Decoding the Difficulties in Today's Blockchain Projects

Recorded: June 1, 2023 Duration: 0:37:18

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Hello everyone, morning.
Okay, we'll be starting the AMA soon. Yep, please get ready.
Thank you for reading guys. We'll be joining in a second. Please wait for while.
Hey, hello. Hello.
Yeah, we did we got a smoothie here. That's well, right? Yes, sir. Okay, let's start it. Hey, hello everyone. I'm Johnny from Cornix today. We're happy to have Casper team join us as guests at Cornix spotlight. Can you please introduce yourself? Take it away, but
bubble. Okay, so on bubblegum lightning, I'm a one of the PR managers and when I say this, I mean it's a title that I kind of still upon myself since we don't really have a team. So just kind of self-nominated that I filled that role with my skill set. I write the articles
on Medium, CoinMarketCap, Casper News, and such. And then I also help Wolfie with some business development stuff and do these outreach AMAs with Wolfie. So I'm going to pass it over to Wolfie. Thank you, sir. Yeah, I am Wolfie. I am a crypto guy from a long time ago.
And I do business development for Casper. So what that boils down to from my perspective is just getting us on any platforms that can increase our adoption, you know, places where you know more use cases and more exchanges and
mining pools and things like that. Hardware wallets. All right, thank you. So first of all, can you guys give me a quick rundown of what Cathapyr is all about in the blockchain world? What's your core concept and mission? Sure.
What Caspa is all about is our founder is a fantastic gentleman named Jonathan Sampalensky. He's an actual crypto OG like an original gangster even though he's a research gangster, not a bad guy in an alley. Anyway, his inspiration
was to see things that Bitcoin, you know, he loved the original concept of Bitcoin, but there were certain things when it was in use and tried to be a currency, appeared to fear electronic cash for the first five years or whatever, eight years, and it didn't really work out because
because some of the parameters weren't great, like the block time of 10 minutes was too long to really pay at a supermarket at the cash register with Bitcoin wouldn't be very convenient. So he wanted to create something that had an internet-like experience. So for example, if you
got a Google and you put in sneakers, one is the Nike's on Google, right? You know, you press the type N, I, K, E, enter. And the second you hit enter, you're looking at, you know, all the things about sneakers, there are on the internet. And similarly, like if you think about Netflix, you know, you said with your family or girlfriend,
couch or whatever. You start Netflix and find something, "Hey, here's a cool movie. Let's watch it." You hit "How," you hit "Play," and then you're watching the movie right away or within a few seconds, right? So he asked himself the question, "How come everything else on the internet works like it's on the internet?" Except crypto is like, "You have
to wait 40 minutes, you know, like, or, or a minute and a half or nine minutes or 12 minutes, like, why do we have to wait so long? There should be crypto that just like it, like everything else in the internet. So that was the idea. And it started a long time ago. It started in 2013. And that
first little seed of an idea of how to include more transactions and more blocks into a crypto network was found by a Vitalik from Ethereum. And it was the ghost paper, that protocol, Jonathan's first protocol, called Ghost is part of what even still helps Ethereum
operate today. So the idea started a long time ago, 10 years ago, and it evolved into what Caspa is. So Caspa was the same guy with the genius brain power thinking about how to refine the original concept better and better and better and he finally made his own coin and that's what Caspa is.
Yeah, you know like back in the time, you know, it's quite embarrassing to transfer a Bitcoin and you have to wait for long while especially in the pool where you know like it takes forever to transfer a Bitcoin. Sure. Yeah, you can go five hours or a day. Yeah. Yeah. Yeah, you know, like some newbie friend they even asked me, did I mess up one of my Bitcoin
transaction. I mean, like the way time was quite frustrating. Sure. You do understand. Yeah. Yeah. Like, like in terms of technology, how does the cash per defense itself from the traditional blockchain system? Like, what kind of unique features are you guys bringing to the table? Sure. So the most, the real
way that this happens that we're able to have such an open source and decentralized, a mine-able coin and still have such safe network and fast block tons is just the real simple idea of having more than one block at the same time.
If you look back on technology for 100 years ago and you think of something really simple like an engine, you know, like the first engine, they didn't have a V8 or a V12, they just had one piston, one spark plug, one cylinder, and it was okay and it made like one horsepower, maybe not that much, right?
