Powering the Future of Global Finance with Gurufin

Transcript

GMGM, welcome to what's going to be another fantastic episode of Devantel. So, if you didn't know, Devantel is a 30-minute podcast held every week allowing founders, hackers, and anyone in between an opportunity to come on the show and showcase what they built. And today, I'm really ecstatic to welcome Dr. Tilo Tulkinbakov, who is a senior blockchain engineer at Guruin. So, if you didn't know, Guruin is swift 3.0 for web 3. their mission to build the next generation of global financial infrastructure bridging fiat and web 3.

So if you stick around for today's episode, you'll get to meet Tilo, learn all about Guru Finn, his past research in the blockchain space, and more. All right, let's get into it. [music] GMGM or GN wherever you may be. Uh, welcome, welcome, Tio. I'm ecstatic to have you on today, man. I think you're on you're on mute.

Oh, you're on mute, Tio. I hear uh let's see. Are you able to uh unmute? Yeah. Yeah, there you go. Oh, you had it. >> Okay. Hi. Can you hear me? >> Yeah. There you go. Yeah. Yeah. You're good. You're good. We're good. Yeah. Welcome. Welcome, man. Welcome. >> So, thank you for having me. I'm so excited. >> Yeah. Yeah. Defin definitely. Uh yeah. So I guess um before we kind of get into all the the great stuff you have prepared for us uh and getting all into uh getting into Guru Fin itself uh would you just like to give a brief

introduction about yourself for people who aren't familiar? >> Yeah, sure. Uh I am Tula. I'm a core blockchain engineer at Guruin and I've been in blockchain space like more than six seven years now and even I got my PhD research on this area uh dissertation and everything and uh and even before that I've been in a software development uh for several years. Uh so I can say like I've been in technical uh development uh for all my career. So that's uh pretty much sums up about me. >> Nice. And uh I see you have um uh you have your PhD and it seems like a lot of your research has been in the the blockchain space if I understand

correctly, right? >> Yeah, exactly. Uh my basically from the start I've been researching about the blockchain and big data integration. uh you know the blockchain is a very cool technology distributed and everything but there's a small uh problem like it cannot store like big data like we have uh big data solutions like IPs and distributed uh storage but uh actual data storage is not on blockchain but on the other entity or maybe distributed to several entities but not on blockchain not fully on chain so my research was uh how we how can we make it fully on chain so uh so uh pretty much about it.

>> Awesome, man. And I heard you um published some uh pretty decent uh pretty big papers around some of the some of your research. Um is there any particular uh papers that you're uh that you're quite proud proud of or or would you want to share with the crowd here? >> Uh yeah, of course. Uh actually, I've been I've published like more than five papers on this field uh during my PhD. uh and uh if I choose one of them like I can tell the one which is published on IT IoT journal uh about the uh big data integration on blockchain uh which uh which divides the data into the chunks and saves to the different blockchain

nodes like it's fully onchain and partially offchain like partially offchain part is like not all the chunks are distributed but uh the chunks are distributed to this different nodes like uh uh so the the nodes can have uh less storage usage but having the big data storing to the uh to their storage like uh this way and uh this kind of idea was actually renowned as a one of the uh novelty uh it was renowned for its novelty by the editors of the journal and it's like um and if you know like I is one of the uh most popular and high ranked journals in this field. Wow, that's that's so amazing, man. Uh and

we'll we'll be sure to grab that um article and and link it for folks who are watching and listening today. Um and and yeah, I guess um in terms of all the work that you did in in the research side of things, um was there a particular moment of of time where you're like, "Oh, um I might research might not be what I want to do um for the rest of my life and I want to I want to go on like the the the blockchain engineering side of things or what kind of inspired you to to take the the leap of faith to to become an engineer?"

