so uh we'll make a lightning talk about
the riding Network
um which uh is um something that um the
brainbot team is working on uh of which
I'm a member so
essentially what um the r network is
it's it's trying to to address some of
the main ethereum problems which is well
not only ethereum main blockchain
problems which are for example uh main
one is
scalability another one is finality of
transactions and of course um privacy of
transactions the way with which we are
trying to do
this um is to use the solution of
offchain transfers essentially we are
using um bilateral transfers between
many different nodes that do not need to
be on the blockchain and the blockchain
is only a Ledger on which the final
computations are
stored um so the writing network is
essentially um a network that can
transfer any assets uh it's uh ispired
and very similar to the Bitcoin
lightning Network it's developed
by by brainbot a um uh two developers of
which work in from this office uh we are
a work in progress and we are working
towards a minimum viable product at the
moment what are the the features that
rting has essentially you can transfer
any erc20 compatible token for example I
don't know this x token or uh maker die
um you can have instant asset transfers
and micro payments because essentially
nothing needs to go in the blockchain
unless there is um uh um a
challeng and uh it can also scale to
even 1 million transactions per second
because um it does not need to um be
included in the blockchain unless there
is um a settlement and transactions are
also
confidential how does um such a network
work essentially we utilize something
called payment
channels um a payment
tannel in ethereum would be a smart
contract onto which a security deposit
is given it can be settled closed but um
by any of the two
parties um and um there can be only a
challenge period into which um someone
can challenge and get um the deposit
back if if there's a problem it looks
something like that for example there
would be
um there will be a contract with a
deposit given by both um uh participants
it would know the receiver and the
initiator address
and
um the the the participants essentially
sign transactions but do not put them in
the blockchain but they only keep um how
much of an asset has been spent they
know it U they both know how much they
have
spent um a bidirectional channel uh so
channels are B directional and it looks
like this essentially there is two
deposits inside the
the contract
um and each participant has to track
both the balances so Alice and Bob here
both track Alice and Bob's respective
balances and the um they can spend as
much as is the the deposit inside the
contract and we have um a net
distributable of of um the balance of
Alice for example here in the in the
graph
um essentially in order to scale this
there can be many um channels that are
connected um so in order to scale this
into a full uh Network we have multiple
channels that are connected and they
mediate transfers between one another um
this is what we call a mediated transfer
and essentially if Alice wants to send
um something to um uh D May
say maybe
um it can use Bob and
Charlie but they would need to have um
something called a h
loock to sign to um sign a transaction
with so that nobody can
um
um look at it uh unless it has reached
the end of of of the of the Channel Once
the transaction goes to um to David then
he asks Alice for the secet and it goes
backwards and uh the transaction um is
uh finalized in immediate transfer it's
not a small feet depending on um on the
distance that's something that we have
not implemented yet but yeah that's just
how then the idea is supposed to work um
so imagine a network of many such
with uh Roots being found between any of
the two
participants uh as long as the transfers
cancel out so the deposit is not um so
the the the sum of the transfers is not
more than the deposit the channel can be
long lived so nothing would need to go
in the
blockchain uh which would result in
having a very low frequency of
settlements uh that would uh make
everything much cheaper because there
would be no gas cost since nothing goes
in the blockchain um fast for the same
reason and there would still be no
counterparty risk because the the
transactions actually do exist and they
are cryptographically proven and each
one depends on the previous one they
just are not put in the blockchain
unless there's a
problem um there are many applications
for such a thing one example would be a
decentralized
exchange for example if you want to
trade two assets you would need to have
a channel open for both of those assets
um the initiator would would um
broadcast the intent for example he
would have a bat and an ask for for
asset a and asset B then interested
parties would uh send an exchange
request and the initiator would accept
and the way that this would work is that
um we would essentially have two Medi
transfers with the same HL so that once
the secret is revealed and if and only
if it is revealed then either both of
the transactions would execute or or if
um there is a problem none of them would
be
executed um as I said in the beginning
this is inspired by the lighting Network
now if we compare both of them um in
ethereum uh R has an easier
implementation thanks to the virtual
machine um if there is an un comparative
participant the channel is not locked we
just find another um uh uh
route um
we can add more funds to a Smart
contract uh so the channel can get much
more um funds if needed if the deposit
is not enough we can use it for any
compatible token with the lc20
um uh token proposal and it's
interruptable with smart contracts in
general we can use oracles and anything
else you you may
need um the current status is that we
have demonstrated 500 transfers per CPU
code per second
it's a work in progress and um we don't
need anything extra added to ethereum at
the moment we just need to implement it
that we don't wait for Metropolis or
anything like
that um our Milestone is pro of concept
zero we we have demonstrated with the
test net a transfer from uh Copenhagen
to Mumbai mediated by a node in
Florianopolis
Brazil um and this happened around
August I think
um we're heading towards the minimum
viable product which is the big
milestone that we want to come uh to
that would come out around the beginning
of 2017 we would like to um if you like
Python and you like ethereum we would
really appreciate the help the it's in
GitHub it's riding Network SL
riding and um yeah that's that's
all do you have any questions
[Applause]
on