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5ireSide Chat
Recorded: Aug. 2, 2024 Duration: 0:44:28Space Recording
Full Transcription
Hi everyone.
I hope you all can hear me we'll just wait for 15 to 20 10 minutes 10 to 15
minutes for these speakers to join and then we'll continue
to see you next time.
What happened, guys?
What happened guys, I can't listen your voice.
I can't listen your voice.
I can't listen your voice.
Hey everyone, apologies for the delay, we're just waiting, just having a few technical
issues, should be done in about a minute or two.
Yeah, guys, thanks.
Thanks for joining.
Yeah.
As I've mentioned a couple of minutes ago.
thanks thanks for joining um yeah as i mentioned a couple of minutes ago yeah we are just having
a couple of technical issues with our other hosts um
yeah he should be joining us very soon
yeah i just want to say as well from the fireside um yeah i'm quite excited for these the start of
these fireside chats um we'll be doing these weekly every friday um it's good to
it's good to start a little conversation with our community and see what the vibe is
um and i think uh the other thing that that we are looking forward to is in the next couple of
weeks as we've mentioned we will be officially releasing our fire chain mainnet uh which
obviously is the culmination of all the hard work we've been doing over the past three years
like i said thank you for waiting guys um shouldn't be too long now
Again, guys, apologies for the wait.
Yeah, I think we are just having a few technical issues with Twitter spaces.
Should not be long now.
One of the best ways to do that is via financial incentivization, which is essentially what
fire chain does, especially for the validators.
And then also on the corporate side, we think that, you know, the sustainability scoring
aspect of a company will be key in the future to providing funding from financial institutions
and for fire to get ahead of the curve.
Now, one of the things that we have developed is our sustainability scoring service.
Now, this is where we actually, the blockchain acts as service to bring all those ESG scores
onto the chain.
And then we use those scores for, as part of the validation process, the reward mechanism
is any validator or any enterprise validators that have a good sustainability score will
essentially receive extra rewards on top of the block rewards that they would normally
receive.
So that is part of the incentivization to become more sustainable.
And then obviously, from a sort of more global standpoint and a global business standpoint
is we're trying to make sustainability more transparent and immutable on-chain.
And then part of that, the development of FHIR in the future, will be bringing more actual
sustainability data on-chain.
And then we can use that data to either, A, reward more validators and generally more
participants on-chain.
But also, we can then create AI models around that data, which help to, I would say, more
accurately define the level of sustainability and the level of sustainable activity that
those companies or even individuals in the future have provided.
And then, yeah, part of that, I think I've already alluded to, is we basically have a sustainable
proof-of-stake consensus mechanism, which, as I've alluded to, is what we've discussed,
which is the reward mechanism.
Giving out the block rewards, but then on top of that, giving a subsidy for those that
are sustainable.
Yeah.
And then on top of that, we also give, on top of the sustainable reward, we're also
executing a reliability reward for the nodes, the validator nodes that show the most uptime.
And they're basically rewarded for their consistency in that.
So, our sustainable proof-of-stake is, you know, it's built upon the standard-nominated
proof-of-stake.
This is part of, you know, part of the Polkadot Substrate Network.
And it provides us with more flexibility.
But also, it kind of helps with the problem of, that we see in proof-of-state, just standard
proof-of-state networks, which is essentially that large validators in the proof-of-state
networks, they tend to create big, large pools off-chain.
So, nominated proof-of-state just makes it more convenient to formalize this on-chain.
And then, based on the, based on that, or based on first principles, we have more security,
fair representation, and efficiency through nominated proof-of-stake.
Now, as far as validators and nominators go in that, is that basically what the nominators
do is they back the validators that they trust with tokens.
So, those nominators have skin in the game.
That means that if they back the wrong validator, a validator that may act maliciously on-chain,
that nominator would also potentially have their stake reduced as well, as in, if a validator
is acting maliciously, they could have their stake slashed.
