Episode 165- Tolar Testnet shows promise by crossi

you finally make sense of the trending world of cryptocurrencies. So get your virtual piggy bank and let's get started. Hi, Drazen. Hi, Sandy. Welcome to CryptoNights podcast. We are very excited to have you on our podcast today and wanted to start off with Drazen. Can you introduce yourself and then I'll go to Sandy. Yes, of course. So I am going to be moved for last 40

years. And last 15 years I was more focused on developing social, conscious projects. I started with business pool, which in 15 years become the leading business pool in Southeast Europe. We have MBA programs. We are doing different consulting program for the large companies. In the Europe so far we have 2000 alums, MBAs. Almost 20,000 clients. We were the first one who started blockchain MBA program and

we also developed program, certified program for blockchain developers because we were thinking about the future. We also have incubator. This side of school, which is developing different projects and one which emerged from all these projects was a dollar. So we focused our research, our resources and our development for last three years to develop this project. This lead us also to blockchain hardware which became the center

place for blockchain ecosystem in Southeast Europe. With the conferences and associations, we were also founders of AU blockchain hub which just yesterday opened a branch in Kuala in Buh. And now we are mostly focused on developed tour and its technology for it. Hashtag. Which will revolutionize this space. This is like blockchain for all. Which we will send it tell you more about from this technology part

and then I will continue with just. Thank you, Drosib for that introduction. Sandy it would be great if you can introduce yourself as well and then let's jump into the tour. Okay, sounds good. So as you know my name is Sandy. We are going to talk about the technology department. Thank you Drosib for that introduction. Sandy it would be great if you can introduce yourself as

well and let's jump into the tour. Okay, sounds good. So as you know my name is Sandy. Sandy spent some time in some great technical companies like expensive type Fitbit, expensive time at Google. Also been an interpuner, had my own company twice, start up, raise some money from European Union. I didn't go out well because the market is quite competitive. But the thing is like I'm

most interested in algorithms, distributed systems and that's the thing I'm mostly working on at smaller and that's it. That is fantastic. Now can we jump in and can you start explaining what is the tour, how did it come into being a little bit of the backstory and how you got into spend the project? Of course, of course. As you see like blockchain as the technology is

quite you know young and we see a lot of potential. Like how it will develop, how people will use also from the developer community and for like the financial community and like all the new things which are coming up. As you can see you had like Bitcoin first, you had Ethereum, we had some other side projects but mostly like all of them proof of work. Didn't

work out as well as they thought it was like high electricity consumption. You know high fees, slow transaction times and all these things. And basically like what we figured out like everybody started talking about proof of stake, like how proof of stake can you know make things evolutionary, how it can make it faster. And then we came up with like you know the direct a cyclic

graph which makes the consensus much much faster. And on top of that we researched like some other concepts which are like quite new like I don't know. Remember, if you're familiar with like pruning the whole blockchain so you don't have to like store all the transactions you just took the last step, option transactions you know and all these things. But just the proof of concept as

said, just proof of stake directly a cyclic graph technology like they've reduced the London gossip makes everything fast because we got like 150 200 transactions of average per node. Only with I would say a basic implementation. We have like a lot of a lot of other stuff to implement, a lot of other stuff to improve you know and we believe that we can deliver a great

technology to the community later on. But yeah that was the main idea. Proof of stake directly, you know direct a cyclic graph make the consensus faster. We have some stuff if you're interested like in deep into like how how the stuff works. I know. I just wanted to clarify you made 150 to 200,000. 1000K. Yeah. Okay. Yes. Yes. Yes. Yes. Sorry. So absolutely that is pretty

good. So can you explain how the direct as a cyclic graph actually helps? Okay. Okay. So basically the first thing you have like unlimited number of master nodes. And no, like not you don't trust anybody in the network. Like when somebody sends you the events. Basically what you do you ask a master node hello I have these events. Can you send me the difference like all

the events I haven't seen before. And then it sends all the events. And you basically don't trust anybody. You just like verify all the signatures with all the public keys etc. And you build your own. Your own representation of the hashnet and basically what happens all the all the nodes across the network and calculate the same hashnet. And based on that they can make the consensus

