Michael. How are you? You should be able to speak. Yes sir. Yes sir. Yes sir. Alfred growth. When we bring Joe up here, if you can make me a co-host that would be rad, then I can add as needed.
Brian just sent you in and why to be a co-host. Please accept. Accept.
Cool, let's get the people from meter up here, boom.
So we got a really exciting day today. We got a really exciting AMA and we're going to invite the CEO of Meter up.
So I just got a call that came in. Cool. We're going to invite the CEO of meter up here. Meter chain meter meter is an awesome chain that is coming up. And this year I'm very excited. We are going to be helping out meter and their ecosystem.
have projects built on it. I think, you know, before we like jump in from my perspective, we've met with like a lot of different chains. And at Alpha Growth, we're really like a big proponent of DeFi. And some of the biggest talks right now in the DeFi space are really around
like, like, MeeVee front running, like how MeeVee is, uh, is ruining DeFi and all of these flash spots and it's basically making a terrible user experience for a whole bunch of users. And so doing some research out there, we found meter and we
And we decided to like, hey, let's have an AMM as we'd like to talk to and started diving in more and more. It became obvious that they were building something incredibly interesting in the space on some of the way that they separate their consensus. We'll dive into that kind of like where the idea from meter came from. We'll dive in that in a little
bit later. But fundamentally, this is a big, big opportunity for people in the DeFi space so they don't have to worry about MEV. And I want to bring up Joe and CEO of Meter up here. And they're already going to speak how you guys doing today.
Hi Brent, how are you? It's very well. Thanks a lot for the introduction. Absolutely. Hi everyone, this is Xiao Han from New York.
Hey Brian, hey, Zahun. And Zahun, I'm curious, Brian, I don't know if you're having the same issue. He's coming in pretty quietly. Yeah. Yeah, Zahun's coming in a little bit.
quite. Oh yeah so I had a some issue with my earpiece I mean I like I it was connected to my earpiece I didn't know this and I was wondering like how come no one was speaking.
Yeah. Joe, do you want to kick us off on Introduction with Jowhon and some questions to get us started?
Yeah, happy to. Cool. So let's start with this, y'all, if you wouldn't mind just kind of giving us the little elevator pitch on what meter is and what you guys are doing in simple terms.
Yeah, sure. So a meter of Earth were a Eucerian scaling solution built on a new consensus protocol called the HALSA. This consensus protocol is very similar to like Facebook Libra or recently launched the ACO.
However, which we are much more decentralized right now, there are almost 300 consensus nodes from the community and the protocol itself supports the test of thousands. Other than like compatible with the Ethereum, we also have
some unique features. For example, like Brian mentioned, we are running resistance, meaning like people trading meters will not be impacted by any VBOs like doing sandwich attacks, those types
of experiences. And also we have gas token in the system. It's a matter of stable token created by a total world. But fundamentally, it's
stable in nature economically. And finally, we have infrastructure that allows our contracts to both transfer assets and pass messages across different blockings. And many projects are using infrastructure
Okay, so you guys are obviously doing a lot of really cool stuff. I'm curious out of all those things which are you most excited about?
I think the MED resistance and the highly decentralized, you see them in compatible high performance chain and what I'm most excited about right now because if you look at the MED
the attacks on the existing networks, they are just so popular. Last year alone, it estimated that the users have lost $1 billion in DeFi trading from MEDE at
So imagine like that $1 billion is like used to actually buy off the crypto currencies that would gonna be much higher price than what we're today.
I was really really important user experience that we can improve with DE5. The other thing is the highly decentralized, the Ethereum compatible network.
If you look at a lot of existing layer 2s or even like a side change for E3M, the amount of decentralization is essentially pretty low, especially for the roll-up.
Essentially, there's just one sequence that controls older, older, ordering. When that happens, basically you can imagine your order. Basically, the sequence that you can profit from your order is essentially, it can decide what order is to
to be put next. And also it can drop your trace based on timing and other criteria.
