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A Standardized Approach to Creating Digital Tokens - Paul DiMarzio, Marley Gray & Jonathan Levi

Paul DiMarzio
Director of Community at Enterprise Ethereum Alliance
+ 2 speakers
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Hyperledger Global Forum 2020
March 3, 2020, Phoenix, AZ, USA
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A Standardized Approach to Creating Digital Tokens - Paul DiMarzio, Marley Gray & Jonathan Levi
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About the talk

Topic: FinTech

A Standardized Approach to Creating Digital Tokens - Paul DiMarzio, Enterprise Ethereum Alliance; Marley Gray, Microsoft & Jonathan Levi, HACERA

Tokens are simply representations of things of real value. Although many physical tokens have been replaced by digital representations, such as the airline boarding pass on your smartphone, these digital representations are only that – representations. The true value of digital tokens comes with the ability to encode behaviors and rules directly into the tokens in order to greatly simplify, unify, and streamline their use. Hundreds of thousands of such tokens already exist on a variety of platforms.

Unfortunately there is no common language for defining the properties, behaviors, and control messages associated with tokens. Without a common means of defining and triggering token behavior, it is hard for anyone without a technical background – such as a business specialist or regulator – to truly understand the purpose of a token. And it is nearly impossible to write contracts that exchange tokens of different types produced by different development teams. This lack of standardization is stifling the advancement of digital tokens in the industry.

The Token Taxonomy Initiative is a member-led organization formed to develop a modular, industry-neutral, and technology-neutral Token Taxonomy Framework (TTF) that will set the standard for tokenizing anything of value. The TTF is being designed by a diverse set of individuals with both business and technical expertise based on their own real-world projects and requirements, and it will drive business-level interoperability between tokens by aligning the underlying technical interoperability across different networks and platforms.

In this session, the speakers will lay out the value of digital tokens and dive into a few examples of how the TTF can be used to simplify the design and implementation of new token classes.

About speakers

Paul DiMarzio
Director of Community at Enterprise Ethereum Alliance
Marley Gray
Azure Blockchain Principal Architect at Microsoft
Jonathan T Levi
Founder at HACERA

I am a results-oriented professional specializing in the marketing, communications, and technical sales enablement of enterprise software and hardware. My current focus is blockchain, distributed ledger technology (DLT), and everything related. I possess exceptional oral and written communication skills with mastery of the use of published and social media towards achieving goals, and my specialty is translating deep technical knowledge into business oriented language (please review my recommendations!). I am a highly sought-after international presenter for conferences and individual client briefings, and am equally adept at conducting discussions with technical and corporate audiences. I have strong customer relationship and issue-resolution skills, and am experienced working within global multi-cultural environments. I set high goals and build strategy to achieve them. I am accomplished in project management and leading successful teams. General Skills: - Technical and business communication - Software strategy - Industry and product marketing - Technical sales enablement - Leadership - Innovation Technical skills: − Blockchain: DLT, DAML, Hyperledger, cloud service offerings − Analytics: Cognitive, Machine Learning, Apache Spark, real-time predictive analytics, IDAA − Application Development Environment: Java, XML, WebSphere, SOA − Platform: mainframe, z Systems, z/OS, LinuxONE

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Marley Gray currently serves as the Principal Architect for the Azure Blockchain Engineering team leading the design and development of Microsoft’s Blockchain Middleware platform code named – “Bletchley”. Prior to this role, he was Director for Business Development and Tech Strategy for the Cloud and Enterprise division at Microsoft where he initiated Microsoft’s Blockchain as a Service project. In his current role, he is responsible for developing and delivering the company’s blockchain middleware development platform. Marley is a founding member of the Enterprise Ethereum Alliance and currently serves on the board of directors.

