AMA RECAP IDCRYPTO X Coinweb

Speaker :
1. Toby Gilbert ( CEO & Co-Founder )
2. Knut Vinger ( CTO & Co-Founder )
3. Alexander Kjeldaas ( Lead Architect )

Date : Thursday, 23 June 2022

THERE IS 3 SESSION FOR AMA
1. Introduction
2. Question From Twtitter
3. Free Question


SESSION 1 ( INTRODUCTION )

IDCRYPTO:
Q1. Can you introduce a little bit about yourself and your team to our audience?

Knut:
I am Knut Arne Vinger, I am the CTO of Coinweb. I have a background in computer science and have been involved in digital currencies since 1997. I have done research on artificial intelligence and programmable hardware. I came over Bitcoin in. 2009, and have been working full-time with blockchain technology since 2017.

Toby Gilbert:
Hi I’m Toby Gilbert, CEO of Coinweb. I have been involved in the telecoms space for the past 14 years where I successfully built and exited 3 telcos prior to diving into blockchain technology in late 2017 and subsequently ended up leading the Coinweb team in early 2018, which is where we find ourselves today!

Alexander Kjeldaas:
Hi, I am Alexander, lead architect at Coinweb. My background is from various technology companies including Google, FAST, and various startups. I’ve been working for Coinweb for around 5 years now.

IDCRYPTO:
Q2. Please explain what Coinweb are and what’s some interesting stuff from your project?

Knut:
Coinweb is a Dapp platform with a unique and radically different approach to other Dapp platforms. Instead of running our own blockchain, Coinweb can run on top of any and all blockchains. Our assumption is that we will see a continuous and rapid evolution of layer 1 blockchain protocols.

Different layer 1 blockchains will support different purposes and also provide increased capacity for both data storage and reduced transaction latency. In addition to this, liquidity and network effects are likely to move at a slower pace than the technology evolves.

Coinweb allows Dapps to be built on top of multiple independent existing or new blockchains and to combine the best features of each chain. Coinweb provides a deeper level of interoperability between chains so that Coinweb Dapps maintain the security level of the underlying blockchains. This expands the solution space for Dapps and also reduces the platform risk, since the Dapps no longer have to rely on single blockchains or platforms.

IDCRYPTO:
Q3. Can you explain what Coinweb has done from the roadmap, and what are Coinweb plans for the future?

Toby Gilbert:
We have a core focus on building product in parallel to building the core protocol. To date on the side of the core we have connected to Bitcoin derived chains and the Ethereum family of chains as well as a new chain that we are shortly about to announce. The multi chain broadcasting system, customised multi chain explorer and ability to design, set up and issue tokens has already shipped.

On a product level we have built and shipped a number of Ewallets with fully integrated fiat rails and all supporting component for 2 DeFi projects that sit on top of the platform and currently support in excess of 160,000 unique customers using Coinweb to broadcast an average of 8,000 to 16,000 transactions per day down to the chains that we sit on top of. That’s proof of concept completed.

Moving into the near future we are looking at a publicly available cross-chain tokenisation platform, the Coinweb Wallet, a multi-tenancy wallet and simple market place +++ a number of new chains – are all in the pipeline for 2022 alone.

Beginning of next year parallel execution of smart contracts, unifying the developer space and ultimately main net launched enabling developers to build directly on top of the platform via an SDK and that’s all before we get to the middle of 2023.

SESSION 2 ( QUESTION FROM TWITTER )

IDCRYPTO:
Q1. I learnt that CoinWeb has Reactive Smart contract, can you please tell us more about this Smart Contract, what it means and the competitive advantage or benefits it offers CoinWeb over projects with normal Smart contract?
From @inur00868879

Knut:
Coinwebs Reactive Smart contracts are able to hold gas balances and to emit transactions. This means that they can react to native events on underlying chains and also execute over multiple blocks and blockchains. Compared to computer programs, regular smart contracts are like commands in a terminal window that will execute once for every time the user types the command. Reactive smart contracts are like processes that can start themselves and continue to run indefinitely as long as they have a gas balance. They can also monitor both L1 and L2 events.

