Become a Blockchain Millionare

One of the coolest things about blockchain is that there's, so much opportunity to innovate and make money in this space. You know we're, seeing an explosion of financial based applications or defy apps on top of the ethereum platform.

Right now, and one of the biggest reasons for this is that there's, no red tape, you don't, have to get anybody's; permission to build a real world finance app that can handle millions of dollars of Transactions, you know as long as you can solve the problem and write the code, you can just launch it and start getting users, and now there's, probably a lot of different people watching this channel for different reasons who want to get into blockchain.

You know some people want to become. You know blockchain developers as their jobs. Some people want to become freelancers, but then some people want to seize this big opportunity to build their own blockchain startup and that last one, you know, if you can pull it off, could make you millions in this space.

You know a lot faster than getting a job or becoming a freelancer could, and a lot of people are thinking like. Where do i even start? If i wanted to build my own blockchain business, so to help answer that question, i've invited on a special guest today, okay, i'm, going to interview jaco, who's, the founder of decentraves and he's built his own blockchain-based startup as a coder after discovering daf university.

So for all of you that have aspirations to build your own blockchain-based startup. I'm, really excited to share this interview with you today to show you what's possible and so that you can take notes from him.

So before we get into that, you know if you're new around here. Hey i'm gregory and on this channel i turn you into a blockchain master. So if that's, something that you're interested in then smash the like button down below for the youtube algorithm and subscribe to this channel.

And if you want to learn how to master blockchain step by step from start. To finish, then, i can show you how to do exactly that. Just head on over to adaptouniversity.com forward slash bootcamp to get started today, so i'm, really excited to have jacko on the channel here today.

Uh you know, jocko is a graduate of the blockchain boot camp and he has built his own real world project that we're going to talk about today, but it all happened after he got. You know burned from a really elaborate bitcoin scam and that's, really what i want to talk about first jacko, so uh, you know, welcome, but let's, hear a little bit about this story that drove you to creating this.

You know real world blockchain project, yeah yeah, thanks gregory it's. Uh it's. It's, a long story but um it it all kind of came together late last year i started investing a bit of my money in bitcoin and then increased the portfolio.

You know a little bit, you know, being the kind of newb investor that i am i kind of looking. I was kind of looking for places to put my money where it could grow, but instead of just sitting in a cold wallet somewhere so doing a bit of research.

I found this mpx or amf eix rna pronounced with kind of investment club and doing a little bit of research that looked kind of legit. You know being the new kind of person that i was at the time and i tried it out with a bit of bitcoin and it you know investing seeing it grow withdrawing it.

Okay, cool it works, you know it looks legit you can, you can invest and you can withdraw and and gradually started, investing more and more and it grew and grew really wild. You know really well up until a couple of months ago, where they stopped the withdrawals and it turned out that it's, probably a scam.

It's still going on it's, still open for an investment, but it's closed for withdrawals you don't know whether you don't know how who these people are. It's, uh operated by people. You don't know. They say it's, a smart country based thing when you go and look at it, you can't actually see the details of the smart contract.

You can't really follow the transactions you don't even know. If there's trading happening behind the scenes, because what they do that well, they say they trade behind the scenes, and then they give you uh a percentage of the profits.

If they do, nobody knows you can't actually see it. Oh, my gosh, i think i think they got away with six and a half thousand bitcoin. Oh my gosh! That's like 60 million dollars, something like that: 60 million yeah yeah.

Oh my gosh! It's, a big deck. It's still going on. People are still positive that they might get their money back. I'm. Not that positive. I think it's, a lesson to learn in transparency of systems and i'm gonna take this lesson, learn from it and move on yeah.

I'm. So sorry, to hear that man i mean i, i definitely have gotten wrecked from a couple crypto scams myself in the early days. You know i gave uh, you know some sort of automated bot money to trade and it just wiped out the entire account yeah.

