Staying Competitive in a Blockchain Based Future

Published on
October 22nd, 2020
Duration
58 minutes


Staying Competitive in a Blockchain Based Future

The Interview - Crypto ·
Featuring Yuval Rooz and Santiago Velez

Published on: October 22nd, 2020 • Duration: 58 minutes

Yuval Rooz, co-founder and CEO of Digital Asset Holdings, LLC, joins Santiago Velez to discuss the founding and creation of Digital Asset Holdings and its open source programming language for smart contracts, DAML. Rooz explains how DAML makes writing smart contracts significantly easier for developers, removing some of the friction often faced by those working in the crypto space. He also explains that it is crucial that traditional companies integrate blockchain technology to stay competitive in a world running on cost saving shared infrastructure. Rooz shares his vision of a future where all things are represented as data, pushing data to become the primary business model of the future. He closes the discussion describing how users will become owners of their own data and how these self-sovereign users can benefit from blockchain technology. Filmed on October 13, 2020.

Comments

Transcript

  • jn
    jacob n.
    28 October 2020 @ 21:04
    Actually you can switch over to Cardano with out starting all over. Cardano is building an ERC-20 Converter. It's a real life boat for all the Dapps and DeFi stuck on ETH.
  • MP
    Mark P.
    26 October 2020 @ 01:58
    Santiago, thank you. You asked far better questions than I could have if I'd been given a week to prepare. Of course, Yuval's answers did help carry things along, as well.
    • SV
      Santiago V. | Contributor
      27 October 2020 @ 01:11
      Thanks! The flow with Yuval was great, we only exchanged one email before the interview and it seemed like we were like minded. I really enjoyed the interview.
  • AL
    Aaron L.
    22 October 2020 @ 08:53
    As a crypto newbie, does this mean this guy’s software application destroys etheriums network effect or competitive moat as a business can easily switch if there is a better platform to run off? And does he become the new standard that everyone runs off?
    • HC
      Hao C.
      22 October 2020 @ 14:43
      I believe they operate in different domains, although there may be some overlap. Ethereum operates as a public/permissionless blockchain space whereas he operates in the private/permissioned blockchain space. From this interview, I don’t see how they threaten Ethereum’s “moat” except for the coding. The key is in the nodes/validators.
    • SV
      Santiago V. | Contributor
      24 October 2020 @ 16:49
      @Aaron. I don't think the DAML abstraction language destroys the value proposition of any network effect, but it does create pressure on the underlying ecosystems to innovate in the face of competitive pressures. Ethereum will prosper if the development community and business logic built on top continue, but if it doesn't it won't come at the expense of the business being built on top of it. This is as close to idealized capital markets as one could get. The main point of smart contract abstraction logic is to shift the burden from the business to the developer community in regards to innovating and maintaining a value proposition. This shift is precisely what will expedite adoption and grow the pie for all ecosystems to grow, including Ethereum. Rather than thinking of a zero sum game, think in terms of creating a new market entirely, that's bounded only by the imagination of the participants. It's the incumbents in traditional financial frameworks that should be concerned about their business moats being overrun by the barbarians at the gate.
    • SV
      Santiago V. | Contributor
      24 October 2020 @ 16:54
      @Hao. Ethereum (Solidity / EVM) operate as a Layer 1 blockchain with the smart contract logic being specific to that layer. DAML operates as a higher order layer abstraction (almost like layer 2 for value but instead for smart contracts). DAML is not limited to private/permissionless blockchains and in fact works perfectly well with open public chains like Ethereum. The DAML language is not another blockchain and doesn't operated nodes or PoW mining or dPoS, it's just a programming language that abstracts the underlying language of the chain businesses want to interact with. Think of it like printer drivers that make any printer compatible with any operating system (it's a compatibility framework). The hard work is done by DAML engineers to make sure that logic remains interoperable with any changes in the underlying networks, that way the businesses don't have to worry about maintaining core competencies in many different networks (a costly endeavor). This is Software as a Service (SaaS) in the blockchain universe.
