Tokenscript: the "HTML+Javascript" for Tokens

Transcript

hello everyone I want to start this with a question easier theorem doing well not according to this cotton mostly circulated in 2018 it happened to be the year that marked biggest Pro in progress of the theorem but it was doing well though in the previous year 2017 and a lot of people want a lot of money I hope you all did very well that is a theorem doing good though I mean what is the purpose of a theorem is that a good purpose

I was scrutinized over this question by old friend a old wise master he looked like this guy he is a Linux kernel developer and his ability air and his observer of his theorem and he devoted none of his time not his money into a theorem and he says you need to provide benefits to the individual and you need to provide a function to the society only that this public infrastructure can be considered good now I said you are not being imaginative think this this is

the internet again this is the web being created again you had web - this is like web 3 like everything's new you can open your imagination and he says if this web 3 it must be bad be better than web 2 and how is it better than web 2 so we know about web - it allows us to connect it allows us to connect to people you never met before it also brought convenience you can buy eBook nowadays at home and read it in your kingdom without going out or you can do banking with your mobile phone without going to the banks so if web 3 is there

what additional benefit can it provide on top of this extremely convenience web tour already now I happen to be able to answer this question my name is Wei Wu and I was much embedded in the crypto space as well as banking space I was and I were bought my first Bitcoin 2011 and I worked as a blockchain architect in Commonwealth Bank largest bank in Australia before I co-founded with my partners are for wallet the Thira mobile wallet so let me borrow from my experience from my banking experience to show this this is a banking app you are seeing this credit card bill and you are seeing $100 you might wonder what did I buy with $100

normally it's not there you would log into Amazon and the cross-reference to order find out what you bought if you didn't like it you can refund it and come back a few days later check if the banking app has updated it why wouldn't wait for example just click there and see what books I bought why wouldn't I be able to just refund from the bank or just read the book from there now let's suppose you want to buy this $1 book and you have three credit cards you don't know which one has enough balance to cover it why don't I see all the balances all together if one of them is doing cash back why don't hit get highlighted these are called all the convenience we would want from banking

app and it wouldn't be done and as a bank architect I can tell you exactly why it was not done because the bank system is not connected to Amazon because it's not connected to shopping carts and not every bank wants to connect to Amazon not everyone who wants to connect episome will be accepted by Amazon so the convenience you want is not going to happen in web 2 I once talked with the developer fella who is also working on a thermal wallet and he lamented that with all the transaction fee and backup C's we can never match the experience of thanking app I said that's not true we can match the experience of banking app we can do

better imagine this being the theorem wallet you will be able to do can provide this convenience without signing a contract with Amazon they just need to talk to the blockchain the key thing is user have the wall a token in their wallet and that's enough so you might say certainly this is a banking innovation can you show me some web 3 innovation so here let's walk out of bank and look at this futuristic car token you would expect crypto token to have some basic features like transfer ownership open the car start engine locate the car or lock the car that's all provided you can have that in your vide theorem and we are LT normally if you own a car you would have a lot of

accounts you would account to buy the car you would account you need to account to buy the insurance need a counter to renewal government retro or maybe have a account for services in this Web 3 token we have all these services integrated here you don't need to take if five accounts only one token but the reduction of a number of account is not only thing here look at the status with token this guy insurance is expiring and here is a service that is your contribution you are able to renew the insurance right here without leaving the app this level of integration was not possible with web 2 because there is

no tokenization now our old man comes here again now I see you provided convenience for the individual what is the service you are providing to the society for that we need to look at next token this is a book talk very simple concept if you own the book token you can read a book now the first thing you might think is if Amazon closes I won't lose my book that's right but that's not only thing the society will change the first change is flourishing of book markets you can buy book from anywhere and read it in Kindle and maybe you can buy Amazon book and read it elsewhere without other without using Kindle which means the e-reader market will be open

Kindle hasn't innovated for 7 years well wouldn't they need to do so now with book token they had to otherwise we will have Samsung Sony or maybe Xiaomi per day is producing different ebooks for you to use your token and then you will see retailers joining the game too you will be able to check out the e-book in 7-eleven scan the QR code or maybe you are able to buy Humble Bundle with games and book bundle together maybe you can buy a subscription service you can buy a service called thrilled for a year which gives you all the thriller in a year all this innovation and market activity is possible because we tokenize the book well in both cases we have tokenized something and we have the integration

and we have free market here but they're really the same thing suppose you want to use the car token to open new market suppose there is a sharing economy that allows your car to be rented and you get paid $100 a day that functionality can be built on top of the car token in the same way if book wants to be integrated make it interactive book or book different reading experience or integrated with a movie together these can be done with the book token - so our old wise man again we need to bring benefit to the individuals and serve a function to society that's all good but how do you get there now we have a

theorem and this excellent base layer for tokens you can define tokens the way it transfers the way it updates is status what we need here is a player on top of a theorem smart contract to provide the interoperability the limit less integration possibility and magnetization that's the project we have been working on for the last year tokens script to give you a concept about it imagine that we have an in the early days of Internet tcp/ip is the tech knowledge that enabled internet which allows HTML to enable the web with hyperlinks now we are at the stage where

a theorem enabled smart contracts the missing link here is token script to provide smart tokens tokens that can be integrated can be used to market eyes economy and work in different context a lot of work is being going on here and token script org in the design space and some implementations are already there we have we have implemented a standard example which I will show very soon and the design paper is on this github page so let me rewind what we have learned in last 10 minutes

smart tokens we need that because it brings convenience to the user through integration think about the card token we have smart tokens allow token to be used in different context by different users creation of free market and nonzero game get some game which is demonstrated with book token and for that to work we need to handle challenges smart contract needs has to need has a reach for functions to be integrated into different context has its own user representation has a security hand side sandbox to work so that you can it can bridge the highly trustworthy blockchain with loli trusted

web and it has to be able to provide abstractly data the dictionary of the token for token to be used in different context indexed and traded on the market you