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Jonathan Levi, who founded HACERA, has been active in Hyperledger from its inception. After leaving IBM In October 2016, Jonathan became on one of the early maintainers of Hyperledger Fabric, and in 2017 he managed the release of Hyperledger Fabric 1.0 in 2017 with Christopher Ferris) HACERA, the company he is leading, released the world\'s largest \"Network of Networks\" solution - the Unbounded Network (https://unbounded.network), based on Hyperledger Fabric, which was also the world\'s first multi-cloud deployment of its kind - interconnecting Azure, Oracle, IBM and AWS. In 2019, HACERA and Digital Asset worked together to enable DAML for the entire Fabric ecosystem. These days, HACERA is focusing on privacy, interoperability, DAML and tokenizations). We are a product company - and not services. Less interested in \"blockchain consulting\" and more into providing pre-built, pre-assembled and pre-tested products that help organizations and individuals to deploy secure blockchain projects at Enterprise scale.

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All right, everybody. I think we're getting it started right on time cuz we got a lot of information to talk through and you guys have all been here on time. So you get the benefit of seeing a tall everybody else has to go look at the recording say my name is Paul DiMarzio. I'm here as part of the Enterprise ethereum Alliance and I'm the director of community there really bright folks Marley grave Microsoft to Jonathan Levy of his Sarah and they act as the chair and co-chair of another organization called the token taxonomy initiative. I will explain the relationship

and differences between a just a few minutes. I'm a be aware. This is not a theory and talk. This is a platform-neutral talk about tokens of that. We're going to go through so I'm just going to take 5 minutes to set the stage as to why we're here today and then let the other Smart Guys give you the details about the the actual technology in the standard behind it. The one thing I find time and time again and try to talk about. Is the focus is there's a misconception of what a token is and it's usually grounded in the fact that were the unfortunate fact that the first two tokens Define Yule

Bitcoin and ether come from a cryptocurrency environment you want is a is a token that has intrinsic value all in of itself. And that's it. The other is a somewhat of a community-based token, but still anytime you want to talk about tokens people immediately call into their mind that this is a crypto-currency space that is one part of it. There's a lot more to it. So what I like to generally do is take a look at tokens today, we all know what a token is today without any thought of digital digitization. It's simply something that represents the value of something else writes a dollar

bills represent the ability to pay $1 worth of tax to the US government diplomas represent the fact that you know, you've gone through a rigorous course of Education you got that piece of paper you got tickets you got UPC UPC codes all kinds of stuff that represents something of value and some of these have been digitized in a certain sense today, but not in the context. We're going to talk about. Yeah, if you've been flying you probably used your your iPhone or your are your Android phone you got to have your ticket on it, but that's not the same discussion. That's really

just taking something that has a tangent a physical value and turn it into something electronic very different story. We're talking about digital tokens were talking about things that are they reside on a shared distributed ledger. So this is the concept of a multi-party agreement that is documented and shared on some sort of a of a medium. It could be a blockchain in many cases. It is a blockchain. In other cases. It could be something else even simple databases can act as the basis for distributed Ledger their cryptograph cryptographically secure it so the owner is well-known.

The ability to spend is is one Time, do you know where the transfers one-time deal and the representation of what you can do with the token is base both on how the token is defined how it's been built as well as the basis of the of the rules of the underlying Ledger. All right. So this is something that I hope most of us do understand about tokens and the digitization of tokens. So then the question is what's the problem other than the fact that most people think this is totally crypto space. The real issue is that there's no standard language for defining tokens. Now coming from the

aetherium world whenever I raise this point the first question I get asked what ERC a standard are you talkin to hear? Not the right question. Alrighty, RC standards. Yo chain Cohn standards standards another another platforms all have to do with how the token relate to the underlying structure. That's not the concern. What I'm talking about here is when you're actually defining what are the behaviors of the token? What are the characteristics? What are the sorts of control messages that can be driven through some sort of a smart contract to actually make that token function

