Li Jun on SAGA Protocol’s decentralized data exchange

0:01i'm ashton addison from event chain for investmentpitch media and the crypto coin show and today on blockchain interviews we have lee joon the founder of sega protocol and the founder of ontology welcome lee it's a pleasure to have you here at the show today yeah hi nissan nice to be here and guys to talk about sagar and anthological definitely and i'd love to just kick it off with a

0:22little bit of your background in the space and and how you came to to found ontology and sega yeah yeah actually i joined the uh blockchain industry maybe six years ago and i do a lot of technical research at the time in a very big finance institution for blockchain technology i just realized the technology is not kind of owning for digital currency they

0:45actually impact a lot of business model those kind of build a new trust mechanism or model will refer a kind of revolution for lots of business solutions it can be decentralized so that's why i begin to join the full-time to to build a startup to build a blockchain protocol to actually small focus some decentralized identity data and the new trust candidate

1:13that's great and now ontology many people are familiar with it and we will dive into the details and how that incorporates into saga uh in a bit here but if you could kick off what are the main solutions that saga protocol is providing to the blockchain space and and why did you find to that you needed to bring those solutions to the market okay this is actually better ontario's

1:36public blockchain actually more focused on the central identity and the data that means actually most different party blockchain they have a different uh specific uh field like ethereum actually is kind of digital assets laser there is more focus on digital assets of course the defy defines also the scenarios around the digital assets but things still have other uh scenarios

2:01for for example distant identity data they maybe need a different blockchain as infrastructure antagonist for that but only protocol and infrastructure is not enough we needed more protocols to have people to become a service product saga is to focus on how people can decentralize to use a decentralized approach to exchange data and also do the cooperation

2:27based on the data process for example data private data source and data analysis data tools and also data the requirements and the consumers they can use they're based on that without science third part they can do any kind of uh decentralized cooperation so saga protocol with ontology blockchain there will private two important things one is a decentralized mechanic

2:54that people to build those kind of cooperation another is can links as a connector link different data source and data private to do that yeah so saga works directly on the ontology blockchain i was also reading about that the technology can work with other blockchains as well is that true and can you tell me about that yes sure since ontology the for example

3:22ontology's decentralized state identity protocol we actually have this kind of universal identity protocol if you notice that you can find um ethereum and finance smart chain and also the new champ proctor because poker still not be online uh all those kind of decentralized identity protocol is private by ontology right now especially for example finance chain

3:49the anthology is owning a decentralized identity protocol private all those protocol on different blockchain they still can be do the interpretation together to private identity and data exchange protocols and also they have a basic uh same backend service and the infrastructure also can reuse all the tools like the personal data wallet so saga will

4:17definitely recover different blockchain even traditional centralized system oh that's great and how long has your team been working on saga now and when did it launch yeah saga we already i told you already uh focus on the this part is three years more than three years and the saga is launched one and a half years we already built the basic protocol already dom and also

4:44build a decentralized data exchange market already be launched uh half years ago and a lot of data data source or any data set already be there and we planned to formally launch a protocol and project as a decentralized project earlier this year maybe in the q2 and hope one more third part partners external partners

5:11and external users who are coming that's great and i was reading in the saga articles about you know part of the industry is that there's been a lot of hacks and especially in d5 you know in early stage projects there's been exit scams and there's vulnerabilities in in contracts is that something that sega helps with and and how does that help yeah sega also if they can build a data

5:35change also can build a new trust mechanisms especially in blockchain industry a lot of trusts are not private by centralized organizations like governments or big company or enterprise it's actually private by community that means they can build a new reputation system also new kinds of like refreshment mechanism people can can to figure out the data is true or not maybe some

6:04code is true or not they can got rewards they got the incentive for those kind of behavior of course other kind of the private data they have staking token or other kind of valuable assets they also have slash mechanism or other kind of mechanism i can't design a business model to to catch that that is common process they can people to build a kind of

6:30reputation mechanism based on community people by people yeah and that leads me to inquire about is there a sega token cryptocurrency that integrates into this ecosystem and if it is needed you know why is it needed and is it sustainable yeah a decentralized mechanism token almost is uh have to this kind of uh mandatory things and saga will

