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Tokenomics and Service Nervous System by DFINITY
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About the talk


About speaker

Dominic Williams
Founder at DFINITY

Dominic Williams is a technology entrepreneur and decentralized systems theorist. His recent inventions include Threshold Relay and Probabilistic Slot Consensus, Validation Towers and Trees, Puzzle Towers, and ideas such as “The 3 E’s of Sybil Resistance”. Previously he founded a venture-backed MMO game that grew to host millions of users running on distributed computing infrastructure he also created. He founded DFINITY in 2016.

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Amazing conversation. So fine. Thank you all so much joy by fantastic because now up next will welcome to 30 lb and she's fine to dissolve. Macwilliam his chest light on inside on tokenomics and the legend of the service nervous system. L o l a v a week. Straight to be here. I'm going to run you. Give me a quick instructions on a computer for that with a choke on it. Took them all decks and the forthcoming service nervous system functionality, which is going to be incredibly important to develop his in with free because it's going to

allow them to completely decentralised adoption services and raise money from from the community on the story about 50 projects, ready to go. When this functionality activates in January by, then. They could be even more so quick. And look at the internet compatible, chime what it's all about. And then we're going to get on to some of the tiger. No necks and the service nervous system stuff in The Descent reservation. Open that many men. Have you do a job Developers? Psych Hospital. Who am I? My name is Dominic Williams. You can come across

before. I am the President and chief scientist of the definity. Foundation civility is a not-for-profit organization based in Zurich. The foundation was actually foam cycle time for 2016 in Villa, Grove to Zurich the next year and we've got is absolutely extraordinary team over the years. We've gone by research centers in Zurich where I am today, San Francisco. Palo Alto. What a remote let you know. Just wrong with my employee. Many of the world's leading cryptography, brilliant

scientist and John Senior Engineers operation in in in gold chain, and we're working away for several years before we could put it on the 10th of May. The association's is a new nonprofit organization. That's been formed to provide support to people in each system developed government's investors backing new projects on people running note machines researchers at University song. I think they would have already had about the foundation, probably one of her much about internet computer says, yes,

you can find it, if you can find the internet computer internet computer. And that's also why you'll find a fantastic dashboard on the gives you a real-time stats on the internet computer. We have the Village Foundation United. I'm by admission at and that is to enable we go. Blushing singing, Irish song. Dolce Singularity is the migration of all of humanity has information systems and services on seduction. And this is made possible by a complete rethink of a China Buffet in computer science. That provides people with a genuine Will's

computer. I hate that runs incredibly fast, web speed with enormous, efficiency, and capacity, for 6. My contract and small contract infinitely, and also enables smart contracts to serve interactive web directly to use it. So, we believe smart contracts provided at just a much, much Superior on platform for building a thing. Then just like, Unstoppable, I'm the kind of software and systems at the same time, right? So you can, you know, you can compose new systems from existing contracts. I'm not the same way you do. So at once

my contract can be a system unit and multiple laundry systems at once. And of course, my contracts and gets all of us. So you can use to open a location. That's all of these reasons. We believe that in the end of the orders, module systems and services, at least every time we rebuilt on public don't change, like being snippy because you capabilities. And that's why today is defy. Can system on aetherium looks very different. Traditional has been scaling out. It's

already going to be a boss compilation. I think it's already processed. It was 300 million blocks. In the short time has been running an idea of the state change provide some additional things about 25 bucks. A second at the moment, but we accept expect that to get into the hundreds of thousands of books that second or so. And it's it's it's got about twelve thousand. Thousands of small contracts with some complete Doc's rights, something just my contract is