or to reveal its value. These are the kinds of things that we want a standard language for that. We do not have today and that means that of the tens of thousands of tokens that are already out there in the field and that are being developed everyday people are doing them as one-offs. They're creating them new. Oh, yeah, my tokens going to be fungible. Let me let me write that out what that means. It's going to be transferable is going to have all these other characteristics everybody. Does it one step at a time? This makes it extremely difficult for developers get to get together and

collaborate on some sort of interoperability strategy for these tokens. It also makes it very difficult to talk to the business people about what these tokens are supposed to do. So we're looking for a standard language for defining these things. We also want to standard way of controlling them and we want to get that blockchain influence out of the conversation. We want to talk The tokens for what they are they represent the Tate representations or something of value and let's focus on that. So the thought here was to create something called a token taxonomy. If you think about

it all tokens are really compositions of pretty much the same things as I mentioned their behaviors, they are correct characteristics their control messages many of these are already known and understood new ones are coming up every day, but we do know that they are composite entities all tokens will have a common set of these things the way they differentiate themselves is how which ones they use how they put them together and how they bring them to Market your mind director sitting in the front here, right? He's a musician and he likes to talk about the fact that

you are there are 12 notes in the musical language, but there are an infinite number of compositions based on those notes and more being developed every day. And if you write up some music using these note then a Lyricist can write lyrics to that song yo musician can then pick that up and understand how to play that song everybody. There stands the language of the notes and can use them to build something new and unique right? And that's what we're looking for. So we call this thing a token taxonomy, right? And this is what we're focusing on in this presentation today. How do we

develop a platform-neutral token taxonomy to take on this task? And this is where the token taxonomy taxonomy initiative came into play. It is an organization that was initially supported by the way, and that's why I'm here today because we initially saw the value in this and because so many tokens are written in ethereum. We decided to go ahead and get this kicked off. However, I'll give you a piece of information that nobody else knows except for you guys in the room. The TTI has grown to be big enough and substantial enough that within a week to two weeks. What's a

1 weeks time? It's going to be set free. All right going to become the token taxonomy Consortium going to be taken out of the auspices of the 8th going to have it. Governing body and be a standalone entity. So yeah, this stuff is real. There's a lot of work behind it is very real and the whole purpose of the of the initiative was to do exactly what I said to create a platform neutral taxonomy to have the right people together to make this happen and to put together just ETF framework. So before I turn it over tomorrow is just going to want to leave you with one metaphor that I think

helps to understand yo, where the the ttf runs and where it stops y'all know about baking cakes. Now, maybe you've ever bake the cake before yourself, but you know how it's done right first step is to understand what the ingredients are milk flour eggs. Whatever it is, you pull those together think of these artifacts that represent the behaviors and characteristics of the token. There's a there's a catalog of these things and you're going to pick the ones that you need for the specific recipe, which is the second part that you're actually going to put together. The ttf Define the artifacts that

Define that defines the artifacts that represent the ingredients and the recipes, so we're basically creating token specifications and we're stopping there. All right, what you come out of this is a full-blown specification automatically generated by the tool that developers can then go and code into the cake and the end and the slice of the cake went to far as as basically being the the class of the token and the slices be in the instant instantaneous in instant Feelin. Alright, I'm done talkin instant instead. She

think about that matter form and now Marley is going to come up and it's going to take you through the details of the ttf how it operates and how it works. So, there we go. hateful the song All right, so I'm really for CTF. Set of these artifacts and artifacts are just descriptions of ingredients. So just let me said you can have ingredients on the cake analogy eggs milk sugar and things like that before you start making it take you one of those ingredients. Are you want to start mixing things together? If

you're missing two to three key ingredients have to run to the store. So what you need to do near me. How about now? Area. All right. So we're just as soon as I set of files that way that you pull together now the thing with ingredients as you get a list of them, but you also didn't need to know how many eggs how much milk how much flour how long do you stir or whatever you do with cake batter what what temperature to put the oven on all things are not put in the detail until you get all the