and like what's here fast. Because like you have simple stuff like I know breath first search and like all these things which like mathematically like I can like I don't want to go like really deep into like. You can read the white paper like how the stuff works. But that's the main idea you don't trust anybody you can calculate all the stuff on your own. And

basically what happens like when you calculate some stuff and you agree on some events is the same as Bitcoin. Like if you ask a master node give me what events are agreed on. It will get the consensus timestamp. It will say like all these things are ordered in the way. And we basically make a block chain from that. And why are we doing that. Like why

are we using the blockchain still like we are using a different consensus algorithm because it's obviously faster. But like using a blockchain as a way of storing the data as a distributed database. On top of that you can run like EVM really easily because like EVM if you like look at the C++ Ethereum virtual machine. They have a lot of transfers like put a transaction in

that way. You know we have the UTXO transaction system. So like input outputs as Bitcoin has a Ethereum has so we can easily port EVM on top of that. And that's the basically the biggest thing what blockchain was about like Ethereum was about like. If you provide people to run smart contracts. So you don't have to trust anybody. That's the biggest you know benefit like you

will have developers you have banks adopting it. But they will not adopt it if it's so simple. Yeah. So like I've got a lot of things to do with that. Stop. So slow you know if you have to wait like I know one day one hour 10 minutes for for your smart contract to run you know. That's not efficient. And like with the consensus algorithm and

the EVN on top of it. Well we can do that. And we don't have to reinvent the wheel because like writing EVM is quite hard. They have like 32,000 commits they have tested it out it works. There's like a community of developers who uses it uses it you know. So we just want to change the basics of of how the tech works underlying. Yeah. I hope

I answered your question on the general. You know. Yes. And then the implications. Right. So one of the things I was quickly scanning through your white paper. One of the things you talk about is quantum resistance. Do you want to talk a little bit about how that is enabled? Yeah. Yeah. So I'm not probably the best person to answer this question because I'm not a security

quantum. I'm not a security computer. So I don't want to say like something technical I be wrong then because I don't know enough about it. But in general like there are like as you know like the shores algorithm. Like if we get to a quantum computer in the next I don't know 10 years 20 years and like people implement the short algorithm. They'll be able to

crack all the encryption and all this stuff. But there's some proven algorithms which work actually work they work like I don't know the what was the name the system. But I didn't want to know a little bit about how you implemented the master nodes. Can you talk a little bit about the master nodes who can be running a master node. All right. So basically the concept

is like first you have like some master's notes on the network and when you want to connect or on the network is a new master node you have to like deposit 500 K of colors. So basically what you do you send a transaction. Okay. So I just want to call it and I know this IP address has to be a static IP address or I'll be

a master node. And then when a consensus comes the two thirds of the networks agrees on that transaction. Basically then your stake is counted in. And the same thing like when you want to deregister a master node and you want to get your money back to your wallet or your public actually private. Yeah. Like your wallet or like how do you call it. And then you

send another transaction like I would like to get my money back. Like all the money supply which you send as a master node it's locked. So you cannot use it. You cannot spend it at this moment. Later on we were thinking about like you just give a I don't know public address. And then based on I don't know you sign it with your private key and

then you send a transaction. And then if you spend more than 50 500 Ks then we just deregister you automatically. But for now it's locked. So basically like when you send the transaction in the network you lock your you like your funds and then you meet this IP address you can send packets to the rest of the network. That's the basic way. And 50 500 Ks

is that in dollars? What of? Polar or is it? 500 K? 500 Ks? Polars. Okay. And the price at this point would be like 50k bars. Okay I just want to understand what is this. That's the standard. And what is the benefit for the master node? So basically you get every time for like every event which is agreed on. If you had a part of it

like sending it or something you get a fee. So you can send it to the station system. How much work did you do? And like something like this. But now it's like speed equally between the master nodes who bought the transactions. So that's it for now. As well like as we use the EVM. Like that's like some prototype. And like in the next two weeks I

