Jay Moore on Prasaga’s layer 1 blockchain and smart assets

0:01i'm ashton addison from event chain for investmentpitch media in the cryptocoin show and today on blockchain interviews we have jay moore the chief collaboration officer and cmo of presaga jay welcome to the show and thanks for taking the time to be here excited to be here thank you for inviting us over you're very welcome i'm really excited to dive into presaga

0:20if we could just kick it off with an overview and the focus high level of what is prosaga and what are the problems that your team is solving for yeah i think the best thing is to look at just a little bit of back story we started uh with an iot smart city interoperability solution and that message server we we were fully confident that if we could build it outright we could build

0:44a marketplace behind it and give people autonomy over their data so that they could decide what sensor data or what information they wanted to have monetized and that that could actually be the new way that we look at breaking down the walled gardens around different data silos that are out there what we realized real rapidly after we'd gotten our first initial infusion of

1:07capital was that scaling of our technology wasn't the issue it was the scaling on the blockchain so we spent the last three years we looked at all the projects that were out there thinking that somebody had to have the dna for getting scaling right and we weren't able to determine any other projects that were going to deliver us that level of uh throughput that we needed so

1:29we put our our heads to it and that's actually what we've now come out to tell everybody about we've got the patents filed we've got the uh proof now of the core technology that we're bringing to market that it does work and it does provide these solutions that's great and that's the true entrepreneur's journey find looking at the problem and being like hey

1:50we're gonna have to create this solution ourselves and yeah this is my 12th new venture so i've been here a few times but this was by far the biggest uh oh yeah let's figure out the uh the unsolved problem and the the uh the challenge that's been facing a lot of other project projects around the world and our big breakthrough the thing that really was

2:14the the aha moment and it goes back to some park technology that was built in the 80s in it it's a first-class object model uh applied to an operating system and we took that operating system just like what's in os 10 or in you know the windows tree and we applied it to the blockchain so we now have a full operating environment not just

2:40moving smart contracts around we've got a full operating environment running on top of the blockchain and that's changed things at a at a meta level definitely and i was going to ask you about that in terms of now presaga is a full you know layer one blockchain protocol what makes it unique and different and you know scalability is is one thing obviously it needs to be scalable but

3:02there are a lot of other blockchains that are doing things that are scalable but they're just not the right fit so maybe you could dive into that you know uniqueness and we did build our blockchain with uh innovative consensus we've got a whole bunch of things that make us very very efficient and took advantage of a lot of the things we saw uh break through

3:20in other protocols the key though was to get away from smart contracts and move to what we call smart assets and the way we're able to do that is because the operating system is running on the blockchain not only does all of our code run live and is fully inheritable so as you're an application developer as new classes get built you have access directly to those we

3:45actually store state in the account on the blockchain and that allows us to have the scaling solution that we do because in unlike with the serialization that happens with smart contracts we can now move your account from chart to shard in order to keep throughput always keep accuracy no double spend in our situation but be able to get the full parallelization possible across multiple

4:11nodes and that's the big sea change now does it provide us ease of use you can use any language to build on top of this uh blockchain yes i mean it gives us the developer um now able to focus on the consumer problem not on the blockchain problem which that to me you know it's it's kind of like when we're building our own data centers you know the cloud really opened it up

4:35so that we could reduce the cost to market and get there a lot faster uh through cloud computing definitely and i like that you are focused on smart assets and i see you know the smart contract problem as you know like for in ethereum for example they have the ethereum virtual machine you're using command lines to type in smart contracts it seems like it's like

4:55the dos compared to what you're saying is now a windows operating system you know that that's the best uh illustration we've been able to come up with and the same thing happened when dos you were dealing with one operation at a time you could actually one run one program at a time now we've got the ability to run multiple programs simultaneously across chains the the other thing was

5:18that obviously user interface improved dramatically i was there the the thing that we're working on right now with with how hard it is to build in solidity and in other development environments we break through that and you know the tool set that we'll be able to bring to market we're just now showcasing early versions of that over on hyper ledger and we did we put this

5:39x-bomb up on hyperledger to prove that it actually has the functionality that we're stating it does so you know anytime you're innovating there's also you know the belief that you've solved it and then the proof that you've solved it and that was what we really had to do before we felt like we could raise this next round to build the main net with as we had to

5:59prove this technology does what we say it's going to do definitely jay and i you mentioned that the developers can now focus on you know the end user and the customer uh support rather than just the blockchain part and i want to talk about you know what's hot in terms of decentralized applications and functionality right now in the blockchain space and that's the

6:18decentralized finance niche industry and average data sovereignty as well and i know you're working on that and you are in the early stages but can you talk about what are the first steps in providing decentralized finance tools on prosaga yeah i think that the the key is is building the fundamental marketplace and i think one of the one of the ways that we're

6:38doing that we're going to be showcasing what we're doing is to build a platform for developers that allows them to license their technology as they're building it whether it's for d fire supply chain or any of those those class trees will have a licensing architecture for royalties that allows people to participate in basically monetizing their r d before

7:04they ever bring them to market and i think that's really strategic in terms of not only getting developers on board to be building on our technology platform because obviously there's lots of solutions out there that they need to be able to get to market with but the other key is is like for d5 um you know there's fundamentals where we're going to be easier to

7:24fractionalize we're going to be easier to build the core components of the technology on us just because you're dealing with moving assets rather than writing all these smart contracts to do it so instead of having this large very calcified or very rigid code base to work with you're going to be able to work in something and that was the key for us why we called it