ingredients together. So this is just the Classic way. We create composition Frameworks. So if two parts of a circuit that song where you have artifacts and then I'll talk about them in a minute and then you have templates and templates are seriously recipes and they have two parts that have it on his list and they have idle definition where you fill in how many eggs how much flour that kind of stuff? What's up, let's talk about how do you select these things? All right. The first thing you do is you pick up will-call token Basin

tokens have this this classification I characteristics and I'll talk to these read quickly. And these are the ones that we find of you is common the versus if you have a token type weather expungeable or non fungible of the most of you are familiar with these two concepts are fungible tokens are I like money more interchangeable with in the same class that have the same value non fungible tokens do not have the same value with other tokens in the same class. So we have that this the base type or we call it took and type who have tooken units is a fractional

whole or Singleton and there's some these these can be a little bit confusing by fractional toucans are dividable are divisible meaning I can make change if I have a a whole number one token and I need to have .35 seconds that took an Ascend to be divisible. Where is Holt? Are indivisible whole numbers so certain tokens make no sense to have subdivided portions of that token and a Singleton is time to buy unique definition where there's one and only one in the class. So you would create its wholly unique and I'll give you the

example a property title and property titles in the United States. If you're from us they all look the same as you ever look at a property title of the piece of paper and it says the specific format first date for the county that is filed in they all look the same but I'll have different values so you can put two property title side by side of the table and they look identical other than the fine print the value comes from the actual address of the property titles. Anchor to that property is in the size of that property the value for the proper titles wildly going to differ between each other

those look at those two properties are in the same class, but they have different there non fungible in the same. Singleton is essentially only have one property title if it were a Singleton Barbara Todd only one in the class no more and that's just a nuanced. I think that's a promise dress up an invitation value types intrinsic. I mean that the token has value on its own or reference. So intrinsic are like of the currencies and then a reference is like a stablecoin. So it's actually references die somewhere else. They

took in itself doesn't remember the actual value. Representation of common and unique a c common tokens typically can share properties like the property title property title will have the same county and state and Country, but they would share that but they would have all different values underneath so you can have common representations. They can have their own unique values and not shared between any other tokens. Do we have to do one? This is actually a new for the framework called Supply and this is where you indicate whether it's fixed Supply. If you have glass cap variable gated or

infinite, I will probably add variations on these but those are the different types of supply and then the template we have this picture of creating single token or a hybrid token Hypertech and let you model out more complex business used to use cases Wichita by the minute. What's the temperature classification you sort of go through those and these definitions that you're saying of the classification are mostly for educational purposes. When you look at the token taxonomy, there's a lot of plain language definitions for busy people to read about what each of these classifications would be

so that when you come up with a standard you can look at the classification of a token and get an understanding of exactly what are for the most part how this took him behave. These are just some send taxes of that you look at and the token taxonomy you have, and I unique fungible where they do series formulas of these symbols. The taxonomy has a standard formula is not a complex and you look at these formulas. It look like there's some Wicked complex math is really not it's just a calm a composite or composition but it does do validation against

syntax. So it's helpful in the back end. When you're trying to build templates, but anyway hybrids real quick. I want you to find tokens refundable non-fungible. You can combine them an interesting ways. So let's talk about let's let's assume that pick up and let's say the grateful Dad used to come to town for a whole week and you would buy a ticket for Tuesday or tonight tonight or tomorrow night. You would buy ticket for the Grateful Dead concert at 4 tomorrow night. They're here tonight. You can't show up for

a Grateful Dead concert with that ticket for tonight or for tomorrow night and get in for tonight show, but that the thing that that ticket doesn't share is its non-fungible pair meaning it's for specific date a specific specific time that shares the other values of has a non fungible parent with fungible children because there could be millions of Thousands of general admission tickets for Grateful Dead concert. So that was just about things like mortgage-backed Securities theater tickets and things like that working crate hybrid definitions. What you have a base token type you then