think it will be maybe announced and like working so people can test it out. We use like the same concept like with the gas. As Ethereum does like you can add more gas and then you're more likely to get the contract. The amount of money will be split between the master nodes etc. So I know you can give an initiative to master nodes. A higher initiative

is a supporter or whatever you want. I don't know. So that's the idea. Now it's like yeah fix them on. And we talk across all of them. So big sense. So my last question to you on the technologies. I don't know if you will answer this or not. Is where is what is the status of is the technology already built or you in the process of

building it will you be building it in future. So can you give me a little bit of an idea of what is the status of the technology itself. So we had. So like at this point we have a proof of concept which we actually deployed on a test net. Still it's not public like people cannot use it. But like we had a demo two three weeks

ago. But we plan to in I hope in the next two or three weeks. We plan to open source dev dev net. So everybody can just go and get clone the code and test it locally on one machine or you know deploy their own test net if they want. So hopefully in few weeks. But now it's running. Yeah. And of course like we'll need for the

main it will need quite some time because like we are working on the envelope. We have to take all the security audits. You know make sure that some stuff doesn't happen. Like is it happened to I know E. Yes or like you see eternity. Who had they delayed the main it and I believe that's a good idea. Probably you know please delay the the the main

it if it's not ready. And because there's a hard problems like forks and like you know cheating the system money supply money economics like all these things have to be you know really really settled and tested in in in a environment who people using it as a test net and something you know like this. So don't you know what I mean. I believe in my opinion

as a developer don't deploy the main it if it's not you know secure first because you don't want to lose people money. People's money. The people get angry then and it's not good you know for you it's not good for for the company it's not good for the community as well. So for us I think like in the end of this year we'll have a stable

that main it but we will mostly focus on the security audit you know making sure that we don't make a mistake as many others did. But what are you happy with you you build a proof of concept and a demo but maybe that's a full-on question. What was the purpose and what you're quite happy with the progress that you achieved there. What was the things you

were able to prove with your demo. Exactly. Well first of all we prove that there's a like 200 cake can be possible because like everybody was talking about like all we use deck we use whatever we use that we use proof of history proof of I don't know whatever and nobody actually said like okay we have a running demo which people can download and test it

out you know and that was the for us. That was the main you know like let's make it first and then show it to people and you know just not like issue a white paper and then you never deliver you know we first want to make sure that like from the engineering perspective it can be done and that was the proof of concept we were working

like we didn't fork anything like many do like they I don't know you have like 1000 ICOs who are forks of I know whatever project and then they change some stuff they the five payload is zero bytes or like whatever and then they say we have something now we develop the whole technology from from scratch I would say of course we use like some stuff like

we use like Google technology basil we use Gigi G flags G test level DB like pretty much all the stack we using is like a well-known sec Google based so you know we just wanted to make it sure like it can be possible and we can do it. And of course yeah the security stuff the scanning stuff will be some some more work and we can

optimize stuff but yeah that's that's how we answer the question if that satisfies you know. Yes yes sorry I had a final question on you with you is that do you have an approximate timeline for the main net release and launch of not yet. I think on the website we say next year Q3 I think that was the original idea. Hopefully that happens on time as

we did everything so far but yeah security security first you know and making that everything's right so we don't lose funds on the way and have issues and security bugs because now as well it's like for my perspective there's like well-known exploits you can test but like the Rectica secret graph is still a new technology so probably there's like new exploits because you can do there

which people may maybe didn't think about but like we are really working hard on getting things really right. Thank you Sandi I really appreciate your time I know you had to run I will continue with Brasad but I appreciate you joining the call. No worries yeah no worries yeah thank you for your time I hope you I answered all your questions from from the technical side

and yeah Drasad will be better on the business side he knows the business I am I'm just the tech guy so. So what is your primary motivation behind to all what is your who are you competing or trying to improve your competition to Bitcoin or Ethereum or EOS who are you competing with or what is the purpose behind to all are obviously that or somebody like