But that would also reflect on the nominators as well.
So, there's always an incentive for the nominators to always back the best validators, essentially.
And then, you know, the strategy for nominated proof-of-stake is about making the, what I call
the castle defense approach, which is making it way more difficult to attack the castle
than it is to defend it, as in for any malicious actors out there.
And it would be very costly to attack this, to attack firechain, because it requires reputation,
backing, and then, obviously, the resulting loss from slashing is too high to make it incentivized
enough to actually attack the chain, in that sense.
Now, I'm just going to go into validators and nominators, because, you know, from a fireside
chat perspective, I think we have the dev side element to it, but we also have what is the
node operators, and I think it's quite important to discuss our node operators and how, I think
it's good to sort of increase the interest and the awareness about running a validator
or just running a nominator on firechain and what that means.
So, essentially, anyone can run a node on the firechain network.
As long as they have the necessary technical resources, so that would be the right, you
know, powerful enough hardware, there are system requirements to running a node, a stable
internet connection, and then the capital resources, which I'll go into to actually stake the right
amount of fire coins to the node, the validator node.
And then, you know, it's good to have technical knowledge to set it up and maintain it.
However, I think the knowledge part can definitely be learned with just, you know, a bit of reading
and understanding.
And that, you know, when I say anyone, that includes individuals, includes organizations,
or even companies.
And then, the other thing to say, though, is running a validator on a live network on the
main net is a task of responsibility.
So, you will be responsible not just for your own stake, but also potentially for the stake
of your nominators that are staking to your validator.
So, you know, there is a portion of accountability there.
But obviously, that's also reflected in increased rewards.
Validator nodes will receive, or validators will receive higher rewards than a nominator
would, which, yeah, is reflected in that responsibility.
So, like, the way that we've actually done it is to become a validator node from a fire
coins perspective would require 100,000 fire coins to be staked to that node.
And in return for that work, the validator would receive rewards as fire coins.
And those rewards would come in two forms.
It's either through transaction fees or the staking rewards, which is, you know, new coins
minted as part of the block reward.
And then the way that, if I wanted to set up a validator today, a validator node, what
I'd first do is I would have to go and buy some fire coins, 100,000 worth, on a central,
I'd probably either go through a centralized exchange where fire is purchasable on, whether
that could be like Mexi or Bybit or on a DEX, like you can buy on Uniswap.
And then I'd also, at the same time, set up a Firewallet.
You can just head over to the Google Chrome store and download our Firewallet extension
there.
And then I would, this is something that's coming out very soon, is I would use our
migration portal then to port those coins from the Ethereum network over to Firechain.
At the moment, this way is quite an inefficient way of doing it, but we are waiting for our
chains to be hooked up to the centralized exchanges where Firecoin has been sold and for our bridges
to go live, which is all part of the ongoing mainnet release.
And then once you receive those Firecoins in your wallet through the migration portal,
you can basically run through our docs to look at how to set up a validated node.
As I've noted before, there are system requirements to run a node.
You know, we do recommend using a cloud service, but if you did have a spare server lying around,
you could actually set that up to run a node.
The old school way.
And then it's simply download, it's basically simply downloading Docker, running a couple
of Docker containers with all of the software there.
And then after that, your node should be up and running.
And then after that, it's about maintaining the node.
Now, you will still need to go to the Fire validator app.
This is the part where you've got your node set up.
You've got your 100,000 Firecoins, and then you need to actually bond those coins to your node.
So you need to go to the Fire validator app, connect your node using the node IP,
you know, the IP address of your node, and then run through the staking or bonding process
to bond those 100,000 Fire tokens to your node.
Once that's done, the validator should become active once the current area is completed.
You can also set a commission for your validator, which is the commission that the nominators
will receive from the block rewards.
So it's also an incentivization to get more nominators the higher the commission is,
because the nominators will go, oh, this person, or this, sorry, this validator node is offering
high commission.
