ETH Rio 24 - XRPL EVM Sidechain | Ferran

Transcript

all right so hello everyone um it's nice to be here in in Rio my name is faran I'm the CEO of Pies technology pieres is a company based in Spain that it's been a a long-term partner I will sell now uh for ripple and The xrp Ledger for about three for years now and during all this time we had the chance to build a couple of amazing products and contributions together and one of the most significant ones uh that I'm going to share with you today it's the evbm side chain which is probably why uh rle and xer pger it's now here in anath Evan right so the ABM side chain as you've seen now from Jazzy

there is uh it's a it's a very important innovation for us because it's a a way to get xrp Legend connected fully connected as part of the interoperability approach to not only the evbm but to almost every single chain on the app available right now on the ecosystem bringing all the all the best part of the xrpl that maybe has been a a hiden gem I will say for most of the evbm community I've been before ex working with xrpl we've been building with tons of evbm chains I didn't know anything about xrp Ledger I didn't know know anything about Ripple I thought it was like a banking thing that uh you know it it was not open to the public

and then when we started contributing we've seen that there is plenty of advantages and a lot of opportunities there that now hopefully uh gets uh connected to the to the entire industry so let's start with a very very small intro on The xrp Ledger because the first question I got asked always when we talk about the evbm side chain from the evbm perspective it's people saying all right there is 700 plus evbm out there what's the difference with this evbm it's just another evbm it has something special and that's true I mean there is plenty of ebms and most of them are on the status quo of the market all the code it's open source so basically

if you launch a new evbm obviously you are going to pick the latest uh ethereum Improvement proposals you are going to pick the latest consensus algorithm and basically you are going to have the same Tech as everyone and this is what we did but what else do we have so the the main differentiation factor for the evbm side chain is that it's a side chain for xrp ledger so basically we bring all the best advantages of xrp Ledger a chain that has been running for more than 10 years now with the huge Market capup to the zbm part and that's our differentiation point so basically we have this robust governance 10 plus more years uh running check

governance token infra Etc it's basically securing and empowering the evbm side chain through xrp and this is something that very very few chains can say not even ethereum uh which obviously xrpl you will know that it has been launched in uh 2012 so it's even older than ethereum and this is what will empower the UN CBM white an active Community unless launching a new chain from scratch which building an ecosystem is very very difficult we are Laing already with 4.6 uh before I say I've seen 5 million active Wallets on The xrp Ledger that processed more than 2.6 billion transactions so obviously we will need

to grow again the activity on the evbm side chain but it's not a a lounge from scratch right that's a lot of work done over these times same with payments Ripple and exrp Ledger has been mastering payments over this year there's been more than $30 billion in in payments transactions with different banks institutions and a lot of tested already used cases so thanks to the BMS chain now we will be able to bring all these smart contract capabilities that xrpl didn't had before but you will be able to connect that to all these other payment capabilities that xrp ledger already had so it's no longer that you need to choose one or other so you can get the best of both worlds and also xrp

Ledger as someone may know launched the first deck ever in 2012 like almost 10 years before anyone was talking about deck and basically has this aggregated liquidity for these tokenized assets so this is something that will be connected to the evbm sien as well and basically all the tokens that you get there you will be able to pass it through the through the decks uh on the bridge and you will be able to interact there that's advantages looks like most of the BMS can say all these uh features and this is our main differentiation point from the other side I guess it's a more easy question to answer when the xrpl community say why do we need an evbm then the the answers we are in ethereum

Evan so basically everyone will know there is the portability of the smart contracts there is the huge interoperability that we have with all the BMS all the wallets all the softwares all the tools everything or like big part of the ecosystem it's built on top of evbm software lower costs basically if you want to redeploy things you want to make some contracts we want to make some custom logic making a smart contract it could be a one afternoon job rather than building a fork on chain it could be a one-ear job right and also in terms of uh user base even if we say that The xrp Ledger had about 5 million active wallets the evbm wall will have more than 100 million

probably more than two or 300 million active wallets so basically it's a way to keep expanding the already large community of the XR pger so if we put both walls together on one side we have all these advantages of The xrp Ledger on the other side we have the already known advantages of the evbm and we launch from a scratch it creates a very unique opportunity that it's it's rarely seen in the blockchain of space where basically we launch a chain from scratch which already will have some traction and for D apps now you can launch your if you have a d app on poly on on avalanche on whatever chain you can redeploy it here it's an evbm so it will take uh very few efforts and you

are launching in the third largest blockchain in terms of market cap having Bitcoin apart that it's a little bit difficult to build on on the Bitcoin chain so it's ebm compatible and you still can use xrp as a native currency which is the main advantage obviously of the xrp uh usage for developers this is where the opportunity comes uh and and I think this is very inspiring for everyone I mean if you seen for example the Louch of avalanche when Avalanche was launched people didn't even need to be really creative you can literally copy things that work it and you have a very high chance of succeed so when Avalanche loued some guys made Trader Joe which is basically a copy of Unis