Well, absolutely not. Actually, uh since the beginning of PhD, uh my plan was not going for academic field. My plan was to go deep in engineering. Uh you know, uh uh there are actually I've been a software developer before going to PhD. And uh I can say like uh software development doesn't really require PhD knowledge or deep research. But if you really want to understand the core engineering core the core implementation like uh if you really want to understand the code base of something big project you got to do some research on this like uh it uh even if if even if I don't uh work on the academic field but my my PhD is being in use already like uh in engineering like when you want when you

want to understand deep about blockchain it's actually very useful and actually it's same as AI like if you want to be AI developer you can just uh you can just study about it but if you want to be AI engineer you have to do some research and you have to understand how this metrics and everything is going and same thing applies to blockchain >> of course yeah 100% 100% and um I guess uh how did you find yourself at Guruin like what led you to uh wanting to join uh their team uh to embark on their mission >> uh well actually uh that was a time like I was uh choosing a good uh career for my uh future. Like I was I was not just

looking for a company. I was just looking for something uh good something uh that can change uh the economy or it can make a little difference so I can be a part of it. So uh and uh when I got introduced to the groupin vision so uh something inside me told me okay it's going to be it because grouping actually this is the time actually you know last five years stable coin industry is like booming and like everybody is saying okay oh stable coins are the next big thing so everybody's talking about it but uh group is not just a stable coin business like it's not just another stable coin in the market so it's uh introducing a new paradigm for stable coin infrastructure. So we don't need

another stable coin in the market. What we need is a trusted very reliable infrastructure and groupin's vision is to provide this kind of infrastructure to the market. So uh that's why uh I got really uh moved with the vision of grouping and uh decided to join and it has been uh almost two years since I joined and we have built everything from ground like uh developed everything from zero and uh lots of things we have done I think pretty amazing. >> Yeah, sounds like it and and I think you picked right. Uh yeah, stable coins indeed have blown up these last couple of years. Um we're seeing a lot of people get excited, a lot of big um uh bigname household uh household names starting to think about how they're

going to adopt it. Um, so it's really great to great to see um a chain like Guru Fin kind of out there uh trying to actually solve um like some of these problems that perhaps these enterprise enterprise companies that might want to um do crossber transfers or whatnot but not might not might be put off by like the regular um blockchain interaction um costs and whatnot. Um but yeah, it's awesome. I mean, I'll let you speak to it. Um, but did you want me to uh bring up the uh screen share right now to to kind of get into the details?

>> Uh, yeah, sure. Let's do it. >> Sure. >> All right. Floor is yours. >> So, uh, here now let me introduce our grouping project. So, uh, we are building a new paradigm for a stable coin infrastructure. Actually, this presentation is uh mostly about demonstration. Uh so in order to achieve this uh new paradigm uh uh in order to achieve this we are building a two-layer architecture for blockchains like a local layer for stable coins and global layer for FX exchange. So uh when we say a local layer uh we are uh we we mention them stable coin chains which refers to the set of chains uh where each chain uh

is independent from each other and compliant to the restriction rules regulations and everything and uh each chain has its layer one blockchain which means like uh let's say KRGX for Korean one equivalent uh blockchain uh stable coin and GPGX for Japanese yen equivalent. So every of these currencies have their own separate chain and their own separate chain uh will be uh uh they running as stable coin as a native currency which means they can pay the transaction fees and everything on the native currency and it's a separate chain is fully regulized by the government which means they can comply with the rules and everything. So uh it

provides lots of advantages like that and we have a global chain global layer as we we call a group station it's it provides FX hub like if you want to exchange uh between several points so just use our uh group station it's very easy and cheap and u now let's uh let me uh introduce uh very core features of uh our local chains uh as an example of uh KRGX. So it's a uh it's a uh uh fully one to one uh packed uh stable coin uh which is like uh when we uh when we want to mint a stable coin it provides automated minting and burning

mechanism. So let's see it. So uh there's a video playing. Okay. Uh first of all what we have to do is to deposit some Korean money into the bank. So it goes to the custodial bank. So let's say we are depositing 200 million Korean one to the bank address and it goes to the bank assad account and once it's gone so automatic process is triggered in the background so which means this equivalent stable coin we are just in the blockchain so actually this part is blurred out because it's actually uh real time uh ming process and we already have a patent everything for this so for privacy we just blurred out And after

meeting is complete so you can just go to the scanner. So we have a realtime scanner which shows how much money we have in the custodial bank and how much uh how much stable coin we have in the circulation. So we just minted 200 million so it just increased. So it's one to one all the time. And next thing is about the transfer. So transfer is not new to the market. So it's a blockchain transfer but what what's more cool about it it's a onchain transfer like uh on the same chain we don't have to worry about the interchain transactions so uh it's uh it goes very smoothly uh okay uh and uh let me introduce about the

