Odsy Network's Omer Sadika on rebuilding Web3 wallet security

0:01I'm Ashley Addison from Block West capital for investment pitch media and today on the Crypto Coin Show we have Omer sidika the co-founder of Odyssey Network Omer welcome to the show and thank you for taking the time thank you so much Ashton for having me today you're very welcome I'm excited to dive into Odyssey but I would love to kick off our conversation with just a little bit

0:22about you personally and your background in blockchain and how that led to you starting Odyssey and then we'll dive into all the details okay sounds good so my background I'm coming from cyber security actually so this is really my background and I was I'm originally from Israel and Israel have been to the cyber security space ecosystem I also started a category in

0:49security called API security and the first company in this space and also besides that you know as part of crypto I've been into crypto since Bitcoin started so I've been more on the you know for more from the side of the ones that were fascinating about the technology at the beginning and during the time wanted to be part of that more and more and at

1:16certain point I said look the next thing that I'm going to do is going to be where 3 is going to be crypto for sure and I really really wanted to use my experience really the way that I look into the space the things that they I believed that are really missing today in crypto and the real problems so I really looked on you know from when crypto started so we had Bitcoin with

1:40this new concept of decentralization and the ability to transfer value to transfer currency in a decentralized way in a trustless way and then we moved to ethereum that brought the New Concept the new approach of the app's decentralized applications and I think those are the really large phases of crypto right so we have many blockchains of course we have many

2:03protocols many solutions but everything is based on those two really two faces this is the way at least I looked on the market and the way that I really really try to understand what is missing here and when I connected that to my background in cyber security and something that I've seen in crypto sense really crypto started and since I've been to crypto is access control so

2:28access control is to my opinion is the number one problem today and it's really really from from the basic right so it's super hard to do that it's super hard to build if you're a builder if you want to build something that requires Access Control if you want you want you want to give a better experience for users in terms of access control then it's so hard and usually

2:52what happens is that most projects they just create they just build using their centralized tools because that's the easiest way to build robust Solutions and this is what you have been seeing you know in the last six months eight months and with all the issues in crypto right so all of that is connected at the end of the day to access control and specifically centralized access

3:18control and that's really the point of Odyssey so I came with my background by experience in cyber security and I really tried to connect to crypto and I wanted to use that to build the next phase in crypto that is connected to access control and I believe this is what is really missing a decentralized version of access control which there is no simple way to do today

3:44there is no simple option so all this is really all about decentralized access control trust access control that's really the idea very interesting and thank you for that background Omer obviously cyber security is important right now especially in cryptocurrency not just with you know centralized exchanges but with decentralized exchanges and D5

4:08protocols as well and you know we're still seeing both you know Access Control issues with centralized exchanges you know like in FTX but also in D5 Protocols are continuing to get hacked or manipulated in one way or another I'm curious on where the main applications for Odyssey Network in access controls where do they benefit the most is it with you know D5

4:33protocols that have large amount of funds locked in smart contracts and you know managing the access of that in a decentralized way or is it centralized exchanges or is it end users or all of the above so that's a great question it's really really the core of what new Odyssey brings to the table and it's all of the above so from first of all from new use

4:55cases that weren't possible before like think about a decentralized custody so retail custody institutional custody any type of custody but without having centralized companies controlling the custody so you can build on top of Odyssey as as totally decentralized protocol and it will be easy as writing a smart contract on ethereum right to new type of use cases to of you know

5:19Marketplace of wallets where you can trade your wallet as an asset portfolio of nfts that will that is multi-chain natively for example you can do a lot of that if we're talking about the existing problem that we are all facing today and for example centralized exchange and this is one of I think the top use cases for Odyssey and D wallet so the

5:41basic of Odyssey is really the New Concept that we came up with we call it the wallet the meaning of a duality is dynamic decentralized wallet and the idea is that the wallet itself lives on Odyssey blockchain on our blockchain and it's also programmable and transferable so you can write logic that controlled it you do it with wallet contract which is a dedicated type of smart contract

6:04that control the deal wallet and an everyday wallet has addresses on different blockchains and it can sign transactions on different blockchains it can have balances on different blockchain just think about your wallet and when I say wallet I'm not talking about the UI ux I'm talking about the private key the signing mechanism talking about that so all of that you