And it was just one. Then over time, like, and one of the analogy is comparing to like Bitcoin has one block at a time, every 10 minutes. And, you know, then somebody thought like, let's make two cylinders. We'll have two pistons and two spark plugs. So then they made four. Then they made six. Then they made eight. Now they make
There's a 16-cylinder, the Bugatti, I think. So the more you have, the more you get. So in a little bit more modern, where in the timeline of what a lot of people can have experience in their lifetime, if you think about internet,
So when internet came out a long time ago was dial up and it was very very slow it took 20 minutes just to get one picture downloading right Then cable came out and then it was a little better and you could get a little tiny cartoon could come in like two or three minutes maybe and then They started to have multi-stream
cable modem. So like you have a 16 channel, 16 channel modem or 32 channel cable modem and you can download 500 megabytes of gigabytes. So having more than one, having like parallel streams or parallel blocks, that's how you get things, that's how technology advances.
So blockchains are all one at a time and Caspa is a block DAG, D-A-G. And that we have more than one block at a time. We have parallel sonotaneous blocks. So it enables many more transactions from around the globe to be packaged and permanently inscribed into this data structure called the block DAG.
Yeah, all right, all right. Yep. Just wondering like can you please elaborate a little bit more about Brock that because like we do get some inquiry about that and use that they've been asking about what what what really like
how does it work and then like uh yeah can you please send me that brain more about that? Sure actually bubble gum wrote a nice article on medium here's a lot of articles but maybe he would like to uh to uh go into them.
Maybe, maybe, Lus is my... Anyway, I'll go for it. Yeah, so many people have heard the term DAG before. It stands for Directed Asiclic Graph. And, anyway, that's just a term from math.
computer science that's been around for decades. So just DAG is not actually a crypto word. It came before crypto. But it's a description of a way to order things randomly. So Caspa has the block DAG and it's the world's first directed
basic graph, where the blocks themselves that are mined by the miners are arranged in the DAG structure. There are other projects previously who have had DAG, they say, "We're a DAG," but that's just that transactions are stored in a DAG database, I believe, but it's not exactly
the same thing. So ours is groundbreaking, revolutionary, breakthrough technology, and the really magic of it is that the blocks are ordered sequentially in consensus. So even though we have more than one block happening at a time, they're still ordered
in a straight line even though we have more than one at the same time. So if you uncurled it and stretched it out, they would all be still a straight line. It's like time warping a blockchain and squishing it down like an accordion kind of, if that makes sense. Yeah, that makes sense. Leethon will also share the article
So, I'll go to the next one.
news that maybe not everybody listening is aware of. So as a decentralized project, anything that costs money gets paid for with coin holders, community members chip in and we crowdfund money to do things like earlier, like last year,
we had to pay our way to get on some exchanges, you know, a little bit, you know, the medium, like tier two or almost tier one exchanges, we had to pay a little money. So we raised money for that. Two other great things that we raised money for that are already completely paid for is one major software overhaul.
which is called the Rust re-write. Now, Rust is a high performance computing language, a programming language that the developers use. And what it enables a programmer to do is to leverage the high-tech modern computer hardware.
So most people, a lot of people who crypto are gamers, they know like the Ryzen 16 core or they know like the new Intel core, you know, processors have 24 cores or whatever. So that's an example of high performance hardware. So that means like, you know, if it has 20
24 cores that means the brain in your gaming computer really has 24 little brains so they can each do something else and work on different programs or different math settling You know calculations independently you don't have to wait in line for the one brain to do everything you have 24 little brains that can each
So Rust rewrite is a complete already. It's in Alpha release version. So they've been testing that for about a month or maybe maybe six weeks and they're getting ready right now because of the increased hardware.
the ability to use those separate cores and many other things about the programming language. They're going to be able to turn the block time up from our current block time as one block per second. We're going to be able to crank it up on testnet for starters to probably maybe four or maybe just straight to eight blocks per second. So the testnet
network to see how it handles it will be getting eight times faster. So that's that's really incredible. I'm gonna hold you hold you there for one second. Yeah. So he's already explained I can how that works. And also I apologize for falling off the network there a second ago. No worries. I threw it in
to the spaces of the testnet of a section of the testnet that they're using right now. They're actually doing tests on it to increase the blocks per second. You can actually see the structure of the block deck and the width. And I think it's like, e and it count. It looks like it's far right here, but that segment's up to like, e.
And if you scroll through, you can see where the block tag lines out even more. But I give you a section of all the blue blocks in that link, and that's showing you that everything's being accepted as is in this moment of test.