That's, how you learn that's, how you learn so that's, it's. Also, a good thing for crypto is that it's, not governed. It's. There's; no, there's, no bureaucracy behind it. It's, it's, transparent, it's, your keys and that's.

The system it's, so it's, a another level of instruct infrastructure. That's, evolution on top of the financial system and i think it's. Good yeah yeah and you know i you you, and i talked a little bit before this video, and you mentioned that you know this bad experience actually was the impetus or the reason that you were going to create your own project.

So i want to hear a little bit about that two things about the system that really bugged me um one is that it's. A centralized investment system that's, not transparent, so you can't actually see the trades happening and the other thing is they probably trade on centralized trading platforms anyway, and this is the program that you got burned by or the business That you got burned by it's, all black boxes! Behind the curve box, you can't see what's happening right so and that's.

That's, the decentralized investment kind of thing where it's, whether it's, whether uh, if it's, if it's, a legit investment company, there's, a lot of Bureaucracy behind it and that's, that's, where a lot of your profit will go eventually, like banking investment companies approved innovation companies, a lot of your profit will go to these guys because it needs to be governed so tightly and That's, that's, just the nature of finance.

1.0 finance 2.0 works. Potentially, if it's well done it works on trustless kind of systems. We have transparency and controls and cryptographic security by all these things, and i think that's, the direction we should be going but having gone through this kind of massive loss, because i did lose a substantial amount of bitcoin right um.

I thought well, why not lose this lesson and do something that i found pretty fun personally is a principled approach in building infrastructure on the in the blockchain in the crypto space and that's got to do you know, like i said, with two Things having a decentralized investment platform and also working only with decentralized exchanges, because centralized exchanges also trade against their customers, like bitmex binance, all these kind of places they do trade against their customers by uh, stopping the mouth and earning the margin on their on their positions.

Right, yeah totally so tell me about this uh this this project. What does it do it's very simple: it's, not a trading platform as such, it's, a marketplace for traders and investors to find each other.

It works completely on a smart contract, but all the trades happen off the chain. The trade the trades happen on on dydx, so the trader will trade on dydx. They have an api available that i can inspect and make and get all the transactions and the positions for a trader.

The investors can then find the best traders that match their needs. They will. They can then invest their crypto at this stage in in a personal multi-seg wallet which the trader uses as collateral for losses.

So the trader at this stage in my platform does not actually trade with the investors money. The investor's. Money sits safely in their own personal multi-seg wallet right right, but the trader through the platform can recoup some of the losses from that wallet.

Obviously that will have a slight negative impact on their rating, because there's, a rating for a for a trader as well, depending on their performance um, but then yeah yeah. Basically, the the investor will earn a percentage of the profits.

The trader will earn the rest and the platform earns a very, very tiny percentage, just to keep costs going, because i'm, not looking to make money. Well, obviously looking to make amended money, because i'm working full-time on this thing.

But the the principle is that uh, i think, having some kind of a system where people can more easily and with lower thresholds potentially earn some money on on crypto yeah. That's, really impressive, and so we're, going to get a.

We're, going to get a test drive of this later uh. We're going to he's, going to share a screen. We're going to talk about that. Uh see. You know all this stuff kind of laid out there but uh before we do that there's, something that i really want to talk about, which um one of the reasons.

I think that blockchain is so cool. Is that it's. It's, just this open ecosystem that anyone can get involved in and build their own. You know financial products and there's. No red tape. You know you don't have to get permission from anybody.

You can just create this stuff and put it out there and um that's. What jacko's done and uh. Also for my what you told me earlier, like you based this project, you started off with the capstone project from the boot camp and then took that and then turned it into this platform, which is which is really awesome and to quite honestly uh.

That was one of the original visions that i had for the capstone project inside the boot camp in the first place uh. So if anybody's watching this video is not a part of it. Basically, what i teach you to do is to build a decentralized cryptocurrency exchange and open cryptocurrency.

Changing the blockchain and my whole idea for it all along was to give you sort of like a a final project that you could then turn into something else with like more features, more capabilities, all that kind of stuff, and that's.

