EC5 SWEETBRIDGE MEETUP - BE YOUR OWN BANK Jan 2018

23rd January London

Quick summary - In my opinion the Sweetbridge team have one of the most innovative financial proposals out there, a strong team/ partnerships and a product ready to go , this is not vapourware, their ICO goes live with a launch of a working Service.

A rare thing indeed in my experience.

Check out their website read the multiple whitepapers and make your own mind up.

The speakers were all really good and their subjects complimented each other and helped me build on the last 8 months of getting my head around this space.

I will tidy up edit the notes below later want post them before I loose em

https://www.meetup.com/Supply-Chain-on-the-Blockchain-Ethereum-Web3-0/events/246492288/

Summary from the meetup above:

Sweetbridge Be Your Own Bank Event Series.

Sweetbridge enables you to do what you've never been able to do before : Be your own bank.

Come learn how blockchain technologies are making it possible to Be Your Own Bank, and how it this will create a new economy - an economy where everyone can succeed. We are making it possible for companies and ordinary people to have more control over their assets, resources and financials. Lend yourself money on your own terms, with no interest, and no middleman

Writing this one up while at the meet up, really interested in this one because:

I mentioned in EC2 a meetup I attended

https://www.meetup.com/London-Cryptocurrency-and-Blockchain-Beginners/events/242251430/

and specifically this :

"On the 6th September attended this one , the most interesting presentation was Sweetbridge which I am intending to buy into when the ICO starts shortly moree info below
https://sweetbridge.com/"

I got here early and had a quick chat with Alistair Band (sorry for calling you Angus doh) who with aforementioned Angus Maidment set up that series of meet ups.

Alistair is now working for Sweetbridge off the back of that meetup which is pretty cool

Felt for them they had issues with the screen connection and had to use an older laptop to connect to a VGA connection which then only projected a green screen. It took nothing away from the presentations they were all really good. great speakers , well structured made it really easy to follow while engaging at the same time

Alistair Kicked off the meet:

Alistair went through his background and mentioned Angus is now a community Ambassador for Sweetbridge. I had a quick chat with him at the end and subsequently signed up to the Telegram group

https://t.me/sweetbridge

Explained the Blockchain thang most in the room own crypto so was quick overview

I liked the way he described it as a one way system in reference to how a blockchain is built

Referenced Banking on Bitcoin on Netflix which I have watched and would also recommend.

Told the pizza and harddrive story- lost $100 mio

Briefed on the Charlie Shrem story got jailed for knowingly selling bitcoin to a dude buying drugs , a Bank would not be accountable in the same way , when a customers draws out their cash they have no view of what that individual is going to spend it on .

https://en.wikipedia.org/wiki/Charlie_Shrem

Bitcoin has acted as good marketing tool for the technology and spawned a lot of ideas

Rob Knight Matterum

Briefly spoke to Rob at the end he has very kindly offered to send through some reference links.

What are blockchains good for that can't you do with current technology ?

Good for creating agreements.

Rob went on to talk about features of Blockchain

Three ages of the internet :

1st age Internet of ideas

1973 uni hooking up their computers they built email ftp they built the web - easy to use
People started to use it for things the original devs did not envisage

2nd age of shopping

Shopping some small amount of cryptography enables ebay amazon uber .........

20 Year in world of business not caught up its used for shopping not billing .....

3rd age Internet of agreements

Blockchain - billing insurance contract mortgage all these are long lived and have trigger points

Web not good for record keeping - Blockchain is. Add smart contracts and you can automate based on conditional activity - If /then /else

If $ not made then add this charge and run- reduces admin overhead

Trade offs

Bitcoin simple very tough to hack

Ethereum - Smart contracts powerful however as we have seen risk of hack see DAO

Refreshing to hear Rob talk about a Dev with complicated code comes risk - ability to screw up

To that point Smart contracts are hard:

We need ways of managing that smart contracts will go wrong - First time I have heard someone highlight this

Despite this we now have 3-4 years of innovation and development we can create ultra low cost finance system

Real World transaction in a supply chain:

How will we go about translating this - real world has this - the law:

Example selling a house - representation of the contract goes on the blockchain

Reduces paperwork and overheads - requires very good engineering

What we need is dispute resolution

Taken the Ricardian contract and updated for the Blockchain , ensure there are no gaps / in keeping with the legal contract

http://iang.org/papers/ricardian_contract.html

Rob cited Ian Grigg who I have seen speak at an EOS Meetup

System of aberration - allows the opt out the court system - arbitrator makes the decision which is enforceable as a court decision

A credited a panel of barristers - judges qualified individuals

They hear disputes - tech faults - forks etc that may impact a contract

Working with Sweetbridge on enforcement of contracts for be your own bank concept

Like a lot of other presentations Rob said "we are at the beginning of another .com age"

Sweetbridge - not one system but a collaborative approach which is the right way to go

The Economy of Possibility

Collateralising was mentioned at the start having read the white paper again today this to me is the game here

Why an economy?

