Serban Meza - Chapter 3: Blockchain & Ethereum Fundamentals

It's for everyone like the conferences. It's for beginners. So I'm basically addressing vocabulary. My name is Sherban. I'm also working at the technical university of Krna Poka.

As a background, I ended up in this uh blockchain system starting from privacy and managing privacy uh because I also act as a DPO data protection officer for the technical university of Krushnapoka and as most a lot more and more data is uh personal data is managed through technology uh I had to look into privacy enabling technologies and blockchain was and is one of the major candidates uh for this. So yeah, this is my how I ended up into this. I didn't end up into blockchain by trading crypto or mining and so on so forth. The thing that attract got my eye was the privacy aspect and the fact that it has some promises here uh regarding this. Now being an introductory course, it's going to be our presentation or technical presentation.

It's mainly about vocabulary and we address this in terms of trust and the chain of trust because basically this is what um blockchain from my perspective brings um to the table. In terms of adoption, we are mainly talking today about this technology because there are a lot of blockchain projects and this blockchain projects uh cover a lot of industries and a lot of aspects which are more or less different and but also the same. So starting from uh let's say f fintech like digital bonds to trading and exchange to investment to custodian and uh digital assets to tokenization to digital identities uh payments payment processing document verification share databases and cash and liquidity management and so on so forth. It's a lot of fintech for now because this is what's there. There is also a lot of um projects that are built around blockchains especially when you have to do let's say um to manage trust in um to manage trust for uh from when we have to when there are a lot of parties involved and usually in the logistics uh chain.

So things like usually you speak about blockchain as being just another database technology. I think it's a bit more a database for managing balance accounts. A database for managing uh automotive and trusting when you buy data that comes in from the automotive industry. A database for managing trust when you have to write down if you own or not something. A database technology to assert that you are a certain physical person that is linked to a digital identity or a database for medical records.

Digital voting, food industry as mentioned before which is one that concerns or provides a lot of concern whenever uh you get sick because of what you eat. it really hurts. So then you start to pay more attention and or any other thing that you have to run automatically. Usually people are referring to this as smart contracts. So yeah is b uh is blockchain a database technology?

I would argue that not and what I would like uh as let's say if you are a first timer or you started discussing about blockchain and you are here because you're interested into this is to try to explain this concept and to try to explain this is basically to link um to look around you and to link this concept with the concept of trust. Usually blockchain is I I put this picture because it's the way that it's a book cover and it's but the title is very let's say appealing blockchain being the trust technology. I think it's if you look at blockchain from this point of view you can understand why and how it was constructed as a technology and you can also address and find out a lot of use cases and how it actually delivers this. So in a nutshell, this is the vocabulary lesson for today. Uh is a an immutable distributed ledger technology that it offers participants the possibility to share a file that is replicated and it's updated all the time.

This is about trust and what we trust is the where the trust is is basically in the following parts. First of all, what do we need to trust our where do we have to put our trust into? Well, basically we put our trust into a ledger or a registry which is simply a file and in that file what we store before or this uh anything else we just say who owns or who who owns what amount of money or whatever it's a property and the value. What's the your balance? This is what you have to trust me with.

So if we start playing or if we have a book or if we have a common a shared library because we want to share something and we have a list of books and we would like to have a list of who has a certain book now because we are a book reading club for instance. It's nice to know where a certain book is at any certain moment of time. And one approach would be to appoint one of us as being the guardian of the library and always ask that person, hey, who owns uh the Prince of Persia book this week? Oh, it's you. Okay.

Who owns the other book? Um, how to get rich in five days? It's the other one. And this model has a certain issue because if the C central partner or the person that we entrusted with this list is not available, we kind of lose all our books and nothing happens. Okay.

Uh so instead of having this ledger being centralized with name and personal name of the person and balance, how about having this shared amongst ourselves? So basically sharing it's peer-to-peer replication of the same file. It's rather simple. Yes, it's a database but instead of being one database, one file, one table stored in a central place is the same table that is replicated in a peer-to-peer network. This is not something very new.

Uh I'm old in terms of when I was born. So um back in the days we used there is there was no Netflix there was no file sharing. What you would have what you do in the beginning you will ask someone um to make a copy on a DVD of the files. Then you had internet and it was much easier to actually install a software like this one or DC++ or file list which is basically an uh a browser. first of all where you find out where the resources are and then you have a peer to here like DC++ it used to be the name where you actually copy the same file from and replicate it all around.