global FX hub uh which is a group station uh okay so we have a uh stable coin chains uh as I just showed the example Example KJX we have a stable coin chains of USJX, Euro JX, GPJX and it can go on like as much as needed and there's no limit for it and each of these chain is uh complied with the local jurisdiction rules and everything and uh and there is a common uh features of these chains. So uh these chains are all the time uh one to one uh one to one backed by the custodial bank account and it shows on the real time on the scanner and there's automated mint and burn so it reduces

the human factor at all. Um and uh there is a [snorts] uh there's a group station which which is a intermediary global uh chain which can provide uh global hub uh global hub for FX exchanges. So uh which means like if you want to let's say you have a Korean uh one and it's a stable coin and you want to use it in uh United States. So just uh go to the group station and exchange or even you don't have to uh you can just use it on the wallet and automatically exchange is performed on through the group station. So uh it performs uh and uh FX rates are not actually maintained by the group

station. it maintained it automatically got by the effects realtime effects rates from the trusted organizations like banks. Uh so which means like we we don't just set our rates for the exchange. We we use a real time rate from the because it's a real money. It's a fiat money equivalent stable coin and what we have to do is we have to use a real currency exchange and real rates and everything should be uh reliable and the swaps uh exchange can be performed using a liquidity pool which is available on the guru station and uh defy de staking everything uh is performed through the guru station for the uh uh stable coin chains and another cool feature about the guru station is 100% EVM compatible uh which means like

a uh EVM is a actually uh Ethereum is the most popular blockchain there is. So uh we make it EVM compatible so that developers can move their applications decentralized applications easily and use uh cool features of station and uh also uh it's a Cosmos SDK based chain which means it has IBC protocol for imp messaging with other blockchains. Actually the IBC protocol is lately becoming uh common and uh general general uh protocol for interchain messaging as you know. So uh since we provide it so there's no issue with connecting other blockchains and finally

but not the least uh one of the coolest features of brew station is uh group peek system. So group when we say so we say fiat based gas uh what does it mean like uh if you want to use ethereum as a blockchain uh ethereum price change a lot and one day you are paying $2 equivalent gas and next day you are paying $10 equivalent gas so it's changing a lot right so it's like very inconvenient but in g station uh we always update the uh gas price so that the users can always have a smooth transaction which is uh no matter what what's the price of GXM coin the actual uh gas fee we are paying for the transaction doesn't change in terms of

fiat currency like a fiat base let's say the transaction fee is today uh 1.5 cents next day also same even if the GXM coin price changes a lot the actual gas price we are paying is uh always stays intact and doesn't change so uh in this way uh we can always achieve the fixed uh and smooth transaction among uh FX exchanges between the stable coin chains like uh when we when we want to exchange QRGX to SGX for example so we have to go through the group station right so when we go through the group station uh we will have to place the gas pace in the JM coin so when we do that if the JM coin uh price is changing a lot so it

will be inconvenient but uh with the group X system it's always convenient and it's always fixed uh fee for the transactions. So uh here is uh our uh project like a grouping as I have introduced. So we are grouping which complies locally and we enable to exchange globally like you just buy the stable coin in your local area and you can use it anywhere in the world. So uh that's pretty much about uh demonstration how uh grouping uh chains works in the interaction.

>> Yeah, that's this is really cool man. Um yeah. So if I understand uh the the first part of of what you showed um in the in the video, somebody basically um downloads um the Guruin app and then they can transfer money um actual fiat money into this app and then they can actually mint um whatever stable coin they want um corresponding and like that amount will be minted on on on chain. Correct.

