Dan Wasyluk discusses the Syscoin Bridge to Ethereum

0:21little bit of background to the viewers that aren't familiar with Cisco on what's the purpose and the vision of the Cisco and protocol in the blockchain that'd be a great way to start sure so this coin is actually one of the older protocols out there we started in 2013 in 2013 we really focused on a set of business operations for organizations to leverage blockchain to their benefit in

0:44the ensuing sort of four years we've learned a lot about what block chains are good for what they're not good for particularly what belongs on a blockchain and what does not belong on a blockchain and really since then we've tried to apply those those lessons to the Cisco and protocols so a lot of what's happened in this four years is we've stripped a lot of the

1:04inefficiencies of the protocol out of the system so that we can stream on it and really focus it on value transfer that is fast cheap and scalable that's great and I've heard traders say that the Cisco and protocol blockchain sort of indirectly competes or it relates to the etherium blockchain but now with this new update that came out for this coin in at the end of

1:29January you have a cisco bridge to aetherium which it increases this blockchain interoperability can you explain what the cisco bridge is all about yes so as I mentioned when we started in 2013 we had a number of on chain services things like aliases escrow marketplace certificates identities what we realized is putting all that stuff on a

1:57blockchain is not the best place for it if you want to use something like a marketplace or smart contracts that help to codify a marketplace it's going to be best suited to a blockchain that is built for smart contracts like aetherium at same time in order to enable real ecommerce you need to be able to transfer value nearly instantly and at a very low fee

2:19and be able to transfer at least you know if you're looking at things like Visa and MasterCard in terms of comparatives at least forty to eighty thousand transactions per second so that's what we started to really hone sis going towards being a fast asset transfer protocol and then when it came to integrating those assets into other use cases that may require smart

2:40contracts we really sort of earlier on in the cycle saw the vision for the fact that there's not going to be one blockchain to rule them all there are gonna be these block chains that have unique value propositions that you want to leverage and then jump back to a different blockchain tune it to leverage its unique value proposition so in respect to spark contract execution

3:01you know theum is the clear-cut leader there and so that's where this is when bridge comes into play where you can now take Cisco assets which are made to be fast and cheap and highly scalable move them to aetherium to work with contracts and then bring them back to Cisco likewise you can take FC Twente tokens set up a mirror asset on sis coin and then bring those

3:21tokens over to this coin to get faster cheaper more scalable value transfer that can be used in point-of-sale use cases and then bring it back to aetherium to do whatever you may want to do on the ERC 22 inside with contracts that's great and aetherium right now is totally the clear-cut leader in smart contracts but there are a lot of advantages to the cisco protocol and in

3:45terms of the speed and the fees can you talk and elaborate and quantify a little bit more on you know what are the differences and where theorems out and where cisco ends out with respect to that yeah so there's kind of a lot of moving pieces there but I'll try to focus on like the important parts right so cisco n– can give you value transfer in under 10 seconds that's highly

4:06scalable so we've had a third-party blockchain auditing firm called white block actually execute tests on this coin network to validate our claims about it being highly scalable and what they found is that on average this coin can move about 40,000 transactions per second and in ideal network conditions it can move a hundred twenty thousand transactions

4:27or second or more and so that is a big asset to c20 developers now they don't have to worry about adapt like crypto kitties or any of these other incumbent defi apps or decentralized finance apps that we're going to see a lot more of in 2020 and 2021 clogging up the etherion blockchain and essentially bringing their adapt to a halt a lot of what these DAPs do is primarily value

4:51transfer of the ERC 20 token and then there may be some touch points with actual smart contract functionality but most of the value transfer like if you were to graph it's probably like 80% value transfer and 20% smart contract interaction so if you can offload 80% of that to another network you don't have to worry about what happens on aetherium

5:11you can just be operating on Cisco and without those concerns furthermore you also get into less cost to your users to transfer value when you move it to this point blockchain and that's and it provides them with options they can always move back to aetherium and transfer it for more cost if that's what they want to do but it's all about options and we can feel like the bridge

