 Yes, it's live and I'll pass the host to you now and I think then you can record it. Beautiful. All right, I guess it's about a minute past the hour when we should be starting but I think we should hang around for a minute longer before we let these demo experts take the stage. Before we start, we have only a couple of things to talk about one is the that we are as hyper ledger we are part of the Linux foundation. And we have to respect the antitrust policy of the next foundation. The other, the other requirement is that we have to treat each other with respect, even when we are disagreeing. I guess. So, please be kind to each other that's actually a requirement. I'm the chair of the capital markets special interest group, and I'm calling to you from New York where it's almost midnight so forgive me if I'm a little under the, you know, not at my usual level. But I had known digital assets for a long time. Ever since the company started actually back in the day. So, I know about the, you know, how dammel came about and was bought from a Swiss company, the language itself. And at the beginning, the DA had its own blockchain, but now they are in the business of writing interoperable logic through dammel. So, I'm not going to talk too much more. I want this capable team to take us through this bond project that we have already heard about before. So, Karen, Doric and Casey are going to take over, and I'm going to disappear into the background. Thank you. Thanks for your pain. And thanks for hyperledger foundations invite. So today's webinar is really a follow up of Benedict lowlands introduction two months ago, and Benedict is the head of bank for international settlements innovation hub in Hong Kong. And two months ago she went on the same call and explained about the projects that be as innovation hub is taking on in Hong Kong and project Genesis has received a lot of the questions so thanks for the invite and today we are hoping to give you a deep dive how digital asset team has successfully developed the prototype. My name is Karen so I'm associate director looking after business development for capital markets for digital asset based in Hong Kong also joined very glad today. I'm joined by two of my colleagues in the same room also in Hong Kong is Doridu and Casey 10 from our technical sales engineering team, and they are both the real heroes behind the successful project Genesis. Before we went on to talk about project Genesis without probably we can just take a moment to introduce digital asset. We think we hope that you can comment on the history and development and involvement of the entire DRT evolution past but digital asset was really established was established in 2014 and at the very early stage as you mentioned at of enterprise blockchain. So we currently have 200 colleagues globally and Hong Kong is our impact hub, and working with the biggest financial institutions and also infrastructure to develop and help them to move on to the next generation of DRT solutions. We are very proud currently we have five out of the top 10 exchanges in the world that adopting this next generation and way of operating their business and utilizing digital assets modeling language demo which is a core part of digital asset which Doridu is going to explain further in details. Along in a pack right now we have three of the exchanges. We're working right right now with ASX to bring the entire cash equity settlement on to blockchain and in Hong Kong, we are also building with Hong Kong stock exchange settlement accelerator to close the to close the settlement gap in between Hong Kong's T plus two and China's T plus zero. In Singapore, we have worked with Singapore stock exchange and HSBC to streamline the issuance of life cycle management of that instruments. So all these experience and background led us to project genesis a very ambitious pilot that we think because that tackles every aspect and workflow steps of the real of a retail green bond issuance instruments. If you can just give me a second while I bring up the screen. So today's, so today's session is going to be divided in three, three parts. Sorry, when I just. Yeah, we're able to see your screen. Thank you. Thank you. So today's session we're hoping to break into three parts. I will explain about the project overview and the benefits. So Doridu is going to really give you a sneak peek of demo smart contract and our how we, how to accelerate the tokenization. KC importantly is also going to look at architecture and interoperability that has gone into this project. On the highest level, there are three key features that we have implemented for project genesis. First, it is about tokenization of regulated financial instruments. In this case, a retail government green bond issued by the Hong Kong government. Second, what makes the POC stand out globally is the ESG transparency enabled by demo smart contract. Third technology wise, we are very happy to share more in detail and the two ledgers that we have implemented are both falling under the hyper ledger big umbrella about tokenization. We know that tokenization is a buzzword and for us at digital asset tokenization is not just about digitizing digitizing security. Securities are after all already digitized for two to three decades. It's also not just about minting and burning and slicing tokens for liquidity trading. After all, if we compare to securities that are digitized, we think that a lot of that benefits have already been realized by the digitization past through dematerialization