiat, right? What is fiat money? Why is it important? And particularly, why is it not going away anytime soon? So fiat is essentially money that is issued by the Cree, typically by a government. There are various approaches to how to deal with that. For instance, in the U.S., which is our U.S. and Europe are friends of reference, in the U.S. up until mid-last century, there used to be gold-backing fiat money issued. Nowadays most economies don't really back fiat by anything, but in fact, the money that the government issues is backed by the whole power of the economy of that government or of that country or nation. So the reason fiat matters, the reason fiat money matters is that it's the money that most people are used to. For those of you that are familiar with the crypto space, it's an entirely different economy. It's an entirely separate economy that operates on its own terms. And the connection between that economy and the everyday economy is only just starting. So you probably have heard that El Salvador now recognize Bitcoin as a legal tender, but it's very unlikely that for instance, a larger nation like the U.S. will ever do that or do that in the foreseeable future because fiat money is also a mechanism for control and for sovereignty of the nation. As long as you need to pay the government your taxes in fiat, fiat will not cease to exist. So rather than wait for a few decades until or not on the prospect that the crypto economy will take over and we'll all be operating in the crypto space, we decided that we could short circuit that future and bring the innovations on the crypto space into the fiat space. So reality is that in the last 50 years, there hasn't been any fundamental innovation on how we handle digital fiat money. It's still very much in particularly, my frame of reference is the U.S., Europe and similar countries. There is, it revolves around the notion of central banks that then essentially allow banks to issue currency. When I say banks are issuing currency, this is an interesting conundrum. People are not really aware that for instance, the dollar that they use on a day-to-day basis is not the dollar as issued by the central banks or by the Federal Reserve in this case. So if I deposit, let's say there is this bank, there is no other deposit on the bank. I deposit $1,000 on that bank. The bank's balance now is $1,000. If the bank then chooses to loan $500 to someone else, suddenly the balance on the bank is $1,500. So the money we use on a daily basis is money that is encumbered by the slight risk or by the risk of fractional reserves. So commercial banks, essentially in their own way, bring the form of money. The main thing about fiat is that we're not aware of these complexities, but the main thing about fiat is that the gatekeepers to dealing with digital money are banks. And in most cases, it's really hard for people to gain a direct access to banks, through APIs, through automation. There's a number of fintechs that attempt to solve this by building layers on top of banks. The problems that we're trying to solve in this context is that the stability of the fiat system kind of relies on keeping the system conservative. So there's not a lot of changes. There's initiatives like open banking and similar ones. They are still in many ways in the early stages with really partial adoption. And they've started almost a decade ago or a bunch of years ago, but it's still very much in progress. One of the most famous names in the fiat space, for instance, PayPal, it was actually, it was bought 20 years ago, right? It was bought to solve the problem of online payments because banks are not, we're not, you know, focused on solving that problem. Visa and MasterCard, which are, you know, the widest used networks in the world in conjunction maybe with Chinese Union Pay, which is similar size or even larger. But in many ways, Visa and MasterCard are ubiquitous in most countries, but they were launched like 40 years ago. So even though obviously these companies have been improving and evolving, realities that the building blocks that we have to work with fiat are fairly limited. You know, it's all the innovation and it's all the innovators that have this hard balance between maintaining the system and the business as is, while still innovating enough to maintain relevancy and to evolve, but to evolve slowly. As an example, in the US, Venmo is pretty familiar, pretty used, but under the hood, it still relies on ACH for its transactions. So the reality is that because commercial banks are holding to those funds and commercial banks are the incentive, their business incentive is to keep the money within their balance as possible. There is not a lot of incentive or there doesn't seem to be a lot of incentive to allow easy portability of funds. So when banks, when you wanna move money within a bank to another bank account, you'll see that typically banks can do that immediately. If you wanna send money to another bank account, in some countries it's faster, for instance, in Europe with SEPA, it's really, really fast. In the US, there's partial adoption of ins and ACH or send ACH, but it's still a hard thing to do, to move fiat money in its digital form across institutions and particularly at the end of the day, you are never in control of that money. You are always asking an