Sean Ryan on Glitch Finance’s layer 1 blockchain protocol

0:02i'm ashton addison from block west capital for investmentpitch media in the crypto coin show and today on blockchain interviews we have sean ryan the ceo of glitch finance sean welcome to the show and thanks for taking the time to be here yeah today action thanks for having us really appreciate it you're very welcome i'd love to kick off our time together by first just hearing

0:22a little bit about your background how you got into the blockchain space and started glitch finance yeah great well funnily enough in uh in 2013 um i i sold a business and um we're a premium sms service um and i invested a small amount uh into a thing called bitcoin um which i had no idea about and uh in 2015 i started to obviously uh see my investment grow and

0:49start to get very interested in the space and um from there i haven't looked back i'm a big believer in d5 as a whole and you know democratization of finance and um yeah i feel like everything i've done in my career has led me to where i'm at today as a ceo of glitch finance definitely uh quick and easy and now i'd love to just hear a little bit more about glitch

1:13finance before we dive into the details uh of the d5 solutions that your team's providing yeah okay great um well basically we're low on blockchain focusing on trustless money markets so the project uh was founded out of the belief that you know d5 needs better infrastructure so you know more people can opt in and out of centralized finance um so you're basically working towards

1:38building that scalable blockchain that can really have that real world adoption um focusing on trustless money markets which you'll probably hear a lot within um within within this conversation and um yeah focusing on a bit of a world-first revenue sharing model which i'm sure we'll touch on at some point as well um but yeah that's that's very much our

2:00focus um really working towards that real world adoption and and really focus on that uh you know that trust us money markets first definitely and d5 has really exploded in you know the last year to two years and now you've created glitch finance as a layer one protocol specifically focus on defy can you talk about some of the problems that you saw within the d5 space that led you to

2:26saying hey we should really create a layer 1 protocol focused on these problems yeah definitely so i think a lot of uh projects uh with these sort of ideas um obviously we're looking at you know the likes of ethereum at you know 15 odd transactions per second and to really move towards that real world adoption it's just not going to cut it um so then we we started looking at you

2:51know we had an understanding that durian would launch 2.0 at some point so we did first look at a potential layer two solution um reason we uh really shied away from that is we felt that there was a potential for layer twos to become obsolete uh once ethereum uh does does release that 2.0 um and then we saw other projects you know around that say and find there start to

3:17be a few coming out four or five hundred and really working to that couple of thousand transactions per second which i still don't feel like um you know the retail investor really understands what that means yet um and they're looking at projects that are claiming to have you know tens of thousands of transactions and whatnot um but the finality is just as important as

3:40the the you know transactions per second um and and the the the adoption and use now um the lay one for us as a layer too sorry was it wasn't going to cut it um and then we started to investigate um you know certain infrastructures and ecosystems that we could look at what they were doing and and find a way to do it better um and then yeah uh we just plan to put

4:05a glitch in the market so very cool and yeah that's a great point sean about what's going to happen with layer 2 solutions when ethereum 2.0 does come out are they still going to be needed will they adapt somehow will they just become obsolete so to future proof and create an entire layer one solution uh which i don't know if you would agree with this or not but is like sort of

4:27competing uh or you know has similar technology to ethereum where the bulk of defy is right now um is is ambitious but it sounds like a more foundational approach to uh yeah yeah definitely yeah yeah it's uh we we were definitely uh really really interested in competing uh and hence why our unique selling point of that revenue sharing model and focusing uh on you know the trustless

4:54money money market space um you know there's so much that comes out nowadays and they're just doing absolutely everything but i'm i'm kind of starting to feel that if you you don't stan truly stand for something you're rich standing for nothing so yeah i love that quote and you mentioned the scalability of ethereum with d5 and how it's not really going to cut it

5:15as it gets to the mainstream uh do you think that's one of the key advantages or uh you know unique selling propositions of glitches protocol uh d and the d5 solutions within it is is the scalability or are there other things as well to be honest i think that we've um we've really thought through this well uh the scalability yes uh transaction speed uh fees uh we're kept