Yes, absolutely. We have a group wallet app. >> Yeah. >> And uh using group wallet app you can uh you can absolutely uh just deposit Korean one and mint uh stable coin equivalent uh easily and you can see and confirm everything and of course there is some uh compliance rules depending on the governance like some government may ask like some minimum amount for meeting or other. So uh they can apply rules but basically everything is possible. >> Interesting. Interesting. And uh you mentioned that um every stable coin or yeah every every um basically every every currency is its own chain. Um is it possible for Guruin to support stable

coins that um were created outside of its ecosystem? or for example like USDC or or like Eurocoin USDT and have those um be part of the Guru Fin ecosystem or is it um a Guru Fin specific stable coin that has to be um present? [snorts] >> Uh well actually uh USDC USDT are the uh global leaders of the market uh they actually token based stable coins not native stable coins. So uh we uh uh guru station actually supports EVM. So which uh enables to deploy the the apps uh for the system. So it's a it's a token. It's

a ERC20 token. So it can be uh directly uploaded and used uh without any issues. >> Awesome. Awesome. Awesome. And uh it's not I think >> Yeah. Sorry. Finish your thought. Can you hear me? Well, >> yeah. Yeah. Yeah, you're still there. Oh, yeah. I think maybe there's like a internet delay or something. Um, but yes. Uh I guess uh for developers who are watching us today, uh what are some opportunities for them to be able to um

pick up um with Guru Fin and start integrating um perhaps Guruin into their apps to support um Guruin native uh stable coins. Uh, can you can you still hear me too? >> Yes, I can hear you. Well, can you hear me?

>> I can hear you. Yes. Yes. >> Uh, yeah. Uh, I guess uh yeah. So, can you hear Pardon me. >> I couldn't get your question. I mean, >> oh, sorry. Uh, yes. Uh, so, um, uh, I'll I have another question. Uh, actually be before we get into the developer one. Um how uh in terms of like current market um well not market sorry current ecosystem issues with just using onchain apps um like what kinds of problems does Guru Fin um solve with the the common issues that a lot of people have with

using blockchains today? Whether it's like a normal user just trying to pick something up and do a payment. Oh, it looks like we lost uh TO. Uh let's see. He should be joining back soon. Um but uh yeah. Uh yeah. Yeah. Yeah. Cra I think uh there is a 3 to 5 second delay. Um but we will wait until Tila returns. Uh but uh yeah, in the meantime uh Guruin uh seems like a very promising promising ecosystem and chain. Um and Tito, I think is back.

>> Ter, are you back? >> Yeah, I think there's some disturbance in the connection. Sorry about it. >> Yeah, that's fine. That's fine. Uh uh can can you hear? Everything's good. >> Yes, I can hear. Okay. Yeah. Oh yeah. Yeah. Uh so yeah, no worries, man. Uh so uh the question I asked was around um just how um how difficult it is sometimes to use onchain apps um whether it's to move money around to pay for things and um like how how is Guruin kind of addressing some of these issues making it easier for everyday people to um interact or uh transact on chain and maybe even enterprises.

Yeah, actually there are lots of pain points in the uh existing solutions. Uh let's say uh first of all uh actually nowadays everybody talking about it in the conference and everywhere like uh we have a stable coins in the market and uh uh most of the stable coins actually more than 99% of the stable coin is US dollar based. So it's a huge dominion in the market right uh and the industry is $300 billion industry that's not a small money and 99 more than 99% of it like a US dollar based like u uh which means like in it's a fiat money it's a real money and we have uh in the web tool like in the real world we use uh local

local currency like in Korea we use Korean Japan use Japanese like everywhere we have local currency But if you want to go to web three, we going to use US dollar. So it's a kind of funny uh it should be uh different right uh the dominion should go and every every country every currency should have their uh sovereignity they they should have independence uh on the web three as well. So that's one of the goals we address in the grouping. And the other issue is like trust issues with uh existing uh big companies like uh let me give you some example uh recently maybe you heard of the news about the PayPal uh accidentally minting $30 trillion and

burning it finding out it was accident so that's 300 trillion is like very huge money like it's more than world GDP you know uh and this error is happening why because of human interaction. There's a very small maybe they just put like a extra uh zeros and it happened like a it's it's relied on the human and humans always uh make mistakes and of course like people just found out it's it's a wrong and just uh burn it. So but uh these kind of issues uh raise questions.