300 terabytes of such a bummer. Okay? Search. Brake repair today. Blockchain is just way way too complicated for the uses of web tree jobs. So you have when you interact with. If it's not running on the internet computer has a hundred percent certainty that you're really interaction with a website on. Yeah, either on the side that will most likely a corporate cloud service like Amazon web services website. Is a trusted intermediary, you know, you have to

trust this patch me through to small contracts on the backend. I need Vanderbilt has been switched off by Amazon. If they decide they don't like vacations in the same way. They decided they didn't like Paula Wright lost. Yeah, I got you one of the significant data storage and processing takes place on a website of change your interaction with the website on the corporate Cloud on the back is going to take a fingerprint of whatever content you bought in store on the ferry. Yes, or B of

the NFC live on the corporate corporate Cloud access to. This thing is is immediate family. Browser is enabled you to send transactions through the website. So that wallet that comes from the United. Nobody knows yet. Crime has changed the code, to steal a token. I need a pressure point in 2018 and, you know, the one who uses can never really be sure. They interact with no contract because they're interacting with the website. It's a security vulnerability. On the other hand. There's always the risk that for bocados sensor. Will that be people? Credit

is dab self-censor. So uniswap. Reach me just do this office to open the small contracts involving unistall the Unistrut exchanger on a theory and a pretty decentralised that controlled by Governors tokens, but the developers uniswap operations in a cloud service website and uses only to get a bit of soap. He has a bit of a clunky experience yet, to download this mask. Bullet answered manually configure transactions. You have to basically have ether in your wallet before. You can even try kristaps. Okay,

so, What's the internet computer without public internet computer is, is, is a super bouncy ball with the wells computer. It's actually created by a protocol ICP internet computer Prada. Call Knotts from where the ICP token. That makes it possible for a small contract cell phones. Be used to build anything, you know, where three jobs. So you can find game 58 EFI and if he's even websites and identify system without any clown. That's really important Point. Okay. So something else is really interesting about the internet computer is that it runs for a completely Sovereign

physical Network. So, this is interesting because today, you know, most of his proof of State networks. You hear about a running from the cloud. If you go to, if you had the technical documentation, how can I call Donna? Avalon salon on Amazon web services in the times website. Has just decided that they didn't want us to put mulch anymore. But I need today off. Switch off all these. I think this is unlikely, they could even steal all the validation. You know, unless we think this is the wrong way for it. And so the internet computer was designed to run on a sovereign Network

and it runs on the network and we can load machine machines. Have a set of standardized. How do I expect it? And I run by independent owner of prices and amenities machines that you don't have the right. Spect is a danger that they should have full. I think it's actually statistically with without loads and then they got slashed, you guys like this adoption small contracts that hosted on the executive board Shine from now, we think will be billions of eyes. I'm inside the internet computer networks are

actually things called subnet blockchains. I need you to show something about shine increases the capacity of the overall. He has it that the internet computer. A crate and it is so contagious. Amos Lee. So, you know the song that tries to completely transparent to the damn smart contracts running on and that's because the subnet blockchains work together as a single book Shine, using some very, very clever cartographer. He might have to buy it and run

by independent operations, nodes a combined with a view to maximizing centralization. So, you know, it looks at this hierarchy, you know, don't pray to Jason Center yoga, free jurisdiction and having to rethink. And in ten years, they'll be millions of these night machines and thousands of data centers being you. It will be used to Give me to the blockchain, an evolved evolution of small contracts and that cold out contracts that Faust and my scale. They cool canisters because I actually they Implement something cool software actual mobile, which enables them to run

in power. Bi says it is essential to Skyline. I need is a bundle of webassembly by Carl Weber. Sam is a new standard that they invent regret to say that she was able to finish Foundation, a bundle of a system memory pages on the bike as exclusive access. So what's really, really cool about the incident computer is a clue to its is that developers build new web free apps just by uploading in a canister smart contracts to be in this means. No, I'm Cooper

cloud services. I need it. So you get rid of the last checkpoints and comes the censorship on whether it's other people censoring you, or you having to self-censor because you're worried about the, you know, Reggie flashbacks of your tokenization. Door number. A kind of difference is one of them is that, you know, we just met George McAlister's, sub, web director, Jesus a small contract. So basically now you have to be servicing HTTP request an idea of how far is