5:31is a good balancing of those two definitely great explanation and for there's many users that use IRC 20 tokens that aren't really you know developers or tech friendly so to say and it's being ever-increasing as a theory 'm prices go up and people are starting to hold c 20 tokens how technical is it for you know people to go to Cisco and back do they need to have specialized

5:58software or knowledge so right now using the Cisco Enbridge is as user-friendly as you can get with a truly decentralized deployment right a lot of the challenges that people have in the blockchain development space is making decentralization convenient and really what most teams do to try to try to walk around that as they start by being centralized they say we'll deploy

6:25something that's centralized we'll figure out later how to make a decentralized that's that's got to be the hardest thing I can imagine to do because doing it decentralized is very difficult and starting from a centralized place and saying we'll figure out the centralization it is an uphill climb to be frank and so we have a little bit of a different approach at blockchain founder

6:44in the way that we contribute to this coin we try to start fully decentralized and from there layer on things that provide those user conveniences to make it easier to use so right now we're at that at very foundational stage right we're still very bare metal got to know how to interact with smart contracts be comfortable with meta mask all that kind

7:03of stuff to use the bridge there's also a bit of a delay moving back and forth from Cisco into aetherium and back the next steps for us as a company blockchain foundry is actually looking to provide products to users that simplify and provide convenience to that experience so you can be in a wallet you can go over to aetherium within 15 seconds and you can come back within a

7:26minute and you know the convenience is there right but we start with the bare metal and then we add yeah that's great so you're saying that currently right out of the get-go the Cisco Bridge is fully decentralized like are there trust roles or any kind of permissions involved for any different parties there it is fully decentralized but there is a

7:48bit of a trust role in how the bridge is secured the bridge is secured by a series of agents and agents can either have a role as a submitter or as a challenger and basically what submitters do is they help to secure the blockchain data that allows for the interoperability between these two chains and agents will look for essentially bad data being submitted to

8:13that to that to the datastore by the by the submitters and if they see that there's conflicting data they can challenge that data with what they know to be the truth from the Cisco and blockchain and have an opportunity to actually earn rewards for that little game that happens there okay so there are agents and there's incentives for them to maintain trust in the network

8:36are their qualifications for who can become an agent yep we have a guide for how to stand up your own agent and basically it just takes three aetherium to start an agent and then you'll want a few aetherium in that same wallet to cover the gas fees of proposing to the bridge or submitting to the bridge but it that's all it takes is three etherium

8:59there can be as many agencies as people want to stand up right now I think we have three or four of them running but that could grow and the incentive mechanism is kind of twofold as a as a submitting agent you have the opportunity to earn fees for any blocks you submit to the etherion contracts that contain bridge transactions so if you imagine a world where you know USD T

9:22is moving back and forth on the bridge pretty frequently you can be earning fees for all of those movements if you're the one who submits the block okay likewise on the challenger agent side of things if someone is trying to submit fraudulent data to the contracts that secure the bridge you can challenge that and if you win the challenge you actually win the three etherium from the

9:43submitter that proposed the bad data and so there is you know if people try to attack the bridge and you're running a challenger you can win those challenges and win three aetherium for every challenges that's great and if we could just step up to a super high level for a minute you know aetherium is they say you know fairly decentralized having 30,000 different node verifiers on the

10:08proof of work consensus and moving to Sisk own that with the cisco own bridge being decentralized but if you could just give a quick scope on the comparison between that level of the centralization with aetherium and just the cisco and blockchain as a whole that would be great yep so correct today aetherium is proof of work but they are transitioning to

10:31proof of stake if you know the vision for e 2.0 plays out and this coin is a blockchain that uses a hybrid proof of work proof of stake model so it's primarily a proof of work but then we have a network of master nodes on top that provide a little bit of a hybrid fruit estate layer what that helps us with is that fast value transfer I talked about we leverage that master

10:54node layer to relay transactions across the globe faster than any other blockchain out there and at the same time because we're using proof of work it gives users on this point Chane a different security model then what aetherium is moving to so for example if you think there is some risk in aetherium security model since proof of stake is still you know early on in

11:17terms of smart contracts and sharding and scalability then you can move things to cisco for its actual security model and then once things stabilized on aetherium you can go back and again it comes back to options right what do users want in a security model that's securing their tokens some people are perfectly fine with proof of stake and say let's see what happens some people