Alexander Kjeldaas:
One really good property of reactive smart contracts is that they can act as the material you can use to build a bridge. You can release or lock L2 collateral based on things you see at L1 for example, and combined with the consistent cross-chain transactions that exists in Coinweb, it gives you very powerful building blocks for various constructs you might want to build.

IDCRYPTO:
Q2. There are so many layer 2 protocol projects nowadays . How confident are Coinweb teams about its own layer 2 protocol architectures can compete with competitors and deliver the solution for blockchain ?
From @HalimKosasi

Knut:
The Coinweb layer 2 protocol differs from other Layer 2 protocols in many different ways. Most layer 2 solutions are scaling solutions for Ethereum. Coinweb’s L2 is an interoperable layer that can work on top of any blockchain. This is extremely powerful, as it removes dependencies on specific standards.

As new L1 innovations and improvements will become available, and they will, Coinweb can easily adopt these innovations and make them available to existing and new Coinweb Dapps. Closed systems that depend on central coordinating chains or L1 compatibility will likely not be able to adapt at the same speed.

The high risk and low adaptability of the current solutions are currently stopping most traditional businesses and applications to use blockchain technology. We are very confident that large-scale decentralisation will require a protocol like Coinweb.

Alexander Kjeldaas:
I think what is a big advantage Coinweb has is that it is architected to exactly match the problem. What does that mean? It means for example that we have managed to remove consensus from the system which removes an enormous amount of security issues and trouble.

We have made it possible to monitor L1 which makes it possible to, even in critical failed states, to implement recovery strategies that are sound. For example, it is possible to build a bridge on top of Coinweb where even when fraudulent tokens are minted at L1 will let everyone with non-fraudulent tokens convert them safely into L2 tokens.

I think the combination of techniques and technologies can compete with any existing solution in this space as our approach is quite different and has a lot of advantages long term.

IDCRYPTO:
Q3. coinweb uses the WebAssembly runtime environment, which allows programmers to continue using the programming language and tool chain they are already familiar with. how will the WebAssembly runtime environment work? what kind of programming concept do you apply here?
From @fadilah_wlnvr

Alexander Kjeldaas:
First off, we are using a computational architecture called batch sequential processing. This means that the system will switch between communication and process. It is a bit like for example map-reduce, spark, or similar systems.

We use two levels of abstraction here. We have the transaction abstraction and the smart contract abstraction.

The transactions are run in parallel and can call into smart contracts written in wasm, and then the wasm contracts to parallel update to global storage (claims).

In this parallel update, there are also ways to to aggregations which are tricky to price correctly (the gas fees) for a parallel system. So some of the aggregations are declarative and done outside the smart contract system. However, you can choose which of these parts you want to use.

IDCRYPTO:
Q4. Consistency stability & delay, Computational requirements, and System fragility are some of the three critical Consensus scalability challenges which often render most system infeasible as the consensus scales into something broader and more complex.
What solutions or approaches has CoinWeb come up with to help tackle these challenges and minimize their effects? Also, I would like to know the idea behind the Causally consistent views which you’ve come up with, what problem do you intend to solve with it?
From @Leona_Biancaa

Knut:
A major problem for current cross-chain solutions is that cross-chain operations are not always consistent. This makes these systems fragile and limits scalability since the chance of inconsistency increases with the number of blockchains connected.

Coinweb solves this by removing the in-between consensus layer found on current cross-chain systems. This means that Coinweb can execute deterministically on top of multiple chains and in a way treat them as one blockchain. The way we do that is to use a different way of proving information between the chains (RDoc) and also to configure the connected blockchain in a delay graph structure which can be used to set the chance of L1 reorg propagation in the network to an arbitrarily low value. In addition to this, Coinweb supports reorganisation in the L2 layer giving Coinweb transactions guaranteed consistency.

The Causual consistent views is a way to describe the way cross-chain operations become visible for the different shards. A huge advantage of this approach is that it gives guaranteed cross-chain settlement in the Coinweb layer. This is the foundation for an optimal cross-chain application layer where cross-chain operations can be executed with optimal speed, security and cost.