process. What we think the industry decides is standardization and ability to really in that life cycle events onto the security itself. So is sure, for example, for if we take bond coupon payment as if for example, so is sure currently is sure paying agent depository and also investors need to keep their set of ledger for the record. If we are able to bring all the process on to a DLT facilitated infrastructure, all these tasks can be mutualized and held on to as some held on to the common infrastructure and no institution need to keep their own set of the records. Second about green impact and traceability. Why financial institutions globally have been trying to figure out how green data can be standardized captured and validated. We have project genesis set a possible solution for the industry to capture the green impact data using IOT from the source and also embed using smart contract natively onto the security itself. For project genesis, we worked with all info, another Hong Kong based startup. Third, architecture wise, we reached a breakthrough in terms of DLT technology, we think it's a first time that a project is not run on just one set of DLT enterprise network, but we implemented on fabric and best. The reason for two DLT network is really to ensure the prototype designed is both compliant with the current securities regulation in Hong Kong, while ensuring the highest level of privacy. So we are glad to conclude that our prototype is fully compliant with the current regulation in Hong Kong, and each stakeholders are still taking the same roles and responsibilities. We didn't cut out any of the intermediaries yet we're still doing we're still able to achieve a more efficient and at the same time cost reduction through the entire process. So we have included more of the details in our report that it can find on the BIS website I will also provide a link at the conclusion of this call. So the significant benefits can be achieved and we estimate around 50% efficiency improvement from the current assets approach, cutting down the time for issuance from one to two months to around a half. Closing. Technically, we can cut the closing of the setup closing of and the settlement of the bond at the end of the subscription from seven days to in theory zero days and trading again. We are able to theoretically cut down the T plus two or T plus three four months to T plus zero. We also included a very ambitious quantitative analysis to and estimate around 18 basis points improvement that can be achieved by this prototype. So that's point one 8% cost benefits you probably don't think it's too much but for bond and when we were still at the moment at a near zero interest rate environment we think that's something that the interest industry as a whole will be. We want to take a look at it. We have also concluded that every of the participant is able to realize to some extent benefits for compared to the current way of operation, but there are mainly two aspects I'm hoping to highlight one is about ownership and the other is about automation. A very sweet spot we think DLT enterprise DLT use cases is for enterprise DLT use case is that when you create a single source of juice for who owns what when. This is a very classical use case and a big part of work that we are currently working on with ASX Hong Kong strange and also here with project Genesis. It is about to create a digital custody to assure asset ownership at all the times that the double spending problem that is tackle by using blockchain. So during the subscription period information flow is from the investor to placing institutions such as HSBC or send a charter to each KMA during the closing period the information flows back from each KMA to placing institution to investor. And a lot of the efficiency that we have found in the market is about is because the intermediaries need to enrich their data and ensure the process follow their own format and their own business logic and. Technically, if we're able to bring everything onto the DLT a lot of the efficiency can be gained just by knowing the ownership at all time. And the second point about automation. When we are looking at the evolution of the bond from paper first we have the paper certificate and then people realize that if we centralize every of the record keeping into centralized into a central security depository CSD. We are able to derive a lot of the efficiency from from the central keeping and CSD also through the past two to three decades having forced digital record keeping the digitization itself is a representation and does not contain or encode the behavior. So digitization have already increased a lot of it has as a result of the digitization, a lot of liquidity has been freed from the ease of trading, but we think the true value of tokenization by in plan by implementing DLT and smart contract is the ability to encode all the behaviors and the rules directly into the token itself. So again take coupon payment as an example, we no longer need to keep a record or as an investor or the institution, the paying agent and every of the intermediaries along the chain, everyone can rely on the common infrastructure, for example. So our conclusion really from this prototype is that even though we don't cut any intermediaries and we follow the SS process and just by being very fully compliant with the current securities regulation, we are still able to derive a lot of efficiency and cost benefit from it. And our colleague, Dorit is going to tell you more about how