Okay. So it was a peer-to-peer network because you actually didn't have you don't you didn't have a central uh person with a computer that needed to be on all the time in order to copy the file from that person. If there were enough people around with the parts of that you would basically it will basically work. Okay. So we distribute the table or the database in a peer-to-peer replication.

And what it happens now it's not a static file but it actually uh is a file that updates over time and you'll have to somehow keep track and maintain it somehow. So we discussed about being a file in a peer-to-peer network. Now who are these participants in blockchain? A voca from the vocabulary point of view being Ethereum or any other this participant it's actually called a node and it offers this node has certain functionalities. Basically it is connected with other nodes creating the network of that particular blockchain.

It also keeps all the all the all the nodes actually keep copies of this and it allows read and write read first of all for everyone write depends on the rules. Okay. Now this is a bit different from the classical web two uh approach where if you are from web two or are familiar with this okay you develop anything and then you place it and you ask someone to be your host. You buy a domain and you host whatever you have. You place there your source code and you basically ask your network people to load balance it in in terms of how many HTTP requests you address, how many you can serve and you have actually a web server.

This is the classic approach. If the web server is not available, you lose it. Here you have depending on how many nodes you have a network of nodes and in the nodes you can address any other every you can read the information and which is the ledger or the file from that on. So being a distributed ledger it means that this technology also blockchain is also referred to as the distributed ledger technology. Okay.

copying this is the way the where it starts to be different from databases. Okay, in databases you'd have a central wise table management software which can be whatever technology there here you have the same file distributed all around. What is important is the fact that you have writing options on this distributed ledger and the algorithm that uh allows the writing on this database and also the replication of the same database all around it. It it's referred to as a consensus algorithm. So it depends on how do you reach u the point where after you do writing in one of the nodes all the other nodes have the same copy the newer version of the ledger.

Okay. Now the newer version means that it also needs to work in terms of time. So writing and uh reading and writing it's nice but we like usually to have order means in not like being proper but actually being who was the father who is the son. Okay. So basically this allows especially when the ledger keeps track of transactions.

It's important to know when I start with some money and I give money and I receive money and I give money and I receive money or whatever I store in that balance. It's important to be able to know what is the order because at some point I will have to check my balance and I cannot spend more than I have which is tricky. Okay. So from this point of view there is this idea of immutability meaning that once I do a transactions I cannot say that no it was not me or it's uh not valid anymore because you put the data one after the other you put it place it in an order and in order to keep track of this order what you do you actually link the transactions one after the other by saying who's their father. Okay, if you remember uh this this is quite easily because it creates the chain of blocks which gives the name of this technology as being blockchain technology rather than distributed ledger technology which is only the fact that it's synchronized around across the nodes.

So these are the whole um let's say blends of this technology in terms of vocabulary. So this is why whenever you read about it or whenever you find explanations, people are either referring DT, blockchain, database design, peer-to-peer networks and so on so forth. In terms of application, people are actually referring to it as being a distributed application. It's a distributed application because it's run it runs on a decentralized systems. It means that actually your app it doesn't run uh from a data center.

It actually run through it runs over this type of blockchain networks or networks of uh nodes such that you don't actually have any way of losing contact or making the application unavailable to your users. only when this decentralized system is no longer a decentralized system meaning it has only one provider okay or one node. Now there is a lot of history regarding this concepts and so on so forth. Uh this is one version of it. um the way I presented and this version it basically links and tries to establish the major um technological context that was allow the development of this.

So first of all is the idea of having multiple comput multiple uh nodes that are actually working together and maybe not all are trustworthy. They're not identical. Maybe some they want to be uh let's say malicious and how do you approach uh working together with this type of crowd. Then you have encryption functions and uh digital signatures and then uh you have the idea of how to ensure immutability over time into timestamped digital documents. This is phase one one one of the histories here.

Then you have from the point of view of the name bit gold and peer-to-peer networks especially in the United States Napster for music. uh bit gold is the idea that okay people created web one or web two if web one and then web two they created Wikipedia basically and then instead of having new new articles in Wikipedia uh it was nice to have products from your product catalog and allow people to buy.com okay and why do you have only the catalog online why don't you can't to also pay online and why doesn't the currency be also digital so bit gold that was the the day uh the idea there and this was another uh thing about hashing and uh having tokens back in the days 20 years ago now people starting to discuss about blockchain in the context of crypto coins and bitcoin And then because today we have a conference about Ethereum, you have something very interesting happening 11 years ago when the Ethereum blockchain network and protocol and so on started and they introduced something which is very nice which is called smart contracts. Now smart contracts uh you have to think of them in the terms of the evolution of the process. Technically uh the ledger started to become it was just a table where you have an address in the table and the available funds.