with us. But how did you use one of these apps? Like they have to, in a prince to that browser? And then somehow punch is cryptocurrency and put it in the metamorphs woman hits rock with the boat. So that's up to you. Pray for you on the internet computer in the mud drives around. Small. Cone Shacks in Internet computer charge. Was this thing school cycles and they've been through them in the trunk competition and, you know, they're very efficient as possible. And this means that users can

interact with job services created using some kind of smart contracts with with with You have the internet computer as you might have gas. That's pretty incredible speed finalizes, update transaction, which changes in in in about two seconds. That's very consistent. And I'm not to give me ideas or eight times faster than you guys staying, but it's why they loaded as Ben Foster's, a very sophisticated realtor. In 2, seconds does not be tight state. It can be processing

in Ms. And actually, when the You know, when my contract to Southern for example, state, which which the browser transparent is cryptographically verifying starting to cycle. Smart contracts is now approaching that the reason for this is it official rules side that has capacity with. So, you know, if the demand for on chain smoke on track conversation and increases the network. And this means the cost of a contract. Stays constant. Now I can pass, you know, with adjustable chain. What is a fixed and uses? If this affects me a kind of market and auction, which allows a different people

Traxxas engine. A small contracts jasa on the internet computer. Cost me about $5 a year paid for the cycles that which is, there comes a gas on this area. And there's sometimes you can just buy some parameters with respect, how you in some cases, it will be available next year that bring it right down by contrast. I mean, I look today and the cost of one gigabyte, it's five hundred million dollars. If you were wondering why. I really yeah, websites running on, on

the cult of cloud that just make a few calls to the song. This is why, you know, if you want to example, if you can store the B on a. I mean Joy, if the NFC was was a video clips excite you iPhone made out of some amazing, a clip of Lionel, Messi scoring a goal. I was a gigabyte of Wright's Towing that and I sent you that video. I left a trail a probate, very much even in these crazy times. Just a fingerprint as B is stored on a more Salon or whatever it is that you can actually,

you know, so much more efficient on the customer. So you can still the B of A on on the internet if you to go try to self. So I'm kind of interesting ride since we launched. It seems that I know not to place to say, this is very disruptive technology getting off on, on social media and things like that. You know, how it turns out that can read between the lines and vaping. It don't know, already more than 1,000 developers, building, on the internet computer. Are we giving out girls to come over? 200 was still just getting across all the time. And a lot of these new

projects. Drinking's, You couldn't possibly do this one. I was talking about the other guys, but actually running from the boat guy is no kind of love. And I'm what's really interesting, is that it sits as an example of an emerging you such a cool social fly, right? Which blend social media functionality is going to be I said it's going to be like at a crypto wallet to so, you know, you got to send Bitcoin and things like that and if it's going to be it's going to be So, I just mentioned

pioneering socialfly, the Metrobus in game 5 as being incredibly important among stay. So. You may have heard that you cannot compiled Unity applications down to webassembly around them inside the browser. Well, you know, as I mentioned into the computer and it allows for some very interesting Integrations, you know, you can have inside baseball, contracts of unity front-end compelled to website and interact with a small contract to provide people with amazing 3D Wells. Using my functionality and jam.

You have enabled people to interact with tokens, which consoles that kind of thing. But what if I was going to let you know is I'm game for application that integrates threw some fruity game Universe with with the Crypt, I won't try to open chat right now and then that would try and social pie blend social media with defy GameFly blend in a game punching. I see you and see if I am the man of the house. I just described as when those two things come together here in a 3D World. I'm driving. That Train. Derailed you go Circle, social. I

haven't got Jess or something else with this, you know, I mentioned that, you know, if I blend social media on a Galaxy with, with the big massive changes that is going to be that you know, that the uses are going to become both be owners and teams of of these services. And so what I means as, you know, I think social media is going to grow by a dropping and dropping Governor's token. She uses and a framework. So they help with things like moderation, game fight and is going to just transform gaming, you know, there's going to be a real place where

