EC6 Sweetbridge Meetup 1st Feb 2018

https://www.meetup.com/Supply-Chain-on-the-Blockchain-Ethereum-Web3-0/events/247317577/

Form the Meetup site:

Bob Summerwill, Sweetbridge Community Ambassador, previously of ConsenSys and Ethereum fame, is coming to London for one night only and has kindly offered to do a live, in person, AMA for us.

Bob will open proceedings with a short presentation about his recent peace mission, to bring harmony to the various camps within blockchain, before launching into a full blown live AMA.

Have questions about from our protocols, EEA, Ethereum, blockchains or maple syrup? Meet Sweetbridge Community Ambassador, Bob Summerwill when he visits London.

This is the first time ever Bob has undertaken any blockchain related activities in the UK, so be sure not to miss it.

WOW , so I nearly did not go to this, its been a long week I hit my work desk just after 6am , had been to a Sweetbridge meet just the other week. Am I glad I dragged myself along :

Emilie Raffo
https://www.meetup.com/Supply-Chain-on-the-Blockchain-Ethereum-Web3-0/members/229554945/
https://www.linkedin.com/in/emilieraffo/

Emille gave a very quick overview of

https://odem.io/

Used the video which can be found on the website

The ODEM Crowdsale Will be Live on 02/17/18

It's an Educational Marketplace

Emile started by sayng she always gets asked two questions

Why use Blockchain ?
How Make money ?

She talked to the chicken and egg challenge of setting up a platform like Odem you need both contributors and consumers and without either you do not have a market

Cited airbnb as an example that addressed this using a used an established source Craggslist where people were advertising rental properties

They already have a relationship with EXO 200 elite partnerships with educators lined up

One question I have is regards to the model , if I have understood correctly they will use blockchain and a smart contract to incrementally release payment to the teacher as the student progresses through a course and is "happy" with how it's going - See a gap here will need to read more of the Whitepaper

Bob Summerwill

https://www.linkedin.com/in/bobsummerwill/

Got some time with Bob at the end which was good as well as Max Atanassov

https://www.meetup.com/Supply-Chain-on-the-Blockchain-Ethereum-Web3-0/members/234426829/

Bob kicked of by Gaging the maturity of the audience with regards to the world of blockchain

Worked in video games:
Sypnosis
EA

He once Told the EA CEO Fifa was nowhere near as good when compared to Winning Eleven and this resulted in hm being moved into the team and developing the FIFA we know today. This resonated with me FIFA has the licences but the game play was awful , there was a turn around and Bob was at the heart of it. I did not expect to meet someone in the video game industry that had such a big impact on Triple A titles that I actually play , very cool.

He left as got too "high up" and did not enjoy dealing with everything that came with that in the Corporate world and wanted something "better"

Got speaking to friend about blockchain and decentralisation and saw the opportunity to pull the controls back from controlling intermediary

You get there by moving to different model - hierarchical

Decentralisation does not have to be like that

Disintermediation - remove the intermediary

Talked to fixing the "rules" not removing the regulation, making the point we do neen rules just the right ones that do not award a not required third party that monopolizes their position

He got involved in the Ethereum project about 2.5 years ago and met met Vitalek in 2014 at a dinner still doing mobile and wearables so did not get involved but followed his progress, he did observe that he had just met the smartest person he had ever come across and poseted this on his facebookpage

He was introduced to bitcoin at 16 and became really interested. He wrote articles and founded bitcoin magazine when 17 then to uni of waterloo to study computer science after 6 months dropped out went travelling to work on "bitcoin 2.0" what else could you do with it was his question

Initially all everyone did was take bitcoin code changeit and relaunch it , trying to get the miners to move is a very difficult thing to do at the required scale

Vitalek felt that people wanted Bitcoin to be a Platform & an Application to change bitcoin retro was not easy

Realised a platform was required to build applications on so that is what he did and Ethereum was born.

He then started to talk to the Sweetbridge use case , to date one of its primary use cases has been crowdsales , we are moving towards all world where assets can be represented in token form

Legally enforceable smart contracts - comercial deal with triggers that today are a paper contract

Big name law forms digitising these contracts which are - legally enforceable via arbitration

You could tokenize your house receive funds to pay for it, in the vent of non payment use abitration to settle the terms of the contract

Cited that Arbitration is the result of maritime - Ships in international waters need decisions made on which duristcition they are in / what laws apply in the event of an issue.

Most things dont go to court as you have the "beating stick

Used this to demonstrate how the Sweetbridge "rules" would be enforced

There was then a Q&A session which I did not capture the details of , I did follow up with a question around the margin call aspect of Sweetbridge

Quick brief on how the platform works:

A purchase of Sweetcoin along with associated KYC process enables :

You access to the platform
Can offset the interest you pay on a loan

Its key here to note that while Sweetcoin is tradeable in order to utilise it on the platform you have to go through the KYC process.

The amount of Sweetcoin you buy will dictate how much you can "leverage" and that is the key here and I will attempt an example below:

You hold 2k of sweetcoin

Deposit 100 Bitcoin into a "vault" a smart contract that "locks" up the Bitcoin

You can then borrow bridgecoin which is pegged to the $ (initially) up to half the value of the Bitcoin

The bridgecoin is then yours to spend as you please , trade it for FIAT , but more coins ....

You will need to pay back the bridgecoin in order to get your Bitcoin back

If the price of bitcoin starts to fall based on a "threshold" you will have the option of paying back some of your bridgecoin or some of your bitcoin will be sold to offset.

Here is where I had a question, the markets can be and indeed have been volatile, so what is the margin call period, if there is a swing down of 50% and then back up 80% within a day am I going to lose out ?

The team did not have the answer to this one on the night, despite this its a project I am going to follow closely , they have some very credible individuals involved, I can see that they genuinely believe in making the platform a success.

I have gone through the KYC process and it is more involved than typical of an ICO of late, once I get an invite to invest I will maybe put up a post around this , however I do want that margin call question covered off first.