7:47x-bond was extensible it's an extensible blockchain object model where it allows you to continue to innovate in and change which i think everybody in software understands nothing is static everything is a is a living piece of code and we're much more fundamentally built for that type of environment very interesting and you mentioned that developers will be able to work in multiple

8:11programming languages and that solidity was one of those you know barriers to entry where you have to learn a whole new language just to start coding on ethereum and so that's obviously going to be an incentive for developers on prosaga can you talk about any other incentives in terms of early on how are you going to foster the development ecosystem and

8:29attract developers to start building on presaga yeah i mean i think uh fundamentally the idea that we can start to help people monetize before they get to market is a is a principle that we want to look at i mean for us it's how do we build that community how do we build that ecosystem and infrastructure that creates the proof of concept in in the product market fit but also

8:55gives them the resources and ecosystem that they can uh put themselves around so we've got a venture studio model that's going to align with a lot of blockchain incubator accelerators and that's part of our data grid collaborative and that whole um environment for developers i think is going to not only inspire the the innovators but also the larger corporations that

9:19we're working with to be able to bring new solutions to market faster and that's um is we're working in everything from enterprise level supply chain work clear through identity uh insurance technology all the the pieces that we're seeing that are going to be uh potentially available through our blockchain one of the things that keeps coming back to us is the kind of

9:45problems that have been being solved at blockchain are fairly simple because they need to fit inside the smart contract paradigm we take that away and now we're looking at much larger scale projects that can be done in all the different uh verticals that we're addressing right now challenge for us stay focused on getting the blockchain built not on all the other opportunities

10:10that exist out there but empowering people to be able to be partnered with us to do that and go to market fast that's that's our key definitely well said and you mentioned there the data grid and there is the presaga data grid token that i was looking into um can you talk about you know where that's at how it's being built out what is the main functionality within

10:31presaga's protocol and does it create a sustainable ecosystem yeah so i mean with any layer one blockchain uh it's kind of funny we're about four years past when this was the paradigm uh but we're using an erc20 token in order to generate the needed resources we need to to build out the full system um we're doing that in a d5 model on uh pairs that will will uh

11:01obviously at some point we'll also have centralized exchanges but the decentralized exchanges will allow us to get uh you know we're giving 9.75 apr on our on our tokens so that you've got the incentivization to stay in and work with us on it the other piece is to be building out other components of what we're doing and giving visibility to those those partners as we come i think that's

11:28that's probably the most important piece um just as uh most did whether it was eos of 4 billion raised or or smaller amounts we're going to be one to one exchangeable for the actual native token when mainnet goes live um one thing i do want to mention and i think this is it it's politically incorrect but i think it's an important piece to talk about

11:53and that's that we're not building this token for this for speculation that's not our goal now will there be speculation absolutely but we built it with an algorithm that is building your own digital gdp and when you read our white paper you'll understand that we're pegging it against an internal rate of return that you're needing to have based on the economy of the token itself

12:19and that means that over time this is going to become a much more stabilized uh currency to be able to do exchange with and there'll be a moment over the next 10 years where it'll go from being a token to be invested in or to being a currency to actually invest with and that's an important distinction and we haven't seen anybody else actually try and

12:45look at the fundamental instability of a token making it a an inappropriate way to make it a exchange of value rather than a store of value and that's that's one of the things that we think is probably especially on our on our uh monetary policy component one of the most innovative that we've looked at definitely i'm glad that you mentioned that jay

13:08and you also mentioned that you will be switching to the native token on the prosaga protocol when the main net goes live maybe you can give a glimpse into you know what are the major milestones next and is there a time for the mainnet or what do you need to do to get to that point yeah i mean um dates are always so great when you're talking about software i've

13:29been doing this for 30 years and and i came out of the video game space where you know you ship when it's fun right and so how do you hit fun actually uh david bieberman has been 40 years building software he's pretty darn good about picking timelines we're looking at test net within 12 months and mainnet our goal is within 18 months there are some things that need to

13:52happen on testnet like how we engage with the miners and how uh we actually bring partners to market and make sure that they're part of our launch that you know i get especially for being the marketing guy trying to put together the xbox live lineup of of exclusives or at least the partners uh know how much energy that's going to take so i think that

14:15uh those are those are really good um rules of thumb i think that this next round is to really be able to get that marketplace up that we talked about with the royalty architecture in place that'll be important in addition to that you know showcasing some of the things that we're going to be able to do differently which we're already uh going to be launching in uh first of

14:39april here an entire demo that'll give you a a graphical user interface in front of what we're doing at the command line over on hyperledger right now so you're going to be able to see uh you know actually how we're doing this and and and begin to understand conceptually how this is a different paradigm than smart contracts and how you can work with us on that

15:00that's great jay and i'm looking forward to to following along and for the viewers that also want to learn more about persaga follow along and get involved in the communities early on here what is the best way for them to get involved yeah um i i think you know our telegram channel is crucial it's at persaga official our website at presaga.com we're also

15:23doing all of our token offering on our pre-sale through something called dgblabs.io or an estonian corporation because we live here in the states so it's important that all of that gets done under the best regulatory framework that's possible on the planet that's something that we've done a lot of work to make sure that we stay as in compliance as possible as that

15:47is as that framework gets further developed so yeah dgblabs.io is where you'll see the pre-sale information great well i will leave the telegram website uh pre-sale information all of that in the description box below for the viewers it's been a pleasure speaking with you all the best with prosaga moving forward it sounds like you have some great fundamentals so far

16:06i'm looking forward to following along with the project and let's follow up in the near future look forward to it thanks ashley