chainlink labs fundingBuilding synthetic assets using Truflation - Chainlink Spring 2023 Hackathon

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hey everybody I guess I am we are live and excited to be back for hackathon chain link spring 2023 and yeah this is our third hackathon with chain link and were super excited weve already had 80 plus projects building on top of trueflation and the data that we provide um we are and have started off in providing real world and economic data on chain in the form of an inflation index today we now have a dashboard where you can go to and you will be able to see all of the types of inflation calculations that we have out there um man my mouse is really slow um you can see this here let me share this tab so you can see on our website what we track we have both U.S data and UK data um and we can basically you can see all the breakdowns we have 12 categories for which that data is available today this is all publicly available for everybody to see you see the breakdown on how it works um and the subcategories are coming soon what are the subcategories you basically then get more insights into the depth Associated lets say with the housing inflation how much of that is in owned and rented so if youre renting a property youre actually only seeing over last year youre seeing an increase of about one percent of your rent um and obviously beginning of the year it was much higher but again you just get to see all of this on our site today in the US we have 3.9 remember the national BLS number is five percent so we differ why are we different were different because we actually have multiple sources we are real time and we track 18 million items versus the 60 to 80 000 that the governments track manually with 477 people and thats why were different and we believe we need to be different and be able to hold a different set of independent source of Truth um very much aligned with the motto that with chain link and so were super excited to be a partner with chain link weve not only do we do a dashboard where you can see um what inflation is you have a personal calculator here so you can actually go and calculate your own inflation by putting in your income and then or where your average expenditure is our goal with this calculator for which we launched two weeks ago and have some 4 000 submissions already we are looking to integrate credit card data with this were looking to integrate your xero accounting your QuickBooks your expensify Solutions so that ultimately you can know your household inflation your personal inflation but even that for your small business or your greater business and and thats sort of what were looking to expand around that area but the area that were really also excited about is in this area this is still an MVP but here you can see our Marketplace for Commodities and other sort of climate related data and you can then see how that works but before I go into that um yeah welcome everybody to the hackathon and I just wanted to reiterate for new joiners coming in that were excited to be a partner for this and we are looking and have put together fifteen thousand dollars in prize money for developers to help with some ideas around the data that we have um if you if this is your first time to the hackathon this is the first time you hear of trueflation um I walk through a bit of our site and what we do but let me just give you a quick idea of of where were at and and who trueflation is right we really are believing that the data matters and how do we get this data in real time particularly performance data associated with the economy and with our financial environment how do we provide that in a transparent fashion and how do we make it on chain so it becomes immutable and censorship resistant and also available to all of you to work on this uh why are we doing this um a lot of people asking us why are we in this data space and I dont know if you can read the font but theyre super small in my screen but basically in summary today data is just inefficient theyre built on very old models that havent been and seen any Innovation since 1950 you know the biggest Innovation around making data available and aggregating that has come through um you know Reuters when Reuters first started and theyve scaled now to Thompson Reuters theyve acquired a lot of companies but they were the first sort of idea to really innovate around data and subsequently youve had a lot of boutiques come up a little Boutique firms that have then subscribed to Reuters or tried to pull alternative data sets together shrink wrap them into a nice report have them sent out to the various participants or customers that pay anywhere up to twenty thousand dollars a month or if not more for either a standardized reporting that they get on a monthly basis or even you know hundreds of thousands of dollars for customized unique research element um and this all in the sense of having a bit of a competitive advantage against your peers or against the market more importantly how do I win in this market um and what can I do to win in this market and get a competitive advantage to make a bet ahead of what the market will do and what the market sentiment is the data is historically very intransparent so you dont know how they calculate it unless youre getting on a call with a specific analyst and going through that theyre very centralized so theyre done in cloaky dark rooms where decisions are made and set forth and then ultimately you need at least a two thousand dollar a month uh bill in order to access some of these data sets and in essence the due paying two thousand dollars for just the simple aggregation of that data into a shrink wrapped black screen with a funky keyboard and so ultimately those for all the reasons where we felt we can provide a significant Improvement in the innovating in this field foreign we do this really targeting at three different customer segments the tradify segment the D5 segment and the Traders day Traders we want to have as many independent investors and participants that are looking for data and making their decisions and educating them on how the data are is constructed what are the breakdowns of those data sets and then how do they comprise what is the composition of the overarching umbrella and the underlying data sets that are in there so again if you go back to True CPI uh you will see in here um that we actually have share this tab instead you can actually see here we have the overarching umbrella of inflation how much is that you then have the 12 categories underneath that you can go to the housing sector you see this is 23.2 percent of the overall um uh uh expenditure that is 23.2 a part of the overall inflation whereas food and beverage is 15.3 of the overall so just trying to educate more and more and were getting more and more granular in this as we evolve um and we will be bringing in weather data commodity data