demo smart contract enables that and Casey looking at the architecture side. Thank you Karen. Yeah, as Karen already explained that Karen, yeah, thank you, as Karen already explained that on the background of this project. So from my side is more explaining how we model the bond with the smart contract. And demo is our company product, which is our open source third minute has shall be the smart contract. And then that demo is a decided for compliant comprehensive tokenizations that again bundle with rights and obligations. So in this example, in the slide, we actually showing the how we tokenize model the bond with the demo smart contract. And in demo, first of all, you can see here we define the bond token by using templates template the concept is similar to closet in Java. In a template defines the type of conscious that can be created. And then contrast is actually the instant of the template, or the other way to explain will be the object in Java way. And in terms of the rights and obligations, as you can see within the template, we also defining the authorizations in three ways. The first one is a signature. So signature meanings that who able to create this contract out of the template. Second one is observer observer is kind of like have a weak only access to this contract. The first one is a controller and controller, which is they're able to exercising the choices. So choices is quite similar to functions in Java choices are part of the conscious templated. It is a permissions that functions. So what does mean by permission functions, meaning that every function you have to define the who able to access that particular choices. So in this example, you can see in the bond template under the with plot, we have data model specify who is the issue owner and all the life cycle details of that bond. And then you can see some of the assert and then authorizations and underneath that you can see free choices. One is split merge transfer. So these activities actually we granting the owner who can do these choices. We didn't include it in this in this slide. Actually, there is one important choices, which is from the issue or they can issue the coupon payment based on the bond unit and this bond token. Can you please mix that. Yeah, thank you. So in this light, actually, we want to show us how demo deliver a sheer state of machines across their whole ecosystem. And then, so each of the transactions that make up of one of more choices will cause a conscious state update a closer affected note in a synchronized that will synchronize that in the real time to every affected note as well. So here we are giving we're taking free example, the first one imagines that it now is the primary issuance phrase, the investor joint subscribe the bond, and then HKMA, which is the bond register in this case is confirming the allocation. And then the issuer here will be sending a transaction to create the bond contract with the owner as john. So you can see in the slices born contract number 45. And then secondly, after that, when fit imagines that now is in the secondary trading phrases, john want to sell partially to another investor can't. He wants to sell because original unit is 100. And he wants to sell the 16 unit to join. So what need what's that need to be done. The first one is join me to send a transaction, exercising a choices to split the original bond, which is 100 units. So now in the second one, as you can see, the contrast number 46 and 47 got splitted once on contract bond contract with 16 unit, and now the bond contract with 40 unit. So this is the first step in the secondary trading. The second step is actually john exercising a choice to transfer the bond, which is he want to transfer who he want to sell that to another investor can't. So it's by exercising the transfer, and then you're acting their parameter, which is their new owner. And then the previous contract will be archive. And then the new contract on number 48 will be created with the new owner can't. So this is showing that how the contract in mute in within the ecosystem. The last example that we want to show is the issue is at the coupon date want to give in to pay out a coupon. So because that on every contract. The signature is issue. So issue is able to see all these bond token, it can fetch all the bond token at the coupon date, and then exercising the choice pay coupon under the bond contract to to give out the cash. So, when the issue exercising the pay coupon, actually, the previous con bond concept will be archived and new set of the concept will be created with the updated remaining coupon data. And at the same time, a cash token will be also transfer from issue wallet to the owner. So in this case can't and join as well. Okay, the next step the next slides actually want to show you all the example I showed that from the previous two slides actually you can find it from our open source of finance library. What does the this open source of finance library content is actually some of the fundamental financial instrument definition as you can see in the in the blue box. This is giving you, for example, how the SS looks like by using the demo smart contract model it and how does the settlement transfer dvp etc would be looks like. And then in the second layer which is their big box in the middle is actually giving you a framework to tokenize a security by using this one you can tokenize that any security that you want. And of course, in most of the case that we need to customize a little bit. So for portrait