Therefore, I will earn more by nominating my stake to that validator.
Okay.
And then, obviously, if you are a validator node, again, it comes with responsibility.
You have to monitor your node.
You have to make sure that it remains online.
You have to check what it's validating in terms of the blocks.
And then, for every block that your node validates, you will receive a block reward for that.
Now, on the other side to that is, yeah, on the other side to that is the nominators.
So, for the nominators, instead of 100,000 fire coins, you can become a nominator with
just 5,000 coins.
So, 100,000, as of today, 100,000 fire coins is what?
$1,600.
5,000 fire coins would be $80, I think, more or less.
So, essentially, for $80, you know, you can buy some fire coin today and become a nominator.
It would be the similar process in terms of you can buy it on a centralized exchange or
you can buy it on Uniswap.
You can then migrate it over to the fire chain and then you would go through the – you'd
get your 5,000 fire coins into the fire wallet and then you'd head over to the nominator app
and once you're there, you'll be able to select from a variety of different validators
to nominate your 5,000 fire coins to as stake.
Now, also, from the validator's point of view, you know, if you're nominating your stake to
that validator, that validator then has more stake and that validator has more possibility
of being part of the active validator set to then validate the block and gain a block
reward from that, so you need to keep that in mind.
Also, as I mentioned earlier, as a nominator, you do want to look at the commission on the
validators that they're offering to see, you know, if you choose to use a validator that's
running a higher commission.
And then, like, in terms of what is – you know, I said – I mentioned that at the moment
to run a validator is only $1,600 as of today in terms of the price of fire.
Like, if we compare that across – I think it's quite cheap if we compare that across to
the other networks in crypto, you've got Ethereum's 32 ETH, which is about $65,000.
Polkadot is $120,000, which is a bit cheaper.
It's $600.
However, with Polkadot, to become an active – they only have 252 active validators in any set.
And most of the validators on Polkadot have got stakes in the millions, millions of dollars
that is.
So, it's basically impossible to become part of the active 252.
Another one would be Tezos, which have 8,000 XTZs, which is about $5,000, $5,500.
Cosmos, they've got 100 Atoms, which is about $600, which that's, I guess, a bit cheaper.
But then, you've got Avalanche, which is another popular one.
It's 2,000 AVAX on Avalanche, which is about $6,000.
And then Near Protocol, which is $67,000 near to become a validator, and that's about $300,000.
So, I think, relatively speaking, to become a validator on FHIR is relatively cheap compared
to the rest of the crypto ecosystem.
And on top of that, I would say our rewards are very generous in comparison.
Okay.
That is everything that I had to say.
If we have any questions, feel free to chime in.
Also, Data, I can see that you've joined now.
If you want to chime in.
Hey.
Please go ahead.
I'm Adil.
Yes.
Yeah.
Yeah.
So, Lewis, I love hearing about what you told about the validators and the nominators.
I would love to hear more on what is ESG scoring and how the ESG scoring works in the favor of
sustainability and with how the validators are chosen.
Would love to hear more on that side of things.
Yeah.
That's it.
I think you might have missed it.
I went over all of that at the very start of this.
I think you were not there to hear that part.
So, I've already discussed what is essentially sustainable proof of stake, which is, you know,
as part of our consensus mechanism, we are using our ESG service to bring ESG scores onto
the chain.
Now, at the moment, it is only ESG scores.
So, that means that public entities that are acting as validators will, and that have
a ESG score, will gain an incentive, basically, to be sustainable by the block reward, have
an additional sustainability reward on top of that.
So, that was something that we did discuss earlier.
Now, eventually, in the future, we are looking to expand that out because, obviously, ESG is
a, I guess, a standardized score for public companies.
Now, we do also want to bring in, you know, sustainability for private companies or even
individuals.
Now, that is a job for us to do in terms of using AI and a good enough AI model that
we'll be able to produce scoring based on data that we've got.