Swap and they now have 160 million market cap or Banky Finance it's a copy of a with obviously some differences and has more than 80 million uh market cap so probably if you make a new copy of Unis Swap and you launch on dbm side chain you have a very good chances to have a large successful protocol because there will be a need for this use case uh also you can offer all these use cases to 100 plus million users which is the advantages of the evbm versus other Technologies and for the users also and this is more probably for the xrpl community that has been using the xrpl products that are big but are not as bigger as the exer pl W now they can use

the 40K plus the apps that you can find on polygon you can interact with 700 plus evbm chains and hopefully sooner than later all these numbers of the apps we will be able to find it on The xrp Ledger and not in necessarily going to other chains so that's a great opportunity and I encourage you guys we have the booth here we have uh you know plenty of Ripple Pier system here ask us we can let you know what things are being built what things are not and I encourage you guys to deploy your products there what are the fundamentals of the chain very simple the chain it's Comet bft it's a cosmos chain we will see now that how we this will benefit the interoperability

but basically it's a cosmos chain Comet bft 16,000 transactions per second one block finalization time probably one of the best consensus uh algorithms that we have right now on the execution layer Cosmos s DK already a very widely used and known technology for the state implementation we have this modular architecture and we are embedding the evbm thanks to evbm most which will be the next speaker that they are bringing together both walls evbm and uh Cosmos actually today we announce it officially our partnership with ebos and it's a technology very interesting to have a look on it as well and for the consensus algorithm we have a proof of authority that uh creates the validat election and all the Democracy to making

the votes so you will say oh this an evbm with Pro of authority why is this this is not that common what how this works what's the governance and why you choose this model so first of all I will say and it's not in the slides first of all it's a matter of security uh it's very difficult to launch a proof of a stake uh protocol with an already large chain because it needs to go through a bridge and if you make a proof of stake it's very easy that on the day one someone can Bridge a large amount of liquidity and they can take over on the Chain so it's almost impossible to that but apart from that the idea is that this is a CH this is a side chain this is not a new different protocol and this will be in harmony with the xrpl all the

time all the direction that xrpl is following the side chain the mayet and other products around it will follow so xrpl has get this great success over 10 plus years being a proof of authority Network it has a set of 35 validators in this unique note list in this case we are likely to have 32 but it could be uh someone around this is a slot that is open to everyone so everyone can run a validator can let it run and demonstrate its capabilities contribute to the ecosystem and eventually the validators can vote to inter to include them on the list this is how it works on The xrp Ledger and this is how it works here the only difference is that here we will

have rewards on The xrp Ledger there is no incent monetary incentive to run a validator uh because the fees are burned in this case the fees are at least for now the fees are collected by the validators and this will create uh some potential profits for validators that are in the authority list it will have a wi acceptance I don't know if it will be exactly 80% but we will copy as well the rate of acceptance for passing new changes that xrpl has to keep this uh Harmony and it's open to contributions everyone can go even without having a validator on the unique node list they can go there they can make a proposal to Fork the chain and the validators will vote so this is same as xrp Ledger xrp as native currency that's the star

feature or that the feature that makes everything making sense xrp will be allowed to pay gas fees smart contract deployments Etc it will be lowcost fast efficient transactions we are targeting to have a very similar cost than chains like polygon which are considered very fast efficient low cost and still secure and uh the great part of that it's unlike for example polygon xrp has around $1 billion volume in 24 hours so with a volume that it's scalable if you want to launch very large applications that will require large amounts of xrps and the tokens uh without having a very you know um movements on the pricing Etc

xrps prepared for that and very very few chains in the ecosystem can can show this data uh and the good part that also Jazzy has mentioned before is that this is part of the xrpl ecosystem we see this as part of the xrpl as well so you can be part of this incentives that xrpl has we have these programs available I think someone mentioned before xrp Ripple committed 1 billion xrp over the next years in in funding this is at today's price $500 million that will be distributed to the community Through grants through accelerators through hackaton you can apply on this with your project on the ABM side chain and it has the potential to be funded and to be um

you know promoted by the by Rial and The xrp Ledger uh ecosystem the bridge we have how we make all this happening so basically we prepare the BM side chain and then we make a bridge and this bridge will bring the xrp uh Native currency for mainnet to the side chain this bridge is a native implementation we know that security is uh very high risk so we are not taking this risk in in misc consideration so basically there is a fork or what is called an amendment on The xrp Ledger to create a new transaction type specifically to make bridge to make it as much secure as possible this is called Exile S3 ID and it's under voting now and once this is approved we will be ready to launch the

ebm S chin on Main it this is made of a set of wit servers you will be able to find the documentation that makes attestations on both sides and then on dbm basically we copied this spec uh of the XL s3id and we apply it in a smart contract so basically we have the same Fork let's say working in both sides um this allows us also to have a multi token approach so basically you can get any rc20 Bridge it to The xrp Ledger use the Dex use the liquidity all the protocols there and then you can Bridge it back uh in the same way we have the tokens in xpal called IUS and we have that there is many more options on interoperability uh apart from this