you to take on a project of this size it has to be something that you see as a big vision in the future. Here we have a really big vision you know or who you see like main competitors this will be like hyperlager from IBM and also Ethereum. So of course hashbrows will come in the future they will be very strong since they collect a lot

of money they have big support from the big organization in which companies but they still dig in that we can compete to them you know. Maybe not in all markets but certainly on some market so if you think that what hyperlager is doing they are doing real real projects for the companies and governments and they're doing this quite well on technology which is which is not

so good as ours and it's also energy consumed and and if you think about Ethereum they are very successful in launching the high hundreds and maybe thousands of ICO because it's very simple but still all these ICOs most of them like maybe more than 90% will not move up to deliver some useful applications and we think that we some useful applications which can be developed and

we also start to develop them. We also believe that we can offer to the government's much competitive service and hyperlager we can all across them better efficiency so they are doing real large projects like in hundreds of millions so probably we will want to go hundreds of millions size project in first years but yeah we can start with a millions and then build up you know

since we really have this technology which can be seen. And then let's say smash it we have first in the world who we will show more than 100,000 TPS we will like predict in 100,000 we will like getting 150,000 multiple nodes it was 11 nodes spread over all continents so far this at least make us different than any other projects so far in the world and

this is very appealing that we are going to do that. When you are first in something you know for instance one of my last projects which is finished but we didn't launch it is the first business museum in the world you know if you think about the business how business is important and shape the world as it is now for last 5,000 years they will like

business and war which was shaping the world and you have like maybe hundreds of war museum you have thousands of different museums and nobody so far make business museum and we have like materials which reached thousands years ago and the 17th century covering the whole world and this is very interesting stuff. If you my school name is Kotroly business school and who was Kotroly? Kotroly was

the guy the first time in the world in 15th century mission in a book heart of trade double entry book keeping and this is about legions you know or history of legions which come long time ago into past and come to the blockchain you know and we believe that HashNet is future legion so so this is very interesting stuff and my position in life that you

can do stuff what you like and what are the challenges this is in voting we are in this position so. This is in short. Your scaling tremendously so that you can handle very very large scale. Yes and there are plenty of applications we need big roll put and scaling because if you notice Ethereum can't handle any scaling you know this is like even this victory is

going to run on it so imagine there are plenty of stuff which can be done for communities for the countries and you simply you can't do it any way. Even for the banks if you continue how much banks are losing on settlement between them they are like billions and billions of dollars and they are trying to develop different systems and applications for whatever and they so

far didn't able to come to solution. Also if you think about the changes they are not running on blockchain because blockchain can't handle this amount of transactions and how to how to how to you will be able to to run this for them and also for the banks so so they're like plenty plenty of opportunities you know we are we are creating the own as a

as a cano and also for additional developers to speed this up you know for the second layer and in first layer you have like different applications which we are starting Paladin. I can also explain this. Yeah because I want to talk for a minute about and because all of the applications being very large scale you're able to scale and become very still be very fast 150,000

transactions per second is. It will be like more than 200,000 on a minute. Quite more. You know what we are also going to play conservative you know. Main it will be ready for lunch in the end of this year but we also want to test it. We don't want to repeat some let's say stuff like when they put something out and it's not working and pull

a bus so we want to test it properly and then I want to take a photo. Yeah I understand. So that's exciting to me because one of the things that's a challenge is we have centralized exchanges like Coinbase for example which don't make any sense at all you know in this decentralized world but then there are these decentralized exchanges but they are not running on blockchain

like you said. So I also centralized this. Yeah. On decentralized. This is not okay this construction in the future this is going into our favor. This is opportunity this is not a problem. Yeah. So if you look at the decentralized exchanges as an example. How do you look at something like solar handling multiple currencies, multiple tokens. And still scaling how do you do that? Actually this

is also the question. It will not be a class of because I'm not like tech saving or a thread that I will give something to the sunroofness of solar. Maybe if you have this type of precious you can put it out and we will respond. And I can attach it to CC trade. It's very flexible. So I can send you I will make sure after I