and all of that in here um and and thats sort of the the sort of go to market and and sort of why we want to really go after this and we see a huge economic impact to break away from the Trad fire and really help the defy category as well as the day traders who want to engage in this or some of us may call them degens or the distributed and decentralized generation um and so how do we work with them and how do we scale this um yeah and were learning from the Trad find markets what their requirements are how do they interpret it what sort of data sets do they look for to be able to then offer that up through to the D5 segments uh and customer bases that we work with and Traders we have some really interesting customers and some really Innovative Innovative developments that are taking place um around this uh from the last two hackathons right we had Lottery examples associated with triplation we had uh prediction markets come up on-chain prediction markets we had the development of synthetic assets related to housing information um just some examples of the previous uh participants and previous winners um of the last hackathons that weve been involved with why is this important to us and what are we looking for going forward a part of inflation is the cost of raw material associated with the final product cost that you then purchase be it a car be it a a product that you buy in the supermarket or even the coffee that you buy at Starbucks or the food that gets served on the table at a restaurant all of those elements have certain sets of ingredients that feed it up into this so about six weeks six months ago sort of Joseph and and Cameron and the rest of the team have really been working on bringing real world assets information onto the chain what does that mean that means issues like your Commodities that can include soy wheat coffee uh you know anything in that area that is impacted by that when that gets shipped coffee from Brazil to the US I need container I need to know the supply chain but also the crop of coffee is highly dependent on the performance of weather how does the weather impact it what is the wage situation now all of a sudden that coffee comes to the U.S I have real estate costs that I need for the Starbucks Outlets how much how is Real Estate costing how costs impacting the price of coffee at a Starbucks how are the salaries impacting that cost as well so ultimately over time weve started to aggregate a whole set of additional underlying fundamental information that feeds up into the components and then feeds up into the subcategories into the categories and then ultimately into CPI what is today CPI and possibly even what could it look like into the future how can we leverage certain given the historical data that we have some 10 years worth of historical data how can we leverage that to start forecasting into the future what certain price points will look like and how can that then be leveraged by the community um to then better make investment decisions our goal is to enable everybody a 30X Improvement of the data sets that are out there already today and how can you make your decisions better every single day because that Improvement of a decision-making process every single day results in a compounded benefit that has a 360 every day that adds up to being a 365 time Improvement to what you have thats sort of where weve come from where our thinking is and where we want and are working around this hackathon and how were pulling this together but our big thing is now that we have a lot of this fundamental data how do we make these tradable and how do we build great price points around this and so weve got a um a a outline here in terms of what were looking for in this hackathon and theyre sort of really sort of a couple of things where we feel um I dont know if you can see the screen but maybe Ill Ill zoom in a little bit so you can actually read it um yeah so were were just really looking out to help tokenize a lot of these assets uh how do we create synthetic tokens associated with commodity prices youre seeing oil is already being commoditized and tokenized right so the price of oil price of shares weve seen in the past be set up as synthetics on chain how can we build more of those how can we create more of those with the commodity prices that we have we see Commodities trading being a very exclusive far away distant highly uh very complex to approach um opportunity so how can we make that democratize that how can we make that available to as many people as possible and so weve looked at at trying to offer that up what do those look like um one of the things is how do we enable 24 7 pricing today the pricing associated with commodities is open during office hours right trading days right trading hours its not 24 7. in crypto we live in 24 7 land what does that mean how do we make these pricing where the volume today is how do we make that 24 of 7 available what does that pricing look like imagine you close a Friday at 4 pm and Monday at 10 A.M it opens up again over the weekend what does the pricing look like if we want to have 24 7 pricing how do we make that available well you know and how can we create that why is this important its really important number one is because on a Sunday the OPEC for example will announce that theyre reducing the barrel Productions of one by one million barrels a day they reduce their oil production that has a significant impact on the price of oil and the decentralization the decentralized generation wants to enter in on a Sunday and buy oil oil futures or oil synthetics as a token anybody should be able to participate in that opportunity and then on Monday or Tuesday sell at the flip side can also happen and thats why the next category is really important a delta neutral hedging for this commodities so imagine youve actually added collateral into a trading platform that trading platform has now got your collateral and enables you to trade maybe even long and short so you dont only trade spot you also trade futures and as a part of that trading in the future when the market shifts significantly today where the volume is in the Fiat world how do I make sure that I dont get all my customers get liquidated over a weekend whilst the pricing deviates between the Sunday and the Monday opening price at a significant bar or margin and if that Arbitrage is too big a lot of the investors in the synthetic area will lose value either be liquidated or gain a significant value but then the protocol loses significantly or the counterparties lose significantly so how can we build out a delta neutral pricing strategy over weekends so that at some point you are hedged against what youre experiencing uh between a between a a real market and a a synthetic Market until the volume starts to balance out and then you have a sort of more equal length playing field um and so what would that look like how do we build that out and