geniuses because that is a more Hong Kong retail bond specific, and then we customized some of the ruffle on top of these two finance library. And then also we included the green disability component in this one. So with this library and also the smart contract, the demo smart contract is actually giving accelerate the time to market. And then giving you some of the so called industry framework. Maybe without further deal, let's just play a video to show you what actually we did for this project genesis. Yeah, thank you Karen. Sorry, maybe start from the very beginning. So this is the prototype of the UI we built for this project genesis. And then you guess you can see. So we build a tool interface for this POC one is the web web applications for institutional participant to to to manage the bond as well as managing the life cycle. And now the screen showing is the mobile app which is we provided for the retail investor to onboard and then subscribe and then also monitoring the life cycle of the bond. And then you can see we also do the mock up of the KYC which is sort of Joe meal and then Yeah, taking the photo of their the ID card, etc. So here is the band to is a placing band who manages the onboarding from on behalf of the retail investor. And then so here is the God, Hong Kong government, Hong Kong government in this case the issuer, so manage issuing the bond. So filling out all the term she's what's the criteria of that particular bond. And once it's done. Each is for this bond term she's will be visible by the HKMA and placing band and all the current manager as well. So HKMA in this case is the bond register will be approving this bond proposal. And then we have a couple of steps, which is coarranges need to approve the term she's as well. Last but not least would be on the legal console need to approve as well. And still remember that this one is a green born so we also involve the green data provider, which is all infer. So we add extra step to get the data license, and also what does it mean by this step will be actually all involved will be provided live data streamed into this bond. Here comes to the subscription phrase. HKMA will start. Yeah, maybe a little bit fast here. Yeah. So HKMA will start subscription. That means this point will be available to the public. And then the investor they can come to the mobile app and then seeing this bond available. And then they can subscribe by using fiat or the stable called or FPS at the close subscription period. HKMA come here and then stop allocations at the back. Actually, we have an algorithm that's which written in demo smart contracts as well to do the allocations. So the allocation result will be real time visible to the placing band as well as the investor. At the settlement stage. This one. Actually, there will be a dvp on chain dvp happened at the back. So before settling it actually placing band they need to confirm the allocation result on behalf of the investor. So once it's done. The bond will be made under the investor wallet. That's it. Thank you. Let me just pass the time to Casey and explaining the architecture of this project. Thank you. Thanks a lot. Thanks for the introduction on the demo itself. That's very important because that's the soul of the whole project. All the workflow, everything is coded in the demo, but we need an infrastructure to support this such that we can we can implement. Truthfully, what we promise. So just to protect whether my screen is shared and everything. Okay, thanks. So there has mentioned quite a lot in terms of the demo, the language itself and also the contracts. And in fact, everything finally really to land on landing on the infrastructure. So that part is what we are going to talk about. So before I go into the very, I mean, just show you the diagram that we're building for this project. So it's many stuff but I try to I mean in the coming five to 10 minutes. I will unlock each part of it because that's important to show that how we always mentioned that previously is the most important part how the contracts are being placed on the right components. So I try to use this diagram to make out and by the way, we see our friends here, we see fabric, we see best. So I'm talking about I mean how infrastructure I mean how fabric and visual is contributing to into this whole infrastructure. So at the very beginning, I will first start with the middle layer, you see there are six boxes here, we call it participant notes. Oh, by the way, I should mention the name first. This infrastructure we call it Canton. And you probably heard about this for quite a while. I mean, we can use Canton to describe many things but at this moment, I will say it is this infrastructure is the Canton infrastructure. And later you will notice that I talk about Canton as the ledger or distributed ledger in particular, but let's focus on the infrastructure first. At the first component inside the Canton, we call it the participant notes. You see that here there are six participant notes. What's inside participant notes is very important. First, all the demo code, the financial library or the customized code are uploaded into the participant notes. That means all the participants are executing the same business logic across the whole network. So in this case, the six participant notes are sharing the same business logic written in demo. Sometimes we call it DAF file that is the right term we record when we upload the DAF file to the participant notes. And another component inside the participant note is