Arthur Gervais of Liquidity Network Talks To ChronoLogic about Time On The Blockchain

Arthur Gervais of Liquidity Network Talks To ChronoLogic about Time On The Blockchain


my name is Arthur Gervais I am basically
building the liquidity Network it’s an off chain scaling solution for payments Q: and will you be talking about that here at EdCon yes I will be giving a full speech okay great Q: so what’s the main problem that
you’re solving with liquidity Network right I guess most of the audience is aware that block chains don’t scale so Bitcoin or ethereum they support maybe 10 to 20 transactions per second in my PhD have
shown that you can actually extend the parameters so that maybe you can reach
about 100 transactions per second but still this doesn’t doesn’t suffice you
won’t be reaching visa level transaction speeds which is like roughly 50,000
transactions per second so in order to scale there are different approaches
that are being worked on and there many excellent teams that have yeah different solutions so let me categorize so the first
solution for first kind of class of solutions would be another type of proof
of stake where proof of work so different consensus algorithms so this
is one class the second class I would call is sharding so you partition the
network into like smaller pieces and within this smaller partition you can
reach consensus faster but ultimately you still need to reach consensus among
different shards right in the third class is off chain which I’m working on and
which liquidity is all about is to to build off chain yeah enough chain
topology for payments yeah and so the big picture problem is scaling so that’s
the problem on the ethereum level side Q: but for the end user they have the
problem of the fees they have to pay right? right yeah but naturally if you
are using a medium that doesn’t have a high bandwidth because it doesn’t
support many transactions and many people are gonna join in then the
competition is growing high and then obviously the the transaction fees are gonna rise because who pays more he gets the spot Q: right so how does how the fees work
with liquidity payments? so in liquidity n etwork we do not require any fees for
regular users so there’s a certain cap on the number of transactions that the
regular user does so power user or people that are gonna use an API or that
wants to use service level agreements such as a guaranteed uptime they’re
gonna need to be paying for the network access but regular users don’t have to
pay anything that’s good news for me Q: okay so at chronologic we’re very
interested in time-based problems can you tell me have you thought through the
issues of the dimension of time on the blockchain? yeah so time is a very I would say … it it’s a rather relative property right time is like in
relation to whom so in the blockchain blockchain is the time stamping service
that’s it cool that’s what the blockchain is right it’s literally just
time stamping but it doesn’t at least proof-of-work blockchain such as Bitcoin, ethereum don’t provide a very precise time if you look at the Bitcoin block
distribution you know you will see that it follows a Poisson process and the
time that the block is found on average ten minutes but it could very well
happen that you find like a few blocks like within a few seconds and then
you’re waiting for like almost for an hour for not not finding a block I think
I checked actually and at the time I checked there was like no block for over
one and a half hours once which is quite a long time for payment system to settle
in Bitcoin, Ethereum is a bit faster because it has a smaller time interval
but the smaller time interval brings other issues with it for example that
you have more overhead in terms of blockchain growth and as a whole and
this is actually one of the reasons why Ethereum is also less scalable than Bitcoin right I’m glad that we have PhDs like you trying to solve these problems I mean it’s researchers in general really like these decentralized
networks because they bring up so many more questions right if you have a
central bank you know very well how many transactions you can push through there
you know what the privacy guarantees are but once you distribute this into a
network of peers that you actually don’t know they can draw in and leave at any time there are so many questions popping up
and researchers to just enjoy that it’s very cool what you’re doing with
liquidity Q: how can people learn more about that? so liquidity.network as the
website there’s a working wallet already there we have invite-only beta
for mobile wallet which is operational hundred open now so we’re actually
announcing it on EdCon here so yeah people can actually have now their the
crypto off chain and on chain in the same wallet and and ether for free you sold me. that’s awesome thank you and goodluck with your speech Thank you so much

Leave a Reply