intermediary to do a transaction for you, right? So fiat and handling fiat money, handling digital fiat is still pretty much complicated. Particularly when you then look to the other side and you see the flexibility and the programmability and the capability for automation that you get in the crypto space where money was created from scratch to operate in a different way, right? In a more modern way, in a more open way. With this in mind, the reality is that fiat is still important, fiat is not going away. Fiat offers some stability across the world or at least some comparative stability in between countries. Exchange rates are in many ways predictable and managed by central banks, not to fluctuate widely. And at the end of the day, as long as if you have a country with a good import, export balance, you can more or less expect that not to be wild fluctuations towards your neighbors and towards other large or other similarly sized economies. And most importantly for the regular folks like us, everything you see on a shop, on a store, it's pricing fiat. That's not gonna change anytime soon. It's priced in the monetary language of your country. So this kind of explains how we got here, why we think it's important to continue to work with fiat and continue to attempt to modernize fiat. And it got us this kind of thinking, it got us this far. So with this in mind, there's this advent of this new technology that is now over 10 years old, but it's only the last few years has become more and more important. So what we're trying to do at Public Mint is in many ways combine the best of both worlds, leverage the advantages of blockchain technology to create a better system for digital fiat. I'll take a moment to talk about cryptocurrencies and the crypto space, because it is in many ways, what's pushing a lot of innovation forward. And it's doing so in order to do so, it had to create its own forms of money because regular money was inaccessible and it's not really easy to work with. So for that reason, for various others, we got cryptocurrencies. And I'm gonna kind of oversimplify this, particularly thinking in terms of core cryptocurrencies like Bitcoin and Ethereum. So there's not an over-encompassing set of statements. It's a simplification of the crypto exit system. Cryptocurrencies are a game changer because in many ways, because their issuance is algorithmic and predictable. You don't have an entity like government suddenly saying, we're gonna create more money out of the thin air. That predictability over time becomes a very important aspect of the currency. They're transparent in that everything that happens, you can trace it back to the origin and you can know for sure that a transaction, if it exists, it's out there, it's in the open, it's visible. You don't get to see the details of it, but you know it exists and you know it's there. And most importantly, cryptocurrencies operate mostly in peer-to-peer fashion, meaning that you have full sovereignty over your assets, your crypto assets. You have a debilitated self-custody so that you on your own, very much like with physical money, you can choose what to do with your money and when. And that's kind of a fundamental aspect of cryptocurrencies that no other digital assets has. Cryptocurrencies are also borderless. When you're sending, you don't really send money between people, you send money between accounts and those accounts can be managed and controlled by anyone in the globe. So in many ways, they are fully borderless. They don't recognize, they don't care about where you're located as long as you have access to private keys of an account. Transactions on cryptocurrencies are fast, they're definitive with caveats of what means final on a blockchain, but to some extent after a certain period of time, they're statistically final. And most importantly, they operate 24-7, right? You don't need to depend on anyone else to operate on cryptocurrencies. So all these features make for better money than Fiat. It doesn't have, but it does have however some, the cryptocurrencies do have however, certain limitations, they're volatile, they're notoriously hard to purchase because they rely on the connection between the old money system with Fiat and the new monetary system in the crypto space. So they're hard to, there's a bridge that is relatively hard to cross. They're in many ways hard to safe keep because with great power comes great responsibility. If you can, it's in many ways holding your private keys is similar to holding money on their mattress. So safe keeping your cryptocurrencies is no small business. And importantly, there's a lot of regulatory uncertainty which means there's no mass adoption and many of these cryptocurrencies, they're actually not seen as cryptocurrencies, they're seen as assets. So for all the good intentions of using cryptocurrencies as means of payments, most people still look at cryptocurrencies particularly Ethereum and Bitcoin as assets to invest in. So the combination of these things means that cryptocurrency is out of a lot of desirable properties, but on the other hand, Fiat has a lot of desirable properties too. So at the same time, there is an innovation called stablecoins. And there's a number of types of stablecoins. There's algorithmic stablecoins that tend to maintain a stable value based on