7:00also were reusable just i mentioned reusable ontologies governance mechanism as well that means the token can be used to confirm or have for the decentralized governance and also can help for private data for example you are data private you have your token to confirm you will not have bad behavior they also will have an incentive for those people to figure out

7:27the true or some kind of bad behavior or bad data and also you also can use as again net gas fee you can how to consume the data and also you can you want to use blockchain to confirm or prove your data is true or not you also need those kind of guests to do of course included like a dao governance also a saga token the usage scenario yeah definitely and now that we're into 2021

7:58the d5 craze continues to grow decentralized exchanges continue to soar in volumes what is your prediction on how d5 will grow over the year 2021 yeah from my uh country defy a lot of uh i still for example this actually the two important direction one is kind of exchange swap like the uni swap or sushi another is landing like a compound and i

8:28have also included we also have a landing protocol called the wing dot finance um but currently all those protocol is become very similar right now just the size is different in that step i believe the traditional financial mechanism we're coming for example your credits elements were coming they will help people to use their money more easily more low cost and that is

8:57real finance that i have to link to the credit reputation and also identity data etc that's why i think it's credit based define will become an important direction but it's quite challenging because decentralized mechanical people think okay i don't need credit i just use staking to do those things so but like we do a defined protocol win that's a square database you can put a

9:27few money got more money but based on your credit element so we will try to uh try run more those kind of case yeah it's really interesting how the industry will need to integrate credit and you know credit sort of requires past history and i guess for that you would need the ontology decentralized identity to sort of prove that you're building up credit

9:50so that you can get bigger loans and prove trustworthiness but also protecting your personal information and the privacy at the same time right yeah yeah sure yeah yeah that is actually can reform the financial mechanism for example most of in defy you need into your personal information because it's just kind of assets exchange right but in traditional

10:13financial service institutions your personal information is quite important so you need to apply financial service but the data your personal data those kind of data is controlled by financial institution without not you or yourself but in next time those kind of things will be reformed you control your data and private to the finance institution yeah there's a big flipping that's

10:35happening in the industry so for 2021 what is the sega team continuing to work on and do you have development updates and plans for the first half of the year yeah uh we will issue a new white paper which will cover the whole decentralized data protocol and also cover the scenarios for example decentralized data exchange markets that has already been there

11:02and we will do a lot of enhancement for that and also it's kind of data exchange middleware models they can help people to transfer the data as a decentralized way to on-chain to off-chain of chain to on-chain and chain to on-chain option to option that's all kinds of combinations will be done based on these protocols and also include data personal data what

11:27it's called onto they will work together with saga they can have people individual to use this kind of client to manage the data very easily yeah as a decentralized way so all those things will be done in the queue before the q2 yeah wow that's very exciting looking forward to following along with that and we're running out of time but my last question

11:48is what is one key success factor do you think that saga will need for the long-term success of the saga project since a lot of data protocol in history actually the past three or four years but few be successful a lot of be closed that means people realize the decentralized data is not only one single protocol they need a lot of infrastructure and

12:16the tools around it for example the infrastructure blockchain infrastructure decentralized identity protocol personal data wallet a lot of crypto models so ontology and ecosystem already have those kind of infrastructure and models so saga will be more chance to be successful to work together with those infrastructure fundamental models to be a successful data protocol

12:42definitely and is your team right now looking to expand either more strategic partners or or team members or just customers and stakers and how can they find out more about the project yeah one thing is we already have a lot of partners for example the personal data on tool already most public blockchain is our partner and a lot of defy projects is our partners once we private

13:09those kind of data protocol especially all those end users can usually use tools to join the protocol all those applications define or depths of public chain they can easily integrate it with us really well they'll have partnership for them and also we have a partnership with traditional uh big player like we just work together with a daimler company mercedes-benz

13:33for the data personal car data management exactly so those complex also can link to the traditional world as well so i'm quite confident especially over the past three years a lot of potential uh cooperation in future we're coming that's great lee okay well i will leave the links to saga protocol and the ontology details in the description box below it's been a

13:59pleasure speaking with you all the best with saga in these first few months of 2021 and let's follow up in the near future yeah thanks thanks lester nice to be here yeah okay painter you