Essentially, I think this is something that the theorem is even thinking about building into its validator model to provide these types of profits to the validator, or even
So, this is something we're really concerned about for the future D5. And we would like to give the opportunity for the developers to have a, like,
a clean chain, a censorship-resistant chain that's also a media-resistant and provide this experience to the Dubai users.
I like that. A clean chain. Yeah, that's really cool. You guys are doing this. So I'm curious about the security and I'm sure a lot of people are also wondering, you know,
Sounds like you guys have some cool stuff to offer, but what is, you know, can you speak a little bit on the security of meter chain? Yeah, so we look at the security from two aspects.
One is the security of the chain.
So, the near chain is like a BFTE style, a house of consensus, which means that in order to produce one block that at least two thirds of the validator node has to vote yes on
the transaction and the vote on the ordering. So that's very similar to the existing like the E7 2.0 and also other like the BFCE based chain. However, because of the consensus that we're using
We have much lower requirement on the network condition and also the specs of the validated snow. So that allows a lot more validated to participate in the consensus.
With that, and then you can, with a more decentralized network, basically the censorship resistance will be dramatically improved, and the security of the network will be dramatically improved as well. Now, the other design as such is
We do not require a validator to force the validator to one, the same validator to one, a lot of different nodes. If you notice in the current that you're certain to point out, there are two validator,
the coin base, they controlled two-thirds of the olden hours known as the Soviet. So that's an interesting issue because essentially they are just like two validators validating the entire
So in meters there's no such requirements. There's a gait no matter you're big or small. As long as you meet minimum threshold, you have the equal rights in the in the consensus project. So that's it.
minimum threshold. Right now is the 2000 MPLG, which translates to about $5,000 or so. Okay, awesome. So that's the security for the for the changing. So
Right now there are almost 300 nodes and it's available to tens of thousands. The other part is like the bridge connecting meter to other blockchain. We are one of the few, we operate one of
the field bridges that are truly decentralized. Right now the bridge is a multi-state bridge controlled by five relays. The five relays basically five tiles
for bridge transactions to go to. So this is the modus 6 bridge. We're also working with layer 0 to bring layer 0 up meter as well. And moving forward, we're looking at different
approaches as well like putting into like the decay and maybe use some roll-up techniques to connect neither with other blockchain as well. Very cool, very very cool.
So I want to know, I definitely want to dive in a little bit more with some of the things we chatted about earlier, especially the stable coin. But first I want to know, what do you think the biggest milestone that you guys have achieved would be?
I think the biggest milestone I would say is to even launch the blockchain itself. We actually started the journey back in 2018.
Initially, we set out to do a fully decentralized, meta-sable token that's not passed to US dollars, but also that's stable in nature. So as we started working on that, we realized, you know,
In order to achieve that, we have to mess up with the consensus protocol. So we picked out the aid of the art, the consensus protocol integrated into the blockchain. Initially launched the blockchain in 2020, but at that time, it was not the
fully decentralized yet. And also at that time the compatibility with E-SIM as you mentioned as I mentioned there are so many changes which have done in a consensus layer so the compatibility at that time still needs some work so we stand next
year and a half or so, basically improving fully decentralized networks and improving the compatibility. So right now the network is fully long and all the capability, everything we have promised
Like you know, white paper is already fully there. So we're just working with developers to enhance the build-out the echo system and also continually improve the network to be faster.
that is a security and a better developed experience. Wow, well congratulations then in that case because yes, that is it's pretty impressive to have everything you guys have promised in the white paper already implemented that's that's really really awesome.
So you did mention the stable point again. So I think that's a good segue into that. And I want, I want, you know, based on what we talked about a couple, I think it was last week or two weeks ago, I really want you to share a little bit more of that with the community here and what that truly
means for a stablecoin that isn't paid to any fiat currency but something that has true utility and that is backed by the concept of proof of work and computing power. So can you dive in a little bit more of why that's so important?
So, for example, when we started cryptocurrency, the journey of cryptocurrency from Satoshi, back in like 2010, the promise was to create some money that's independent of the T.R. system. They say they like the first
The sentence in the Toshis, what is the paper about the 2008 financial crisis and basically free printing of money. However, Bitcoin is obviously becoming more like a digital gold than a sound money.