5:42keeping extremely low um but whilst doing all of that we've had a huge focus we looked at the theorem and said okay why did they get so big and ultimately be so poor um and it came down to the ui ux uh the ease of use for a developer to come across and build and deploy on uh on ethereum um so we've got a huge focus it's not something we talk about all that much

6:06uh but we believe once we release our main in the coming months um it's it's really going to really resonate with a lot of developers and that transition across to us is going to be seamless that's great to hear i'm looking forward to that i mean that launch and maybe you can touch on the technology itself is there anything unique about it what can you release in terms of information

6:32about it right now and how it's so scalable how it's going to be the next defy solution and hub yeah yeah definitely um it's one of those weird things for us we don't want to say too much because what we are doing is is quite unique uh and and scott sorry quite straightforward apologies guys it's quite late for me here and so if i trip up i do apologize but um it's

6:59we don't want to divulge too much because it will just give an option um for certain blockchains to make certain tweaks um and then you know we're just going to create competition happy for them to copy us once we're up and going and i'm sure they will um but yeah at this point we we keep we keep a lot uh close to our chest but yeah we're full steam ahead and we're we're very happy

7:21with where we're at definitely and i was researching into the solutions and i saw that the glitch decentralized exchange or the gex seems like it's the flagship solution that you're going to be releasing can you talk about the gex what makes it so special and and why it's going to be revolutionary yes um i wish we had a couple of hours for this absolutely love our gex um uh

7:47most if you compare us to say algex to like a uni swap or a pancake swap for argument sakes um we are super focused on uh very much limited limited to no slippage um and that's been a huge focus for us um and second to that most of these uh uh dexers um release their own native token we've actually decided against that it

8:14was a discussion we did have but we decided against it because we wanted it to be the flagship product of glitch and be a big contributor to the revenue sharing model so all all fees accumulated uh you know then in turn reward the the uh the glitch holder token holder so that's the high level uh on on the gex super excited for it um looking

8:40forward we're actually going to release them uh release it on testnet quite shortly um just for testing and this was a bit of an mvp demonstration for the uh for the investors um but yeah really really looking forward to the to the gex definitely you mentioned the revenue sharing model a few times is it that the transaction fees primarily from the gex are going to the

9:03token holders or is there something else that makes it super unique yeah so it's it's um very moderate very much modeled off um uh and very similar to uh dividends um on a traditional for traditional stock um so basically the way the revenue share model works is it's uh rewarding the stakers and holders so um having the gex as part of the revenue sharing model uh

9:30and you know the adoption that we feel we're going to get with the the limited uh fees that we're going to have i mean uh the in testing i can tell you that the um the fees i think the biggest the highest amount was 31 cents um uh for for a transaction and that was for a ten thousand dollar trade um so um once people get wind of this of how cheap

9:57they can uh they can trade um we're going to have mass adoption and in turn mass adoption means you know it's a little fee but it's going to end up a lot of fees accumulated accumulatively uh to the revenue sharing model and back to the glitch holder very cool that's impressive 31 cents is a lot less than uh i've paid in in some ethereum transactions i'm not sure if i've ever

10:20paid 31 cents uh for for transaction i don't even i don't even want to talk i mean uh yeah a couple months ago i i think i paid up to a hundred dollars for for a transaction so for sure um yeah i mean how many that is 300 transactions on on the gex definitely and i also saw that there is a staking model involved is that right and can you talk about that a little bit

10:44more uh we are still finalizing a few things around our staking um uh but yeah it'll be something that we'll release uh out by a medium article in the coming weeks um so yeah if everyone's following us stay tuned stay tuned for that quite exciting news sounds great sean and is there anything else to talk about the the glitch finance token you mentioned that they're getting

11:08the revenue share uh that there will be more on the staking when that comes out is there anything else to talk about regarding the glitch finance token how it works within the ecosystem and provides value to the users sorry i just missed that last bit you were cutting in and out no worries i was just asking if it how it provides value to the users and