where the party is being enabled or being allocated. When we talk about the parties later, it's on top of this diagram. You see HKMA, CMU, all the components investor, coranger. So these are the parties that you just saw the demonstration. Those are the parties interact with the ledger. That is the parties are defined or enabled inside the participant notes. That's the second part I need to highlight. The third part is what we call the contract. That is the actual source of truth for everything. If someone, if an issuer has issued a bond unit that investor is holding, that is a piece of contract written in the participant notes. And this information will always be served as the source of truth. Since every party, I'm very comfortable if that contract is in the participant notes. So these are the components inside, these are the components inside every participant notes. But interesting enough is not the same piece of information will exist in all participant notes. It really depends on whether these contracts are relevant to that parties. I'll call an example later, but let's, after the participant notes, you can see in the upper layer, we will have the API. That is how the external world is talking to, accessing to the ledger, accessing to the, or exercising the choice as what Dorit mentioned before, or creating contracts. So it is done through the JSON API, and we also support GRPC ledger API here as well. So the application is written on top of this API, and this is the only accessing point the external world is talking to interacting with the tent on environment. Last but not least, as I mentioned before, there are parties defined on each participant notes. And when a party is defined as participant notes, this is important because that is where the party can act as an agent interacting with the ledger. So for example, if an issuer is interacting with the participant note, that issuer must be a party on that participant notes. And just like this one, the investor is in this part, when the investor needs to take a look on what's in, what, what, what, what, or how many board units do I have? They are, I think, through the as a party and through the API and get the truth information. You probably will see that, hey, how come there are so many investors are putting in the same participant note? In fact, it's quite flexible. Because when accessing the, accessing the technical environment, you can use as a, you can just use as a party to connect into a participant note. Or in many cases, in fact, each participant note or each company or each organization, they may have their own participant notes. But just for this POC, we just bring up six participant notes. There's no limit on how many participant notes you are going to deploy. It's really up to the business needs. So for example, at the very beginning, if HKMA and CMU, they try to, they prefer to have separate participant notes and hold the source of truth on their premise only, they definitely can do so. But I mean, for this POC, we just put them there together. So again, we have that possibility to allocate parties on different participant notes. But more importantly, once you allocate a participant note, if say there's a contract between the coarranger and the investor. So this piece of contract finally will only landed into these two participant notes. For others, if they are not the relevant parties, if they are not observers, if they are not the controllers, they won't see this contract that's guaranteed by demo and also guaranteed by the Canton system. That means if somehow you break into this note, I'm sure you cannot break it. But once you break it, you cannot find this piece of contract because the contract only exists on these two participant notes. That's what they cannot technology guarantee on this part. So this is just the upper part of this diagram. So we are okay with the participant note. How many participant note depending on the business needs, but how the participants are talking to each other, they need to exchange message. So then we go into the underlying, the bottom part of the diagram. It is what we call the domain. So in this diagram, you see there are two domain here, or more direct term we call it domain operators. So in this case we have two domain operators. One is HKMA, one is HKEX. So this domain is responsible to link the participant notes together to exchange the message securely. I will touch on why it is secure. But the most important part is this domain operator is always the one, I mean defining the application you are going to use. And also the domain operator, you will see very soon that there is an underlying ledger supporting that. But before, you probably see that in six participant notes, they are not all connecting to different domains. In fact, this is also another important flexibility that Kenton promised. It is that the participant note can connect to a lot of domains depending on the business needs. So for example, in this case, you will see that the participant notes for HKMA is only connecting to HKMA. That means this participant note is not participating into any HKEX related business or business or activities. But it is possible to have more than multiple connections, just like the second one, the legal counsel. The legal counsel participant note is connecting to the HKMA domain as well as the HKEX domain. So this participant note can interact with both domains, both set of smart contracts. So again, whether a participant note is connected to one or more than one domain, it really