Alright, thank you, Bubblegum. Yeah, like, you know, like, this sounds very exciting, because I myself, I always wonder how we can start the block time and make sure that we can transfer and be more cost efficient as a miner. Yeah, and then you also remind me like, like,
But a big topic in the blockchain world is like, having the challenge of scalability, security and decentralization. How does the customer approach this issue? Like, this has been all our community members been asking. Sure. Yeah. So, um, what we kind of recovered the speed already, right? And that's where it's
scalability. Now security is awesome because like I mentioned our founder, Jonathan has been in this game since almost day one like since at least 20 probably 2012 2011 and his first paper came out in 2013 so he he gets the whole show from top to bottom. I mean
the guy's view, like how he looks at crypto is more broad and more like an amazing understanding of the entire space and the technology that I've ever met or known or spoken to. So anyway, so the great
The news is that CASPA, even though it has more than one blog at the same time, it's a generalization of Nakamoto consensus. What that means is that it's derived from the core principles of BICQUIN's network security and
that at matching hash rate we have an equally safe and secure network as Bitcoin. So if the same amount of people we're mining Casper right now, which of course they're not, we would be as secure as Bitcoin. Or if you put it in a
in a reverse way of looking at it. When Bitcoin had the same amount of people mining it as Caspedos right now, like maybe that was 2013 or something or 2011, it was the same safety as Caspedos has right now. So, you know, and it's only going to get better. Like you guys may have seen the news when the
last couple of weeks, but Bitmain announced their first Caspa ASIC minor. So that's going to raise the network hash rate by orders of magnitude and make it even, you know, that much more secure. So it's incredible. So the security is totally handled. The decentralization is already there. It's proof of
We have hundreds of thousands of video cards mining Caspa around the world right now and You know it's open source software. It was a fair launch. There's no corporation. There's no team. Everyone's a volunteer. There's no salaries. So it's it's amazing It's great. It covers all three for the tri-lump and
Yeah, well, let's well if we step outside of blockchain from modeling like can you can you share some practical practical application to the Casper cryptocurrency? Like like how how could it help the application of the real world? Bob, I'm got any ideas about that
Sure do so what's Caspa shooting for us to be like the ultimate currency we want to have transactions for everything you can think of so you gotta pay your bills you gotta do groceries you gotta pump gas it's gonna be paid with gas but we want you to pay with Caspa and it's gonna be a trustless peer-to-peer
So there's no middleman, no waiting for transactions to clear. Let's say Wolfie is a manufacturer and he's buying computer chips in China. He can send Casbah instantaneously and start manufacturing right then and there. So as it gets confirmed, no more of this two week wait.
for the transaction to clear through ACH or whatever. Or have you. Top of that, I mean, you have the cost of fiat itself and all those middleman, that can all go away for the most part and squeeze more efficiency out of our finances. But Caspar really wants to do
these everyday micro transactions that you operate your life on. And it's been known to be compared to the silver to Bitcoin's gold because silver historically was used for transactions all the time, all the micro transactions. So we're trying to be the Bitcoin of transactions, so to speak.
Sure, also, but wait, there's more. So that's, so we, we, when you asked about the roadmap that we didn't get that far down the roadmap, but one of the things that's, that's technically possible and easily foreseeable in near
mid-future would be a transaction sequencing layer for settling DeFi transactions and MEV. That's maximum extracted value. So when people do things like arbitrage on
on D5 when they see somebody selling something for cheap over here and they see a guy who wants to buy it for a little more over there. And they put that on like the Ethereum network. Then there's like a 12 to 15 second window where miners and bots can see that opportunity and they steal the idea and
They run the operation instead of the guy who's out of it the first time. So that's being a little sneaky and that is a possibility only because of the delay of Ethereum having that 12 to 15 second window before transactions get packaged into the next block.
already is very quick at one second, but as we approach 8 or 16 and then maybe even 30, 32 blocks per second, it would be possible to have it also act as a transaction sequencing engine, which could be amazing.
Yeah, but wait, there's more and more back to the roadmap. The Dagnite, what that's going to do is actually going to allow us to scale with the internet infrastructure.
We will only be bound by the speed of the network. Help is the network is as it gets better over time. Casual will get faster. Those scale and grow with our financial infrastructure and our internet infrastructure.
So really right now the only thing this whole thing is back is hardware and the network. So I mean we have no limitations of the tri-lema and soon to be we're going to be scaling with the network.