you want to do this. You could have run into Charlie decentralised way, because unless you run has it was like an extension. The blockchain is just know why you're going to be able to provide this kind of functionality. That Collision the match of us is going to bring in billions of years. Is this is this is really where the picture was just deciding that. There's a lot of people are already building out the to the Metrobus functionality, Only Internet computer. And what school is that? It runs 100%

from the internet computer. There's no cloud and there's no Facebook. I'm never going to get to this, if you truly decentralised and we'll talk about how you know, and you didn't, you have the community. Fun fun, you project yourself. And if you can system and John this is what a lot of guys know now plan anjem. Nobody should underestimate the power of decentralized finance and find you. Some steps. I want to give you some concrete. Straps for securing the Supreme blockchain Maximus power and step

one is you know, realizing that cooper cooper cloud service is a Kryptonite for web web free apps and services. And that if you want to escape that kryptonite and gain the full power of blockchain can get you, you going to build on the internet computer that are useful for a build on the Block China may be a genuine market today. The people of lost track of the lost track of the facts, you know, right I did, I've been recently charged. One of the things I like to

ask is what percentage of jobs are running around and using corporate. Can I get some like 100% because you know, the only thing that can serve you smoke on this is being so I can get, you know, inevitably, you're going to be building with with using the corporate ladder. This is Jesus. So so many problems, even if they, they, the market, don't know it now. And jumped another things you would tell me where I bet. It's like I said, how much do you think a gigabyte, a smart contracts or ten dollars? $50?

You tell him five hundred million dollars and 4 GB and they just look at you. Like you're mad. They just do they call grass. But really, you know. Cuz I already has that the interactive web content from the blockchain then of course, it's not ready. Web 3.0. The reason is that you are you going to explain the moment? You lose a child sees about Step One is is is just build your Some excuse and I'm stay well, Clear Corp account, services is Kryptonite. Step2 is Hammond, control of whatever you built to a service nervous

system is basically a super Advanced. I'm d a 0 or the centralized organization and dysfunction it in January. If you built social filed GameFly service bus service or just plain old, e-file application for press a button. And when you do that, but there's like a good approach and actually create a new service nervous system. May I do for you and it will assign control of all the small contracts and in your back. Is true. They they are. They basically, it's, it's running under the control of the community.

Set free is to have to do this. Now the other systems and control. I'm set free is the service number system around most known as a decentralized station auction and this raises funds directly into the SNS itself. I'm wearing a controlled by the community service. The difference between is that with an Ico, some group of developers or company, you know, I'm crazy and tokens and sells them to the public and received the funds with an option. Yeah, you credit, you know, job service,

press this button and you saw this nervous system was created in an uncontrollable small contracts involve. This is assigned to this new system at it. Now runs under the control of thousands of the most of us participant voting on proposals are pretty simple motion. You're mistaking. It it then creates a ledger of the building goblins tokens and Begins by spinal canal off a whole bunch of a send this example here, you know 400000 minute of this single clearing price, ocean to

the participants in the ocean that control the system, the funds raised through the ocean. The original developers and I could be just a $10 bonus, could be a team of developers to brunch calculus to participate in your typically when you're both. Just once in the in the same position. I received these Governors, tarpons ready states in the government system mostly, right? So don't lose focus already playing the role and then you know you typically Yes, save some stuff he uses because as we discussed uses in the future. Again, to be

a witness and a 400 million of the funds raised to catch inside the subs, nervous system self. 250 men in a given to the founding team and then 350 million are reserved for years and you can imagine with something like open chat that, you know. You know, round the bedrooms happen all the time. So if you want to be online and I some random ization engine inside open chat with his pinions. I had to do this capture, to prove, you're not a butt, and if you can successfully passed the capture of the history of some random time in a few days

and see that, see how you can basically make uses the owners of your special flying, can't find none of us and any other gospel shops you crate. Play the artist. They automatically become a team because I've been stuck at vacation for the servicing, you know, bringing new music, new years has Ed and I don't you go stir crazy to get involved in things like moderation. so, This is the crucial bit. This is why you got to care about the centralization. Once you are running under the control of a