Yes. So this is a digital thing. So an address is a series of bytes bits bits actually and the let's say um value of that address or the property there it's another bite code which represents your uh number of the number of tokens that you have into the account. However, we can think of this byte code which is just a number of a number which represents a number of assets as being actually a bite code which which is computer program in itself. And this transforms the Ethereum network and allows the network to actually look at the list of accounts that you have and it splits them into two.

One which is a balance. Okay. How how many ethers do you have there? Or a second type of address where the actual bite code there represents a program that can run. And this program that can run, it's a smart contract.

For those of you who are from the computer science, basically it's just zeros and ones. Okay? You can say that those zeros and ones are the balance of the account or that zeros and ones are computer program. It's the same thing. Now fast forward there there is another one Hyperledger which comes from the Linux Foundation another type and then we are already today here at the ET uh Ethereum conference here in Klush.

This is the context and history. Now uh describing the terms uh now we discussed about the vocabulary to just to have the words the proper words. Now how does a funk a distributed data ledger or registry work because it's something that we have to understand whenever we look at the blockchain ecosystem. So a blockchain project if you want like Ethereum, like Hyperledger, like Bitcoin, it has or it requires some principles and management on how it operates because it's another model of technology. So in terms of the data itself, it's a blockchain.

What does it's a chain of blocks. What does one block store? So one block stores about data about transactions and signatures of the previous block. It creates order or timely order in the systems. And the way that they are structured, they are structures as a type of data which is quite interesting which is called the markup tree.

We're not going to discuss about this. And the way that is this this it's stored is like a distributed tree like this. Uh this allows you actually to go into whenever you download the file in itself. It allows you to easily identify the blocks that you are interested in. Okay.

And always uh come up with the block that you want not another block. Now more than this you need uh a co a governance rule and how to trust the block validation process. Now the block validation process is whenever you add a new block and how it actually uh goes around the network. Now whenever you speak about blockchain u it used to be a very powerful world word like now AI. So now if you have a new product and you want to sell something, it has to have AI in it.

Otherwise, it's a or it's old and it doesn't work. Now this used to be the thing with blockchain starting probably 10 years ago, 2015 uh up to probably during the pandemics where you actually had after the pandemics or during the pandemics you actually had to deliver something not just the word or the buzz word in your project. Okay. So um in terms of what blockchain actually works and my colleague already present or the previous presenter already mentioned is a new tech for providing services for managing trust actually the lack of trust between partners uh the fact that I don't no longer trust uh that you are going to be here tomorrow as a business even if you are called Microsoft or Google but I will trust you because maybe with There is a common interest amongst ourselves to keep the system running and for storing transaction history and peer-to-peer networks. Now, blockchains are not they don't come for free.

So, it's like if you have an Android account or a Facebook account, it's not for free. You know that because if you're not paying it, you're the product. Yes, you use Google. It means that everything that goes through them, your data is used for being you being fed a lot of commercial advertising and so on in the most let's say decent way to put the same with Facebook the same with WhatsApp. Now if we are thinking about uh how why do they have the ability to train new AI models and you don't.

Yeah, it's the data. So blockchain also have cost of operation and running. So someone pays. Now what's interesting about this is the fact that compared to web two when whenever you had a new business and a new product you had to pay upfront the cost of your servers and you'd had to scale up and you didn't know how many if it's going to be a hit and your application is going to have 10,000 uh HTTP requests per minute or in a year because no one would actually go to your website to buy a product which was difficult. But here you actually have to pay only whenever there is a transaction and it's this is called the gas fee.

So a blockchain ecosystem can be seen as a distributed organization. Each member community network node protocol uh actually invests it has a skin in the game because you have to keep running you have to pay the electricity bill for the node itself and on that node you actually keep running the program and you have a storage where you keep a copy of the distributed ledger. This is how it works. Okay. And then uh there is no central authority saying if you are in or out.

However, there is some fees for processing a transaction. So, because you are keeping that one that your node alive in the game and you're paying electricity and you're paying a hard disk drive to spin around um then you you are there is there has to be some rule that we all agree upon where we get instant type incentives. So, how do we present this incentive? We make our own money because we are a community and we can make our own money or our own representation of value. We call this representation of value of a coin because the way we protect it and interact with it, it's based on some cryptographic functions.