Exactly what you did yeah, that's exactly so i've got i've got 20 years development experience. I've, been a cto for the last four years before i quit that and started something by myself took a massive chance, but i don't think you need 20 years experience to get started with with us.

Um yeah totally the nice, the good thing about your university. It's, so approachable so accessible and to the point where it's, you can you can start with something immediate. You get all the important info up front there's, no long drawn-out process of having to go through all the fundamental first.

You actually have something working from the get-go in which you learn with help which helps you learn the fundamentals. Before i discovered your university, i mean i went through a couple of months really really digging through the ethereum uh uh documentation, trying to figure it out and it's incredibly difficult, trying to figure out how that works.

Ask how to code a smart contract, how to make something you work into in just from that documentation. So i think you went through the pain of doing that yourself and you learned a lot about how you're sharing that knowledge, and that has really really helped me uh.

Getting getting this thing off. Awesome man! Well, i'm. So glad to hear that yeah, i'm, so glad to hear that that was one of my big ambitions from the get-go is to basically create the learning resource i didn't have when i got started.

So i'm glad that that you're able to use that well cool man. Well, um! Tell you what let's! Um! Let's, go ahead and get a test drive of this thing. I'm, anxious to see it. I hope there's, no hope the bug genies and the bug fairies are that's right, um yeah.

So this is decentravest yeah. It's. Basically, the first three syllables of the centralized and the last syllable of invest, so that's right okay, so this is the this is the main website decentralized.

com, and it also takes you to the portal if you click on the portal here, but this Is the live portal and it's, not yet updated. So you can. You can join as a trader right now and that's about it, but i '

Ll show you my development environment sure. So i've got it all set up for for joining as a trader. So i'm gonna i'm, just gonna switch between a trader and an investor kind of thing. So you switch me.

You'll, see me switch quite often between the two kind of users and imagine me wearing a a trader right now, because i ' Ve got this. This introverse trader account and i'm, going to join the system right now as a trader.

This is all really ugly. I still need to make this a bit prettier and everything, but you can let's create later when, when you already have some trades on on view idea, because it'll, it'll. Stop you from joining.

If you don't on your account, and the whole idea here is that you've used dydx. So if anybody's watching this video doesn't understand that's, a dap. It's, a blockchain based defy app that allows you to trade.

You can do like margin, trading and stuff like that, so you have to have already executed some trades and you can sign up for decentralized, and the whole idea is that you start to show people your reputation right exactly so.

This is this. Is the decentra or the tydx trading platform right, like you, said it's, so it's, a decentralized trading platform, so you actually buy and sell. Instead of just earning the margin or trading on a margin, you actually do put collateral in as a trader and that's, the good thing about decentralized training platforms, the centralized stuff, you earn a margin, but you can.

You can lose everything really quickly and you can lose more than when you have, whereas this you can also earn a margin or you can also do leverage trading, but you still have to have collateral there's, a more honest way of trading, and I think this is this is why i went with it but anyway, so i've joined as an investor now, and i can see my dashboard and i can see, i '

Ve got some trades here. This is all dummy data. By the way, this is not real data. You can see it kind of score here. This is the only so this one is no trades. This is why the score is zero. Obviously, these will any score will be a 10 because it's, the early trader in the system.

Right now, but once there's more traders, the score will be a proportion score between all the traders. Okay, so it's, a weighted average weighted average of all the traders and it's a bit simplistic.

Now, eventually, i'll, have a more robust trading. Uh scoring system um like a a performance, score, a reputation score and even like a level kind of kind of thing, between traders to make it a bit more a bit more robust.

What you can do now is you can set your allocation and what this means is. As a trader, you have a bag of tokens that you can trade with. In this case, you've, got 100 eth more or less in your wallet as a trader, so you can trade with 100d.

So i can said i can say: well you don't have to set it specifically. This is what you allow your investors to invest in you as a trader, so you can, you can make it a thousand if you want to, but doing that your returns and your profits per per investor will be smaller.