Because to be a sound money, you have to be like economically stable in nature so people can use it as a unit of account. So obviously, right now the mainstream efforts because of the trading in critical currency is to create
something tied to US dollars. That makes it easier for trading purposes, but we still haven't completed Satoshi's original vision. So neither at that time back in 2008 was set up to basically complete Satoshi's original vision
that what if we have a critical time that will be a long time stable in purchasing power but fully decentralized created by approval work, like what the Toshis originally designed.
In order to do that, we look at the consensus in existing critical currencies, we realize there are actually two consensus in the system. One is the normal consensus people are talking about. It's about record keeping, maintaining a secure
record speaking to prevent the double sending. But there is another consensus that people often didn't realize as an economic consensus. Basically, what's the value of newly created cryptocurrency? In the proof of work, if some of these consensus
performed by the miners. Based on their profit chasing behavior, a miner will at the end reach a consensus on the value of newly created cryptocurrency by the amount of effort or cost they put in. But in a regular proof of stake,
There's no such a consensus from now. So we realize we can actually combine the benefits of both work for approval work and approval of state. So at the end in the meters architecture design, we have two chains in the system. There's a approval work chain.
that's basically as far as the creation of the Metas-Ibbelcoin. So in order to create a one coin, a Metas-Ibbelcoin in the proof of work change, the amount of electricity you burn is roughly
the same for every coin. The more you compute, the more a coin you will be able to mine. The less compute, there will be, for example, if there is no one mining, then there is no matter stable coin going to be created. Because miners are profit chasing, they will only mine in
is possible for them. So at the end of day we'll create something that's path to competitive electricity price around the world. And that electricity price is actually really stable in purchasing power. We have data stating from like 19
50s to now. And if you look at the electricity price, competitive electricity price measured by US dollars, that price has gone out almost seven times. But if you adjust the price by purchasing power at a
state the same. So it's actually more stable than any PR currency in the world. So by creating something, it's actually electricity and computing. We can complete Satoshi's original vision of the sound money that's independent of the PR system and still links
to the physical world. On the proof of stake, like actually all the account systems, all the transactions, all the security are on the proof of stake chain, and the proof of stake chain and proof of work chain basically cross them together and cross reference each other at the time goal.
So that architecture allows users to be able to process transactions in a highly decentralized proof of state chain and also processing is really fast and efficiently on the proof of state chain.
we actually can combine the benefits of both worlds. The approval work is actually very green, I would say. Much greener than any approval work change. We actually did an estimation in order to support the US economy side of
economy nature. The amount of poor for work costs for the poor for work chain will be less than the annual budget for US mint and US engraving print basically more efficient than here.
And on the proof of state change because of the economic design we design it doesn't have the some of the problems typical problems of proof of state because of the like notion of time from proof of work side and the distribution
can start from the work and pull the work side as well. So we can avoid some of the pull the state chain attacks like rich get richer or like yeah basically time related attacks are related to pull the state.
So essentially we can combine the benefits of both poor work and poor state to create a new chain. So that's how our consensus design works and how the economic design works in the meters blockchain.
Thank you, John. Yeah, that was extremely informative and even you know, you just shared some new information with me as well, especially about the you know, this is even more proof of work might even be more efficient than printing paper money, you know, at the federal reserve level. So that's that's super intriguing.
especially for people that think that proof of work is inefficient. And based on all the different people that I've met in the space over the years here, it's kind of been like, "Oh, I'm proof of stake, oh, I'm proof of work." But it's really cool to imagine a future of both.
and trying to pull the benefits of both. - Yeah, just like real world miners for Golden Silver are not very the same group of people and thinkers in the conference, but basically the concept is basically dividing the world so the system can be more efficient.
