Hello everyone, and welcome to
this latest AMA with Sébastien.
Hi Virginie, hello everyone!
We're going to make a first AMA video to answer your questions,and we'll have specific videos in the future, with Samuel, Victor, and Christophe,notably on the topics of NFT fees,mining, and energy consumption,so those videos will be coming up.For this first video, we'll start with our Roadmap,Can you tell us a bit more?Are we on track as far as that's concerned?
In terms of the Roadmap, the whole team has been working hard for a long time.
First, we're finalizing the establishment of 50 AEbots.AEbots are miners on
the Archethic Blockchain,so the AEbots will receive among the Unirisers
in the upcoming days.
Second step is deployment of Mainnet.On July 14, Mainnet will be
deployed for all of the miners,and from there will start a Bug Bounty campaign where we will do what we call "torture tests" and stress the system, and send incoherent transactions.And for everyone who identifies bugs, help us to correct them,they'll be able to win UCO.That's an important part because it's what
will allow us to stabilize the ecosystem once it's been completely deployed.
Once the Bug Bounty campaign is finished, we'll start activating the Bridges, which allows you to convert your accumulated UCO on the Etherium into UCO on the Mainnet, and vice versa.
The Mainnet which will be deployed will be the true Mainnet. If we hadn't done this testing campaign, it's the one that would have been officially launched. The phase Bug Bounty campaign should continue until the fall. It's hard to give an exact date, because we don't know exactly when we'll have resolved all the bugs that are found.But we think this will happen sometime between now and the fall.
At the same time, we're working on a big communications campaign at the time of the official deployment, to immortalize the moment of what we call the Archethic Genesis Event, which is the first immutable transaction on the blockchain.
The DAO will be launched at the same time, that means the blockchain will
begin to have a life of its own, brought to life by the community, to become, ultimately, permanent.
So this blockchain that was conceived over 5 years ago will finally see the light of day, and will be able to offer a viable internet alternative, something that is known as Web 3.0.
What are the DApps that the community could expect to see by the launch date?
We're trying to make a blockchain that isn't only for transactions,so the first DApp, the mother DApp, is the Smart Contract,so there's already a lot of functionality in the Smart Contracts.We're also working on... what used to be called AEWeb.Basically, the capacity to deploy a website across the blockchain, that should also be happening at the launch, or in the coming weeks. It's already functional now, we should already be able to test it on the Testnet. And also the Wallet part, in the sense of an keychain identity, so that should also be available
at the time of launch. And the NFT, Samuel and Victor will tell you more about that in the coming weeks.
Exactly. And will we be able to create other tokens on Archethic after Mainnet?
It's a blockchain that was designed to allow the creation of tokens on demand, which motivated us back in 2016, was to create tokens for example between two neighbors who want to make a deal transferring ownership of a garden, that type of thing. And effectively, that was the beginning of the NFT, so we were able to integrate it into our initial certificate, in terms of anything to do with non-financial transactions, and which corresponds with anything that can be tokenized, it can be a token between neighbors to help formalize a deal, but it can also be a token with
a lot of different functionalities like the total numbers, the specifics of property rights, etc. So with that, we had the beginning of blockchains that are really designed to be able to create infinite number of tokens and they are designed for that. Unlike Ethereum, we'll create a smart contract to regulate this token, which will be internal, in the Archethic blockchain, effectively, it's exactly as if they were UCO, so it's native, which means that with each transaction, you'd be able to send
such-and-such tokens each time.
Ok. So on the topic of tokens, regarding the number of tokens, is it expected to work like Ethereum's ERC-20?
So... from a functionality point of view, yes. Everything that exists so far will be integrated into our tokens, except that it's in a specification format, which means that it's not a language like Solidity, it means in the specifications you can say for example, "In total, there should not be more than X million tokens that can be mined" etc. So functionally, it's the exact same thing, except you don't need to code with the complexity of Solidity on Ethereum.
Ok, perfect.We were asked, in terms of the team, where are we in terms of the size
of the team from last year?
So we've been lucky to be able to recruit from among you, people who have contributed a lot on the GitHub, people who are joining us now.
Right now we have about twenty people, between France and India, but the idea is to be able to continue to grow, so we're setting up other structures in other countries, to be able to raise funds, and recruit even more developers, marketers, etc.To be able to really make the ecosystem blossom!
That's right, that's it!In terms of the tech side of things, we have a question about validator nodes, will they only be for the first investors or for anybody who wants them?