differentiate took is based on their behaviors. Her behavior is either restriction or a capability. So transferable most I can build his wife to have an opposite. So non-transferable in transferable divisible or indivisible some more just be miscible submittable is the same as the same as issuable, but they'll have these different behaviors and they're usually described and I'll have other aliases. So all artifacts could have aliases that have the same meaning in a different industry commendable might not make sense first people

that aren't in the cryptocurrency space. But if you give it a different name, like issuable, even though there's a separate issue a verbal Behavior. That's lets people get their head around what a behavior does. Behavior cannot properties a little bit into the soda programming definition of but essentially behavioral properties of property value that is calculated to be set or calculated to be read. So it's controlled by a behavior decides to static value. I'm sitting out there. Here's a list of common behaviors. This is not complete. There's a whole bunch of these that

have symbols as well. They're just lowercase letters. So you could see the pallet of these These are added have a lot of things of these. Typically you can think of behaviors is not in this whole the token implementing a specific but having the hooks to be careful Guy family link for the contract that actually performs that feature or that capability so I can sure herbal is a behavior on a token token is an insurance contract but rather means that the asset that sell demographic link to the insurance contract somewhere else or whatever it is, but it will have that

cryptographically hooked into the insurable behavior. Baby groups are just shortcuts. Sometimes you'll see the haters that go together all the time. And composition Frameworks is a delicate balance of nobody went to stop decomposing things to wear that you can pick a place that thing so much than not quite usable. But if you decompose things like this is the one we have in the the framework is called Supply control Supply control combines mint burn and roll support. What is a roll to find Call Dimensions Group or the Metros role? That means you must be a member

of the mentors roll or group to be able to call the mint function this way things go together all the time. And pray configure them as a mini recipe if you will. Properties are behavioral properties as a properties at will call you to go to the behavior to accept them or to get their value and I'm a real property be like ask you for a setting your property that you would set the volume for once and then just want. And you want to make sure that you all tokens of this class had this property. You can just inspect that token and

you'll get the value for that you're expecting to get that you can still have in the program is called Getters and Setters and you can still have to troll around the setting of those property values in same thing here as we can have property nested within properties. You can Define complex structures as one call property set. It's pretty easy to do pretty straightforward. Both behaviors and properties have something called invocations and invocations are just a fancy way of saying how I call this thing. How do I invoke the behavior or how do I get the value of that

property? And those are defined as those implications than have to troll messages were just high level descriptions of a transfer request message and transfer response message. I meant request and response was call response that is not in programming language. Are there just called control messages in the framework you to find them and I'm pretty easily just by The Binding of an invocation give it a name. What are the parameters that you have to pass him? So I transfer requires an amount and who you're transferring it to not overly complex. I want you have all those. Those are basically

that the different types of artifacts. All those artifacts are classified or categorized and buckets. And then you go out and you want to compose a token and you can pick from all those parts that are in the framework and build your ingredient list first. And then once you build your ingredient list, you've got your formula up top and then you can build your definition of a definition and that could generate a specification from the definition of solve this equation in the system PDF for an open XML document that the tool general for you that you can handle somebody and

it has some fun Factor looks like you put a ton of work into it when really didn't spend that much time on it but underneath you have classes that's where you get to the implementation to somebody goes in implements that and then instances the token that you would have in your wallet or the balance of the instances of that. Imma, see the this is what it looks like the ingredient list of the formula. So you have a this is a fungible token that is divisible or indivisible. Sorry that Ali is the opposite Saudi is divisible or not.