Initially, though, I think we, it would be irresponsible for us to bring something in
like that without the data there first to be able to do that.
So, once our main net launches, I think it's a perfect time to start looking at that and
working on that.
Awesome, awesome.
So, since we have covered that, I would love to talk more on the developer side of things.
Like, how are we incentivizing developers to build on fire?
And what type of products you guys are looking at or what type of projects you guys are looking
at to build on a sustainable aspect of it?
Well, data, do you want me to speak about that or do you want to speak about that?
Yeah, I think, I think you would be better on speaking on that side of things and we can
continue on that.
Okay.
I guess, yeah, from the developer side, I said it at the start of this call that the thing
that we're trying to do is create the most developer-friendly environment possible.
Now, we're not just saying that by, you know, just putting out content or, you know, doing
a marketing spin.
We really are meaning that.
And the way, I think the best way that we have thought to incentivize that is obviously
every chain is giving out grants.
We're also giving out grants, so feel free if you have a good project in mind.
Obviously, we are going to review the project and scrutinize it, but if you do have a good
project in mind, go to our website and sign up to the grant program.
You know, it's very generous and we are always looking for, you know, more and more people
to build and we're looking to help.
The other part that's very, I would say, generous from Firechain is one of the mechanisms that
we're looking to use is to, for anybody that deploys on the main net, we would like to return
50% of the transaction fees, you know, that are generated from their smart contract back
to the deployer address.
So, essentially, 50% of the transaction fees on your smart contract, you will get back
as revenue.
I think that is something that, you know, I've not seen so much of in other projects.
On top of that, the other side of it is, look, we are building our developer community more
and more and, you know, Daphne, you know that more than anyone here, but, you know, we're
also actively helping out all of our developers in Telegram.
We have a Telegram group chat fireplace where we are inviting people to come and talk to us
and especially if they have any tech questions or help needed with deploying a smart contract,
you know, whether that be on the test net, on the main net, or they just have questions,
or they're not sure about something, we're there to help in Telegram.
Yeah, so I would love to expand on the developer side of things.
So, we currently have around 300 projects integrated with us and, like, most of them
wants to build on our chain because of the sustainability thing that's coming out
and we have a really great community that's around, across countries, right?
And we built a Telegram group called as Firechart, sorry, Fireplace, which essentially is a core
developer group where you can connect to the team members directly, you can get help directly
on the smart contract side of things, on the tech side of things, or in the marketing, or
any kind of help you need for you guys to build on our chain and we are happy to help you out there.
If you have any cool projects that are coming up, anything related to sustainability, carbon credits,
or anything related to RWS, we would be more than welcome to help you out, deploy on our chain and
get the thing that is needed to push your project ahead.
Yeah, that's just, that's what I just wanted to say for the devs.
If anybody wants to, you know, connect with me to, you know, get into the groups or need an invite link,
as it's a closed group for now, and we post our bounties, we post, like, dev updates,
we post the initial things that go onto the on chain, and you get a lot of alpha right out there.
So if anybody needs an invite link, please buy the message, Lewis or me, I can share you,
you can just join in and connect with the team. Thank you.
Yeah, guys, is there any questions out there from any of the audience?
There's someone who would like to speak.
There's someone who would like to speak.
Have we made that person a speaker?
Yeah, I gave them the access, just waiting for them to speak.
Cryptodollar, you can speak now.
I guess not then.
In that case, I think we're done.
Okay, well, guys.
Yeah, thank you guys.
It's been great talking.
Yeah, guys, if you want to join us in the Fireplace Telegram chat, feel free to,
especially if you've got any questions around development.
Um, if not, you know, check us out at fire.org.
And, uh, you know, also, if you want to become a validator, reach out to us and we can help.
Otherwise, thank you very much and everybody have a great Friday. Have a great weekend.
See you all next Friday.
Much love. Bye, guys.