11:37would rather bring it over to proof of work and tell the proof of stake waves settle out and then start going back and forth okay great well thank you for that and the next question is that now that the bridge has been released and it's in the market people can use it what are the next steps you touched on this briefly but you know what are the next

11:55steps to increase adoption and have more people from the etherium community start using the cisco bridge yes I think the big thing there is education and documentation you know we've spent a lot of time building this stuff out to enable it but for a third-party developer to come in here and just try to jump in and be like how do I enable my ERC 20 token with the

12:16bridge there needs to be documentation right and I really feel strongly that beyond documentation we actual demos for people so one of the things that watching foundry is already actively looking into is setting up an example stable coin using the bridge one of the unique aspects of the bridge is that you don't have to be the contract owner to enable the bridge for any RC 20 token

12:38and so from that perspective blockchain foundry has the opportunity to enable any of these existing the RC 20 stable coins like USD T or T USD with the bridge so we can demonstrate not only how much money you can save transactionally but also how much faster transactions are and you know demonstrate the end-to-end process so as we get the documentation in place as we

13:02get the demos in place we are definitely looking to sort of aetherium community influencers and developers to speak directly with them and help them understand the value this can bring to their project so that you know we can get them using the first hand definitely well I'll look forward to seeing more of that documentation and education is definitely key especially when it comes

13:26to technical aspects and in blockchain so the more the merrier I believe with that and one last question what was the hardest part or the most challenging part about figuring out how to connect to aetherium and making this you know live in the market well I mean we've been working on this for about two years and we did have a bit of a head start from work that

13:52teams like true–but and dodge theorem have done around trying to bridge block chains and stuff no one had done it the way that we ended up finishing it all off and so I think the challenge is really just you know doing anything for the first time then no one else is done we don't have any references out there in the market to be like that work that

14:13didn't work it was always a challenge we had to work with actually some specific white hat hacking teams to really to really beat on the bridge on a test net and try to work out all the possible vectors and you got to worry about this and that you know we're talking about coordinating data between two disparate systems the Cisco and blockchain and the

14:32etherion blockchain and that came with its own challenges then you've got the agents and the game they play so there's just a lot of there's a lot of levels to it and doing it the way we did where there it's entirely trustless and the part of how the bridge operates is essentially used in cryptographic proofs from sis going to enable tokens on

14:53aetherium and using crypto cryptographic proofs from aetherium to enable tokens on sis coin it's a bit of an extension of SPV proofs for you know viewers who may be familiar with that simple payment verification is what SP 2 stands for and so really combining all those pieces to get to the end goal that we wanted in a decentralized way and being confident

15:14that what we've created was secure was probably the hardest part but I feel really good about it given the amount of testing that's gone into it and the way that we've set it up for fail-safes in case there are you know new discoveries that come up there I'm pretty happy about and I think that there are you know there are some interesting things that the bridge introduces to the

15:38market in terms of just you know this has never been possible before so what does moving a token from one blockchain to another and back mean for the wider ecosystem because there's nothing like this I think that's really what we're gonna learn in this one well that's great and congratulations because the hard work has paid off two years in you have finally released the

15:58Cisco own bridge it's live right now people can start using it if the viewers are looking to learn more information about it or start using it what are the next steps for them and how can they learn more so I think probably the best place to start is Cisco in readme dot IO if you click on guides there you'll see a whole bunch of guides on both how to

16:18use this is Quinn bridge and how to leverage the value of Cisco and platform tokens another good resource is Cisco ancora org that's a more technical resource for both the bridge and this is coin core and so those are the best places to start and then the lead developers down the rabbit hole of github and you know more technical types of documentation great I'll leave those

16:39links in the description box below that's all the time that we have but thank you so much for your time down it's been a pleasure learning about the Cisco bridge and I'm excited to move some aetherium tokens to Cisco and as well myself so let's follow up in the near future and follow the progress of the Cisco in bridge and as it grows into more mainstream adoption so thank you so

17:00much that sounds great thanks for having me Ashton looking forward to our next chat