23rd January London
Quick summary - In my opinion the Sweetbridge team have one of the most innovative financial proposals out there, a strong team/ partnerships and a product ready to go , this is not vapourware, their ICO goes live with a launch of a working Service.
A rare thing indeed in my experience.
Check out their website read the multiple whitepapers and make your own mind up.
The speakers were all really good and their subjects complimented each other and helped me build on the last 8 months of getting my head around this space.
I will tidy up edit the notes below later want post them before I loose em
https://www.meetup.com/Supply-Chain-on-the-Blockchain-Ethereum-Web3-0/events/246492288/
Summary from the meetup above:
Sweetbridge Be Your Own Bank Event Series.
Sweetbridge enables you to do what you've never been able to do before : Be your own bank.
Come learn how blockchain technologies are making it possible to Be Your Own Bank, and how it this will create a new economy - an economy where everyone can succeed. We are making it possible for companies and ordinary people to have more control over their assets, resources and financials. Lend yourself money on your own terms, with no interest, and no middleman
Writing this one up while at the meet up, really interested in this one because:
I mentioned in EC2 a meetup I attended
https://www.meetup.com/London-Cryptocurrency-and-Blockchain-Beginners/events/242251430/
and specifically this :
"On the 6th September attended this one , the most interesting presentation was Sweetbridge which I am intending to buy into when the ICO starts shortly moree info below
https://sweetbridge.com/"
I got here early and had a quick chat with Alistair Band (sorry for calling you Angus doh) who with aforementioned Angus Maidment set up that series of meet ups.
Alistair is now working for Sweetbridge off the back of that meetup which is pretty cool
Felt for them they had issues with the screen connection and had to use an older laptop to connect to a VGA connection which then only projected a green screen. It took nothing away from the presentations they were all really good. great speakers , well structured made it really easy to follow while engaging at the same time
Alistair Kicked off the meet:
Alistair went through his background and mentioned Angus is now a community Ambassador for Sweetbridge. I had a quick chat with him at the end and subsequently signed up to the Telegram group
Explained the Blockchain thang most in the room own crypto so was quick overview
I liked the way he described it as a one way system in reference to how a blockchain is built
Referenced Banking on Bitcoin on Netflix which I have watched and would also recommend.
Told the pizza and harddrive story- lost $100 mio
Briefed on the Charlie Shrem story got jailed for knowingly selling bitcoin to a dude buying drugs , a Bank would not be accountable in the same way , when a customers draws out their cash they have no view of what that individual is going to spend it on .
https://en.wikipedia.org/wiki/Charlie_Shrem
Bitcoin has acted as good marketing tool for the technology and spawned a lot of ideas
Rob Knight Matterum
Briefly spoke to Rob at the end he has very kindly offered to send through some reference links.
What are blockchains good for that can't you do with current technology ?
Good for creating agreements.
Rob went on to talk about features of Blockchain
Three ages of the internet :
1st age Internet of ideas
1973 uni hooking up their computers they built email ftp they built the web - easy to use
People started to use it for things the original devs did not envisage
2nd age of shopping
Shopping some small amount of cryptography enables ebay amazon uber .........
20 Year in world of business not caught up its used for shopping not billing .....
3rd age Internet of agreements
Blockchain - billing insurance contract mortgage all these are long lived and have trigger points
Web not good for record keeping - Blockchain is. Add smart contracts and you can automate based on conditional activity - If /then /else
If $ not made then add this charge and run- reduces admin overhead
Trade offs
Bitcoin simple very tough to hack
Ethereum - Smart contracts powerful however as we have seen risk of hack see DAO
Refreshing to hear Rob talk about a Dev with complicated code comes risk - ability to screw up
To that point Smart contracts are hard:
We need ways of managing that smart contracts will go wrong - First time I have heard someone highlight this
Despite this we now have 3-4 years of innovation and development we can create ultra low cost finance system
Real World transaction in a supply chain:
How will we go about translating this - real world has this - the law:
Example selling a house - representation of the contract goes on the blockchain
Reduces paperwork and overheads - requires very good engineering
What we need is dispute resolution
Taken the Ricardian contract and updated for the Blockchain , ensure there are no gaps / in keeping with the legal contract
http://iang.org/papers/ricardian_contract.html
Rob cited Ian Grigg who I have seen speak at an EOS Meetup
System of aberration - allows the opt out the court system - arbitrator makes the decision which is enforceable as a court decision
A credited a panel of barristers - judges qualified individuals
They hear disputes - tech faults - forks etc that may impact a contract
Working with Sweetbridge on enforcement of contracts for be your own bank concept
Like a lot of other presentations Rob said "we are at the beginning of another .com age"
Sweetbridge - not one system but a collaborative approach which is the right way to go
The Economy of Possibility
Collateralising was mentioned at the start having read the white paper again today this to me is the game here
Why an economy?