He has called delegable so I can delegate Supply control has meant burn and roll Sport and then it has a property called SKU. So that essentially is my formula. That doesn't tell me how many who's a member of the roles of an interest group that goes to the definition. I lessen the formula the definitions when you put the you plug the actual details on this thing, is it divisible decimal places or you know, it. They're all support will have your these other roles that are being members of them and

then people can be members of those other roles and things like that. But that is the definition that creates the details as Like your recipe step by step from at the specification which again is just a document and you can build those and mention think about those things. I'm going to sit with this looks like the definitions themselves a version so you can polish those and I'll be at a specific version that developers can go program against each artifact has a map or set of maps that can have references and links to source code

invitations finish invitations or reference materials like regulatory guidance as well. So here's how this thing works peoples are. Okay. This is a bunch of noise houses in country work. So we start out with a toolbox for you and you can go and grab the different artifacts of the different pieces to build your token template. What does it look like in practice? This is just a sample visualization in the GitHub repo. There's a the library out there has you can if you're comfortable editing Json you can create

artifacts yourself. You can modify them yourself right within the GitHub interface. Are you suddenly feel Studio code? But it's also a service in there that you can run the service and you can use it that uses a grpc has your PC interface and it will serve up an object model for you and then you can build applications against the object model by Man Overboard provide sort of interfaces back and forth. So there's really no user interface specify. We do have a very rough Web interface Ricochet a couple of different ones. I'm get ready to show you a mock-up again. This was a mock-up is

what it would look like this doesn't exist yet. We do have prototypes but this is one of the designer and here you will see the visualization of these pallets on the upper left hand corner. There's a my token basis. Rob has a drop of essential tucking base over when I drag and drop it over it'll put on the design surface. If it has any dependencies, it will automatically pull those over. So in this one were creating a Singleton so grab the Singleton Behavior automatically and puts it in there and then I can just drag and drop components on to my design

surplus building a formula as you drag and drop something on a truck drag divisible and an indivisible. It won't let you do that it will be invalid. So we'll do real-time validation is your designing your your formula and you're tugging definition. So I pulled out my tokens liner you can use this to create a whole new template and then you can save it and creating a bill of lading. You can also use it set the definition so I can have been going and I can hover over and I

can set the number of decimal places. I can set the constraints on property input here. We have a regular expression validator to say hey only characters of this type are allowed in this field. You can also use it for Education. Somebody could pull up a template and pulled into this and hover over individual aspects and get information of the each of the different components whether it's on the right hand side of the screen of the pop up. So the artifact invitation is again and get help. These are all just Json artifacts

that are serialized from protocol buffers. Sparkle buffers can be served up via grpc, or you can head of the Jason directly. If your developer you want to clone the repo you can go hack at it. You can create your own artifact if you make a mistake, you start the service up, it'll tell you exactly what's wrong with your artifact. Like if you don't have any ID or something like that, it's pretty straightforward, but I can check the web on so I can on this laptop, but there are some tools that let you

see the end result in the end goal is to get as many business customers and business analyst types. Programmers so they can have a design service where they can understand and Bill tokens from a business perspective. So we get a solid set of requirements. That we provide to Developers. So the last thing is worse at ETF stop and where do you start or if you're implementing code that ETF was just going to find the artifacts the templates the specification and then it maps to any of your resources. So if you go out an

existing specification and you write is a bang-up solidity or yo change station and go for this, you know artifactory this complete template and you want to advertise that you can put that right in the token taxonomy for I'm working and it will pull request and that will be discoverable by any of the other people looking so somebody models on a token that you just so happen to written and implementation for the will discover you through this framework. So with that I'll hand it over to Jonathan and he's going to give us a

demo. It's a look just like this one. I showed earlier, right? How can I use this? And sorry about that. First time I speak in the conference is going to be some of you had a few months ago. I became the vice Channel this whole thing by worried about him on a busy enough and I see me to send invoices to Amazon this time, but I really think this is a very important topic which is why we're taking an active part in this. So let's talk about issues that we have when I talked about adoption platform