6:25have with the Wallets on Odyssey and you can build on top of that so it can also be smart wallet you can write the logic that control it and because you can do that you can build new type of protocols so a centralized exchange is great example because with Odyssey you can build better centralized exchange we call it this concept zero Reserve Reserve exchange and the

6:50difference is that you as the user you don't have to give the assets to The Exchange even if it's a centralized exchange you can just give them permission to your new wallet so they can just trade the tokens and only one they have a real trade and they can't just use your assets they can steal it they can leverage that they can do whatever they want with that right so

7:11you can build centralized completely centralized solution exchange with kyc and with other books that is centralized whatever you want really and but at the at the same time you can make sure as a user that you don't have to give the asset to The Exchange right so this is I think one of the top use cases on Odyssey we have other type of use cases for example you talked

7:38about device so think about loan protocol that you can give loan to users without asking them to transfer the assets to the smart contract so you can hold Bitcoin with your deal wallet and I can give you a loan and I can trust the due wallet to make sure that if you can't pay me I can liquidate your your wallet but you have you don't have to transfer the asset to my to my pool to

8:03my smart contract and can it can also be natively multi-channed right because the wallet support all the blockchains all the different chains so that's really the concept we are coming with new a new paradigm right New Concept new wallet we believe it can change the crypto space the same as the apps if done and I believe that this next phase I believe this is the third phase of

8:28crypto and it should be about access control and we believe that the Primitive the building block of this new next phase is the wallets that's incredible you know at the beat before you gave the full explanation I was thinking about access controls as for example a multi-sig wallet in the example of FTX you know if Sam was able to move funds by himself without telling people or you

8:56know if the CEO can move funds that's obviously an access control and having a simple you know two or three multi-sig wallet where you know you need to have three people agree or you need to have people on the other side of the transaction have one of the keys so that you're not able to move the funds you know that sounds like a good example of access controls but I feel like this

9:15takes it really to the next level with the with the D wallets of you know the customers ensuring that you know their funds can be traded but not stolen I feel like that's a revolution in cryptocurrency that you know taking wallets to the next level not just for usability but for control of the funds inside of them yeah so first of all you are correct you

9:37can do all of the custody aspects using the wallet right you can you can build protocol for custody for retail which you can say that we need you need three out of four or three out of five you can build something that fits institutions you can build something that fits funds but this is just a small part of the use cases of the possibilities that you

9:58have from new wallets and all the same and how long has your team been working on this and where exactly is it at right now so we have been working on that from early this year we started the project we started Odyssey and the focus is mostly on the cryptographic side we have a very large team of cryptographers and we brought the top in Israel and

10:22also all over the world a world-class cryptographers with a lot of experience because we're building something new so in term in terms of the deck we are working on a new NPC algorithm so we're using NPC to implement a d Wallets on Odyssey our NPC is going to be very different very unique from the existing MPC protocols because the existing one don't really fit the structure of a

10:47blockchain right they were designed more for centralized Solutions more from this perspective which makes sense makes a lot of sense and that was the focus in the last few years so we have the team of cryptographers we're right now at the end of our new protocol and hopefully soon we'll be able also to publish a an academic article about it as well

11:12in terms of the blockchain itself so we are also building the blockchain we're right now aiming to finish the test net devnet soon I hope that in the next three four months we'll be able to go out with the first version and the goal is to go out with a fully functional minute with your wallets and the concept closer to end of next year so this time next year that's really

11:39the goal of course it can be delayed I'm not promising that will be the dates but that's right now our goal that's the plan definitely and with the large development especially of a full mainnet it's always tentative you know and there's a lot of variables but that's really exciting to hear and now with the protocol and the mainnet

11:58launch obviously the D wallet is an important aspect of that but does that also include you know launching the decentralized applications on the network it's sort of Hosting them as a similar layer one like like polygon or Solana and having that wallet functionality obviously with all of those applications but is it the full applications also being launched on the

12:21network yeah so our goal is to be fully decentralized permissionless right we don't want to control the projects of course we're doing everything to help entrepreneurs help teams talents to build on top of us we have few team few teams that right now working on Odyssey building protocols one of them just went out with the press release that they raised precede of 3.9

12:44million it's their name is fan.xyz it was like a month ago they went out with a press release and hopefully we'll soon hear about new projects new companies and the Focus right now from our perspective is to help Talent teams entrepreneurs and again if somebody hears about that and wants to join wants to build on top of us would love to hear from you and that's really

