Ashish Singhal on human-readable blockchain addresses at CRUXPay

0:22you got into cryptocurrency and blocked a ministry and then how crooks pay is solving problems in the blockchain sure so one thing to note about me is that I'm a hacker and any hackathon that you can think of in India I had won it including Sequoia hack Amazon sujin Google Code for India and my introduction to block chain or Bitcoin was due to the hack itself and you know

0:47I was too fascinated after reading the Bitcoin blockchain paper and you know looking at how it can revolutionize not just a payment industry but other industries as we'll regarding data privacy right so I started building a couple of hacks on blockchain making it out to public and cons which came out of that hack itself which later the same company founded cracks pay a little

1:15introduction on cracks big trucks pays and open source protocol simply find the way how people use crypto it enabled users to create human readable IDs called cracks IDs which can be used to send and receive payment request connectivity gaps with a single click while ensuring the experience matches that of an online fiat payment platforms like people when mu Apple paid and all

1:40happens with zero percent error because user doesn't go into the complexity of addresses and all these things right you can call it a naming service and a payment protocol told anyone mmm-hmm that's creation thank you for the background and now diving a little bit deeper into the product of crux pay how exactly does it work I know that it makes it sound and look easier to be

2:04able to send money and maybe will allow people that aren't as technical to start getting into cryptocurrency but do they already need to have and a Bitcoin or theorem wallet somewhere and then they tie it to that or how easy is it to get on to the system and start using it so flex pay is a b2b protocol so any bollocks that integrate drugs protocol doesn't require

2:28any cryptocurrency to be with the user already so it's free of cost to register cracks ID and all your addresses within that wallet automatically links to this cracks ID the good thing so you would call it a naming service at this point but the important thing to note here is that now you can communicate with other users using a tax ID in a p2p fashion so

2:53you can send payment requests receive payment requests simple how then move paper or wrapping papers right so it removes the complexity of verifying addresses you know sharing addresses across different channels and you know because those can result in errors with using Krux IDs you can always be sure that whatever your shading to the other side is first of all is into an

3:17encrypted and the data cannot be changed and the data what you send to other always remains the same so it becomes very easy for users to interact with trucks ideas rather than different block chains and different box chain addresses how a user get involved in packs is by simply downloading the wallet that's a food that's protocol we are currently

3:39live with cell and Magnum wallet currently we are partnering with all major wallets and I think by March 5 more wallets are coming out which users can then you know used to create France ID and be involved in the tax that's great and that makes sense so if you have a if you're sending funds to a Krux ID wallet that has a specific name the wallet that you're sending from also has

4:07to be compatible is that right like if for example if somebody had a treasure or a ledger Hardware wallet would they be able to type in the name of a Krux ID and send it so excit has dual box one is the distribution part where a user can create excit and link is necrosis the other is that is all part resolved part can be used by anyone even exchanges like banan's any any

4:31application that you can think of on cryptic and use the result part and send funds to you without any error right so without you sharing explicit address with them you just share your trucks ID which is human readable say ashish and exodus but crash and then the other party can simply resolve the address and send funds to my okay great and part of the original ethos of cryptocurrency

4:57addresses though they may be complex was that they gave some level of privacy to the user because their Tsuda nomina sand there's no identity attached to them does that get taken away when Krux IDs get involved with cryptocurrency addresses similar to that class ids would be public it's just that they would be human readable so nobody needs to know that ashish at exodus who it

5:25will not constitute right it can still remain anonymous secondly we have a very important feature in the ducks protocol regarding privacy is that if you want only a certain set of users would be able to result your ID and see your heterosis right so you can decide that only Ashton should be able to look at what are sheesh at Exodus has the address for or contains you know how

5:52much money that it has on that address so I can I can by twist you and only you in the world can read it nobody else in the world can see what is happening it Mary okay that's great and does that work for Bitcoin or is that for like all addresses of all block chains yeah the major problem that all the meanings of this had in the market when we launched

6:14back space that they were really limited in terms of cryptocurrencies that they support Rackspace an open protocol which supports any currency that you wallet has support currencies you can simply link any cryptocurrency on it and transactions that's great and you mentioned that it's open source and decentralized could you elaborate on what does that mean for users that

6:39when they're using it as a decentralized application so Kratz fee is the only naming service which is backed by the Bitcoin cash father so how it works is that whenever you register a name a transaction moves to the Bitcoin blockchain which needs to get wealth confirmation to make sure that your name your price I need is you say Ashish at Exodus is always associated with a