myths. And or based on, there's other stablecoins that are based on certain forms of on-chain collateral as well. And then there are stablecoins that are literally one to one to a dollar because they depend on certain dollars being held on custody by an entity or by a group of entities. So stablecoins are a step, in many ways are a step closer to what we wanted to do. But stablecoins have one fundamental or two fundamental flaws the way we see it. It's important to realize that stablecoins were invented for a purpose. They mostly were invented because of how hard it is to go in and out of the Fiat ecosystem, Fiat into crypto and crypto into Fiat. And stablecoins originally were mostly focused on providing traders with a way to step out of Fiat, step out of their exposure to Fiat to cryptocurrencies and lock their value to the value of the currency of their choice, typically in many cases the dollar without having to exit the crypto ecosystem back into their bank account. So stablecoins initially were mostly seen as a way to exit your positions within exchanges. Obviously there's a lot of other properties like the ability to transfer those, but this was one of the guiding principles in one of the goals. The main issue with stablecoins as they exist based on what we want to, how we want Fiat to be improved by blockchain technology is that stablecoins exist on blockchains mostly as second class citizens. They still require a native currency for transactions. And another problem is that, I mean, we already have several dozens of currencies in the world and now we went further in fraction existing currencies into variations of the same currency. So on the Ethereum network, for instance, there's various versions of the dollar there's USDC, there's TUSD, there's USDT, there's GSD, there's Pax, there's a number of versions of a dollar that are not fungible between themselves. You cannot convert one to another without going to an exchange in many, many cases through a centralized exchange. So the combination of being second class citizens and there being a variety of versions of, for instance, of the dollar creates a set of problems. And I'll speak to the first one which kind of very much informed our experience. If you send someone that is just joined the Ethereum ecosystem and you send them, they create an account, maybe they use MetaMass to open a wallet and they get their address, they give their address and you send them $100. They can't really do anything with those $100. If they wanted to send $50 to someone else, they can't. They will have to look around, ask around, find an exchange, register on that exchange, go through KYC. Once the exchange is set up, add a bank account, find a way to send money into that exchange. Once that money is there, buy Ethereum, take that Ethereum, send it to their original account and now they can move their dollars. And so frankly, that's just this process is a huge barrier of adoption for people that just want to use dollars on exchange. So one of the two of the ways we solve that, one is by having a blockchain where the native currency is, in this case, in our case, the dollar to begin with, there's other currencies or in the plan, but the native currency of the blockchain is the dollar. And whenever you want to transact, if there is a fee to be paid, to interact with a smart contract, you pay in dollars. You don't need a second currency in order to transact the currency that you have, right? And that makes a huge difference because that means that you can start using the system, you can load funds and you can start using the system as it is without going to any other steps. And in addition to that, we also built kind of an embeddable widget so that any DAP or any web application or even any mobile application can choose to take funds directly from bank accounts into the blockchain and immediately operate on those assets, on that fiat representation. So this takes us to why hyperledger passive? How do we get here, right? Hyperledger Bezu is, in our eyes, a solid and trusted, it's an incompatible enterprise-grade blockchain client that is literally accessible to millions of developers. It was already a great project. We started using it before it got adopted into the hyperledger family, obviously with the resources and the huge community and the goodwill of the hyperledger community, it became an even more reliable project which is what brought us here. Sorry, oops, there we go. So the things we wanted to achieve or the main things we wanted to achieve were related to, we wanted the ability to have multiple native currencies so that you could interact on Shane if you're transferring dollars, if you're transferring euros, pay a fee in euros. And we wanted the core experience of interacting with those currencies to be as simple as possible, particularly for programmers and not have to rely on artificial constructs like ERC-20 on the Ethereum network, right? So on hyperledger.bezu, our goal was to actually create a mechanism through which you can transfer and transact on a certain currency on Shane using the most simple primitives of Ethereum technology or Ethereum programmability, EVM, while at the same time also offering an ERC-20 option to interact with that currency for those who choose to do that. That was one of our key goals. It ties to Ethereum