Yeah, that's true. Like for a lot of what's the project? One of the biggest issues probably the hardware and the right now the service that Internet for filing is providing. Like as a pioneer in the work we feel, what do you see as the main obstacle for what do you purchase to achieve broad adoption, like especially in terms of use?
use an engagement and use awareness of the whole work three. Because even as an industry worker we ourselves we might have some confusion with the work three. What does the work three really define and how we can push work three? The biggest thing is how we can even advocate people about work three.
Sure, well, so I'm kind of like you in that I think I know what Web 3 means and then after like five days I forget and then I have to Google it again. So it's one of those funny terms, right? So but in general, I think
I think one of the roadblocks is just the speed and the weight, the weighting for things to settle. That makes it not ideal for many currencies to be used for in gaming or something. If you just want to really buy stuff
with crypto, like it still can take a while and it's annoying, you know. So Caspa can't help with that, obviously with that, the fast confirmation time. And then maybe the only other thing that pops out to me personally is just a person and not directly related to Caspa so much is just like, you know, it's annoying when
You know, you have a good product right you have this good cool Technology and and there's so many roadblocks, you know, it could be frustrating like we've been working hard every day trying to get on platforms and exchanges and everywhere and then you know Pepe comes out with a funny picture and it's on Binance the first
day like tada you know so and there's no technology behind that so that could be a little frustrating but but in the long run you know we we like the story of the tortoise and the hare you know the turtle and the rabbit you know the one that goes really fast he takes a break and he goes to sleep and then the turtle goes slow and steady and he ends up winning
winning the race. So in our experience so far with life and with Caspar, the slow and steady has been winning the race for us. Over time we do very well and we have our patience and we just do our best every day and we see what destiny and the universe has for Caspar to become.
And with with with the adoption topic too, we focus on education. We want to educate our suppose like hey, we're just shelling this coin. Hey, just use our coin because it's the best. It's got a funny picture of a frog on it. Now we want you to use this for a reason to understand what shooting parts we do in bracelet.
of organic and grassroots marketing, which is really embracing our community. Did you outreach with us and rewarding contributors that way? And we're also trying to get more involved into academia with University Blockchain Alliance, for instance, trying to get into
more like roles where we can pick up devs that are kind of starry and they want to join the process. And with the way we have our community governance, anybody can hop in and contribute. If you have a concern, you want to brainstorm how the next smart contract is going to operate or whatever.
anybody can participate in that. So as far as adoption, we're trying to educate and absorb. So we're trying to pull in anybody that wants to be a part of this cutting edge pivotal piece of technology. Yeah, we also get a community asking a good question. He's asking how are
engaging with the developer community and what opportunities are there for others to get involved in Casper development? That is a good one. It is a great one. Bobbogalm, did you recently write something about this or not? Recording developers,
A little bit. Yes. So with the developers, what we're really shooting for again, we're I touched on it with the academia. We're really shooting for like the academia realm because there's a lot of people there that are onto the cutting edge tech and they want to be a part of the process. So I think our base layer right now is the academia, but as far as
And the reason why I did that is to attract developers. So if we start talking about start contracts and we get a plan and we get things set in motion, we can have a plan that is going to be a
developers plan accordingly and get involved. Now we start getting this layer 2 in smart contract environment built. It gives them an opportunity to have something to build upon. So it's tough to recruit developers and hold them there while we wait because you don't want to hold them back but they want to get on
layer 2. So you kind of want to make this have a good framework so they can anticipate and build upon it. So as we start progressing with this and now I'm actually attracting more and more to try to get this brainstorming going. Once we get that layer 2, it's going to be like, you
You know, a land grab. It's just going to be whoever gets there first and the people that really wanted to develop with this ultimate speed because I mean, there's a lot of applications that could go along with how fast caspos. I mean, if you just think of the market and trading for instance, Dexas, whatever. I mean, there's a wide market for speed.
So once we get that layered to there, I think the attraction of devs is going to be much, much easier because now we're going to have this opportunity for them to build whatever they want on, but their, you know, hearts, whatever the hearts desire. Excellent. Yeah, I could also add a tiny bit to that.
if you don't mind. So that's totally the layer two stuff developers and that's a great input. Thank you, Bogom. But just I wanted to point out that due to the revolutionary nature of Caspa and the BlockDag, we have just a very few guys
Even though there is no core, the original people that created it and programmed it are like the only guys that know really how everything really really works up until just recently and when I had mentioned the rust rewrite now we have three community devs So these are developers who really showed guys, but they found the project
They came in early one way or another and they started helping and looking at the code. And now they've completely helped with rewriting in the Rust programming language. So now instead of having like two or three guys that know Caspus code like the real, real core of the code like the back of their hand, now we have like three extra guys.