Gains on currency may be able to be treated as gambling - Fixed before the next

USA took out the world real - every transaction technically subject to taxation

Big headache due to the fluctuation, imagine paying this on bitcion and valuing at the top v the small number

Difficult for regulators and everyone else on how to tax- until stability

Can't agree to trade unless you have some stability - if you are using multisig good for internal control but means you have to coordinate to move funds.

Non of todays current currencies are stable enough to run an economy

you need ability to sell - liquidate and sell discouts on future value

Blockchain - triple entry accounting -

double entry no guarantee the other side ie the bank saw it this way and you have to reconcile back a lot of admin .

"what goes on the blockchain stays on the blockchain"

Not great place to do ilegal business

Some anonymity stanford track cookies to bitcoin address you have left a breadcrumb trail back to you.

economy wide settlement bus - Bridgecoin - the stable currency

all members KYC

Spoke to those who will be grandfathered into the rules with regards to KYC

Sweetbridge"

Not scarcity model possibility model - you can be your own bank

Working with state of arizona and tesla to buy a tesla on the blockchain

deposit of 20% in sweetcoin
Then buy the car - asset does not belong to you lease from yourself
depreciation more miles the more you pay
asert title to the asset with self determined loan terms
less miles less payment more miles bigger
use sweetcoin to decrease or increase
asset which you have title to - and then choose how you pay back

Running a test case with a Tesla

6% set and use sweetcoin to reduce add more colleteral

You get bridgecoin in return you choose how you spend

Crowdfund your Business

used example of Starbucks loyalty card

Small independant want to build a new place

Issued tokens to people that want o buy coffee - they get discount on coffee actual users that fund it borrow from people who want to engage with you - crowd fund on discount

Cant do this with bitcoin due to the instbality you can minitng your own coin and selling to existing customers

The Story Of Rice

Challenged environments and countries , rice farmers vietnam to nigeria that go between cost 20% both ends, because the way banking works today

Bincabe? working with them and help from materium to colaterise to enable them to gt the benefit not to pay the 20%

Bridgecoin commodity token - pegged to fiat $

Sweetcoin discount utility token - not for speculating - maths paper that demonstrates its higher value is to use it
Borrow more
zero interst
free settleemtn
Free Crypto bridge

Both Erc20 tokens - private sale soon - then general crowd sale - all ready in existance

100mio minted on ethereum al lot on multisig wallets

Liquidity needs to be created - apply for license globally to support

Sweetcoin membership card for economy
Bridgecoin the currency of trade

Designed for user not investors

Questions?

Peg to Fiat how ensure you peg to Fiat

Detail in white paper - adjustment process variable for large , medium and small. Time dealy and gap betweeen them - will have to be be worth slightly more than us$ , adjusts as things go up and down

Sweet Token - Utility token - only purchased from You ?

Ethereum erc20 can be traded - however to use them you have to be a member via KYC - however you lose your kyc - you wil have to kyc and amc again if you but from exchange.

WIll kyc put people off 100 mio in pre stage - single figures being looked for - looking to drip a lot fallen out of kyc and aml

big whale will avoid the sweetcoin being valuable

ROb question

using smart contract to abitrate how do you trust it

Its evidendce based on case by case - where you have KYC framework there is a level of proof - if you do this anomously then basically good luck

anything involving promise you need to know who it is ID systems coming up

Bridge volatility of sweetcoin can't control that looking to motivate it to lock into a vault which gives you discount more value

price determined by what people willing to pay - there is volatility in the price

limited supply 100mio lots locked in vault - assumption there is an appreciation ? could not answer it

Discounts - how much you need to stake - worked examples in the white paper. maths paper
discount against your 6%

interst rate set for incetive to pay it back.