Yeah, that's a good way of looking at it. And okay, so this is also, you've got a lot of really cool things to say and you've obviously, you guys have really done your research on this and proven yourselves here. So I will also would love to hear your opinion and, you know, against centralization. And I know to people that
have been in the space for a long time, it's pretty obvious why it's important, but maybe for those in the back that are new to the space, what is the importance of true decentralization? I think that's actually the duty of cryptocurrency or blockchain. So if you
So actually, as there are more and more users in the space, there is a trend to feel like the centralization is no longer an issue or like decentralization is no longer the same.
about the user experience onboarding the user so they can have like a Watt tooth have a big hearing. I would say that's a very important aspect to have a better user experience and that's what we thrive on for meter as well. But the essential
We should never forget about it and it's so important if you look at the last year there's like top of a bus in the system, right? So everything busted was things that related to Centralization Essentially like for example
from even from terror. They are trying to create a fact that's controlled by the terror foundation. So the foundation is actually trying to do the research for the system and also try to control the liquidity of the stablecoin and the price of the stablecoin.
That's exactly what talks about the UST. And look at the like the F/EX drama. It's about like centralize the exchanges basically using users funding for other purposes.
So that's exactly what the decentralization set up to solve. Basically provide full transparency, full trackability for users' funds. And also like security and the pseudo-anonymous for the users.
So, but if you look at the last year like Nullofia and then there obviously has for the DeFi application, but like so, as for itself, if
design properly, the DeFi application, none of the DeFi application fails because of the user's fun that type of issues.
So I would say like moving forward, D5 is still going to be like the major thing for cryptocurrency and probably the most useful application for cryptocurrency for a long time. And yeah, from that perspective,
decentralization and something that is basically my path and also most important thing offered by D5. So one of the some things that you're looking for for D5
categories for meter yourself. I mean like I know that Volt Slop is on meter and starting to talk about you know that direction. What kind of projects or categories of projects do you think that you want to see on meter? What do you think that is your vision for the meter chain in terms of DeFi?
Yeah, so obviously to start the DeFi Lego first when you build liquidity. So that's the death. So right now there's like a Volkswagen leader that is still, I mean I would say the entire
DeFi status is still at very early stage for Amida. So we would welcome more like taxes and once their taxes are like lending boring puzzles, we already have like two work providers providing
or work or keep the ammeter. And yeah, so lending borrowings and static assets and derivative trading basically over like key components for the for the
to play out. So in order to do that later, we can explain more detail. We have a TVL based grant program as well to incentivize the DeFi developers to build on me today.
Right on. Thanks for sharing that. And, and I, I, I had another, I really respect, you know, a lot of the, the things that you guys are doing and talking about here and I want to ask kind of another higher level question. I totally agree with you that DeFi has, you know, has some pretty strong legs moving forward, especially
the argument for decentralization obviously, but it's difficult for the average person to just jump from zero exposure to Web 3 straight into DeFi. It's a little bit scary. It's still scary to move stuff around on
It's still scary to have your own cold wallet, it's scary to have a hot wallet, all these different things. So what is it that is going to be really allowed? What is going to allow for the next wave of mass to go and start playing around with DeFi?
Yeah, from industrial sectors, that's the other thing. Basically smooth out the user onboarding experience for cryptocurrency, especially for like a EM compatible change, right? The community has been working on a couple of things. One of the most important things
So once we have that, like we are also closely working with several world developers, basically that allows the user to
to be able to, for example, use your Twitter account or your email account to create an account in a blockchain. And then start transactions on the blockchain without worry about
gas-poken, for example. So that's more like a Web2 type of experience. So in order to achieve that, so one of the technology that's needed to put it on the layer one, or like the blockchain level,
is called a kind of structure. Basically, a small contract would be able to send transactions directly. Right now, like, for example, you think Ethereum, you probably noticed that you can only send a transaction from a regular user.
So, it has to allow someone to pay for the gas for the truck and cost on behalf of the unit.
We are very actively working on this two aspects and hopefully in the next, I would say one or two quarters will be able to support this. So once we have that, the user will be able to just have the one two type of
to start using the blockchain without worry about the gas program. And once they are really knowledge about the blockchain, then feel comfortable managing the private key themselves. They have the option to use private key
So that's like the user journey we are envisioning for the next day level of user experience was launching.