11:28throughout the ecosystem for the token yeah are you in reference to the gex or the revenue sharing model as a whole uh well the whole platform really in in all of the ways that the glitch finance token works yeah sure so uh i will reference that revenue showing model again um so stakers stakers are able to obviously stake uh state their tokens which uh the

11:53revenue uh sharing model rewards rewards for staking um so with our extremely low fees high scalability and and speed which is is i won't say second to none but pretty pretty good um and pretty pretty reasonable and super competitive um the ui ux of the platform the adoption that we're going to have from from developers more dapps means more transactions means

12:21more fees through the revenue sharing model um yeah i mean that's that's it in a nutshell on a higher level definitely great thank you sean and you mentioned leading up towards mainnet uh and coming out with you know on your media blog some more information soon can you give any snapshot or timeline of when approximately the main that's going to be coming out i know

12:44you know it times always change but maybe you can give a glimpse into what the timeline is supposed to look like yeah look um it's something that we're really pushing for uh you know within this month to next um but it's some with with the current marking market conditions um and my need to perfect this and just get it right uh it's been a decision that has come from myself

13:11to push back i know a lot of a lot of holders uh weren't weren't they didn't really accept it and i appreciate where they're coming from and whatnot um you know that they're all there to make money um but you know i i'm very sure that will see them back at some point um because of the growth that we we do have in front of us but we are looking at at q4 um

13:35and yeah it's just q4 uh no potential hiccups um i could have done it q3 uh with potential hiccups but i just thought with current market conditions and and where we're at and what we're actually doing we're not we're not one of these pump and dump like we we get asked all the time you pump and dump relay one blockchain uh we're building you know financial

13:56infrastructures to to enter the real world and you know yeah that question just astounds me at times but yeah mainnet q4 um really looking forward to it i i can't wait uh we're battle testing internally super happy with the results um and yeah moving forward cannot wait to get it out to everyone definitely great to know and looking down the road past the mainnet launch

14:21you know years down the road when d5 has really matured as well what do you think will be one of the key factors to success for glitch finance to be one of those go-to solutions that d5 is really sitting on top of yeah okay um i think um one thing that is unique about how we have developed this uh system uh we have planned for the future um i made some nice notes for this and

14:49um a question that i believe was going to come up is how do you achieve your 3 000 tps and it's it's actually a lot higher but there's dependencies around it so we don't want to be one of these blockchains that says we can do 50 000 transactions but can only prove a thousand um so we're building for the future but we're releasing in stages to create

15:13efficiencies uh around the platform um so the day we release mainnet uh mainnet which i see is v1 we start building uh v2 uh and start working towards continually improving continually growing continually scaling so people are going to be super impressed and i know they will with what we release um but then yeah it's on to stage two stage three so always being competitive always

15:36looking forward there's always new infrastructure new ideas that are coming out analyze them take the best the best we've got a great team of guys behind us that are you know super forward thinking um so yeah it's b1 everyone's going to be very happy and then v2 moving forward it never really ends but it's a very fun journey so i'm sure you're looking forward to the

15:58main network definitely is cannot wait so for the viewers that are looking to follow along learn more about the gex see the medium blogs when they come out and follow along for the main net launch what's the best way for them to get involved in the community and to learn more guys um just jump onto the website quickshop finance it's just below my my

16:21title there everything you need is there you can follow us on twitter follow us on telegram uh we pride ourselves uh in in being as you know involved in the community as possible i try to jump in as much as possible to answer any questions please come in and ask questions if you if you don't understand something it doesn't matter if you're new to the

16:43game it doesn't matter if you've been around for five years come and ask the questions you'll get the answers and yeah we look forward to having a part of the community sounds great sean i will leave those links in the description box below as well all the best with glitch finance moving forward and let's follow up in the new future fantastic all right well thank you so

17:01much for your time ashton and yeah really appreciate it and yeah thanks everyone and we'll see you around