Okay. Right. And uh also about the I can give example about the deping issues of USDC like when the Silicon Valley bank collapsed and USDC was deb 88 cent something like that right so within hours like people just find out and they try to sell and uh it got debed easily. So uh which means like it it raises a reliability issues like if I have like a million dollars I don't really want to keep it in stable coin because if I have million now it can be like uh I can lose 20% of my assets easily or maybe all of them if uh if something happens like something

happened with Luna Terra you remember so if similar happens with one of these companies like oh I I lose everything so it's a big huge risk and which means like Today's stable coins are becoming intermediary tool only. Like if you want to change your asset from one form to another, okay, you use stable coin uh from real estate to cryptocurrency. You just use the stable coin to move your asset from one form to another. So it's fine, but you don't really keep your assets in the stable coin itself because it's not a long-term reliable asset. So uh but the question here you should be able to keep your assets in the stable coin because it's a onetoone packed

right so they should be guaranteed like you can always uh you can you can always uh get it back uh and uh other thing is about the transparency issues u for example like companies like this which is available nowadays uh they are providing the uh audit uh monthly or quarterly right so uh provides onetoone pegging but what if there's a possibility you can see the uh

realtime reserve 24/7 you can see the how much bank how much money uh there is on the bank which bank and which account and of course they >> Oh no. Uh yeah. Uh sorry folks, it seems like Tilo is having some internet uh issues. Um we will wait for him to to come back. Uh but uh yeah, definitely it seems like Guruin is solving some of the bigger bigger issues here in the space. Uh Tito, you're back. [laughter] Yeah.

That's >> Yeah. Yeah. >> The internet doesn't want to cooperate today. [laughter] Are you still there? too. Uh, seems like the Yeah, indeed. The internet uh internet is not being kind uh kind to TLO today. Yeah. Yeah. Here for the long haul. Indeed.

What if you try um turning off your video, Tilo? to to help uh preserve bandwidth. Hello.

Uh, it's kind of breaking up. Uh, I suggested uh what if you turn off your uh video to preserve bandwidth. Is it fine now? Uh, yeah, we can hear you. We were able to hear you. Uh, yeah,

seems like your video is spinning. Uh just give it a little bit to see if the connection will reconnect here. Hello. You there? >> Is it fine now? >> Yeah. Yeah. Now you're back. >> [music] >> Can >> can you uh hear me too?

>> Yes. Can you see? >> Yeah. Yeah. Yeah. Now that was good. Yes. Uh so yeah. Yeah. Uh so just coming back um you're you're finishing off the story about how PayPal minted 300 trillion uh burned it and the uh the ramifications of that and then you're diving into an example a follow-up example of that. Yes. Uh you can hear me well right?

>> Yes. >> Okay. Uh yeah, we were talking about the debugging issues of USDC uh which happened which happened when Silicon Valley Oh, that's a shame. It cut out again. Oh, no.

>> Okay. Uh, yes. You can hear well, right? >> I can I can hear uh what? Uh, try turning off your video perhaps. >> Oh. Uh yeah now now try >> it fine. >> Yeah I can hear you still. Yeah. >> Yes. Uh maybe some connection issues here. Uh well uh there is a transparency issue. Another issue we can talk is audits. like big companies nowadays are providing audit uh maybe quarterly or monthly and uh there's a there's a huge

risk like uh people just accept okay we just trust you like it's a onetoone back and I can trust you audit but uh what what we can really offer with grouping is like 24 you can see how much uh money there is in the custodial bank 247 like you can just go to scanner and you can see which custodial banks U holding the assets and how much money is being held there. And uh you can see how much uh stable coin is actually minted on the uh blockchain. And uh funny thing is like uh the custodial banks do not touch the assets like they do not invest. They do not uh touch the uh money like which means like once you deposit the money it's always

there. It's not uh uh it's not being used. It's not uh update uh it's not being invested or reinvested or which means like there's no risk for losing. So you invest it's there. It's one to one all the time. So it's that easy. And uh other thing is like as we earlier discussed there is a dependability on the chains like u most of the public stable coins using uh ERC20 tokens like different tokens like uh which means they rely on the other chains like uh if you are using some centralized entity like exchanges uh okay there is some uh simulation you can pay the fee in the

