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  • he said brian, where did my teeth go?

  • That was a common question.

  • Where did my teeth go?

  • And it reminded me of there's this book called guns, germs and steel.

  • It's an old school book was written by an author and it all started with a question from somebody in papa new guinea.

  • When he said to this author, he said how come all you guys in the west have all this cargo and stuff and he had to go through like 1000 years of history to explain it.

  • And my student was frustrated Cindy because they were doing you know swap for the first time and it provided an amazing service that you couldn't get say a year and a half ago but They were paying so much in gas fees.

  • Some students were staying up till 3:00 AM to avoid the gas fees and it thought I thought that would be a good question to ask you is where did my eat go?

  • The reason you guys are in business, the reason you guys are so popular and why is that a question people ask and why do people struggle with this.

  • Sure.

  • So uh you know first the first part of your statement that you know that people are doing like this here the rate of innovation is so fast because at the end of the day we call it something called compose ability right?

  • So one smart contract and interact with some of the smart contract and And if you see in the in the span of like 6-10 months actually smart contract developers were able to build everything that is available in the traditional finance industry.

  • It took, you know, the traditional finance industry has taken like hundreds of years to build these complex products and all that credit default swaps, interest rate swaps and this and that, all of that has been built, you know, within a span of six months on on Blockchain.

  • So we we congratulations.

  • It's impressive.

  • It's impressive.

  • It's called Financial Engineering on on studio, it's basically right, so uh so that's the first part, but the second thing that you were saying that uh you know, uh very diverted my it go.

  • So first of all, I would, I would, I would like to state that why it is like, you know why the gas phase is so high and then we can go into what other mechanisms are possible to um you know, kind of uh make it more palatable, at least for the retail users.

  • See at the end of the day, ethereum is basically the goal of ethereum uh is basically to become a world computer and I I tend to call it like the global settlement layer.

  • Right?

  • So where all these big trades and big, you know, like uh complex financial transactions will be settled and that's where that's that's our philosophy, is that ethereum is going to be that layer by because it's extremely decent lies and extremely secure.

  • That means so many people are running the full nodes in the network uh that you know, when you are transacting when you're doing or processing a transaction logic, a large number of people are executing the same logic.

  • So obviously, you know, in order to incentivize people to keep this extremely secure and decentralized, you, you, you know, you have to pay for this service, which the whole network, you know, you are essentially when you pay, it goes to the miners who are mining the, you know, or, or kind of creating these transactions, combining them and you know, putting them on the block and then that block size, you can imagine that already the whole for the whole world, it's like in a single block we can have roughly, I think 300 to 400 transactions.

  • Right?

  • So um, you know, obviously you can imagine that this is for the whole world, so people have to compete to become a part of this or to buy a part of this block space Because it's extremely again, the reason is extremely decent place and extremely secure.

  • So, but then, you know, how, how the retail users which have, who have less than let's say $500,000 portfolios and they want to do these smaller trades, how do they do, how can they do these or interact with the blockheads?

  • So for the same thing, uh you know, there is something called layer to scalability and that's what we are working on so late to scalability simply means that, you know, we keep the layer one ethereum like imagine that this is the ethereum layer one ethereum.

  • And then what we do is we create a parallel Blockchain on top of you know, which is running on top of this, which derives some security parameters for material.

  • And then instead of you transacting directly on ethereum, you transact on this layer, right?

  • As a as a retail user.

  • And then you know you do let's say thousands and thousands of transactions and then what let's say for example polygon.

  • But we do we combine all these transactions, batch them uh in a cryptographic way and put one transaction on material.

  • So whereas like you know you were you would have paid 1000 transactions and 1000 transactions would have to compete to get this block space.

  • Now only one transaction in some data goes there.

he said brian, where did my teeth go?

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B1 ethereum layer smart contract extremely block transaction

Financial Engineering On Steroids ?? Sandeep Nailwal Explains Where Your ETH Went ?

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    林宜悉 posted on 2021/09/23
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