Alexander Kjeldaas:
One insight in the Coinweb architecture is that we can make the cross-chain system deterministic as opposed to non-deterministic. This insight makes it possible to avoid consensus altogether and use a proof system designed for deterministic computations (this system is called refereed delegation of computation, rdoc).

Btw, it was a similar insight, “let’s see if we can separate the non-deterministic part from the deterministic part” that led to the radical change in direction and roadmap for Ethereum back in 2018 (they switched to a rollup-centric roadmap).

Coinweb is the first and only cross-chain interoperability project that is leveraging this insight to the cross-chain space.

What Coinweb does is to create shards on top of L1 blockchains and the interoperability is at the L2 layer. Combining this with the fact that Coinweb shards can observe everything that happens at the L1 layer, it means that it is a fantastic layer to use for creating bridges and other interoperability systems.

The interoperability in Coinweb works like this: There is a graph of L1 blockchains defined. There are additionally special jump transactions that when embedded in L1 blockchain A, appear both in Coinweb shard for A and also in Coinweb shard for B (fun fact: this actually sidesteps the “cross-chain impossibility proof” which is touted as a reason why an Ethereum-centric future is inevitable).

This means shard communication in Coinweb is atomic and consistent, i.e. a transaction can never be rolled-back on one shard and not simultaneously on another. How does this work? Well if a chain A reorganization happens, then the Coinweb shard on top of B will also reorganize, thus Coinweb supports L2 reorganization to keep transactions consistent.
To lower the probability that dApps see such reorganizations (which are relatively rare), and also to add a dampening effect where reorganizations of one chain does not materially affect any other shards, Coinweb also introduces a delay between the chains, consistent with the Lindy effect, i.e. the probability of reorganization is proportional to the age of the data.

IDCRYPTO:
Q5. Let’s delve a bit into how actions are executed on Coinweb. Talking about shards, what exactly happens when a new block on a shard’s underlying blockchain is found? In addition, how does CWEB serve as an anti-spam mechanism?
From @Riky41316108

Knut:
When a new block is found, the Coinweb block parser will parse the block and find Coinweb encoded transactions and also check the block for triggering L1 events. The actions for the new block will be executed in Coinwebs parallel execution environment. A CWEB fee will be burned according to the gas cost of the computation. This is to prevent spamming of the execution layer.

SESSION 3 ( FREE QUESTION )

i thingking about me:
How does CoinWeb do in closing the gap between Blockchain & the Traditional World, is there a round of videos that can be seen how to do it and CoinWeb will release a litepaper with animation then why and what is the function of the animated litepaper?

Knut:
One of the most important contributions that Coinweb provides to close this gap is to reduce the platform risk associated with having to choose one specific blockchain or platform to code business logic into. Traditional businesses are generally more risk averse than most of the current blockchain projects. With Coinweb the risk can be lowered as many blockchains can be used at the same time.

Amelia:
Can you explain how DLT works? how do you combine 5 different blockchains?
@kvinger
@TGBkk
@alexanderkjeldaas

Alexander Kjeldaas:
You can think of DLT as the same as a blockchain without going into the details. We combine the blockchains by creating shards (virtual blockchains of sorts) on top of the various underlying blockchains, and then having special transactions that can span two of them, effectively creating a graph through which it is possible to communicate in a consistent and secure manner.

Mikaila Tempy:
The Coinweb wallet is said to be able to verify Coinweb data on its own, what’s the implication of this feature and how does it do it? Can you tell us more about your digital wallet and how it differs from others?

Knut:
This is a very important point. Since every Coinweb wallet can verify data on their own, there is no longer a need for posting back state root to the L1 to resolve disputes. This removes many of the limitations seen in current solutions. This solution is unique to Coinweb.

B E R L |:
With so many projects being rug pulls and exit scams happening now days. What would you offer to the users of your platform to earn their trust and how would it make you different from others projects alike?

Alexander Kjeldaas:
Lookup the Lindy effect. It was made by comedians, but it is actually a mathematical formulation. Since Coinweb started back in 2017 it means it should survive longer than 99% of other projects.