risk how much to invest in something things are moving can system talk to each other that doesn't require so much coordination because Enterprises not really build to collaborate by nausea. So we started the song from different days and days when I was five and he was worried if he's not going to be like at 9 p.m. Tonight. And I want to do it gave it coindesk consensus 2016 was how to connect fabric from Google Cloud to the IBM cloud and we actually spend a lot of time trying to make sure the things I can and we had a problem with his

later. We have a lot of cloud support in a load of laundry services. We're partners with Oracle IBM and even though that it's possible to run a service in a music app session. Deployment this was based on the highway and giving them names and integrated with the theory of naming Services the greater than and then solve the identity and privacy and we had some government open. Yeah, that was great. So we talked about done because we need to do also share some logic. So some of you hear and know that you thought it was a long time ago like a year ago and we

showed the first damn well implementation of Easter on the East synchronize synchronize Europe last year and we showed how we can easily connect a Donald's my contract or Dimetapp to fabric without changing fabric. So we have something called. I'm kind of movie Cloud movie blockchain and I'm kind of almost logic agnostic. So are we there? I don't think so. The main problem is we have is actually the only stuff didn't work without a way to tokenize in a correct way. So we didn't speak the same language so it didn't eat very well by

the fine. And yes, it's okay. And then that's how many like the prophecy was in quite some time intensive like keeping it generic enough to kind of be a financial services based on a framework that also has supply chain with identity revealed schemes a lot of find the right token model that you work with everything and why don't we build it to that actually? Is that what the what was the standardized form of the funniest joke that you walk across the board. So let me try to show a live example of what it looks like.

Questions you should I speak to quickly. That's fine Saves the Day everybody's having to speak with you. So we build it to that allows us to actually create a token template. interesting so let me ethekwini presentation tanning first time presenting Let me kill it. I don't know what you're going to say now. Weather so he was a friend that allows me to just go to my tokens. That's okay. I don't have any something very similar to what Molly show you where the mock-up of a designer and I can basically choose a base type of a token is going to be

functional and I can try to go with the combinations that are allowed. Okay for what is support and it's actually supposed to be very simple to Bay City, and let's try to find out no, that's too Let's do a functional as well whole known fungible token, or I can actually do. So I can just come in and once have chosen the base type. I can start like it and I want to be able and then everything is a relatively well explained in the phone that I can just have it while I don't know if I can do dragon ball. That is not. And I promise people on

LinkedIn that I am going to call this thing for a broken right? So let's call it again, but they're going to call you look fabulous. and I have the same thing as the formula D so before but if you look at the definitions, it's not that difficult for us to have a unified kind of one-to-one basis of the representation of what are the properties and behaviors that I would like to have and to actually generate a token that later on I can just go and I can just

go and offer them and actually maybe a bit complicated but I'll talk about it. So while this is different depending on the shopping network, how many were here walk with them before? 1243 language of the open source. Which is one of my favorite language is spoken with digital Assets in the financial sector World very functional very easy to use instead of us worrying about like, you know him very flexible in terms of like working with message. Send. It probably is very easy because I actually

set that is very simple when you want your cases. We just look at you set them in cases. Where is very simple Foster understand what's going on have the logic and then I can have versioning off the contract of Fate. Okay, and I can split it is it's a lot easier to do this allows us to actually having a structure that sits on top of let me see if I can find in here. Stuck in boot. Am I supposed to be able to run the fabric? He's people deployed in should be here. Because the previous number by the way.

I hope you haven't stopped talking to you. I would have still came here you go so that they actually use Diamond 4 settlement walking in the mood to clouds form that actually confirms to the Token economy frame of the Define and an example of what it looks like if I would like a minute ago, I have blocked transactions number because this is actually running this time. No fence guys don't work last time. I showed a medical profession just by using the

public API and we spend a lot of time trying to make this thing. Very clear is the best wood to smoke. Okay, so I can just go bulb Alice and I have a volunteer with cash and I have a warrant here with tokens and I can just create something called like the delivery versus payment and it just a commitment that I'm going to buy you a hundred fifty bucks. This is an example of a few companies recently, but I can say I would like to have a hundred usd's and my talking about that 650 tokens and my talking thing is going to be 5 and the issue here and I know that it's a real