So in the beginning, yes, we feel a moral obligation towards those who helped develop up to where we are now. So the first investors will be the first to receive those. We still have some things to figure out regarding the basics of delivery, etc..We'll be opening up the whole ecosystem. So the first investors will have a privileged place within the ecosystem, but we'll also be...we should be developing
in the upcoming months a way for any PC to be able to mine in the ecosystem. Today, the last contract left would potentially be to have a YubiKey to plug into your computer to be able to ensure its integrity, in order to avoid attacks, etc.
We also have people in the community who aren't really experts on the topic, can you explain a bit about YubiKey?
YubiKey is a crypto key, it's a USB stick that contains a crypto processor, similar to how we use TPM in the current mining. And the key would allow us to ensure that it's one single miner, and that the key hasn't been duplicated a thousand times, among hundreds of miners.
Ok, that makes sense.Will the Archethic blockchain be EVM-compatible?
So... no. EVM-compatible means the blockchain mostly ignores the UTXO parts leaving small system that just allows updates to the smart contracts. We're not focused on that kind of thing at all, we're really based on the principles of the original Bitcoin, that to change the state of a smart contract is necessarily based on the past, so it needs to look at previous transactions. It's what we call UTXO. So for us, there's no need to run an EVM code, to compare the memory, etc.It's not worth it, each miner will read the code, interpret it, and share the analysis with the other miners, if they all agree, the smart contract is considered valid, and the transactions are made. So for us, the advantage is it doesn't take a lot of memory or CPU, it's really the blockchain itself, and the smart contracts, that will understand and execute governance of other smart contracts.
I'll come back to what you said on UTXO, there was a question if it would be
possible to expand on that subject in French so that everyone can understand.
So UTXO means Unspent Transaction Output, that means the transactions
that haven't been spent yet have the right to be spent. That's all it means. It just means if I send you a Bitcoin, in order for you to spend it back there needs to be proof you didn't spend it. So that's how it works for miners
on the Bitcoin network, it analyzes all the transactions, looks at whether the Bitcoin I sent... can you send it, did you already spend it, etc. That's part of the mining rules. It's something that's an extraordinary invention, because it allows the origins of the funds to be proven at the time they're sent. It means we're not on a database that someone can modify manually, like at a bank for example,we're really on a system where when a Bitcoin is sent, we see where it comes from,
the origin of the origin, etc. And we can go back, in the case of Bitcoin, as far as when it was mined. So from a security perspective that's much better, there's no data independent from what's already been validated in terms of past transactions.
Alright. And in terms of DApps that are expected for Archethic from now until the end of 2022, could you give us some examples?
Our goal is to replace the internet. The internet as a whole... so email and
messaging systems, photo/video sharing, and that kind of thing, we want
to do it all in the blockchain. In terms of DApps, it's fairly open, and the blockchain was designed to address those needs. What we'll have at the end of the year, without having a crystal ball, it's a bit complicated, But what we can say is we're
discussing with a lot of businesses who sometimes need... sometimes
tied to the price of transactions, because with us it's on the order of cents, while with others it can be tens of euros. Or just the ability to update
the smart contract, etc. So the big advantage is... I would say the smallest
website could be a DApp in the sense that it could display Tshirts, like in our whitepaper example, so anything can become a DApp, but on the other hand, I don't have a lot of details on the topic. On the other hand, Christophe will make a video more specifically to show the applications that are in the works.
Exactly. In terms of digital IDs for the wallets, can you tell us more about
where we're at right now?
So I tip my hat to Samuel who
worked a lot on that topic, Here, we've created the envelope that
will manage the digital identity. So it will contain the seed, and will be
able to generate all the IDs, whether that's Gmail and other services. And what we're doing is connecting, branch by branch, these digital IDs with access methods. So within the next year, year and a half, you should also have the biometric part, but right away, you'll be able to have a ledger key and other things, which will always allow access to this digital ID. What we're trying to do, in order for this ecosystem, and the crypto ecosystem in general to remain simple, is to have multiple ways to access the same digital ID, to avoid ID losses, etc. So that will happens directly on the Mainnet which we've been talking about for quite a while now.
That's true. Thank you Sébastien, and thanks
everyone for having followed this AMA, as we mentioned at the start of the video, you'll soon find content from other team members, like Christophe, Samuel, or Victor, on different topics such as NFTs and fees, in the meantime, we're also
working on some marketing materials so that you could also promote Archethic via polos and other marketing materials, we'll see you soon in a new video!
More and more of you are following us, and growing this Archethic ecosystem community, if you enjoyed this video, please don't hesitate to share it, we'll see you very soon!
Until next time!