“””… the life expectancy of a television comedian is [inversely] proportional to the total amount of his exposure on the medium. If, pathetically deluded by hubris, he undertakes a regular weekly or even monthly program, his chances of survival beyond the first season are slight; but if he adopts the conservation of resources policy favored by these senescent philosophers of “the Business”, and confines himself to “specials” and “guest shots”, he may last to the age of Ed Wynn [d. age 79 in 1966 while still acting in movies]
“”” (from Wikipedia)

Seriously, you should look at the background of the project team members and make your own judgement. It is absolutely risky and I would not advise you to buy any particular token, not even Coinweb.

Phong Hao:
Let us know if Coinweb have the abilities or skills of a team member that no project can compare. How will Coinweb react to competing projects in the future?

Alexander Kjeldaas:
I think we have the ability to build teams and organizations. I wouldn’t say that any particular person in Coinweb has abilities that nobody else has. It’s not like that. Being able to produce something is a combination of skills, experience, capital, willpower, and a lot of luck. Hopefully we have it all, even luck!

Ade CH:
I see coinweb have 3 layer like, Availability and Consensus, Computational, Application layer, can you explain the benefits of the three layers it? how does the mechanism work?

Knut:
Coinweb’s availability and consensus layer is provided by the underlying blockchains. Coinweb’s computation layer decouples computation from availability and consensus, which removes computational bottlenecks as seen on for example Ethereum today. Coinweb’s application layer takes advantage of the two other layers and can then provide an optimal foundation for Dapps. This makes them faster, more secure and cheaper than other Dapps.

ALONE BOY:
Do you have a video tutorial so we can learn more about your project? Do you have a YouTube channel or something? Can you share it with everyone?What is your strongest advantage that you think will make your team leading the market?

Knut:
This is our youtube channel, We have been working on many new videos, so expect A LOT of new content coming soon.

Butterfly:
Without a working product, any idea has zero value. We see a lot of projects only on paper and no products. So please ensure that the #coinweb project is not an idea and already has a working product or practical use case?
@alexanderkjeldaas
@kvinger

Alexander Kjeldaas:
You can join the project at various places in its journey. We have a working system now, but we are in permissioned mode and a lot of things are still moving around. What you might also look at is the speed at which things change, i.e. do you see output coming from the project at regular intervals. If you see this, you might increase your belief that it will eventually result in a complete product and that the roadmap will actually happen.
Coinweb is not done, there is a lot of things we need to do, so whether it is the right moment for you to look at the project or not is up to you.

Phung phung ️:
What is the actual uniqueness of Coinweb? What quality do you think will give this project a good foothold in the market?

Knut:
We are actually unique in many different ways. I do not know of any other projects that bring the level of innovation to the field. For example, Coinweb allows many blockchains to be treated more as if they are one blockchain. This is a game changes as it reduces platform risk and increases adaptability. In short it makes Coinweb future proof.

Truann Hien:
DeFi is expected to make a splash in 2022 and always in the spotlight, what role does Coinweb play in DeFi innovation and future and how does it lead DeFi adoption with a blockchain solution?

Alexander Kjeldaas:
There is a lot of things here, but to pick 3 things:
* foundation for safer bridges
* cross-chain liquidity pooling
* defi requiring more computational power such as more advance risk models for multi-token collateral or neural networks
.

Febriyanti Oktavia :
does CoinWeb have a non-custodial staking program for $CWEB tokens if yes, can you provide the space/link?

Alexander Kjeldaas:
staking.coinweb.io

Truann Hien:
DeFi is expected to make a splash in 2022 and always in the spotlight, what role does Coinweb play in DeFi innovation and future and how does it lead DeFi adoption with a blockchain solution?

Knut:
Coinweb will move DeFi from being largely locked into closed ecosystems or blockchains into being able to truly work across any and all chains. This will increase the liquidity and innovation in the whole DeFi space.

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Oezank
Oezank is a Crypto Influencer who has more than 2 years of experience observing Crypto projects and strongly believes in blockchain technology in Indonesia.