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
2. Senior Software Engineer Yuta Kurotaki @kurotaky
5. SUZURI People https://people.suzuri.jp/
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
11. Outline • Blockchain • Smart Contract • Token Economy • Bancor Protocol & Ruby • Conclusion & Future plans
12. Blockchain
13. What is Blockchain? • Decentralized ledger • P2P Network • Proof of Work
14. Pros • Decentralized ledger • Tamper resistant ledger Cons • Scalability problem
15. Blockchain Applications • Financial services • Healthcare • Personal Identification • Contracts
17. Smart Contracts
18. Ethereum • A Next-Generation Smart Contract and Decentralized Application Platform https://github.com/ethereum/wiki/wiki/White-Paper
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/
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/
21. Token Economy
22. ICO(Initial Coin Offering)
23. ICO(Initial Coin Offering) • ALIS ICO Results • 430 million yen ! • Openness https://alisproject.github.io/whitepaper/whitepaper_v1.01.pdf
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
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 ❌ *
    XBOU
    UP
    TFMM
    GPS
     *
    XBOU
    UP
    CVZ
    JU
    GPS
     Coincidence of Wants Problem
26. #BODPS
    1SPUPDPM
27. Bancor Protocol ͸τʔΫϯΤίϊϛʔΛࢧ͑Δେൃ໌ͱͳΔ͔ʁʢલฤʣ
28. Bancor Protocol • Automatic determination of transaction price • Continuous liquidity
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
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)
31. #BODPS
    HFN
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
33. Motivation • Bancor Protocol implemented in Ruby
34. Bancor • https://rubygems.org/gems/bancor • https://github.com/kurotaky/bancor
35. Bancor Whitepaper Price Calculation Examples https://bravenewcoin.com/assets/Whitepapers/Bancor-Protocol-Whitepaper-en.pdf
36. Demo
39. $PODMVTJPO
40. Conclusion • Implementing the Bancor protocol in Ruby makes it easy to simulate web applications built with Rails without using smart contracts
41. Future plans • Decimal point operation • Ethereum World Idea implements in Ruby World • Ruby World Ideas implements in Ethereum World • Ruby Ethereum
42. Enjoy RubyKaigi 2018 !!