We call it a cryptocoin or maybe just a token. Yes. and we it can be exchanged around the actors in the networks or the nodes because I will work more I will work less and so on so forth. So we have this idea of tokens and the possibility to change these tokens by a certain blockchain to fiat somehow you are in and out to the real world. From the word here tokens you have token tokconomics which comes to represent how you actually make the set of rules that distributes these tokens inside the ecosystem.

And this leads to the idea of governance and rules in general of a blockchain project. Uh so there is governance rules. How you validate a new block, how you cover the fees, how you allow access to the node. U how to ident from the point of view of transactions is you have identifying users targeted the business area and token status. This comes from the reg uh regulations basically is KYC and AML know your customer and anti-money laundering.

It links to the people because of the scams that they did and it's linked to the fact that it used to cost a certain amount of bitcoins to buy a pizza at some point. Now, yeah, it was a very expensive pizza 20 years ago. you know, you speak about Bitcoin, but it's the idea of um having something of value and uh knowing in the physical world who to blame or who's the barrier of that physical uh of that value and that value to be associated with something that you paid taxed. If you pay tax, it's okay. This is what anti-money laundering means.

if you have to pay tax and the the person that you have to pay tax to is the government. Okay. Now from the point of view of the rules for new block validation, this is the idea of this is the algorithm that actually runs on each node is a program or software. There is there are two very big families of that these types of algorithms. It's proof of work and proof of stake.

is what type of skin do you have in the game? In the proof of stake, the skin is everyone puts money on the table and then if you are be not behaving okay, we take your money in because you were you didn't do okay. in the proof of work is the idea we all work but we have like a lucky dragon that selects us at some point because we were able to solve a very interesting problem like a mathematical puzzle which means I give you this uh code can you tell me which are the two numbers that actually multiply allowed you to have this it's a mathematical equation which can be only brute force uh sort the faster you you go, the f uh uh the fastest uh maybe you have uh the the chance to get the reward for providing them and there are others like proof of authority like badge reputation and so on so forth. ideally or most of the time this used to be um the implementation and the blends here used to be the let's say uh main interest of people that develop new blockchain project and so on so forth now like with AI you don't develop more so much new models of AI you start using them so people are this is relevant only if you are creating new blockchains otherwise you have to just to understand how uh the existing blockchain project that you want to enter uh actually works. Now in terms of usage parameter there are public uh blockchain.

So everyone can become a node operator and uh it means that if everyone can become an node operator there has to be some strategy of uh how you manage and retain uh and you incentivize people to running a node proof of work which rewards you like being a minor on bitcoin it's here okay I don't need a permission to enter as a node to validate blocks. There are private ones which are permission blockchain. So there is a rule who can join as a node. This rule it's either let we are friends which know each other from the beginning. We make our own peer-to-peer network.

we know each other and we start doing it and whenever we need to accept another one we have something like common vote amongst ourselves to allow the I don't know seventh uh neighbor to come into our uh blockchain and so on so forth there is also here another type it it's like if you have uh businesses where you have referral systems and rewards if I was in the beginning maybe I want to add more and so on so forth. This is this permission blockchain or private blockchain is a lot used in uh corporations where let's say for instance Beniba which is a large banking institution in running in France would like to work or have things with a branch that they have in Romania and another bank that maybe there is in Austria which is no longer Ben Pepar but they operate in different uh financial jurisdictions somehow but they need to link and make based on uh some agreements a way of managing their transaction. So they are running this type of blockchains for instance. Okay. They look more into blockchains more into a way of having a distributed database and also a way of settling automatically in terms of what the smart contract does settling automatic the transactions between the different branches that they have.

And there is hybrid which is usually based on a community and it has also parts that are publics parts that are private and things like this. Now lastly in terms of business versus technology uh in business we discuss about truth and in terms of technology we discuss about consensus. It's very important here. So truth is very relative in blockchain. It means basically that you have consensus over all the nodes participating in the blockchain saying that this was a valid transaction.

That's all. It doesn't mean it's a it's a let's say something which comes from God. It comes from the algorithm that established the consensus of writing a new law. Uh this is this is it. So um now when it comes to blockchain, it's actually a choice of when to use blockchain.

This is not I didn't create this. I took it from someone else. But it kind of is a recipe. So because people kind of abused the idea of having using blockchain because it was a nice way of making money. It's like the same today with AI.