If you do it too small and you trade with 100, then you're. Obviously, your profits will be larger, but the risk for yourself is a bit larger as well, so it's always best to set it more or less with what you're going to trade with.

So i'm, going to just say android allocation here and again. This is very basic at the moment, but i'm, going to improve the ui in in time and before i launch it so now i've. I've allocated as a trader andrew eth that investors can erase to me - and this is a percentage-based thing, so nobody's invested in this thing.

Yet i'm gonna do the same with dies. I've got 500 die. I'm just going to make it 50. cool, so i've got two allocation sets. I'm, going to switch to an investor. Put my little investor cap on that's right cool.

Now i'm, an investor or not. Yet i need to join the platform. First, put put your investor wallet in your pocket. Is that how that works? Exactly exactly so now i'm, an investor. The only thing i can see is the dashboard, and again this is really basic.

I need to i need to finish this, but before you start as an investor, you have to create your own personal multiset wallet for security. This is all done by the smart contract, and now you ' Ve got your own personal wallet.

What you can do now is you can find traders, so there's, one trader in the system. You can see their scores, you can see the allocation and you decide to invest in them. So i'm, going to invest 10 eth in this trader.

This is the transaction that puts 10 eth in the multisig wallet, the other one, just added the trader to the to their uh to the system against them. So now i can see there's, a 10 uh. This is percentage based.

My changes i don't know yet so well, yeah anyway, there's, a 10 allocation, so there's still room for 90 eat more. If someone invest, if you want to invest more, so i can invest another 15 year. If i wanted to, i've got two investments with the same trader.

You can do whatever you want to um you can. I can even invest some day. So let's, invest uh 30 dying cool, so 13 is 60 allocated now so only 40 available for other investors to invest so it's. It's, important to note that the how the profit works is obviously not the full allocation is used here.

The trader will trade theoretically with all 100 youth and all 50 die, so any profits will be a proportionally split to the investors based on their investment against the 100th or the 50 die. So you don't, get the full as an investor.

Get you don't, get the full profit off this. You get the percentage of the pie that you exactly in. In the case of this investor, you'll, get 25 of the profit and then 30 percent of that, because that's.

How the that's, how the uh profit split works between these uh trader and investor and again this is the first version where the investor invests not directly in the trader, but in a in a collateral storage kind of thing, so it's a really safe way.

There's, no way it can be exit scams, for example, because the trader can't run away with the money, but in a later version of this, where the trading or the the rating system is more about, i think i might Allow people to actually invest their tokens directly into the trader, so they can actually trade with the investment.

Then the profit split will probably turn around switch around, so the trader will lesser the of the profit and the investor will earn the larger chunk of it because they've, actually given their money to that to the trader.

Obviously there's, risks associated because then the trader could exit scam, the the investor we'll, see we'll, see for now it's. It's. A i'm going for safety first at the moment that's, a good call for the first version, okay, so anyway, so i've just invested three times, so you can see the three investments here and what you'll see here is based on my dummy trading dummy data - i've, got some values here for the for the three different investments so for the first two, 10 and 15 being on each some of all the trades in the for.

For that time was a positive sum, so you made a profit, but obviously the gross profit is not the net profit for the uh for the investor, because the gross profit is 70 or 100 and the the net profit is is a 30 of that again.

But this is a bit different for any losses made and in this dummy data case the loss was about six and a half day. Uh, but - and i still still haven't completely made up my mind. But i think it makes sense that the trader gets to keep the complete loss or recoup the complete loss, so that's, the risk the investor takes.

Obviously, if your entire investment is negative, so it you've just lost is the current value is 23 and a half, so you started with 30, then you might decide to close it out. So i'm, going to go and say well actually, no, i want to stop this thing um you can confront me or stop it.

So there's. There's, a it's, just it's, a two-step thing, fully for the trader for the investor to do, and that's, because you want to put a timestamp on the investment so that you can Definitely calculate the value based on the trades on the dydx api.

