 Hello everybody, Konichiwa, Watashiwa, Grahamadus. Hello, dear Gwet, Graham Dabarasanam Dham. Hello everybody, Graham Dabaras, my name. I am the CEO of BitCart, and I'm also a member of the expert committee on the Nomad Institute. My talk today will be on technological sovereignty, Bitcoin, and human dignity. Seeing as we're here situated in Osaka, in particular the Osaka Bay in the port, for what is essentially a human rights convention, I thought it was pretty apt that people start talking about the human rights situation here in Osaka. If you don't recognize this statue, this was erected in San Francisco in 2017, which represents a Chinese teenage girl, a Philippines girl, and a Korean girl. Due to the 200,000 enslaved women that were taken and captive by Japanese during World War II, the Osaka mayor doesn't seem to think that this is the reality, but I thought it was necessary to share this with you in the context of presenting here in Japan. So what is technological sovereignty, just to break it down for you? We're talking generally about freedom from outside interference, whether this is as a member state or as an individual. Bitcoin, which we all know and love, is globally accessible, indiscriminate, and irrefutable. And this can also be synonymous with human dignity or human rights, which is universal, inalienable, and unconditional. So colonialism, or pre-colonialism, kind of looked a little bit like this on the left, where generally Great Britain, Portugal, etc., would take land captive to produce products, or spices, and export them back home. Well, today we've basically gone into a digital colonialism, which revolves around economic and media. And we know this through debt. That's essentially what the West are imposing on other countries. So it's a form of US hijonomy. How do we protect ourselves from this? Well, we use open source technology, number one. Bitcoin serves as a potentiality for a more humane approach to digital rights, duties and privileges. And there's already countries today that have mandated this in their laws that the Republic Administration will only use open source technology. This includes Venezuela, Russia, and Cuba, due to obvious reasons. So I come from the Republic of Ireland, where we are a very neighbouring country, Great Britain. August is Thirgon-Tonga, Thirgon-Anum. And that roughly translates to a country without a language as a country without an identity. And despite a hundred year revolution where we have an independent free state in Ireland, I notice how I'm speaking in English language, which I am actually an Irish native. My number one language is Irish, and yet 90% of my population speak English. They watch English movies, they listen to English music, and they support English soccer teams. Every Saturday they go to Manchester or Liverpool or London to support a team where they actually have this in their own country. So you can kind of see this as an indirect colonialism, which is prevalent in many, many countries today. So how do we serve to protect people with Bitcoin? Well, we're doing this with our product BitCart, and it serves as an alternative economy in countries like Venezuela where people are able to actually trade in gift cards using Bitcoin and Bitcoin Lightning and live on these products and this currency as an alternative to the Venezuelan Boulevard, for example. So someone on my website can earn in Venezuela in an hour, five or ten dollars, which is the equivalent of 30 days salary for the average person in Venezuela. So there's many teenagers and young adults who are actually earning more money with Bitcoin and Bitcoin Lightning than their predecessors and their superiors. So I would encourage you to maybe check this out. It's called BitCart, bitcard.io. And yeah, I guess that's kind of it for me. If anybody wants to obviously look at this website, please check it out. But also in general, I think Bitcoin is a very, very powerful tool and that's why we're here to use it. So yeah, that's all for me. I don't really have much time. So hopefully you come and meet me afterwards and you come chat to me. You can notice me in the Irish jersey. So yeah, thank you very much and enjoy the rest of your time in the lovely, beautiful city of Osaka. Hello, everyone. My name is Dusan Kovacic and I'm from Rockaway Blockchain. Today I will talk about governance of decentralized protocol. I mean, as there is certain schizophrenia about the needs for the government during its life cycle. So in the early stages the protocol is bootstrapped by the founders and basically all the resources including the team, the roadmap are allocated and controlled by the founder. However, as the protocol becomes more mature and people become dependent on it, suddenly the features of being centralized, fast flexible, becomes unwanted. I mean, nobody really wants to lock in their future on a platform that is actually controlled by a bunch of guys in a very non-transparent fashion. So before we go further, let's ask ourselves a very important question. Is decentralization the number one problem to be solved at this moment in the space? Definitely not. However, can the protocol succeed in the long run? I mean success in a way that it will be used in a business critical system and I also think it's not possible. So, I mean, looking at the current landscape of project and I'm an investor so I see a lot of platforms being created. We expect, I mean, the project expected the transformation from centralization to decentralization will somehow happen. However, usually it's not really the case. So, I mean, again, looking at the history, figuring out on the way doesn't really work. And whatever foundation you can put into the slide and it would actually apply. So how can it be actually done? What can we do to the proper transformation from the centralized stage to the decentralized one? And I think it's really important before we come into the details to understand various actors in the ecosystem and basically start the process as first of the users get onboarded into the platform. Because before that, it's perfectly fine if the protocol is in the central stage being controlled by the founders, investors support them, core developers have the same incentive to basically make its access. However, when the users start being onboarded and build prototypes on top of the platform, unless