Everyone wants to use AI even though that maybe there is an algorithm directly not needed to be trained. So whenever a project needs to save a state or status information maybe maybe if the answer is yes it you have to put more questions. If you don't have to keep a state or uh status information for sure you don't need blockchain. Okay. Now, if you need to skip this state status information, you have to ask yourself if this status information can be written or can be changed by only one actor, one entity or there are more.

If it's just you who needs to store something and and write it, then you don't need blockchain. If there are more people that have the possibility to change that status, then maybe you should go and ask yourselves a new question. And this question would be do I if we are several that need to change this status this information do we trust each other or not? And if we don't trust each other, is there someone that we all trust and it's okay? And if there is a third party that we all trust and it's okay then you don't need blockchain.

So if we are going to if for us it's okay and this status is the fact that we own an apartment and it's enough for us and we both trust the notary system down the alley to go there and if we are both present in front of the notary then we don't need blockchain. However, if there is no third party online that we trust in order to exchange, it's a question of do we know each other or not. Okay, so if we don't know each other, then we need a permissionless blockchain and uh if we don't know each other and we can use Ethereum, it's a public blockchain. We don't know each other. We need to exchange status with there is no one online that we can all trust.

So we can use Ethereum as a blockchain for our project whatever that project does. Now if we all know each other I forgot to translate here. If uh we need to change the status there is uh no online party that we can trust but the we all know each other then we don't need blockchain because if we all need each if we all know each other and we trust each other we just use a databases. Okay. However, if we don't uh know if we don't trust each other, then we can go for a permission blockchain.

If public verification is needed or not, we just build a blockchain which is permissioned amongst ourselves. We set out the rules there and we trust the fact we put our trust into the fact that we are no long during the game and it's fine. Okay. So this is basically the choice that you have whenever you speak about blockchain and most likely if you follow this you don't end up in using a technology just for the buzzword you're actually using it to solve your problem. Now uh lastly, Ethereum came in 10 11 years ago with this idea of a smart contract which is putting in uh on the let's say on the ledger the bite code there of and running a code and not a balance.

So the on the on the blockchain it's not longer a balance. It's a smart code or a bite code that runs a code. So this smart contest is actually a bite code on a specific address in the blockchain. It's zeros and ones. Now what's important is the fact that the where this is is the fact that is put on the blockchain.

Uh and this bite code is special because it's the address of the address where it is. It's actually says or it's known to be a smart contract and that one can run on a piece of code that is also running on each node and this piece of code is called the Ethereum virtual machine. This is basically what's happening. There are two type two major let's say types of code on node. One node is how you update the proof of stake there and the other part which is the virtual machine which runs the code and basically this is how it looks like whenever you go and look.

So you have the smart contract this is the smart contract for an NFT which is crypto punks the for meeting the crypto punks if whatever and this is the code there. So this is a smart contract. If you want to write the code, it's the the language is solidity which is a pro langu highle programming language. These are just code snippets from the previous mentioned contract. This is not the topic of today to discuss about uh the actual syntax there.

But just to be aware of it, a smart context it's code like this where you define uh some data types either simple or structured like the type of a structure and then you have events for those of you who are already familiar with programming. I mean you should you should be here only if you are familiar bit with programming. And then there are bits of codes which are functions which you run. Now like every type of code because this is public code this is runs automatically you cannot change after you write it. So the idea of a tester debugger debugging it's no longer let's say the way of doing business.

You have to really understand how you have to write the code in order to follow the logic that you want the code to do and not to be exploited by others. Now once you write the code of a smart contract you go public meaning you publish this in an address on the blockchain uh to run. Yeah it takes the smart contract it compiled and it goes to a transaction pool for one of the nodes and which basically generates this code just to understand the process um of it. I think they are more technical in the advanced section of the conference where you actually go into this and then it's there and you have to interact because uh I mean you don't have to you interact with this in distributed application and you call this smart contract either by uh going to that address and calling that function or generating an event. Uh this basically generates a loading the bite code, initializing the execution environment, interpreting it and baking.

Yeah, you have to run the code and this runs into the uh Ethereum virtual machine where the code runs. It has quite a nice uh stack there where you actually run the code. Okay, this is what's happening. What's important here is the fact that everything here happens uh in a system where you have internet connection. So you're not interested in the n number of processors or u RAM or things like this because this is already virtualized into uh the way you structure the code and the limitations that you have in the code and everything.