compatibility in many ways. I'll get to that in a second. The second part was finality. We wanted to make sure that you could be reasonably assured that within a very short period of time within our goal was under 10 seconds, we ended up with five, actually with three to five. Within that short period of time, once you've posted a transaction, you could get confirmation that the transaction is finally has been accepted. These mimics, research done at payment terminals where people are willing to wait for a period of time for transaction to be confirmed. And even if it's like five seconds up to 10 seconds is still considered immediate, right? So finality at the blockchain level and at the technology level leads to user experience of having a transaction solve and resolve and be dependable on within an acceptable period of time for the human experience. And most of our decisions, most of our guiding lines have been based on the expected and the ultimate user experience that some of these decisions carry an impact, right? The last piece and another of our key goals was to maintain Ethereum compatibility. So with Appalachian Bezu, we can literally take MetaMask, point it to a node of the public mean network and rather than using, rather than seeing your balance in Ethereum and if you see your balance in dollars. So it's literally being able to use all the same tools, like we use Truffhold to deploy smart contracts. We use a version of Ganesh to try our test network or we can use it at least for tests. We use all the libraries that exist in the Ethereum universe and you have a developer mind space, right? It's hard for there to be a developer that is in the crypto space that hasn't at least looked or gained some familiarity with the Ethereum technology because it's so, so pervasive in terms of programmability. So we wanted to, we're not in this business to invent new technology. We're here to apply existing technology, mostly to a problem, to a specific set of problems and the ability to carry Ethereum technology and the ability to leverage Hyperledger Bezu essentially allows us to do just that. I've been speaking for half an hour. If anyone has any questions by all means, don't forget to just post them. So why did we end up choosing Hyperledger Bezu? There was a series of considerations. We did significant research. Our team wrote over 100 pages of analysis on a number of alternatives that I'll talk to in a second with comparison matrixes, proofs of concept and the main things we were focused on were these main considerations. So consensus algorithm because we wanted to be able to achieve instant finality, so that after a short period of time you were able to say transactions final, there's no going back, that already limits your options significantly because this algorithm is also important so that it kind of drives, so the options available in terms of consensus algorithms kind of drive the way you can actually set up the network itself. So this is kind of at the top of our list. The second was the license to use that code. We wanted it to be non-encumbered. Most of the licenses under which projects in the Hyperledger family are released are pretty good in order to build your business on. We wanted to make sure that the project have a live and active community. Early on when we started Hyperledger, BESU was called Pantheon, it was being developed by a company sponsored by consensus called Pegasus. But even then the experience, and we did this for over six or seven other alternatives we tried the experience of going into the support channels, going to the forums, going to GitHub, posting questions and evaluating how, not just the response but also the tone of the response, the friendlessness and by large and far those projects in the Hyperledger community have the best kind of responses, at least from the way we were looking at it. But also the time, even though it was not yet in the Hyperledger community, Pantheon which then became an Hyperledger BESU had really, really top-notch responses and a really active community that was really focused on building something capable from scratch. Another consideration is flexibility, not as much in terms of the code itself but in terms of the features that it offered and even if we weren't making use of them at the point but also in terms of roadmap. So for instance, Hyperledger BESU started off when we started off looking at it, it was still in the process of implementing IBFT 2.0 so the consensus algorithm but we knew that it was coming. It still didn't implement profit transactions but we knew it was coming. So it had voting mechanisms for you to select other nodes. So if we ever want to build a mechanism for delegation, for instance, delegation of nodes and adding nodes and removing nodes, we can. So that sort of flexibility is what we were looking at. Some other solutions kind of fail on that, on something specific in terms of flexibility that also put us aside. Code, we're looking at quality of code in terms of consistency, organization, extendability. For instance, Hyperledger BESU even offers a plugin mechanism so to the extent that you can, we wanted to make sure that we could incorporate new changes from upstream into our code and compartmentalize our changes as much as possible so that the project can still evolve. And that's one of our