    • MD
      Matt D.
      24 October 2020 @ 23:32
      Thanks for that question - a question like that really allows deeper learning. @Santiago - your statement "The main point of smart contract abstraction logic is to shift the burden from the business to the developer community in regards to innovating and maintaining a value proposition." - is pretty deep, and revolutionary in my opinion. I think I will need to watch this interview again - this is a rabbit-hole interview, and together with Raoul's comments on the Fri RVDB (about youngsters should start a business in the crypto space) it seems to be the future of finance?
    • SV
      Santiago V. | Contributor
      26 October 2020 @ 17:40
      @Matt Spot on, rabbit hole with a prize at the end for anyone willing to embrace it.
  • NK
    Niro K.
    24 October 2020 @ 22:37
    Crypto = the end of banks ( and Accountants)
  • SC
    Stuart C.
    22 October 2020 @ 19:05
    Santiago- you really should check out https://hybrix.io. One token on all chains. Technically borderless, not restricted to any single distributed ledger. All chains in one solution.
    • SV
      Santiago V. | Contributor
      24 October 2020 @ 16:45
      I absolutely will, thank you for sharing!
  • CW
    Collin W.
    22 October 2020 @ 20:26
    Question for Yuval...around minute 14ish he talks about if you want to transfer your program from Ethereum to Cardano, "good luck" you have to rebuild. It is my understanding that KEVM and IELE both support Solidity so its just copy and paste and the transfer isn't all that complicated thanks to Cardano's tech. For ERC-20 tokens, you would use Cardano's converter. Am I missing something? Great interview. thanks.
    • SL
      Shawn L.
      23 October 2020 @ 06:43
      It sounds like to me, he is referring to the TRANSFER of a smart contract on one block chain to another blockchain. Instead the contract would need to be CANCELLED on ethereum and INITIATED on Cardano. (ie. cancellation on Ethereum and retokenization on the Cardano blockchain) This is due to each blockchain being distinct and agnostic of one another.
    • SL
      Shawn L.
      23 October 2020 @ 06:53
      Additional note: Having scrolled down and read Stuart C's post and then the Hybirx whitepaper, their meta based ledger system proposes open source coding that would automate this process and provide a highly entangled cross blockchain sort of supra smart contract that allows one to digitally move across blockchains as desired. It is new out since Apr 2020, its highly complex and may be a little ahead of its time, but that is just crypto in general.
    • SV
      Santiago V. | Contributor
      24 October 2020 @ 16:44
      It just so happens that Cardano and Ethereum share the Ethereum Virtual Machine framework and therefore are Solidity based, other networks do not, so a pair isn't resilient to switching costs. DAML as an abstraction avoids any possible switching costs when dealing with a multiplicity of chains. The other thing is not explicitly discussed is the interoperability of the underlying digital assets (which is different than smart contract compatibility). Moving tokens between one ecosystem and another via semi-atomic swaps is a non-trivial exercise, especially if it involves cross-chain contract logic. The complexity of logic handling grows as N^2 when talking about cross-network systems. You may get away with it between 2 chains but not much further beyond that.
  • MD
    Matt D.
    23 October 2020 @ 03:15
    To me this is what crypto and RV-crypto is all about. Thanks Santiago and Yuval. So many interesting ideas and important concepts in the interview. Nice to hear Australia is adopting the tech. I like the idea that this is the first step, building a foundation for the follow-on creative uses/ideas. This is the inspiring side of crypto - future is huge. Appreciate the excellent discussion.
    • SV
      Santiago V. | Contributor
      24 October 2020 @ 16:40
      Thanks for watching Matt, this space is the only one for me.
  • TR
    Theodore R.
    23 October 2020 @ 13:47
    Pragmatic, stimulating, amazing. Thank you both !
  • SL
    Shawn L.
    23 October 2020 @ 06:36
    As a programmer, this is a big deal and a great start. https://solidity.readthedocs.io/en/latest/index.html
    • LH
      Lik H.
      23 October 2020 @ 08:04
      Thanks for sharing