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Thank You Ming
by the way good morning DEFCON 2 ah nice
I think developer conferences are always
a little bit more fun than business
oriented conferences right but the
participation from the audience always
fantastic excellent so I'm my name is
mano I'm from autonomous we're in the
business of incorporating companies but
I'll use the analogy of the starship USS
Enterprise blueprint that I have on the
top there to describe what we're doing
so we're building the warp drive right
in that schema that you see there the
warp drive is what's gonna feel
innovation production and the starship
is basically the startups organizations
and so on this is really the final
frontier in automation I think we've
over over the years we've automated a
lot of things whether it's self-driving
cars or completely fully functional
robots but why we haven't innovated is
in the area of law corporate law legal
processes the way companies
organizations are governed as a
management and so on and this is kind of
set and that's what we're trying to
address
so before I go into how we do what we do
and in
our design pattern it's important to
understand first why the charter company
so the charter company as I mentioned is
the undepreciated engine of innovation
and production right we all build
amazing things only because we are
organized without that organization I
don't think we will achieve the things
that aetherium is achieved for instance
and it's legal so the way we designed
our design pattern or the autonomous
plan everything that you do on our
dashboard is completely legal it's a
mirror image of what happens in the real
world and honestly I think it's the best
use case for a theorem from our
contracts I I don't know why nobody else
has done this before us but I think it's
the most straightforward use case that
you can implement where you convert in
our case we convert a certain section
pertaining to corporate law into smart
contracts self-governing self executing
self settling smart contracts hopefully
at some point we'll decentralize the
courts
and then lawyers become coders they'll
be interesting so we this is basically
what we do now
there's been a lot of talk in the last
couple of days about security especially
yesterday there was formal verification
stuff all that is amazing I'm a
technologist I'm a developer so I really
appreciate the mathematics behind formal
verification but it's still complex
stuff right it's not your average
developer average or developer that
understands these things so there's
another tip I'm gonna give developers
especially new developers you don't have
to design things from scratch you don't
have to create your own design patterns
you can seek inspiration from two
locations one is history which is what
I've which is why I've got this timeline
here and the other one is nature and you
can learn lessons from there and design
your smart contracts and this is how we
do things as well and if we look at
history and the blockchain and that the
charted company evolution over time it's
sort of where we have arrived now with
the blockchain chart the company is
autonomous so the first charter company
was somewhat in 13th century these were
the traders right they went around the
world the ships were actually the the
charter company itself then he had the
Dutch East India Company then you had
the Industrial Revolution and and since
in distribution until today there has
not been much
innovation in the space of the
corporation right a lot of the processes
policies are still the same until we
came along autonomous came along and we
put we put the company on the blockchain
we allow you to govern the company
through a series of smart contracts
which I'll show you in a bit
and now what have we achieved we have
automated the corporate governance
process and why do we want to automate a
corporate governance process cost of
doing business today is so expensive
because we have to hire additional
compliance people now for new
regulations we've got policies that
there are more complex for us to comply
to so we try to reduce all this friction
we try to save startups especially money
and let them focus on the core building
of the starship right so that's what we
do and we it's not that we don't believe
in the decentralized autonomous
organization we do and if you see we
build everything towards the future of a
decentralized autonomous organization
but what I believe and if you see that
the headers there that I have last
header shows you that for a truly
decentralized autonomous organization I
think we need to go through some kind of
socio-economic political revolution
before we're truly ready for an
efficient decentralized autonomous
organization so basically what I'm
trying to say here in summary is that
when we design stuff we go by the
secured by design framework and the
company the cop the corporation the
charter company through its years of
evolution has arrived at a certain state
today and I think is secured by design
so we just convert that secured by
design framework into a smart contract
how do we do this
before I can even speak about the
company smart contract which is
basically our main bread and butter I
want to talk about the ID any smart
contracts so again going back to the
energy of Star Trek this is the
dilithium crystals I see a lot of blank
faces so I'm assuming you guys are not
from the Star Trek generation okay so
dilithium crystal meaning that this is
the fuel for everything else that we
build and the central point of all
interaction with a company's Marc
contract now what is this the identity
in our case can be it's probably
slightly different from the you port
guys and anybody else as that's building
an ID any smart contract we had to make
this because we wanted it to work with