aspects in terms of looking at code. I can say that the language itself was a big issue. Most of the, I've developed in C++, Java, Node, Go, Python. So it's not really a main topic but it is an important thing that it is developed in a language where you can easily find developer talent. So we were able to, we kind of discarded C++ because of a variety of reasons. We're willing to work with something that was in Python, Java, GoLang, Node, even Askel. And Hyperledger BESU is developing Java so it kind of fit in terms of our part of our code requirements because it's a set of resources that are relatively easy to find. Finally, and at the bottom of the list is performance. It's important for this software to have a high throughput, high TPS, but we're also aware that as projects evolve and as technology evolves, that tends to improve. So if we start off with 20 times or 15 times the speed of what the entire, an entire Ethereum network, a main net can offer, maybe that's not sufficient for moving all of the world transactions onto our platform but it is sufficient for the next five years and if we ever get to that point and we ever had that problem we'll have ample time and resources to devote to performance. So it's important but it's not at the top of the list as you can see here. And finally, it's also something that matters and relates to flexibility but not as much is to see that there are plans for the future, that there is a roadmap and that it's a project that is being actively maintained. This ties to community, ties to a lot of other things but it's just something that you feel comfortable building a business with this central piece that is so, so important for the entirety of the project. It's being able to look through the future of the project and knowing that it has a future. So Hyperledger Bazoo fits all of these criteria. I can show you, we built proofs of concept with all of these, I have and a few others here but that's not true. These were all the ones that we looked at others but we only built proof of concepts with the first ones. For instance, our first proof of concept was with Geth. We managed to go in and make some changes to tie the notion of the native currency connected with the storage of a smart contract. So when you transfer on the currency it gets reflected on a balance on a smart contract. So we did that with Geth. We did realize that it was a really hard to maintain code base. It's very focused on doing what it does best which is serve as a client for the Ethereum community. Similar with Parity, Parity then kind of got discontinued. We played around with Ethermint. Hyperledger Bazoo also uses Ethermint underneath. We also tried it out. Quorum seemed like a good option but at the end of the day again, the kind of code and the way the code is structured is not meant as something that is accessible. At the time, if I'm not mistaken, for instance, on borrow you could only create a new account if you had to create account permission. So that blocked that little flexibility item and Hyperledger Fabric was just overkill in terms of complexity but also had some, for all it's, we kind of felt that we'll need to reinvent a lot in order to just build an Ethereum-compatible client with Hyperledger Fabric. It would give us a lot of flexibility but it seemed like over-engineering. Jorge, I just want to jump in here real quick. We are getting a few questions and I want to make sure that you have time to also explain some of your use cases too. So one question we have is, what is the legal from Whitman Nap? What is the legal framework for the digital payments on your network? Currently payments, a payment legal framework is only for paper-based payments with a wet signature so if something goes wrong, what can parties return to to resolve the problem? Right, so we are, right now focused on building the infrastructure. Reality is that there is ample, how can I say, there are ample existing scenarios for digital payments, right? In a way, there is one way to look at this, particularly when talking with regulators where you can see, well, if Visa and MasterCard can operate a network, if PayPal can execute a payment and that payment be recognized, then this is just yet another mechanism for executing payments except that if you use the blockchain and the transactions are public. But the active payment, you can still take a confirmation, you can produce a document that serves this confirmation. We're right now not fully focused on that we're more focused on being compliant from a regulatory basis and building things in a way that is compliant and not on the compliance of the applications built on top of this. I'm not sure if this answers the question, but if not, we can always follow up from this in our Telegram channel and I'm happy to dig deeper into this issue. Anything else, Karen? Alvaro, I don't know if you want to jump off of mute and ask your question. No. I'll do it for you then. So Alvaro had asked a question here in the chat about any insights on what modifications you've been doing to the Hyperledger Basie client. Okay, that's a good question actually. So the main change, I hinted on that a little bit. The main changes that we did to the Hyperledger Basie client are related to the relationship between the native currency and the smart contract. So we wanted to