bancor-token-economy-made-with-ruby

bancor: Token economy made with Ruby

2018.05.31 RubyKaigi 2018
http://rubykaigi.org/2018/

Transcript

1. Yuta Kurotaki / GMO Pepabo, Inc.
   
   2018.05.31 RubyKaigi 2018
   bancor: Token economy
   made with Ruby
   

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2. Senior Software Engineer
   Yuta Kurotaki @kurotaky
   

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5. SUZURI People
   https://people.suzuri.jp/
   

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10. Crypto currency “SUKISUKI” corps
    • Introduced OKIMOCHI to Pepabo’s Slack
    
    • OKIMOCHI: Send bit coins with reaction on Slack
    
    • Research and development of Kaleidscope
    
    • KVS on IPFS
    
    • Web service development using Bancor Protocol
    
    • and More !
    https://speakerdeck.com/kentaro/wips-for-cryptocurrency-at-pepabo
    

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11. Outline
    • Blockchain
    
    • Smart Contract
    
    • Token Economy
    
    • Bancor Protocol & Ruby
    
    • Conclusion & Future plans
    

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12. Blockchain
    

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13. What is Blockchain?
    • Decentralized ledger
    
    • P2P Network
    
    • Proof of Work
    

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14. Pros
    • Decentralized ledger
    
    • Tamper resistant ledger
    
    Cons
    • Scalability problem
    

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15. Blockchain Applications
    • Financial services
    
    • Healthcare
    
    • Personal Identification
    
    • Contracts
    

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17. Smart Contracts
    

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18. Ethereum
    • A Next-Generation Smart Contract and Decentralized
    Application Platform
    https://github.com/ethereum/wiki/wiki/White-Paper
    

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19. What is Smart Contracts?
    •A smart contract is the simplest form of decentralized
    automation, and is most easily and accurately defined
    as follows: a smart contract is a mechanism involving
    digital assets and two or more parties, where some or
    all of the parties put assets in and assets are
    automatically redistributed among those parties
    according to a formula based on certain data that is not
    known at the time the contract is initiated.
    https://blog.ethereum.org/2014/05/06/daos-dacs-das-and-more-an-incomplete-terminology-guide/
    

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20. Example
    •A wants to pay $500 to B to build a website. The contract
    would work as follows: A puts $500 into the contract, and
    the funds are locked up.
    •When B finishes the website, B can send a message to the
    contract asking to unlock the funds. If A agrees, the funds
    are released.
    •If B decides not to finish the website, B can quit by
    sending a message to relinquish the funds.
    •If B claims that he finished the website, but A does not
    agree, then after a 7-day waiting period it’s up to judge J to
    provide a verdict in A or B’s favor.
    https://blog.ethereum.org/2014/05/06/daos-dacs-das-and-more-an-incomplete-terminology-guide/
    

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21. Token Economy
    

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22. ICO(Initial Coin Offering)
    

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23. ICO(Initial Coin Offering)
    • ALIS ICO Results
    
    • 430 million yen !
    
    • Openness
    https://alisproject.github.io/whitepaper/whitepaper_v1.01.pdf
    

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24. Token Economy
    • Token economy means economy by token (electronic
    vouchers / substitute money)
    
    • Make something of value realized by tokenizing and make
    it possible to trade
    

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25. Problems in Minor Token Economy
    • Coincidence of Wants Problem
    
    • Agreement on price is required between selling side and
    buying side
    
    • Minor currencies are hard to distribute. I can not sell(buy) it
    when I want to sell(buy) it
    ❌
    *XBOUUPTFMM
    GPS
    *XBOUUPCVZJU
    GPS
    Coincidence of Wants Problem
    

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26. #BODPS1SPUPDPM
    

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27. Bancor Protocol ͸τʔΫϯΤίϊϛʔΛࢧ͑Δେൃ໌ͱͳΔ͔ʁʢલฤʣ
    

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28. Bancor Protocol
    • Automatic determination of transaction price
    
    • Continuous liquidity
    

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29. A New Method for Price Discovery
    • Balance: Reserve Token Balance
    
    • Supply: Smart Token Supply
    
    • CRR: Constant Reserve Ratio
    https://bravenewcoin.com/assets/Whitepapers/Bancor-Protocol-Whitepaper-en.pdf
    

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30. Price Calculation Per Transaction
    • T = Smart tokens received in exchange for E (reserve
    tokens), given R, S and F
    
    • E = Reserve tokens received in exchange for T (smart
    tokens), given R, S and F
    R - Reserve Token Balance
    
    S - Smart Token Supply
    
    F - Constant Reserve Ratio (CRR)
    

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31. #BODPSHFN
    

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32. Motivation
    • It takes money (Gas) to do with a block chain
    
    • It takes time for transactions
    
    • It takes cost to understand the structure and language of
    the block chain
    

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33. Motivation
    • Bancor Protocol implemented in Ruby
    

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34. Bancor
    • https://rubygems.org/gems/bancor
    
    • https://github.com/kurotaky/bancor
    

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35. Bancor Whitepaper Price Calculation Examples
    https://bravenewcoin.com/assets/Whitepapers/Bancor-Protocol-Whitepaper-en.pdf
    

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36. Demo
    

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39. $PODMVTJPO
    

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40. Conclusion
    • Implementing the Bancor protocol in Ruby makes it easy
    to simulate web applications built with Rails without using
    smart contracts
    

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41. Future plans
    • Decimal point operation
    
    • Ethereum World Idea implements in Ruby World
    
    • Ruby World Ideas implements in Ethereum World
    
    • Ruby Ethereum
    

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42. Enjoy
    RubyKaigi 2018 !!
    

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