it is becoming decentralized in its governance, they will not be incentivized to switch to the production state. So what are the key takeaways from here? I would say take decentralization as a process. It's not the state, it's a process and implemented into your projects as a work stream that can be regularly checked on. For a business to switch to a protocol, it has to have certain confidence that it will be here tomorrow. It will not change so that he can rely on and be confident in locking the future with this platform. Check out Aragon, check out DaoStack. I really think these tools can be implemented to govern the protocol in the later stage. Thanks very much and have a good day. Hi everyone, my name is Bobby. I'm the co-founder of CoinGecko. The topic of our presentation today is market cap and objective measure of crypto assets value. So yeah, a little bit about CoinGecko. For those of you who do not know what we do, we are a crypto data aggregator. We track price, market cap, trading volume for over 5,300 coins, over 380 exchanges. We are one of the top 10 largest crypto websites in the world. We have an API that's used by Maite Waller, Eaterscan, Metamask, Trezzo. Every quarter we publish a crypto report. Today we just publish a Q3 report. You can check it out on our Twitter at CoinGecko. So based on my topic, this market cap and objective measure of crypto assets value, one of the things that we have learned from running CoinGecko in the past 5 years is that anything that gets measured gets manipulated. And everyone's out there trying to manipulate things. So don't believe everything that you see or read on the internet and especially on crypto sites. I guess the question to ask is, how do we end up in this situation? Why is everything that gets measured gets manipulated? So I guess the answer is pretty simple. I call this a fake it till you make it theory. Everyone's got an objective. If you run a coin, you have a market cap. You want to be known as the token that has the largest crypto token. And one of the ways that people measure crypto assets at this point in time is using market cap. So everybody wants to be known as the token which has the largest market cap. And what they do is they try to do what they can do to manipulate their data. And when they have a large market cap token, we get some positive media attention and then some people will start researching about these crypto assets and then some people will start believing that this token is actually reliable and big and all. And then some people start putting in orders and then sooner or later perception becomes reality and this becomes a self-fulfilling virtual cycle. So I guess the question that we should take a look is, how is market cap calculated? So if you look at traditional markets, market cap is pretty standardised. It's basically price multiplied by shares outstanding. And in traditional market, shares are only traded on usually one exchange and the shares outstanding are defined basically all the shares that have been distributed, that is attributed to shareholders including shares helped by, restricted shares helped by company insiders. Now, if we use the same concept in cryptocurrencies, then token market cap equals token price multiplied by token supply which is actually a very questionable metric to begin with but let's just kind of stretch it and let's see. So how do we calculate token market cap? So price is basically relatively simple. Tokens are traded across many exchanges. You take the volume multiplied by the average price across all exchanges and the supply. Now this becomes hard. How do we actually measure the supply? Everyone uses circulating supply but how do we actually calculate supply? So let's say if you're a crypto asset token team and you want to manipulate your market cap. Now let's try to give our asset a very high market cap. So based on this formula token price times token supply so there's a couple of things that people do to manipulate their supply and we have seen this happening many times in our work at CoinGecko so a lot of these guys try to come up with a token which has a large upfront supply and what they do is they do pre-mine, they insta-mine them and then do you include or exclude them from the circulating supply and that's a debate that a lot of people go through. What about tokens that have been issued to company, teams, investors token? Do you include them or do you exclude them? Arguably you can say that tokens that are held by the company are restricted tokens and are therefore like treasury shares which should not be included. What about tokens that have been issued to team? If it's locked or not locked, which token should we include in the supply and all this thing makes a big difference to the market cap and what about airdrop token? If you create a token with a lot of tokens and just airdrop them like you guys all have Ethereum wallets and you know on either scan you get like random ERC20 like being distributed to you like all this does do you count them as a circulating supply but nobody really uses them, right? But from the team they say I've airdropped these tokens to everyone who has Ethereum address after these tokens so it gets calculated in the circulating supply as well. What about lost tokens? For example like by some measures like Bitcoin has two to three million tokens that have been lost do you include Satoshi's coins for example in the circulating supply and I guess the biggest one of all is Falk tokens. Bitcoin has Bitcoin Cash, Bitcoin has Ethereum, Ethereum has Ethereum Classic it's very easy to fork a coin these days but do you include the tokens that have never been claimed? At the moment a lot of measures of market cap includes all these tokens that have never been claimed and actually the hardest thing is how do you even know which coins have been claimed and which have not been claimed at all? So let's reverse some of the numbers there are many ways how you can manipulate numbers go out there try to figure out a lot of website claims they have the circulating supply we try to be as transparent as we can we put the methods so this is an example of 0x we take a total supply of all those tokens that are locked but go out there and try to find and it's really hard to try to reverse engineer all these numbers from all the crypto aggregators out there