Gains on currency may be able to be treated as gambling - Fixed before the next
USA took out the world real - every transaction technically subject to taxation
Big headache due to the fluctuation, imagine paying this on bitcion and valuing at the top v the small number
Difficult for regulators and everyone else on how to tax- until stability
Can't agree to trade unless you have some stability - if you are using multisig good for internal control but means you have to coordinate to move funds.
Non of todays current currencies are stable enough to run an economy
you need ability to sell - liquidate and sell discouts on future value
Blockchain - triple entry accounting -
double entry no guarantee the other side ie the bank saw it this way and you have to reconcile back a lot of admin .
"what goes on the blockchain stays on the blockchain"
Not great place to do ilegal business
Some anonymity stanford track cookies to bitcoin address you have left a breadcrumb trail back to you.
economy wide settlement bus - Bridgecoin - the stable currency
all members KYC
Spoke to those who will be grandfathered into the rules with regards to KYC
Sweetbridge"
Not scarcity model possibility model - you can be your own bank
Working with state of arizona and tesla to buy a tesla on the blockchain
deposit of 20% in sweetcoin
Then buy the car - asset does not belong to you lease from yourself
depreciation more miles the more you pay
asert title to the asset with self determined loan terms
less miles less payment more miles bigger
use sweetcoin to decrease or increase
asset which you have title to - and then choose how you pay back
Running a test case with a Tesla
6% set and use sweetcoin to reduce add more colleteral
You get bridgecoin in return you choose how you spend
Crowdfund your Business
used example of Starbucks loyalty card
Small independant want to build a new place
Issued tokens to people that want o buy coffee - they get discount on coffee actual users that fund it borrow from people who want to engage with you - crowd fund on discount
Cant do this with bitcoin due to the instbality you can minitng your own coin and selling to existing customers
The Story Of Rice
Challenged environments and countries , rice farmers vietnam to nigeria that go between cost 20% both ends, because the way banking works today
Bincabe? working with them and help from materium to colaterise to enable them to gt the benefit not to pay the 20%
Bridgecoin commodity token - pegged to fiat $
Sweetcoin discount utility token - not for speculating - maths paper that demonstrates its higher value is to use it
Borrow more
zero interst
free settleemtn
Free Crypto bridge
Both Erc20 tokens - private sale soon - then general crowd sale - all ready in existance
100mio minted on ethereum al lot on multisig wallets
Liquidity needs to be created - apply for license globally to support
Sweetcoin membership card for economy
Bridgecoin the currency of trade
Designed for user not investors
Questions?
Peg to Fiat how ensure you peg to Fiat
Detail in white paper - adjustment process variable for large , medium and small. Time dealy and gap betweeen them - will have to be be worth slightly more than us$ , adjusts as things go up and down
Sweet Token - Utility token - only purchased from You ?
Ethereum erc20 can be traded - however to use them you have to be a member via KYC - however you lose your kyc - you wil have to kyc and amc again if you but from exchange.
WIll kyc put people off 100 mio in pre stage - single figures being looked for - looking to drip a lot fallen out of kyc and aml
big whale will avoid the sweetcoin being valuable
ROb question
using smart contract to abitrate how do you trust it
Its evidendce based on case by case - where you have KYC framework there is a level of proof - if you do this anomously then basically good luck
anything involving promise you need to know who it is ID systems coming up
Bridge volatility of sweetcoin can't control that looking to motivate it to lock into a vault which gives you discount more value
price determined by what people willing to pay - there is volatility in the price
limited supply 100mio lots locked in vault - assumption there is an appreciation ? could not answer it
Discounts - how much you need to stake - worked examples in the white paper. maths paper
discount against your 6%
interst rate set for incetive to pay it back.