stop this recording I will take your number and I will send you a couple of questions. I can get your technical people to send me audio answers. You know they can just use WhatsApp and press a button record it. Send it to me I can indicate that. I just want to make sure that. You have people that our audiences are more interested in understanding. So I

guess. And you know I also want to now switch gears and talk a little bit about your ICO because you have been already pretty successful in my opinion because last year was a bull market. Everybody could raise money but this year is a bear market. People who are able to raise money today are really good projects in my opinion. And you were giving me some numbers

about what has already happened and how much you have already raised in terms of money. And you said you already met your soft cap. Can you give us a little bit of your current progress in the ICO site? We are now in a half of this whole cycle. So we are in the present case. We reach a soft cap. 20,000 meters. Our hard cap is 45,000

meters. So we will be running ICO in September. So we still have time. Now we are getting more and more traction. We will have a weekend ballina next week. Some other people also soon. Also getting more attention from other viewers and communities. So you know it is. We are not going to be able to do that. We are not ideally situated in this part of the

European or maybe we will have more tension if we are in states of China or Korea. But still we are like underdog. So far and similar like Croatia in the North Cup. We still come to the top. So we also believe that we have a strange school come to the top of this. I mean you already did pretty well. I mean raising 20,000 meters is not

a joke. We have a lot of money. We are not going to be able to do that. But we are not going to be able to do that. We are not going to be able to do that. But if somebody do it before you in a much bigger scale than not so good. You know you want to scale it in different governments and different companies. And

you can nice use. That is why you need to do it much faster. You know. In this world let's say money is like a fuel. And the ammunition you know. And how many? So your hard cap is 45,000 meters which is roughly 22, 23 million. Definitely. I think it rises. And you are going to be doing. So you already finished half of it. 20,000 about 25,000.

So you will be starting doing that in September. I get all of that. So what is your total cap on the number of colors that you will be. What is that? What is that limit on the size of the. We are issuing 1 billion dollars. And what price are you selling the colors right now? So we are now looking at the price. We have for contributions

of more than 50. We have a price of 0.0000. One crew, 0879. We should include 20% bonus on price. All contributions between 10 to 39. We have a price 0.00131868. Which includes 10% bonus on price. And I see a price. We have 0.0010145055. Which we have no bonus. And what is also important to. The point is that 20% maximum bonus. They didn't give. Big bonus to

no one. Even tokens from teams a lot for 24 months. And advisors are paid in nothing. Dollars. So it would avoid any possibility of large dumping or change. Because you know the current scenario successful. I see always that 80% vote. And then we have a lot of bonuses. Then maybe 10% go to the product pools. And then 10% to ICO. And we actually. We need to

the dumping to the small number of people in this. In this very market. Before. It was very easy. While. Service playing but now it's very hard situation. And I believe that. The good projects will survive. And. And the rest will not survive. So. So. So. So light like the. Yeah. I agree with you. So. Let's fast forward a little bit. I'm also interested in talking about

what happens. I see is it is just the beginning. So. Let's say by the end of September you reach your heart cap and you raise your 45,000. The TDM. Can you give us what happens after that? What is the approximate timeline that you have in mind for the business of color. Yeah, we are we are we are right now we are working on one. I.C.O. for

the next year, which will be on the top of the. We also first. The non-poto because we will be able to participate in. On. With the. And we. I think this is a great. A lot of global impact. Which also going along with you and sustainable goals. We are hiring new people. We have. A very important. I can pass. From. First of. August. We have. We've.

We've. Stuffy. And. And. And. And. Community. So. So. Yeah. We are. And. Also. This. Noted. And. developers to. We've. Jumped To. Spear that women. Dis . Since it is the case and. Also talking. That. Some partners which. Our. Which system integrators and I T companies. Which will help us. That we will be able. Some staff. And. Right. What is the strategies we're using to make this

very popular because I think your community building. So what is your strategy for community building? I was asking about the strategy for community building because. The more people that are involved in solar, the more will be the success of. Of course. So far we've. 13,000 people in our telegram book. We as a school to have 100,000 fans on. And, uh, some guys are not here with

us yesterday. We were in Kuala Lumpur and. And. So. Yeah. And then we are going to like Singapore. The. There are like 10. 10. And between 15. Actually. Thomas. In Asia also the Australia Canada. This is one point we will also. Open the new channel for the. So. So this will. The whole. We also increased the number of community. Telegram groups. We also started. Marketing. Recently.