depends on the business needs. In fact, I will touch on this after this infrastructure introduction. In fact, we are envisioning the future is there are a lot of domains that a lot of participants can join based on the business needs. But let's focus on this infrastructure first. So inside the domain, we need some technology to synchronize the participant notes. So that's where the underlying DLT is being introduced. So in this case, we just for POC, we introduced the fabric as the underlying DLT for HKMA. And on the BESHU, for the HKEX domain, we just put the BESHU. Why these two are selected? Because it's hyper leisure community, right? Not only because we just try to see that our domain can interact with different types of leisure technology. And in this case, I would just choose one on fabric and one on BESHU. In real life, they may choose some other underlying technology. But in general, it is how we are using the underlying digital leisure technology like fabric, like BESHU, to ensure the synchronization across the participant notes. And that's why you see that, I mean, we are using the DLT on this infrastructure. But again, the most important part is the source of truth is always on participant notes. And both fabric or BESHU on other leisure technology will supporting this to make this happen. And these are how the infrastructure looks like. So I hope this, just one page, I spend, I mean, 10 minutes to have first ideas. So I hope, I mean, the takeaway is we know what participant note is, what domain is, and also how hyper leisure fabric and also hyper leisure BESHU will be part of our infrastructure to support what we have built that you saw the demo and also the demo code and financial library that DLT just introduced. So with that, let's go a little bit further, see why we are introducing the Canton as the technology. And that is also how they see how the world, the DLT is being involved. So at the very beginning, we all know that the first member coming up is Bitcoin, that is what we call the public blockchain and also Ethereum. So in this case, it's something really changing the world. Everyone's, the most important part is we call it safe because everyone see everything. But that may not be applicable in enterprise environment because in enterprise environment, there's still something that only the relevant parties or participants will know each other. And that's why we see some of our, our, our, our friends like distributed, like fiber, BESHU coming into the picture. So they bring up if some framework that can help or enable consortium of companies, organizations, they can share, they can exchange information very comfortable and also in a secure way. So the privacy at this moment is between the, between the organization. So, but, but again, in this type of setup, because of the, the synchronization and also the consensus requirement, there's still some party can see something on it. So, and that's why we introduce the idea about Canton, it is a mesh idea. So in general, you can consider this big circle, they overlap each other. The idea is these big circles are something we call the domain. Inside the domain, just like I show what HKMA domain, HKA domain, and we are envisioning a lot of domains coming up in the future. Some investment bank are building their own domain. So these types of domains are something that just like a business network. When you as a company try to join this network, in fact, what you did is just, you just bring up your participant notes. And depending on your needs, you can connect to more than one domain. And then you, once you have the right set of smart contracts, then you will be part of that environment. You can interact with other parties who are already on that domain. So these are the ideas we are thinking about. Oh, in fact, I missed one point before. So, if you don't mind, I just go back a little bit. So when the participants are communicating to each other, say the participant note, need to talk to participants note two. In fact, physically, it has to go through the domain, have the consensus inside the underlying ledger, and then the participant note two will receive the data. But the most important part is this data is encrypted as an end-to-end manner. What does it mean? That means that only participant note one and note two can see the actual data. If it is a bond unit, a one million bond units, that one million bond units can only seen by these two participant notes. Although physically, the path is going through the underlying technology, underlying distributed ledger technology. If you double click into it, you only see the encrypted information. So that is important because, as I mentioned before, in the future world, we reach this type of multi-domain setup. We still enforce certain data purposes across them. Although we are using the same domain like you and I are using the HKMA domain. But all the communication is encrypted. That means only you and I will see what the actual data is. Even the HKMA domain operator, they know something is passing through it. They have the log of that data, but they have no intelligence to what it actually is. This is why we always mention that Canton is the most important part compared to some other enterprise DLT solution. That is exactly what we're building right now. You see we have different participant notes and also some banks. Again, this is just the admission. There are a lot of domains here. They have different domain operators. They are running their own set of smart contracts. But