So the number of operations or things that the code does reflects directly into the gas fee that you are going to pay. So if you have a very simple program which iterates only once or twice your guess probably will be less than whenever you do a let's say uh a search or a bubble search or whatever which does a lot of loops there. So uh in conclusion um if you're into blockchain I think that's important to understand that energy flows where focus goes. So it's like everything else if you put time into it because you are focused on this you will have the energy to somehow become from a beginner an advanced or an expert in in this field or something like this. Thank you.

And if you have questions, I'm here to ask. I do encourage you because you are at Ethereum Cluj uh to discuss with Simona Kalin and all the teams. There is I think a telegram uh there is a telegram group of the community here include and one of the channel there is especially dedicated to uh learning about solidity and a lot of people and the community really helps and shares a lot of good online resources and especially for beginners there is always room for raising a hand and getting a helping hand from uh let's say seasoned developers and so on so forth. Okay. And there are also other talks about this and I think it's very nice and uh compared to other technologies I think Ethereum especially and blockchain in general it's kind of well organized about giving back and helping each other to improve and go forward.

Okay. So don't forget to connect uh contact them get um invite to the telegram and follow the learning channel there which kind of shares a lot of nice stuff. Thank you. People have any questions like you can use the app or you can just say it because

are you blockchain?

Okay,

I have one question.

Yes,

please.

So there's now multiple blockchains. Bitcoin, there's Ethereum, there's optimism and uh and then there's ones and twos. So maybe could you get a bit into the differences between what is one blockchain, what is the two blockchain and why should I choose the one solution over the other? Um I think you can it's a very tricky question. um especially so I don't encourage you to go into blockchain and all the team by yourself or without a team.

So I encourage you to go with a team. I don't encourage you to go as a with a team that has only entrylevel experts because it's something that you gain in order to make this type of decision uh you need a bit of experience. So there is a lot of vocabulary firsthand. So it takes a few weeks or months until you get into the vocabulary and then uh it depends a lot on the blend of the business that you are going into with your project. So I think uh this was it's a good starting point here because it kind of allows you to map your project to the technology itself.

If it's a permission block permissionless blockchain or a permission blockchain and if it's permissionless there are a lot of options here we are at it cluj so it's about ethereium uh there is uh others as well but it depends also on uh are you targeting people what type of uh people are you targeting because ethereum I think has the greatest penetration on the market and it's well known It also has if it's something that is related to security most likely you should go with Ethereum and solidity and smart context because there is enough history in terms of security on how to protect yourself and not go with the project that was a a new blockchain project that was just released last year with a very new um language for writing smart contracts. a new syntax which can be I mean you expose yourself. It depends on if you are doing just an an online game maybe it's a good option to go there because this one most likely will be more expensive. So I cannot answer directly because it requires a lot more context. Sorry.

Yeah. Please do.

So because all of this is about vocabulary.

Yeah.

I think when you go to conference and you talk to like 10 persons and eight of them will eventually talk to you about zero knowledge. So this is everybody's talking about zero knowledge. Now it's also AI but zero knowledge is something that AI everybody has like outside of crypto has experience with AI. But I think zero knowledge is that is only found in real application in blockchain. So I think this term like deserves to be like on this in this presentation.

Yes,

because it's so central.

Um yes, I think yes, you're right. I was afraid to be to go so um let's say deep into the concept. I was I just mentioned it in the beginning about privacy. So I think blockchain actually and tr trust and privacy is something which is uh central to blockchain and then when you speak about privacy you are actually uh going into the direction of zero knowledge proof which implies that you don't have to know everything about myself or me. You have to just to know that part which is important and relevant to the transaction in itself.

And yes, blockchain with zero knowledge proof actually is the only technology available now that can get delivered. This this is why I told you I didn't come into this from I came in from the privacy part not from the crypto thing. So yes uh our writers know here maybe you can we can also have another decision block how much how much do we need to know about a certain writer in order to trust to make a transaction there because maybe I don't I just need to know if he has the money or not to make the transaction in other cases maybe I need to know that he also has the legal age because maybe that that transaction is linked to a product that bears some legal things like being alcohol not to discuss about others. Okay, thank you. Very good question.

Any more questions? So, thank you for being here at I'm also talking about being part of the technical university. So, thank you also for being here at Ethereum uh conference inclusion and uh at our university. Please feel free to enjoy the rest of the conference. Thank you.