Like to weeks ago. So far we didn't have so much marketing. And we also bring results. We have like. I think now like almost 2000 to new visitors on a webpage every day. So. Yeah. We have like eight. I think now. Edmonds. What. This is the community. And we will also. They're most coming from our region. But we will have also local people. We translate. How

webpage and. White paper and 10 different languages. And also. The investors. We're carefully choosing. Different regions. So. So they will help us. And also. Distinct with the. System integrators as a future partners. They also have. Community. Smart. In the. So. So we're also talking in some. Bigger. Like. 10. 90 companies. You know. Also to speed up stuff. So yeah. They are plenty of work. In. In.

In. Something about. We use. I'm very interested in the use cases and examples. Can you please give us some of the examples of. Yeah. We are planned to use. Like. We spread from. We. We're. Markets. Because. As. I. We. We're using. Telepath from. There's. On the. We can provide new features. Like. The community. The. here. There's. And provide like for start. Focus focus on the most

innovative areas like IIT logistic health care and government. So. So for instance, we need to first. Let's say, health care. So in health care, we can provide a solution that will keep medical records if you're in preventing. After a sexist about providing high performance and. These these of use to all parties. That they're using in the end of the case. It's well-decommended and easy to use.

Health care that doesn't quite leave a storage of rigid economies and can be used by all parties. We can enable supply chain management to change. Between. Here is using open. It's a centralized network. Distributive ledger. Which calls information on every transaction and performance history for in this part is this information gives control of free time information to two parties. So that the optimized process. Save both

time and reasons for the. All transactions. The. Possibilities of. We do see cost up here and all other stuff. I know. Execution Nature is an awesome day to go to the States using this caliber of efficient and any of its controls. This is a size solution for governments. We have this sound maybe focused right now because we can go all the stuff but we have plenty

of other cases but for more I mentioned this is like the top one. It used to be like trust tool open transparent and pull out of the network. This network can enable moving from the repress to transparent call other applications system which it is a little interesting we use in all of the available digital channels for all the needs. The government agency and dollar-up will enable

a business partner to contribute and deploy a new application and take the system. So let's say for ministers or Kelts or foreign country what is the pilot. This is what mostly I say and for telecom also have the part of new IT narrow band network and deploy right partner for probably the care for source of IT devices. This is the region which I speak and security

network. I can compare the register how tentative and record devices connected to the network and products relevant information to the public space like random data from centers. This is a draw there is no need for expensive interfaces entirely. So that when this possibility will be public and then use accordingly to the level of privacy required. This is just some examples. We are very focused on the

community. This is what we are doing for the last 15 years and we want to put this now on a map. It makes a lot of sense. Very exciting. Are there other questions that probably did not ask any of the key points you want to mention to our audience? Also can you direct them if they want more information? What is the website? What is the telegram

group? Can you give us a? Twitter meeting we are every day is non-publishing articles for new conferences. What I think is very important. This markets maybe 90-70 people are not for real. Maybe 0.5% of projects have NPP and no one so far in a daily reach and show 150,000 concentration on multiple loans. What are people at the moment but nobody is showing this. In terms of

high steel it is very important that how maximum bonus was 20%. It is not that because the seed capital comes from mass. It is not the same when it came like first tier which came like 1000% in the second tier at 5, 100, 300 or maybe even 100% in the second tier. 200 is a lot and 100 is a lot and then when they reach the

sell for high steel price on small holdups. As blockchain need to be fair secure fast. Our background I think speak for ourselves that we are also like that and most important is to be fair and honest. This is like how many blotches than others. So we are probably the underdog comparing to this competition but we will certainly find ourselves out position on the market. We will

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