Yeah, I'm looking forward to those days. I really am because I there's so many people in my life that I want to be able to experience this and you know start to really use it and understand it but it's just I would hate to be that person that tried to get somebody into defy and then they ended up losing $10,000 to some sort of mistakes
So that will be awesome. Okay, let's see. So, where's the best place for us to keep up with meter and for the community to kind of keep up with what you guys are doing? So if you're a Twitter user, yeah, so follow us as the meter and score.
So you can see it as one of the participants in the footage space as well. And also, yeah, just go to our website, Meteor.io. It has all the important links that help you to keep updates for Meteor.
Awesome. And in terms of maybe some partnerships and collaborations in the space, is there anything other than just really cool teams that are experienced and looking to leverage the technology that you guys have built? Is there anything else that you're looking for in the coming year in terms of maybe
partnerships or new teams. Yeah so we're actively in working, seeking collaboration from like all the aspects in the cryptocurrency space. So as I mentioned we're closely working
with several wallets provided as well. Also, like infrastructure providers that provide better data, better analytics or better data infrastructure for the developer. Yeah, I mean, like just, and also for the
example, on-lamp, off-front user experience. So basically everything that helps to create a better user experience and better developer experience. Beautiful. Yeah.
That's, we'll definitely, you know, we'll keep our eyes and ears open as we move forward. And obviously we're going to be doing quite a bit of stuff with you guys in the coming months. We're really excited about that. Brian, or anybody else maybe have any questions to add?
I think meter is super exciting. The front running resistance, the way that you have your metastable title electricity is something that's unique. How you talked about the failure of centralized exchanges or some of the algos tables that previously
failed having a stable coin or like a pegged coin but a metastable coin is something that's super interesting and I think will drive a lot of value not only just to the chain but you're really innovating and driving ideas on the different way that that
Crypto and tokens can can interact with the real world and I think it's super exciting I think there's a lot of different defi plays around electricity and your meta stable token I'm looking forward to we're gonna like push to find some projects that can kind of play with those dynamics and those tokenomics a little bit and and I think there's a
whole laundry list. I really like what you're doing with your voter ask grow and your V3 that coming out on ValdSwap. But there's so many different opportunities within Meanor. It's just it's just super exciting time to like really like see where you guys take this. So happy to help.
Yeah, looking forward to work with AlphaGhost and also the community of AlphaGhost. And yeah, I think we can also talk a little bit about our grant program. So basically in order to help the developers to
So, in terms of the meter network, we have several types of gramps. One gramp I mentioned earlier is a TBL based type of gramp. Basically, how much TBL you create on the meter network?
It can be tracked by Diva Lama. So from 70 to 10 percent, the meter tokens will be rewarded to the developer. And the developers can decide whether to use a grant to track more user or support
development moving forward. There's also other like more upfront type of glans, so when you deploy on the even network you can basically just reach out to us, we have a very simple glan application, so there will be like
So, we have a grant upon deployment and also for example gaming entities have applications, we have other like user incentive grant that helps you to attract more users to bootstrap the application.
everything, those types of incentives. Yeah, just feel free to reach out to our other girls and we're last and looking forward to work with all the developers in the community.
Thank you for adding all that. Yeah, that's uh, and we can we can also maybe, uh, you know, in the coming weeks, we can push out a little bit, uh, you know, a concise version of that just for the, you know, for the community to see and
and really start to get people excited about what you guys are offering because the liquidity incentives are going to be really cool and more excited. So thank you unless you guys have anything else to add. I think that's a pretty good place to stop.
Well, we're going to open up some of the grants applications right now and we'll post some links out on the Alpha Growth and this is going to be the kickoff to helping support meter and very excited. Thank you Joe. Thank you, John. Super excited to get this engine started in
and start getting a bunch of projects to launch. We're going to take a snapshot here right now of how many projects are on meter and then let's communicate and let's get back on here in like two or three months and then talk about all the successes, all the horror stories and everything else in between.
Definitely. Thanks a lot for arranging this opportunity and looking forward to work with AlphaGrad. Excellent. Thanks, Johan.
Thank you, John. Thank you everyone. Yes, thank you, Shokhan, for your nasty. Thank you. Take care. Yes, thanks, everybody.