our ultimate use case of the company
smart contract so in our case the
identity can be two things first persona
so a regular person a natural individual
second a company right so it can be a
collection of a company that's governed
by a constitution which is a collection
of individuals and it can also be a
verification entity so we said you know
it's not enough for us to just allow the
user to create an identical tract we
also need to verify this and we don't
want to do this in a central manner we
want to do this in a decentralized
manner as well and we said okay then
we've got to create verification
entities but the way we build them so
autonomous in this case is a
verification entity and we as a result
of you having think if you decide to
incorporate a company with us you will
also create your identity and we will
then have to verify this energy this
identity can have a layered approach so
we do a proof of identity type kyc where
we ask for proof of address your your
passport copy and so on
but this can easily be extended so you
can have a layered approach where a bank
comes into play or you could have a
government agency for instance verifying
that a bank is allowed to do a specific
type of care kyc and that's why you see
at the bottom there on the left
and more importantly this identity Mart
contract also has got
ID any information right so it's a
collection of an encrypted identifier
that is selectively shared so by default
you can assume that it's shared with the
public addresses of the verification
entities and it has the stamps of this
verification T so the KYC stuff I talked
about it's all in a collection of stamps
if you would and it routes calls so if
you go to the I Denis mark on tracking
and say hey get me the KYC of this
identity with a specific bank then it's
gonna route that call to that bank and
get you the up-to-date kyc State should
you not should you wish not to use the
localized stamp it's got a secure key
recovery mechanism in place as well that
we've attached to the identity so
basically it's not enough and a lot of
things we design right we understand at
the end of the day people are using the
system and people are flawed systems
might be perfect but people always lose
their keys and we've had many many
people losing the kids actually as we
speak I think even my developers are
still
recovering some clients key I'm sure so
we come up with a very secure way in
which you can store your key and
retrieve it so even the retrieval
mechanism that we've put in place and
show us that after you've recovered you
can still continue to use the keys
because they've not been compromised in
any way during the recovery process and
that's also something that we do and
obviously you need to be able to replace
it so in summary I think we've
identified or we've solved at least for
our use case we've solved
privacy recovery and compromise right
and with this you lay the foundation
then to be able to sign documents hold
assets and do whatever it is that you
need to do otherwise in the real world
in this digital world
now this here is the main blueprint this
is what we've been working very hard for
the last one year actually I wrote my
first marc contract right about the same
time when defqon.1 was going on and
today we've got a whole suite of them
it's it's interesting so central to - -
all of this is the company smart
contract and what is the company smart
contract itself is an identity it's an
identity that's controlled by the
stakeholders of the company so these can
be directors this can be shareholders
this can be there can be a corporate
secretary involved in there and they all
do this by way of legal documents so
there are preset legal documents in the
real world which you use to enact any
action in the company smart contract
whether it's a transfer or asset you
want to add directors any corporate
action that you have to do is by way of
the proper legal document and process so
we've also replicated real world legal
processes so there can be a multi-step
process that can be ten documents that
you need let's say in the case of a
funding run and they might have a
certain sequence and that ten documents
will
have to be executed in the correct
sequence otherwise it will not work I
think I'm running out of time probably
but let me just quickly go through what
else we are trying to do okay so before
that so that's that's what we do so
we've got a collection here that's got a
complete trace of legal documents
identities transactions everything but
what is cool is those two purple circles
that you see one is the decentralized
exchange the company itself could become
a decentralized exchange which is pretty
interesting and you can also do that by
way of a synthetic equity
framework as well and we've also
designed this already so this is my
synthetic equity smart contract in
summary I'm not going to go through it
but it is a a way to replicate the
payoff that you otherwise have by
holding real equity we're a smart
contract so that's basically what this
does so that is something that we've
designed we haven't implemented yet and
this is what I mean when I say we're
working towards a completely centralized
autonomous organization at some point
these are things that you would need and
of course the company has a
decentralized exchange this is a very
interesting slide - I'm not going to go
into the details but in one line your
company is a decentralized exchange now
so this is also very powerful working
towards this and
the team if I mean just before before I
get cut off here I think the team Han
our CEO is right there and the team
that's always working hard with me on
the weekends guys stand up and take a
bow please
ladies and gentlemen these are the guys
that
give up their weekends for me thank you
very much
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