Subs nervous system, the community to centralize Brian, this dial the service nervous systems and effectively, it has become an extension of the ball joints in a Thomas extension of the BART train. What you've done is essentially created a micro economy within the overall blockchains macroeconomy, right? Because blockchains can do translation, is easy to see why Bitcoin is decentralized, right? And that's why it was able to succeed. Nobody can turn it off. Is true decentralized. And, you know, people eventually came to accept that freezes at decentralized

systems. Can, you know, but if you get, I want to try to get my coin when I was away on Amazon, web services instance, right? I'm even today. If you crave my coin on Amazon, web services, instance, as regulators, and police forces. And so I should come and take you away. You can't do it. So when you choking, and this is why that if you had to shoot a turkey to centralizing your job is now. Yeah, you can employ the most organizations. So I mean that we just totally buy sample one and the baby coming out of the service and then

later on and get involved in things like I'd rather at typing accented fight, but you just absolutely need to decentralize. Today that said, this is why you want to get involved in Social, find find find the battle bus on YouTube, serious, about the centralization and the shoe corporate child will cost. I'm just just getting the supplies are out and you know people are going to see if she'll let you know, you're going to go to rice for more funds from a Centrist mean to you

when you're running this phone and then you spell psoriasis of a centralized. What does the button and then be safe? Okay, so you don't think we've covered basically I walked into the computer is kind of grind Burger, King in its functionality. Is the biggest thing that has Ready. Credit some astounding and bounces on on the side. And I'm recovered why and how you know, I'm you should take me to centralize and do this in order to raise funds for the community, but also

to run as an extension of the blockchain that allows you to incorporate Advanced station, that will allow you to win. Because when we got to keep our eyes on this chain, I meant by this thing called changing cryptographers. Incredible thing. It is basically allows the blockchain to have a public and the book has a whole can create signatures the validate against that, change it and internally, this is actually a crucial to have the internet can put a scales because as it will communicate with each other without seeing each other's State.

They just can see that. They would have changing the sign by Boston. Changing the one true public key of the bullet train in Japan, and that their interactions Valentine's against it. And that tells them the stage is real. And that the interactions real, no, or change. You can talk as long time in coming, if you got a chance to finish the old and go see how it works, and poke around in places. Like they know the tragedy kg section. You'll find some of the low-level It's an absolute Beast. It's as but it's incredibly important about

ending its application. it turns out that, you know, there's a computer could also create transactions on the other portraits like so, what directly into Grayson with Bitcoin and A smart contracts on the internet computer. I going to get the Bitcoin addresses. And that means that so contracts on the inspection that I can send and receive Bitcoin on the Bitcoin blockchain. This is very different to wrapping bridge is so I change a lock on a stop. Smart contracts on the internet can actually have a Bitcoin addresses,

which is pretty seismic thing. And you have a computer, can send a receive, you know, if you know the address of a small contract on the internet computer. You can just send a Bitcoin from your wallet. And likewise a small contract on the internet computer, and send contract, and send address such as such as yours or my wallet. So this is incredible because For the First Time Bitcoins going to get its own set of nature, smart contracts in a way and it's going to provide for the creation of native Bitcoin so much in the same way that you can stall

and move Etha isn't a computer smart contracts store move Bitcoin. So that's fantastic. The Bitcoin, you know, and was in a super looking forward to seeing what people tell when this stuff is activated the next year. In addition to that. Of course, it's going to bring one and a half billion dollars in liquidity. Straight onto the internet computer and when you know, you begins combined Bitcoin the quiddity with such a fun game, I mean, you know, you could have within which Bitcoins been moved around. The ways of yore when Bitcoin nujabes on the big pond boat ramp

and basically moved inside of us involvement in 2 seconds. So, this could be incredibly exciting and I think it is twice the power of you have hardcore control Faye and explain why we spent so many years in a fight with Siri music, the same technology. I think I finished in time. Thank you for listening. If you made it this far, check out the internet computer. I check out and I'll be there. Trying to smoke on tracks. You like me. Just let me try to call you. Thanks a lot. Thank you so much for listening.

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