13:11the goal right now is to build those I would say five top use cases yeah although I believe you know it's like when ethereum started and we had the concept of the apps so we had the few first use cases that everybody thought about but I think today it's much different right you have so much than the beginning so I believe it will be the same with the other CND

13:33wallets but for now we have the top use cases and we're really trying to promote them and the goal is to go out and I don't know if with the devnet test net but probably when we get closer to the mainnet and to have the first few protocols on top of Odyssey and not just protocols also Solutions and products but to have them out with the minute all together okay

13:56good to know and I'm curious you know there's a lot of focus on security and access controls is there any extra implementations for privacy or you know data preservation for the users that are using the wallets that's one of the questions that I think everybody is asking us right now and it makes a lot of sense we're thinking about it about it we have

14:24a few options because also from the cryptographic side we're doing things that are not they're not existing most blockchains today right so we have more freedom to play with those building blocks also in terms of privacy so we have some capabilities that we can leverage and add some privacy capabilities on top of the blockchain and that's where and also we're thinking

14:48about them and but it's not something that we feel comfortable with saying right now right it's too early let's say later on but of course we're thinking about it yeah that's great to know and you know privacy is you know one of the functions of Security is to make it more private as well so I feel like it would be a nice add-on for that especially to

15:09you know do something that could affect all these other blockchains that already have their infrastructure and a huge Network effect but don't necessarily have you know the Privacy functions and some of these major blockchains it's pretty easy to transact with somebody and then find out their entire history and how much they have and where they've transacted and everything through you

15:29know the chain analysis because public blockchains it's it's all there for everyone to see so I'm looking forward to seeing more about that now what are your you know what are your thoughts on where the Market's going to be going in 2023 and do you think that will affect it all in the development of Odyssey and when you're going to put the product out

15:53so we started the project when just you know the market started to shift and we didn't have a lot of issues with fundraising and I think what we're doing is pretty unique so it's also probably about it but my guess is that you know crypto is getting more and more mature and the way I look on the market is you know it's a it's a circle and at the at

16:20the end of the day right it's go ups and down right now we're we're on the down in the circle so the way I really really look at that is I believe probably by end of next year or probably early 24 the market will shift back this is the way I believe and also if you look on the down Market before that like I think 20 2018

16:472017 and you can see how it behaves right the way that it should look like but I really believe from the vision of the long term so in our project by the way which we I suggest to any founder in the entrepreneur and we created the model we call it and also smaller which is a 10 years lockup for the founders right just for the

17:18founders it's hard to ask us that from everybody and we have that also in the light paper and really the idea is to look on the long term because at the end of the day right now it's it's the you know the winter right but probably in one year two years everything will get back maybe a year later I think it's really all about the vision all about the way that you look on

17:44crypto in the next 10 years 20 years 30 years and it's not about the short term and which I think also it's part of the way we look on that from our project so we are of course a long-term project and we want to build the next piece in crypto that will take crypto to that next phase right and it doesn't really matters you know one year there or one year or another

18:12year right for us it's exactly the same at the end of the day that's great to hear and I always appreciate the long-term visions and multiple Cycles you know and each cycle the adoption grows bigger and the volatility gets smaller and the Innovations improve so I'm looking forward to seeing the D wallets released and more access controls and security I think that'll be a major

18:36Improvement to the industry so best of luck working with that and for the viewers and for the projects as well that you mentioned of people that are interested in following along for the updates with the test net and the road to mainnet for Odyssey and to potentially get their project involved in the network what is the best place for people to learn more

18:57so first of all we have the website we have odyssey.xyz we have there the light paper so we really suggest to read the light paper where we describe a lot of the from the market perspective right and also from the technical side so we try to really write something that is very comprehensive and people can also get some ideas for from the initial excuses that they can take from us but

19:23at the same time they can think about new type of use cases new type of solutions that they can build so it can be used to find things that you want to build but also just a reference to think about New Concept new ideas so I think to start from that and also on the website you can send us so we have part for Builders that want to want us to support them so

19:48I really suggest to just write to us on the website and that's really the best way to get get to us and talk to us it's great thank you so much Omer I'll leave the Odyssey Network links in the description box below as well all the best on everything moving forward with d wallet Odyssey Network and moving into 2023 and let's definitely follow up into

20:10the near future great thank you so much