Now there's like six people on the planet that totally get how it works. Maybe a little more, some of the mining pools and exchanges, you know, their integration developers really know how it works too now. But anyway, so it is that the developers who know about the inside, the real guts is growing, which is great.
Okay, I see another good one. Have you have your team consider consider in the crap really with other blockchain in their design and the power of cash. Do you mean like tying in like atomic swabs or a bridge or something? Yeah, yeah.
should be like some processing or like some sort of function to intercorporate with other blockchains. Yeah, so I know our founder, the guy named Yannis and who I mentioned in the beginning, he said he has a research paper like he's going to write
about a bridge or an interoperability when the time is right. He's a very, he's a sometimes cryptic or you know reserved person in his statements but he's definitely someone to take seriously and you know so he has some concept of you know it's a caspus
specific use or bridge or something really interesting. So if that guy can imagine it, I think it's going to be great. I just don't know when he had in mind for that, but he said when the time is right. So let's hope it's the time is right soon. Maybe summer, maybe next the end of the year, I'm not sure, maybe 20.
the two smart contract options are kind of weighing right now. And I'm saying weighing is I think it's more of like a focused thing. Do we want to focus on native smart contracts or the other one is to serve as a sequencing layer for Ethereum smart contracts. So that's
option as well and we could do both easy enough. So yeah, we could have eith smart contracts which would help the interoperability and use the financial features of Ethereum. All right. Okay, let's wrap up this EME. So we've
last question. So last but not least, what about the cooperation with the established financial institutions? How does that fit within your strategy right now? Institution? Yeah. Well, do you mean go ahead? Oh, sorry. Actually,
It's just kind of funny you mentioned institutional Investing so just was talking to the uphold guy something a message a while back like hey, what do you think about like institution will investment? How do you think we should like incorporate like did we need to have API set a different way since we're in our infancy I'd like to be ready to
And just recently upholed just tweeted out something about institutional investing and one of the crypto that kind of zoomed by in like a silhouette was Caspa and I have no idea what this entails, but I am really excited. So I don't know, it just says upholed institutional and Caspa
for kind of like Zoom's buy. That's all I got for instance, which is cool. Yeah, I think where you guys leading more towards like interactions with maybe banks or the traditional money system, was that what the question was more towards or not? Well,
is more on the sheet level. Right now, one of the picked issues you see in the capital currency development is they couldn't get enough with the big name company and that would help them to push. It's easier if you can get within the corporation than they can't afford to help
to push in in different levels of industry. Oh sure yeah I get to yeah so we're still kind of a baby in the crypto overall you know the crypto realm we were fortunate to have something to do with uphold here the United States that's a pretty
decency entity like what you're speaking with. But we would probably, you know, if I had to just gas based on my whatever my little intuition or experience, I would say hopefully we have that the four year bull run is coming
around the corner, hopefully, like it has every other four years so far since Bitcoin came out. And during that time, I would hope that Caspo would have a fantastic growth in users and people who have a knowledge of it and get press coverage and everything.
time I would expect to have a little bit more, you know, large entities and organizations, some realize some of the potential benefits of the breakthrough technologies that Casbahas and then we would expect at that time to have much more, you know, interaction and partnerships or whatever you want
called interaction partnerships, placement on platforms, you says as payment method, you says the settlement transaction, things like that. I would hope for. Yeah, sure. With growth as the focus rate, how I mean the chances of that happening keeps getting better and better, like more we
keep growing, the more people take notice and the harder it is to get to ignore Caspar. It's kind of like the side effect of growing is this more adoption and more institutional exposure and whatnot. I think right now we're really focusing on that growth part and then I think
As a consequence, we're gonna see this adoption institutional adoption really Yeah, yeah gotcha like I mean I personally really look forward to see Casper go for you know, I think all following them all just seems like literally they won yeah, so yeah, let's
look forward to that. And like thank you everyone for joining this day at Meet call. Yeah, today we're about to wrap up and we'll also be sharing the record later today so you can listen up the conversation as well. And like thank you everyone, thank you Wopey and thank you for the time. Yeah, be sure that we can have another AM Meet talk soon.
Hey, thanks a lot. Yeah, great questions. And we appreciate the attention. Thanks a lot. Yeah, later on, yeah, we'll share, we'll share ring wall inside wall. Yeah, let's screen hutch. Yeah, everyone have a good day. Bye bye now. Take care. Bye.