in the market question is are there any other valuation metrics besides market cap then? I guess some things that you should take a little consider is network value to transaction ratio the NVT ratio populace by Chris Berninsky so take a market cap and then divide it against a number of transactions because you may have a very high market cap but no transactions going around you may want to take a look at developer activity take a look at how many commits, how many pool requests, how many stars how much activity is going on at development take a look at total number of transactions are there any transactions going around any realized cap and maybe for exchange based tokens you might want to take a look at any DCF model to take a look at cash flow basis so yeah basically that's all I have today so thank you very much anything that gets measured gets manipulated thank you what's up DevCon? how you doing? yes thank you honestly to start off just want to say thank you for choosing my talk to come to realize you guys have a lot of options might not be the most sophisticated talk but hopefully the most entertaining quick shout out Alcomy fam love you guys alright so I'm not going to be talking about my divorce unfortunately for one of my co-workers who gave me that little tip but we'll be talking about how in school you know you learn about how going through different types of elements when you're thinking through things that are important to you so like separation of church and state and then now with cryptocurrencies how is possible to separate state and money right? so let's go through it real quick so give you an overview of what I'm going to ramble about start off with a little historical context about why it was important to separate church and state and then provide a little perspective and finish up with the crypto anthem alright so quick survey of the room don't be shy who has paper money in their wallets show of hands I knew it no coiners full of no coiners I still love you guys though alright let's be serious now alright so why was there a need to separate church and state right? right? why was there a need? because life is super complex right? I'm trying to figure it out all the time people need a good framework there's a lot of purpose in life that you need some guidance on right? so it made sense why would you leave something so I guess crucial and important as an individual and give that to kind of a central authority likely the government to decide for you alright? so can we apply that same logic to money right? I would think so so just think about it money affects every aspect of your life who you date what kind of food you eat what kind of health care you get I mean pretty much just about every facet of your life so why would you let someone else choose the type of money that you can use when literally anything that happens to you is based on how much money you have and what you can do about that through that money and our current financial system what is it based on? faith that's not good right? let's go through that alright so basically like the person telling you that the faith of your value of the dollar is based on the word of Donald Trump it's not very good words but so like each unit of accounts in our current system represents debt right? so that is a promise to pay back someone else down the line in the future right? and you have like the US government President Donald Trump saying like listen the dollar will be worth something one day and you'll be able to pay back that debt I don't feel too good about that so in short, Ethereum has created a path forward right? you guys know this it creates a distributed system where things are immutable it's just a perfect environment for you guys to have self-solving money separate from any central authority to kind of control that for you and that's basically about it hey everyone, thanks for having me I'm here to talk about DeFi, risk and how we can make participants make better decisions so I'm Jack I'm an engineer at Consensus I've been working on DeFi before it was called DeFi I love DeFi because I've always been interested in computer science and finance and as a long time DeFi user I've got to see how much the industry has grown and matured over the last two years and when I think about the future of DeFi I get both excited and worried as we know DeFi users are chasing the highest rates without asking why are the rates so high there is no such thing as a free lunch for an investor to be rewarded with high rates, they have to take on large amounts of risk as DeFi grows how do we ensure that users are encouraged to make optimal financial decisions I couldn't find an answer to that question so I try to answer it myself by creating the DeFi score an open source, simple proxy for a platform's risk level that users can easily understand it's based on a model that evaluates several types of risk that are common in DeFi DeFi platforms are complex and include new types of risk that differ from traditional financial markets to launch we'll consider some of the largest and most easily quantifiable risks the intention of this score is to better educate users on the unique nuances of smart contract enabled financial markets this model can and should grow over time let's dig into some components of the score one component is smart contract risk the ecosystem knows this type of risk all too well we've learned a lot of hard lessons because of it while no smart contract can be guaranteed to be devoid of bugs a thorough code audit and formal verification process from a reputable security firm helps uncover critical high severity bugs that could result in financial harm to users an important aspect of mitigating smart contract hacks is ensuring the code is auditable by the public smart contract code isn't trustless unless the public can read it and verify it it needs to be open sourced security through obscurity offers weak guarantees at best and at worse results and delays in finding critical bugs while bytecode decompilation is possible it's a difficult and time consuming process and makes it hard to follow the mantra of don't trust verify however code risk is only one aspect of the risks one faces when investing in DeFi products financial risk is another element of the process currently the only method to mitigate on one's amounts of credit risk