So now i'm ready to disburse and um it's again, a two-step thing and you'll, see why so now it's, saying it's waiting for approval, so i need to Switch back to the trader um change, so it's a because the the trading isn't happening on the blockchain.

It's happening off the blockchain. It's happening off chain right um. You need to prevent that people can use or just submit a a disbursement for a certain value on an investment, so there needs to be some agreement on the value now.

Obviously, the platform will calculate the same value. So if someone uh, if there is, if the investor chooses to disburse with the value calculated by the platform, there's, going to be no issues because it's going to be the same value, and this is what the trader can Now see you can see, while this, this investor of he's, got three investments here, all by the same investor.

This one wants to wants to have a disbursement. I can see the value is the same. There's, no issues to it, so i'm, going to approve it nice and at this stage, what what happens is this value or the difference in this value will be paid? So the six and a half will be paid to the trader and 23.

4 will be paid back to the investor, so the smart contract takes care of that. So you don't have to go and withdraw your funds or anything at all. It'll, withdraw it automatically for you, but let's say this trader is going to go on holiday for for a couple of years or he's, taking a massive sabbatical and he goes well.

I don't actually want to do trades anymore, and i just want to close these down. You can also stop it from his side or request it to restart. In this case, the the investor made some money 0.4 e. So he's.

Going to the trader goes on a long sabbatical. He's going to go well, i want to stop it and uh right now. Let's. Stop, but the the investment is inactive. It will not accrue any more value or make any more losses, that's, that's.

It and you can choose to disperse it as well same process, and now it's, waiting for the approval from the investor side. So from both sides you can request to have the investment disbursed, but the other side always has to approve in case they don't approve.

The platform administrator can also always step in to to force a force in approval. Gotcha there's a otherwise. You know the money will just sit there. So this is the investor investor dashboard. You can see your wallet again and someone '

S asked for the traders asked for disbursement, you're, going to get 15 and a half back in your wallet and you get a tiny percentage or that profit. Basically, the difference and that's it so that's. Morally, that's, the that's, the thing at the moment, yeah.

Obviously, if you're, if you're another trader or another investor, let's say this investor. You can join again, you can make. I mean this, but yeah that's. I just wanted to show a quick give you a quick rundown of what the system looks like right.

Now, it's, still very basic. There's. Still a lot of work on the ui. I need to do to make it more intuitive and give more information, and one of the big things is having a kind of a timeline on the progress of your investment.

So you can see day by day what the progress is and not just a single figure that also so there's. There's, a bit more work, but it's fully functional at the moment, and i might launch it in the next couple of days.

Awesome. If i managed to do all the testing, then, because i'm at this stage, doing a lot of work on unit testing and just testing those things was working with tokens and people's. Actual people's. Tokens you want to be kind of sure that there's uh there's, no issues with it and then that's.

Another point: what i quickly want to raise is this multi-sig wallet. I did a bit of research into multisig wallets and for the people who don't know. Multisig wallet is basically just the wallet that requires more than one improvement of any transaction, and there's a lot of ways.

This can be done so gnosis or gnosis. I don't know how to pronounce it. They ' Ve got this runtime wallet kind of thing that you can use really good thing is really generic. You can and it's. It would have been the cheaper option taking less gas, for example, but it does pose a risk and that, if someone managed to destroy their wallets because it's, it's.

Not out of my control. It's. Out of this platform's control, then all my customers, all my clients, would lose their their money. It's completely out of my control and also having a library that's. There's, a there's.

A couple of they ' Ve got some open source libraries, it's. Also generic and it kind of allows you to inject any encoded transaction into the wallet that can execute against any other contract right really useful.

You're, really flexible, but it's, a security hole. So i chose to make my multisig wallet extremely closed down and only for this purpose. It's, not generic at all. It's that's, that's kind of the trade-off it's.