XLS we have this axillar integration which basically is connected to the xrpl and to the evbm side chain to the rest of the chains so basically it's two Bridges with many connections also being a cosmos chain we have IBC connection so basically again we are connected to the all the cosmos ecosystem and also since we are evbm any permissionless protocol truess Bridge Etc can be launched there so basically I think we've reached the maximum level of interoperability that can be reach it today uh with that and if not we will try to integrate it uh in terms of blog Explorer uh we are using for now blog Scout uh there is ether scan there is blog Scout there are

on the top list blog Scout is very cool because these guys are offering also a new section called the app Scout which is basically a like theab Rider it's basically a list of all the products and we are trying to track here all the things that are going on there because we are still on debet but sometimes I see tweets of people launching on the BM side chain that you didn't even hear about so we encourage everyone that it's launching here if someone here it's going to launch you go to the the app section you can submit and we we will promote your project so everyone will be able to see it it has an API and it's a very uh new Explorer you can visit an ebm uh site chain. xr. org and I do recommend you guys having a look on

it and we are almost ready for main it uh as I mentioned it we are waiting for this XLS 38D Amendment which is in boote I think it's about 40% now and we need 80% voting so it's a matter of time uh but apart from that this is not something new that we are getting started today the test net we have right now it's been live for almost a year now without any issue as you can see we've we've already processed more than uh 500 million transactions uh we had more than 50,000 xrpl addresses we have more than 40,000 smart contracts deployed 400 of those are verified we have hundreds of these being deployed every day so this

is not something really new this is ready this is audited by the best I will talk it right now and there's already many the apps available in the app Scout there is games there is Bridges there is a stores there is defi protocols Landing swaps plenty of things that you can already test it also in terms of validators obviously we are always accepting new ones but we already have a good set of validators we passed more than 35 proposals already in with in the governance so this is something that is already working quite good and basically we are waiting for these XLS over the next weeks months to be approved to be able to launch on Main it um and that's the best part it's not only that we've been running in testnet

that not everyone it's paying attention but also it's audited by sertic and it's audited by Bishop Fox they are very two big names well recognized companies in the audit space and we audited everything the bridge is audited the back ends the front ends the apps the models everything is audited there's no issue phone there was only one critical that obviously it's remediated and you will be able to find also in in our socials we've published all the all the reports if you want to have a look so that's mostly it I think the the it it has a very uh interesting goodlooking and then how I can join the BM s in that's very easy you have many options as a user which is most of you can be users here very simple you go to

bridge. Deb net. xr. org and you will be automatically prompted to import the BM scen on metamask it's very simple we have the fet connected there so it will generate some xrps and it will Bridge these xrps to the to the BM s so you can start using it deploying whatever for free in a couple of seconds if you are a developer uh you will probably know better than me uh but basically you can already use any available tools solidity ganache open Zeppelin remix all the tools that people is using to develop in ethereum it's just connecting to this chain and everything is working fine and if you want to be a validator um then the process is you just go to this

documentation you will set up a validator in about a minute or two minutes and then uh you will introduce yourself in our Discord Channel and uh people will be monitoring you if after some time you are contributing and you have good stats you will be included in this unique note list and potentially start earning rewards for securing the chain that's mostly it uh I encourage you uh to scan the Discord Channel this is all the where all the activity is happening you can see all the governance proposals grants funding options everything is available there and if you want to find out more in a technical perspective this is the documentation where you can see all the research and

all the all the talks so thanks everyone hopefully you join and if you have any questions I will be happy to answer now thank you there any question y go ahead JZ yeah is the bridge also decentralized and if so is there an opportunity for folks here to participate in the 38D Bridge yes so the bridge is basically uh set of it's a multiseq so basically it can be up to 32 participants per witness server per bridge but it can be multiple

Bridges so you can have your own set of people let's say to run different witness servers and create your own bridge and you will be making attestations on both sides so now we are still we still have slots on the main Bridge let's say that will Bridge the xrp uh it can scale up to 32 so everyone can run the software also the bridge operators we expect to have uh good uh Financial profits because they are also taking a huge risk so if you are a well reputated uh highly expert uh infra security provider and you want to run a witness server you are now on time and you will probably make some profits otherwise if you don't want to use the bridge that we are going to provide you

can go to the documentation uh and run your own window servers and create your own Bridge so it's it's decentralized yeah thanks Jesse any other questions any other questions no all right so thanks everyone and hope you enjoy the conference [Applause]