when some participants try to interact with each other, they try to talk to each other. They are going through this mesh network. These are what, I mean, YBA Bill Cantor, and also we are considering the future of business that looks like this. So I end my introduction here. I know there's a lot of information, but hopefully you will get some idea how the infrastructure is supporting the smart contract that built with Financial Library and also the customized demo contract, such that we promise the privacy enabled in the demo contract will be executed faithfully in the Cantor infrastructure. So I just stop my part and I pass it back to Karen. Okay, see we need to stop you there because there are a lot of questions. And I think so far there are questions, all the questions are related to Cantor protocol. So if we may just go through the order. So there's a question from Weicheng. May I know if the Cantor protocol is recommended for production use? Of course. Yeah, of course. March? Yeah, I guess March. Before, I mean, when we do the POC, in fact, we are using the PGA version, but you can see that it's already interacting with different types of ledgers. So that's the first point. And the second point, in fact, is the most kinds now implementing is already in the Cantor setup. So I will name different customers, but every customer is now using the Cantor. They're building up right now and they will soon, they will be in production, I mean, very soon. Yeah, I think the questions are all related or all focused on Cantor because the market or probably the audience also see the value here. Did you guys say we have launched or we have rolled out demo 2.0, which is a combination of demo smart contract and also the underlying protocol interoperability protocol Cantor. So today I think our session is also very naturally divided with Dorit explaining on the demo smart contract side and also Casey giving you a very sneak peek of the Cantor protocol. And there will probably be more questions related to our project agendas or Cantor. So feel free to contact us. We will probably leave our contact in the chat room before the call ends as well. And which also have a question is related to hyperledger fabric and the BASU. So he wants to know if we can transfer bond assets from fabric to BASU network or same bond assets will appear both or as a mirror assets on fabric and BASU. That's a great question. Very, very great question. I keep receiving these questions every time I finish my introduction. So the idea, in fact, when we talk about the interoperability across these ledger technologies, in fact, what we are unifying them or interoperable with them is at the demo level. That means all the assets, in fact, are defined in the demo as the active contrast. And we are using the underlying technology, fabric and BASU to make it happen. So in that case, we are not interacting with the asset in the BASU network or in the fabric network directly. So to answer your question, in fact, for those assets already defined in the fabric or BASU, we need some external mechanism to do the, say, SSWAP, for example. So you probably heard about something called hash time lock contract and that is available in the demo, interacting with BASU fabric. I personally test both as well. But back to the question, let me repeat it again. We are not interacting directly with the asset here. The fabric and also BASU are providing an environment, a synchronization layer for us such that our assets defined in the demo, in the participant look truly reflect the real business relationship. That is how it works. And also on a high level, I think the reason that we come up with two domains for this pilot is because BIS and HKMA, they want to have an ambitious tokenization pilot to look at the end-to-end steps for the retail green bond. So we start with HKMA governing. So we start with the primary issuance process with which HKMA governs all the business logic and they are the validator for the golden source of juice when they do the allocation. And during the secondary process, when the tokenization prototype extends through the secondary process, we are having a Hong Kong exchange being the platform that the securities transact on. And so Hong Kong exchange can have the ultimate say to the transactions and they validate or have the finality to all the trading happening on the platform. So we think in a real world, it's probably too idealistic for one of the domain or one of the enterprise blockchain to come up with the end-to-end solution in practice. It's multiple domains need to come together. Like in our current world, HKMA and HK exchange needs to come together to facilitate the end-to-end process. Just two questions from Dennis. The first is talking about how the template and interacting with the domain. And the second one is, I mean, bigger. So for various domain, that is very important upon your help be to elaborate how the demo Stash Canton is different from other distributed technology framework like FabricOfficial. For others, I mean, we always start with the consensus the mechanism and then the nodes and then the smart contract language. So it is a stack of the of each framework. You see the Fabric, you see the and also others as well. But thinking another approach, we start with the smart contract language. So that means, in fact, our focusing point is how to call the business logic as meeting the right business relation in the real world. So that part is purely a demo language. You don't need to care. I mean, what