in DeFi is to use over collateralization while current DeFi platforms use very conservative collateral factors the highly volatile nature of crypto assets means that these high collateral factors may still be insufficient over collateralization is by no means foolproof liquidity insolvency crises often go hand in hand there are numerous historical examples of these types of crises incentivized liquidity does not mean guaranteed liquidity a user takes on the risk that they will not be able to withdraw their assets on demand because all the assets are currently lent out but wait there's more there are other types of risk that DeFi platforms face users do not have the same safeguards they have with traditional deposit accounts developed countries bank deposit accounts are regulated and insured up to large amounts however there are exciting developments in this area insurance products like Nexus Mutual Yuma and Maker are developing more collusion resistant oracle systems but we still have a long way to go here's some of the possible future developments for the DeFi score the question I'm here to ask you today is what could an open source financial rating agency look like the future of DeFi is really exciting if you're not involved yet you're missing out the parallel financial system that is reaching escape velocity we can hedge away a lot of this risk but we need to be aware of these risks first let's be responsible when creating this new system if you want to help shape the future of risk management please get involved here's some of the ways to get involved we want feedback if you're a data scientist or a risk management professional please reach out thank you the compilation it's for geeks right like when you think about the compact contracts what's the use of that for other people than developers who want to see how contracts work but really there is a lot of cool uses and I want to show them to you in five minutes so one thing of course security and I don't know if there are any security people here but quickly anyone can spot a bug here in this contract like some people analyze solidity contracts try to figure out what's wrong there anyone no? okay perhaps it's just a quiet audience or perhaps no one sees that there is this small assert at the end it doesn't have the brackets which means that like compiler only shows you know it's like saying assert instead of calling an assert so it doesn't get executed so this function doesn't work really doesn't check anything anyone can print any amount of tokens from that contract and you know it's very hard to spot in solidity so if you look at that you really see certain patterns very obviously and there is this intermediate form that also is available that you can work with and try very simple and very easy analyzers for contracts and this is also awesome because I built a whole database of all the contracts on the mainnet decompiled I put it in the BigQuery and now anyone can write that in 20 seconds we'll show you all the contracts that are messed up so just line by line all the hundreds of contracts don't check certain values properly and you can print tokens for yourself so that's like a fun case like don't worry all of those contracts were test contracts aside from five and those five were already exploited and there are some like horror stories that they could be exploited so there are no other open vulnerabilities like this but having access to decompiled versions of contracts really allows you to do all kinds of fun security analysis and trying to figure out what's going on on the network another case was oh yeah so that's this contract there was a constant in Opal fork and the question was we're changing the virtual machine and there is a potential back in some of the contracts what happens because of the change how do we know which contracts could be affected by the new version and in January when there was this whole fork that was delayed actually this kind of stuff that decompiled version was used to figure out how many contracts on the mainnet would be affected by some changes in the virtual machine so this is super important for the community but again this is geeky stuff a little bit so there is more and it's more user facing a very simple thing that you can do and we did that during one of the hackathons is analyzing who has the access rights to a contract so you grab a contract and you can analyze the sources and figure out oh this storage contains the address of the administrator and this administrator can be changed in this, this and this function or this contract has some other like five administrators and they can be accessed by this and that so there is this simple tool that we wrote and open sourced during one of the hackathons that allows you to see all the possible actors that are involved with the contract you could also use this to really build better user interfaces and this is where we really get to the users part of view because when you can analyze contracts better you can understand them, you can build a better user interface there are blockchain explorers who don't show sources for many contracts just yet and when we have good decompiled version we can show that to the users so that's also quite cool because that kind of level is ground between other blockchain explorers which didn't have sources because they didn't want to get them from Itterscan and Itterscan and one more more cool thing transactions like many users right now there is no good way to show to the users how transactions work really like this is the state of the art itterscan right now so it shows you only input data you can see that on the bottom it's a transfer function some parameters and that's it but when we have access to the decompiled versions of the contracts for any contract, for any transaction we can show it quite nicely how and what every function does so actually there is this version online right now that we build it on top of that on top of those sources it's not only what was transferred the amount of money that was transferred but what is being used like what are the functions that are called what do they do and it's still not super accessible to the common user but it is quite easy so roughly that's it there are many more use cases but check out the compilers in general and look into the field more it's quite an awesome stuff thank you