make sure that some of the decisions and some of the aspects of the network are not hard-coded and instead are programmable as well. I'll give you a couple of examples. So there's no secrets that Ethereum technology depends on the concept of gas and then there is the notion of paying for that gas with Ethereum with the ETH currency. So we kept that logic in a way that the 21,000 gas that it takes in order to execute a transaction the act of sending in our case dollars from one account to another adds up to exactly five cents of a dollar. From that, all other costs are derived. So if you're interacting with a smart contract that costs double that cost in terms of gas then you get double the cost in terms of dollars. This value, $5 is defined on a smart contract. Right now it's hard-coded in that smart contract but if you ever want to build a mechanism for raising or lowering that value globally on the network, we can because it's now fully programmable. Another example is we've made changes so that when you transfer my transfer $1 from my account to yours that balance is no longer stored in the client's internal representation of the native currency. It is instead represented on a smart contract in the RC-20 format. Meaning that when I transfer funds from me to you, I can use the typical send instruction as in solidity but I could also go to the smart contract and look at the balances of all the accounts and both things exist at the same time. So we're kind of short circuited where you are storing the balance on the clients on the blockchains native currency data storage instead we're storing native current balances on smart contracts. Those changes seem small they required a lot of looking at things with tweezers and just doing the minimal changes possible but they allow for much larger they have a much larger impact in that now you can replace one currency for another just by saying that you're using a different currency and it's now writing on another smart contract. So you can change the client profoundly and also the data storage so as to allow for various balances in different currencies to coexist which is ignore that portion just move everything into the smart contract layer which is equally effective because we're operating at the client level and we're just writing to a separate place in the memory space which is equally effective but it's a fundamental change of what the client looks like and these are probably the two largest changes in terms of the client we also implemented a few other things like whitelisting of addresses that do not have to pay fees to operate so for instance our smart contracts that mint and burn as it enters or leaves the banking system don't pay a fee because they're system contracts all of that is managed by a by a list and it's everything managing on smart contracts so essentially what we did was take some of the things that were hard coded as part of the client and just change the client so that a lot of that logic is moved to smart contracts Georgia I know we are running low on time in case you have any more questions at the end so perhaps you could jump into some of the use cases yep I'm getting there so actually I already spoke about most of this I'm going to jump to kind of the key components of what we've built just to round up and start introducing the use cases so we have a wallet where you can hold your dollars deposit from the bank account send back from the bank account back into the into your bank send from the blockchain back into your bank account we call that bank to chain and chain to bank if you look at our explorer you'll see that the transactions at their core are one of three kinds they're either transfers so the send transaction or they're a withdrawal which means that funds on chain are burned and then they're carried on into the banking system or the opposite where there is a deposit which means that money arrived at our studio partners and it's then issued on chain um part of our ecosystem right now it's based on the wallet then there's the what we're building this product which is the earned product which is essentially self-government self-government pool of funds that then get distributed to various C-fi and D-fi partners and our upcoming product will be an exchange once we add we're on the path to adding 60 plus currencies until the end of next year if all goes well which will allow you to have many currencies on chain and create all the all the things that you that exist on the theorem network do that with your native currencies from your own country on chain including you know creating dex's having crypto assets that have values expressed on fiat currencies including NFTs and then the third level is third party apps which is other other products and on our solution meaning that they can now do everything they would be able to do on the theorem network they can do with the ETH currency they can do with our with their own fiat currency now there's also interoperability between our blockchain and the theorems for instance we just implemented a CTC that then get represented as dollars and then they are you know fungible before I go into these cases just a quick overview of you know some of the pieces that are important on our ecosystem there's you know a set of APIs in addition to be able to use the blockchain directly