underlying technology are you going to use? So that's what we always call call once you can use many times. So just focusing on build those business projects in the demo. And once the demo, the templates everything is successfully, you can test it in your environment. And then it will be converted into a file. I mentioned this before. That file is uploaded in the Canton environment. So that means when you build a file or the demo model, you don't need to use the Canton software handle this for you. So we come with the driver interacting with those, those technologies. So short answer is you don't need to care. I mean, you're just focusing on the business logic in the demo language. So that's one part. In fact, there's another related questions is about when the Fabric network is already running. I mean, do we need to write something additional on top of it? I know you don't need to. The idea is when the Fabric network is already running. And that chain code is just deployed on the channel. So once the Fabric is running, you just allocate one channel and deploy our chain code. Then our driver will interact with the the chain code we provide. So the short answer is no, you don't need to touch everything you have today. You just keep your Fabric network running. Just dedicate one channel for us and then the Canton setup will talk to that channel with the chain code. So that's how things work. Thanks. Just one thing I want to highlight is for each of the domain, you can write a business logic-specific data file. Let's say from the project genesis case for the HKMA1 actually we are writing the business logic of the primary issuance which is we're creating one data file and then another data file is more related to the secondary trading. So that's why it's related to the HKEX and both data files are actually uploaded into the participant node. And so that's why the business logic is actually interacted with the Canton protocol but not in the underlying blockchain. I think we still have time right? Feel free to ask any questions. If you like. Okay, I saw a question about the solution-employed demo hub for department. Another good point here. So the demo code itself again as I keep mentioning that the demo code, you just keep focusing it whether it's deployed on demo hub or deployed on a Canton environment or maybe just deploy a sandbox in fact you don't need to touch on the demo code but for this deployment we are deploying all the components you see in the infrastructure in AWS environment so and this is just for this POC but it doesn't mean that you cannot do it on the demo hub but make sure I mean you follow what demo hub provides. See for example you may not be able to have more than 10 nodes etc but that is I mean from the demo language or the code that templates everything as well that set of demo code can be used in demo hub sandbox and also the environment that I showed you before. Yeah and also for everyone's benefits we can probably explain about the demo hub so demo hub is a managed service provided by digital asset and it's running on cloud environment so we take care of every of the like the authorization of the access control and also all so you can literally I think as our co-founder Eric puts it you can literally have a marketplace within 15 minutes from the start to the launch so it's a great way to accelerate and also act as a sandbox even enterprise block eventually wants to deploy on a DLT. In the portrait genesis case actually I built a business model in my local PC and then I compiled a DAF file and so by using this DAF file you can also deploy it in the Kenton protocol or actually you can also make use of this DAF file and upload it to the demo hub and run your own applications there is a very good example in our GitHub open source repository which is the DA marketplace and underneath there is a very detailed guide to showing you the steps how to deploy it in the demo hub and also showing you how to run it locally with the DAF file. Thank you for everyone to dial in to today's session so we hope that we have given you some more behind the scenes actions of how did you guys implement it portrait genesis and please feel free to reach back to us if you have any more further questions. Thank you for the wonderful presentation and Julian is and others are planning more sessions we see in the chat there will be there are questions to or there are inquiries to keep to have us share some link of the GitHub the link so we will probably just keep the chat running for another five minutes and we will provide the answer and the link in the chat box yeah looks like Dorit has already provided the link for the for that GitHub yep this is the one I was referring to and as I was saying we will have more presentations on similar topics in the future and Julian and I probably planning the other sessions and hopefully we will be able to look at other great projects happening there in the Asia Pacific zone and thanks for showing up and thanks to all the presenters and we'll see you next time in about a month in in four weeks in the APAC zone and in two weeks in the US Europe zone but of course that will be a time zone when most of you guys cannot attend so this is the way we have structured this whole couple markets so that we switch between US Europe and APAC and to highlight the projects that are happening in each region thank you and we will see you in about four weeks thank you thank you Dorit, thank you Karen thank you Casey thank you Liping for Dali in your midnight yes it's midnight