thing and then the recipient can either accept or reject the proposal if they agree to agree or disagree the time so we accept the offer. And then basically I looking to hear something and then I set it on the other side. Okay. So this whole Exchange in the face and it's very easy for us to just take I didn't change a single line in the fabric of Base to make it work basically have a fool and twins kind of work with them alone fabric. But this is just one example

of how we did it Patrick we can generate that framework what the interfaces we support what the properties that we want to have in the token taxonomy framework on a phone and then we can at least talk the same language cuz if you look at the timer Is that yeah, we're making looking for with him and we started with a single thing that will come phone nodes and then we started adding more nodes and then we had the ability to a network we have each team coming in now with a private offering. Why does the Bears win division offering and if you

ask kind of my personal view, I don't believe it with one single blockchain. I didn't believe the only thing I didn't believe that the last thing and I just don't think there's going to be One Vision Fabric in production. Right and it's already the case. So I'm not telling you anything kind of knew about the back in the day. It was new, you know, and what kind of change the temperature to 10. Why you going to cooperate again? Because I really believe

that we need to have really uses with real applications with real assets on this change and if you're not going to heaven And I'm going to talk tonight then think about it for a second. What are we not double spending? Okay, so we all have to work a little harder at least the beginning and it was expected but promising because many companies now don't believe anymore. They should just have a lot of things in the data Silo if you want to talk about some population and he was trying to talk in a way that they can move across networks. So take a

step back imagine that would buy your handset today and I'm going to connect to Verizon to AT&T and every time I want to extend write the message, I need to know the maker of his hands it like what network is easy on and I don't know if he's available right now. That's not the system that we have today kind of innocence of 24/7. I don't want to walk 9 to 5 and I have food ordered ability and transparency. So all I need to do is we just have a component the basically build stuff in the way. That is not just Implementation agnostic I would like to accelerate and

there's a flag Hardware software libraries tool sets networks platforms that you'll be able to work in a similar way and they have the same behavior so that we can align expectations right? I know what I'm getting. I know under what conditions are improving stuff. I know what I'm not accepting it. So my message to everybody is that actually we didn't want to just sit in a room or in the lab and to create a framework and just throw it on, you know over the fence to everybody. It's an ongoing process and it's actually growing and we're getting

a lot of good feedback. We're looking for problems with different tokens different behaviors. My property says what we did wrong what needs changing what is really keeping you up at night and how we can help. Listings, I would say I don't think it's going to be the last version. This is version 10.8 maintainers and people that are running books to start thinking about how we can work together because I think that you are too fragmented right now, and I'm not saying it because I like you

so much you're going to spend so much on fabric. I just don't think we have enough resources to be so many fragmented systems because we're just confusing the uses and declined and the ecosystems. Thank you. What is this song Back? Navigate to 200 exit is I was just joking about the fabulous token because we had fun talking to remove it. So I didn't want to call you Ares wonder if you listen to me. So I don't talk on the phone right now. We should talk about it. The reader our plans to get probably I don't know if it's a Keurig 2.0. So there's a big move now and how to

design we just did something and we did Donald in this example. Not just because you want to run with me right now, but because you wanted to straction layer the doesn't actually sit on public, so I just ate but not better than just to show that the big message here is that can walk in the standardized way without taking me in and how cold is it everything to that today? Underline Network. That's why I did. Play Just One Last point. We are really over time. I I'd like to break if you want more information.

Go to token. Taxonomy. Org, you'll be able to find some documentation some specs you'll be able to figure out if find out how to join the TTI soon-to-be TTC and we have a little more information at the table up at the developers Center. So, thanks Marley. Thanks Jonathan this work and thank you all everybody.

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Paul DiMarzio
Marley Gray
Jonathan T Levi