A bit more expensive to create it's like .04 eth or something to create it, but it's. A one-time thing for an investor. You can add, as many traders as you want to your multi-cigarettes and as many investments, but it's, then their own personal wallet, yeah man.

Well, this is really impressive. Uh again, you know um, i i i i'm impressed by you know everything that you've brought to life here. You know you mentioned that you want to get a little more work around the ui to you, know kind of make this thing, production ready all that kind of stuff, but i think what you've done is awesome uh.

You know you mentioned that you want to get some of that done here. Pretty soon you're, pretty eager to launch. So you know if anybody's watching this video wants to go check their project out like. Can they just go to centralvest.

com like how do they get started? Yeah? They can just go to the centerviewers.com. There's, a link to the portal and they right now they can register as a trader um, and they can. They will basically see this screen right here.

Uh show them their trades and everything else. This will also improve over time and, like i said once, i've. Once i've got done the final checks on listing and maybe a bit more work on the ui.

I'm, going to launch it also for investors, and then investors can can start joining yeah. That's. Awesome man! So if they have any questions about the platform or anything like that, is there a way they can reach out to you or somebody else you know like on the site, so i '

Ve got a a twitter and a telegram link here on the bottom of the thing, but people are welcome to email me as well. My personal email, uh superkruger gmail.com cool yeah. We'll, put a link to that down in the video description.

I think projects like these needs a face. I mean you can't, have these kind of investment schemes where it's, completely faceless and anonymous. We need to move past all these scams and uh right. I hope we can, as a community, drive towards something that's more long, long term viable yeah totally.

I think this is great. I think that's. One of the big benefits of this project, for sure is the transparency that it provides especially to get those contracts you know published and everybody can see how it works and they know exactly what's going to happen whenever they use the product.

A good thing with dydx i might - i might choose to do other there's. A couple other decentralized trading platforms. Is you can, but you can write software that does the trades automatically for you and that will all be reflected in you as a trader on your trading wallet, because it was just wallet based, so you can hook this up to an automatic trading system.

If you wanted to, and if you're trading, what your trading algorithm is smart enough and good enough to do well. Trades really well, yeah good for your investors and it doesn't. Uh doesn't. Take a lot! So right take a lot of constant attention at least yeah totally man that's.

Awesome future proof in that regard as well i mean you can you can choose to trade manually or it's, your choice as a trainer yeah. So you ' Ve got any quants out there that want to earn some extra money here's.

How you do it yeah jaco! I'm, so excited that you come on the channel today and show us this project again. I'm, really impressed everything that you've done here. Um you know, like i said you got some prior experience before jumping into this project, but you know you: didn't have really any blockchain experience before you kind of got involved in this um and that's.

One of the things that i keep just hammering over and over again to people is that you know there's, so much that you can do and no one's, saying no. No one's. Stopping you. You know exactly uh just amount of about putting in the time getting the right skills, um and yeah.

You know you mentioned the you didn't. You didn't. Think people even needed the level of experience that you had in order to pull like something like this off uh. I think that's. Awesome you don't need years of experience.

I think if you've got a good analytical mind and you can dedicate a bit of time and you ' Ve got some perseverance. You can build anything you want to, and the future belongs to those people who want to build things.

I think yeah totally man. Well everybody go check out, decentravest um, you know by the time this video makes it out there. If jocko's, able to turn this around in a couple days, it should be live. I'll, put a link down the description below i'll, put jaco's, email down there uh! You know you can contact him on telegram twitter with the links on the site um, but thanks again, jaco everybody.

You know smash the like button down below for the youtube algorithm subscribe this channel, and you know if you want to get your hands dirty and follow in jacko's footsteps. You know you can check out any of their free tutorials of my youtube home page.

They're like udemy courses, but they're free, but you know if you also want to do the boot camp, just like jocko did. You know take a massive shortcut or uh. You take the next step uh then i can show you how to master blockchain step by step over at dappy university dot com forward, slash bootcamp, all right until next time, thanks for watching daphne university