USDT or SDC but if you are in the development level and we are using exchanging the currency on your own, you have to pay the fee on the different currency like uh you you pay you want to exchange some USD but you have to pay in Ethereum or you have to pay in TR like uh it's it's very actually it can be a small thing but it's very inconvenient like you have to hold two assets at the same time right so uh makes it uh inconvenient so uh with the introduction provide onetoone transparency and automated minting and burning. So the humans cannot make any mistakes here and you

can see the reserves and every chain every stable coin is their own chain. So you can place the fees on the native currency all the time. So uh those are the issues we are solving. >> Yeah. and they're really important issues and I'm really happy to see a a blockchain company out there um trying to address these. Um so good on you guys. And um as we're kind of approaching uh time, there's a few more questions I kind of want to get through, but um for our developer audience, oh uh you're back. Yeah, you're back. Uh yeah, I was going to ask um for our developer audience who are watching

today um what's the best way for them to get started with um uh with Guru Fin? What would you recommend? >> Well, uh actually we are now launching our test net very soon. Uh it's coming live. Uh so I would tell like uh developers to keep their uh the apps uh tokens everything get ready like uh you can test on uh group and test net and uh it's going to cost very cheap it's going to be very fast and it's going to be uh really amazing and uh if you are like not developer just a normal user I I would say like just get ready you can just uh see how it's going on and you can see actually the fees calculated uh in real time and gas price is changing

like uh the actual fee is uh is always same in the fiat based amount. So and there are FX exchanges you can exchange the cryptocurrencies uh stable stable coins easily through the FX hub. So uh everything just uh both developers and normal users can test out and just I want to say get ready. It's coming soon. >> Oh that's exciting. Some alpha some alpha here. Uh awesome. Awesome. Yeah. Yeah, you heard it here. Uh, so get ready for the guru fin test net. Um, and uh, yeah, I guess um, uh, another thing I kind of wanted to to touch on, um, so on top of stable coins being very popular, um, this year, this last couple of months, um, we've seen a really big,

um, uptick in the popularity of X42, um, the protocol for, um, payments that Coinbase has made. I just curious to to get your thoughts on on that protocol. um if you have any and uh if Guru fin uh will support that um that protocol as well. [clears throat] >> Yeah, of course. Uh actually uh X42 is indeed becoming uh it's becoming so popular the introduction of crypto payments in the late applications. uh of course like uh uh it's actually application layer

implementation so grouping uh chains has no issues with the integration of this uh possibilities so um developers can just integrate to our chain so there's no issues with the integration and support everything but uh as you know like uh the hype actually shows the need for this kind of payment systems like a reliable and payment system so uh which means like uh it's a uh It's a good opportunity for grouping uh so to provide a better solutions for the payment system so people can enjoy like a low cost and reliable uh assets for holding their stable coins.

>> Yeah, well said. Well said. And yeah, indeed it is um exciting times. Uh yeah, uh Tilo uh as we're uh closing out here um you mentioned it um test net is launching soon. Um, how's what's the best way for people to keep up to date with all the things going on with Guru Fin and uh and how can they stay on top of things? >> Oh yeah, exactly. Uh we have a website groupin.com and we have a GitHub repository uh which is public on uh for group chain. Uh so uh and we have documentations and everything. So I I just say watch out our website and watch out our uh pages on the X and Telegram.

So we have channels on everywhere Discord. So uh watch out our channels. So the news will be coming soon. >> Awesome. I I know I'm excited to to see what's going on and I know our audience is also going to be excited to to get their hands on Guru Fin and start playing around. Um and with that uh yeah, unfortunately we we've come to time. Uh, Tilo, I just want to thank you so much for taking the time out of your day to join us today on the podcast. Uh, technical issues aside, uh, we grinded it out. Uh, we did it. [laughter] Um, but, uh, yeah, I just want to thank you so much.

Oh, wait. Did we lose TO again towards the tail end? Tilo. >> I am here. >> Yeah. Oh, yeah. Yeah. Uh, I thought we lost you. Uh, yeah. I was just saying, uh, thank you. Thank you so much for for joining the show today. >> Yes, thank you very much for having me here. It was really exciting to talk about our project and getting to know the audience. So, thank you.

>> Certainly. Certainly. And uh yeah, all the resources um that we uh discussed um will be linked in the description below. So, definitely give Guru Finn um a lookie. Uh check it out. And like Tilo mentioned, uh their test net is coming out soon. So definitely you'll it'll be something you guys want to start playing around with. And with that, I just want to wish everybody a very happy Friday, happy weekend wherever you may be. And we will catch you back here for another episode of Devontail next week. Till then folks, have a good one. Cheers.