7:07public address which is present in your wallet frança and now on this ID once the Bitcoin blockchain says that it can it has confirmed you can link any data to this any guarantee that beta is the addresses within the one it later it could be multiple more more things coming as well so this is how we ensure that it is pre centralized the resolution that is happening is

7:32happening through doc stack so blocks that build a very you know very innovative tech in terms of name resolutions where you can resolve you can publish your name on a bit concoction and resolve using block stack meaning source right let me use blocks that naming service to be tire everything together and to make this registration seamless as well as decentralized one point I

7:59wanna mention is that there is no token involved so while registering the name its people user and they don't need to put any token or any cryptocurrency for that matters and the registration a fee happens through delegation which is done by the tax protocol itself so no user needs to understand or hold crypto before starting the first okay and how does the business model work is it more

8:25for on the business-to-business side where you have a relationship with exchanges and services or is there a transaction fee so to say in a transaction from the user sure so there is no fee to the user ever so how this model works is it is a b2b product where wanna integrate cracks protocol to allow users to create and resolve cracks IDs then these services

8:51like exchanges he can use these facts IDs to allow users to connect with their wallets to deduct payments using a single click with their world on it and these services p-per news to the crash protocol based on how much they use these facts IDs to connect and the revenue that we receive from this is shared between the wallet and the drugs protocol to build the

9:17ecosystem so any wallet who gets involved and support flex protocol would earn from the services using tax protocol well it will always be free that's great and what kind of partnerships and service providers are already using the protocol so currently we are not focusing on service providers because it's a chicken-egg problem so if you don't have a lot of people using tax

9:42IDs it wouldn't be beneficial for the services right so our current focus is to have as many wallets as much on board to allow people to create tax IDs and we have an internal target of about 100,000 tax IDs once we hit that target we start approaching services as well to be able to resolve those IDs that's great and ideally who are your ideal partnerships

10:06that you're looking to make is it through all the hardware wallets and desktop and mobile wallets so mostly the extraction of mobile products because drugs fee is more utilized in day to day activities right if you're paying a key Piketty on your browser and on a link or P then and anything that have with transaction needs to happen through protocol so currently the focus is

10:35towards mobile and extra quality which people use not to just store fronts but to use those funds for various activities like trading and you know using big apps that's great and the product is live right now and one thing that you mentioned about the product was that you have this send and receive requests is that a unique feature I've never heard of that before

10:58in currency payments so we are very familiar with full payments initiative so you're used well more and sure hundred of times where you say send somebody request you know that you're requesting $600 from them and they don't need to know what your bank account number is and anything of that sort they simply just click on there when no app and the payment is done similar to that

11:24we wanted to introduce that concept in cryptocurrency but in an extent aligns to weight right now so Wilcox protocol you can send me payment requests I can send you payment request say you're taking uber right at the end of the ride uber simply shows you a payment request on your wallet and you simply do a single click to approve that payment so this is the kind of experience that we

11:45are going with so the whole proposition of tax fee is about simplifying the user experience and getting on food the next billion users yeah I'm glad you guys are focused on user experience because it's super important for adoption so that's very interesting and that I'm curious about your future roadmap for product functions and features what are you besides building more

12:10partnerships are you looking at developing more functions into the application as well so we want to do any any transaction that happens for that I think the Lightning Network is the next step for us to be able to allow nightly network transactions to happen – that's protocol itself to allow cheaper and faster transactions and you know saving up to billions of transactions on the

12:37spoon yeah that's great and are you looking for more partnerships team members or investors right now so we have a Sequoia Capital which is one of the largest capital letters printed a backing tracks fit so we are put from the investment point of view but what we are looking at obviously is doing the team and wool product more walnuts to integrate to

13:04this protocol into their system right because again as I said it's a chicken-egg problem if you don't have a lot of users creating tax IDs this ecosystem in itself cannot survive so we need more partnerships in terms of wallets to be able to allow users to create rock silence definitely and if there are people who are interested in getting involved with crux pay or

13:25learning more information or other partners what's the best way for them to learn more information and reach out yeah so the best way is to visit hp.com where you will find all the information from the user perspective as well as business perspective on how you can get involved it have are the entire documentation going walking you through the problem statement and how we have

13:50solved it so our solution industry is very unique which doesn't require any token or any cryptocurrency for that matters and simplifies the way how people you know can register and be part of this ecosystem so I think visiting draxe.com is the best way to get all the information that great well I'll leave that link in the description box below that's all the time that we have today

14:13Ashish but I really appreciate you coming on the show and I'm looking forward to following up in the near future thanks thanks