 Let's use that. That's fine. So where are we today in terms of our blockchain ecosystem? We're in a world with like thousands of blockchains already public chains private chains Catering to different use cases in the public chain world We have smart contracting platforms like Ethereum anonymity coins like C cash Monero in the private chain world We have chains that are catering to interbank settlement to stock exchanges So my question for you is what if we could connect those chains in a more Natural way like today if you want to transact between chains You would have to go the old way of transacting across exchanges Sending your Bitcoin to an exchange like Mt. Gox bit Phoenix. You see the problems already. It takes time It's slow. It's not really native to a blockchain where you expect speed Safety, trustlessness. So what we were asking ourselves, what if we connect those two block those blockchains? And that's what we did with Comet. It's a protocol that does exactly that it allows us to do instant transactions across blockchains So how do we do that? We use three simple block three simple building blocks and I think for everyone if you're Technical or not should be familiar the first one is a concept of a multi-sig if you have ever opened a corporate bank account Share checking accounts where multiple signatures are required. That's exactly this concept The second one is the concept of a time lock If you have set up a trust fund that your kid gets access to when it turns 18 That's this concept and the last one is the concept of a password in this case implemented with a simple hash function So if we find a blockchain that has those three building blocks in its smart contracting language And we found even very simple blockchains like Bitcoin have those smart contracting capabilities of multi-sig Timelocking and the hash function Then what we found next is that more than 90% Have those building blocks that allow us to build the Comet protocol And I want to go a bit more in detail in how that works So we use two different concepts first the concept of a Cross-chain circuit when we go across chains also known as a hash time lock contract And I want to go through it real quick how that works even for those that are not technical It shouldn't be too hard to understand it uses only one thing it uses a hash lock You can in you can think about that as a as a password lock Where we have now two different chains We have transactions going from a user to a liquidity provider to a business Traditionally you would have an exchange in the middle or somebody that does a translation between multiple asset classes here But with Comet we can do this trustless and instant So if we have a business on the Ethereum chain wanting wanting to be paid in a sing dollar token And we have a user wanting to pay in Bitcoin Then what you can do is you can lock up the funds sending them to a liquidity provider under a hash lock So it actually starts here business creates a hash of a secret gives it to the user as an invoice User pays the liquidity provider locking up the funds under that hash Which neither the liquidity provider or nor the user can actually resolve and here from that point on the liquidity Provider knows that he can only get paid if he actually forwards the promised payment Like he would already have arranged beforehand What is the rate that he would would do this transaction and by doing the same transaction by copying the hash? You have linked those two transactions because you need the pre-image of the hash to fulfill either transaction Which means once the business sees the transaction coming in it would most likely accept it But and has therefore has to reveal the password has to reveal the pre-image This is the first concept which we use for linking multiple block chains And you might point out that this is quite slow because you have to wait for the settlement onto the Bitcoin blockchain To prevent double spans and then you have to wait For settlement onto the Ethereum blockchain that the business actually can guarantee it gets paid And therefore we use a second concept. It's called a payment channel to speed the whole thing up a Payment channel uses nothing else than a multi-signature address Who in here is familiar with state channels and payment channels? Okay, I think I want to explain that then Multi-signature is similar to a shared checking account So I will explain it in the world of finance instead when you open a bank account Where you have two signatories to give you a checkbook and every check only becomes valid when you have both of those signatures on it So what you can do is now you can go with your friend Assuming you want to do multiple transactions with him open that account But before you put money in you already signed the checks getting the money back out So each of you holding let's say a check over a thousand dollars Once you have cross-signed those you know you can get your money out by just cashing in the check So you can safely put in the money on the blockchain. The same is true. You can have a multi-signature account Where you already have signed the transactions to get the money out before you put the money in and here comes the trick once You have settled the transaction for putting money into the multi-signature account You can update the transactions who owns how much the equivalent on the checkbook Example is that we just tear apart the checks and write each other new ones because now We can do transactions that we don't have to wait for the blockchain to settle anymore The same is true of the checks the bank doesn't know who who owns how much because it have no insight over the checks until you Cash them in and basically close that account same is true here We can do transactions between each other at the speed of the network between us Simply by updating those two transactions so if we put those two together we have linkability between blockchains and We have the speed of real-time, which is just the network between the nodes and you can form a network So if you're on the same network then that concept exists Maybe somebody is familiar with the lightning network or the Raiden network Which are implementations of these concepts for a single chain what we're building with commit is using the same building blocks to go across chains solving the problem of Trading payments across any number of blockchain networks while retaining The real-time capabilities so you can easily like here I imagine a multi-hop transaction which still works by using the same principles of having a hash Therefore linking all of those transactions together that either all of them are fulfilled or none of them And because it's real-time you don't have to lock it up for long meaning you could do a transaction Saying okay, I want to get this payment through in one second if some of those nodes block it you just try again different route I Think I already have to finish up So I just want to finish up with the last words of Imagine where you can go if you have hyper liquidity between different asset classes Where would that go thinking about Goal thinking about real estate, but maybe many more assets that people are putting on the blockchain become liquid and usable Thank you very much