there's a set of APIs for particularly for partners that want to take control over the KYC experience and then pass that information along to us so they can use probably means as fully white label there's an embeddable widget for those who just want to accept funds into a smart contract or into an address so they can literally just add a button and unlike PayPal that requires you know backend processing and processing callbacks we handle all of that for you and just deliver funds on the target address so that's what our blockchain is for so I'll jump quickly to just a quick set of use cases right now we are essentially implementing one of the main use cases that we identified which is the ability or actually how hard it is for people that are outside of the crypto space to have the advantage of opportunities in CIFI and DeFi space so when you look at projects like Compound or Avi there's a lot of opportunity there for people to earn upwards of 8% on their funds but most people that are not in the crypto space are fully excluded from those possibilities so we came up with this concept of an approach that rather than us implementing the earned product ourselves instead what our earned product is is a community managed, not community led so this is wrong so it's a community managed approach to deciding on the destination of funds so for instance if we launch as we launch earned, we already have a few partners let's say ABRA, Celsius Network and Compound when you send dollars in you get a version of the dollar that is essentially a crewing yield generated by the interest very application of those dollars on this variety of partners and the community decides what the allocations are, what the minimum amounts are and so on and so forth and also what portions of those funds are dedicated for insurance so it's a way to achieve distributed governance of managing how to apply how to apply your funds to generate yield from your funds our goal is to start off modestly with rates that generate between potentially around 8% APY but then grow that in time with applications that get distributed to all the participants based on obviously on distributed governance which relies on the mint token use cases here's just a set of and I'm almost done with the presentation here's just a set of potential use cases so the centralized exchanges will be particularly once we add there's two components to achieving that are still missing to achieve for instance centralized exchanges or ideal launch pads one is offering additional fiat currencies so once we add ERO or Rupees or BAF you'll be able to or NIROS in Nigeria once we add those currencies you'll then be able to use just fork uniswap, launch it on our blockchain and we'll be able to use it for fiat currencies where companies and we're also talking with monetary institutions particularly in Europe that have excessive capital particularly forex houses where they have capital there parks already preprochets in certain currencies and it would be a really good thing for them to just place that on an exchange for liquidity ideal launch pads or NFT sale services where you can price things in dollars or in EROs or however you want we're also adding a bridge to Ethereum so that it can bridge existing ERC-20 tokens and you know port them into our network leave them locked there and then exit the network and a full series of other services that you know the potentials are you know essentially too large to mention Karen you want to say something? I think we're going to have to wrap it up from here George how can people reach you if they still had any lingering questions? Right so easiest thing join us on our telegram group actually I'll just jump ahead it's going to talk just about the challenges one thing here which is what makes us different from a number of other companies that we don't hold people's money we partner with entities that are regulated particularly banks and monetary institutions that actually hold the funds and we provide a layer on top of it so that Fiat is free to move on a blockchain level you are welcome to get in touch through our email the easiest way to get a hold of us I do suggest that you join our telegram group or even our telegram group for developers if you want to reach out with a generic question just email info at publicme.com if you want to reach out specifically to me you can find me on telegram or george at publicme.com that's it, thank you so much thank you so much George thank you for this presentation so you can definitely find more information there I'm just going to do a quick plug for our next webinar we do these twice a month so please mark your calendars and go to our events page on our website for the Simba chain presentation on July 28 and also there are a number of questions on here about FASU learning more where can I find more presentations or tools or more technical information you can do that on our wiki at wiki.hyperledger.org and also our global forum which just finished earlier in June all those sessions are available on our YouTube page as well engage with Hyperledger these following channels thank you again George and we are always open and available for anyone to reach out with questions you can join our many different community groups and we look forward to seeing you there thank you everybody thank you take care