what would the thought process be there are already a lot of thinking that has gone into this you can check out opyn and their squeeze protocol sq-u-e-e-t-h uh using o p y n or look at the stable coin called uxd so uxd also has a delta neutral pegging strategy so there are some Inspirations there on on how to work um with that why are we doing this why are we really excited about this so the risk threshold of a hedge so Im reading how um some of the questions here um from Yumi uh awesome how about other currencies can you clarify what you mean by other currencies uh you mean FX rates um and Joseph do we have FX rates on our uh in our Marketplace as well they have a Marketplace um FX rates in marketplace right now um its one of those things is that uh what we one of the things that that were interested in is to see uh where the demand is uh because it takes a bit of work to act to get data sources and to get good data sources but if it turns out that theres a huge demand for a particular uh piece of data thats not on there then this is part of the reason were doing the hackathon so uh if you actually want to do FX uh uh what weve got a our system is designed so that once youve built uh your smart contract against one asset or against inflation then uh as we add new stuff uh you dont have to change your code so if uh if you look at the list of um Financial indices and uh uh FX stuff and its if its something that we dont have then uh just you can build your smart contracts or protocol and then well see about uh getting it but were really really interested in uh seeing what what the demand is out there and if if there are lots of people out there that want uh FX then uh thats a sign for us to go out and get the data and put it on the chain okay I hope that answers your question Yumi um Evan Piero you asked sort of uh the risk threshold of hedge contract would be provided by trueflation Oracle yeah thats thats sort of uh you know hes referring to FX right yeah okay perfect um yeah so thats thats ultimately what were trying to do right yeah so the Oracle provides and can uh offer the offset to a lot of the risk and that exposure and enables the hedging Im just gonna share some links in here of the um or with with Sophia um just to sort of be able to share and give you some idea of of some of the protocols that are offering this hedging and these delta neutral strategies yet enabling upside so so the the situation with uh with uh defy and hedging and uh to send that derivatives its really exciting because uh no one knows exactly how to do this but the first first dude does it its gonna does it right hes gonna make a ton of money um so so the thing that were working on is uh this is a huge problem there are lots of people that are doing different parts of it the thing that were focused on is providing data so we were providing data weve got an infrastructure for giving your data and then uh we want to like watch you just take the data and make money and and uh how uh the edging strategy works or what strategies work and what what what uh doesnt thats something that uh nobody quite knows and its really exciting because when when people dont know whats going on then theres money to be made to figure it out yeah I know and and yes its so we get exactly like Joseph said right theres a lot of potential in this market and if you look at what the value is of real world assets theres a really great report out there by uh Citibank that have done one on the tokenization of illiquid assets and theres another one thats been done by a Boston Consulting Group um where they claim its 16 trillion uh dollars by 2030. and all of those are going to be assets that get tokenized or illiquid assets that were going to get tokenized and I dont think any of them take into account the eye concept around synthetic Assets in a decentralized finance world and if you look at the potential of defy defy alone today has a rough Market size of around you know 20 20 billion dollars in market cap so the 15 to 20 billion dollars all the D5 protocols in terms of Revenue that theyre running through uh not their market cap sorry their revenue and and floats that they have on their Network that is anticipated to go to about 250 billion by the end you know by 2030. and so thats a significant you know thats thats more than thats like a huge growth number um you know 20x no maybe no not quite 20x maybe 15x uh over the course of the next four to five years and thats the opportunity at hand and you can see in this graph here I dont know if you can see these logos here but there are lots of companies building out in the perpetuals and the Futures Trading capability theyre building out options and derivatives theyre creating synthetic assets and theyre enabling off the back of that different types of Structured Products how and and so theres a whole industry thats burgeoning and beginning to grow in this area right why because its so hard to get access to it if youre a small Albanian business and youre dependent on coffee or sugar or wheat as a product for you you how do you get it how can you hedge yourself against sways in the price or breakouts in in difficulties and delivery around fertilization instrument thats going to drive up the price of Wheat and youre a bakery and you need to reply rely on that or youre struggling with lithium supply for your batteries for all the EV cars in order to maintain your supply contract for the next five years with Tesla for example how do you ensure what that is and and who do you call you call your buddy whos knows somebody whos in New York who then knows somebodys in Chicago who then knows somebody who has the license to trade on an exchange so all of those become really complicated and convoluted and lots expensive processes with multiple middlemen that all want a piece of the action along the way and so how do we democratize this make this more peer-to-peer and provide a unique source of truth that all of these oracles and Services it can rely on and thereby creating a unique pricing feature a hedging option all of these things that weve been talking about are going to be really important to this um this ecosystem ultimately we want to make it robust we want to make it affordable and we want to make that real time right those are things that we are aspiring to do and our teams are working uh to make all of that possible and so those are things that we really see um interesting and you can find a lot of the resources that weve made available uh here in on this um share this tab on this blog post thats posted up here um the blog chain link uh 23 hackathon we have a GitHub repo that you can all uh uh access to be able to identify how to get started its a quick quick start guide you have a YouTube demonstration with tutorials smart contracts um you have a testing environment as well um and yeah so you can then just really launch this on ethereum girly on chain links faucet Etc so a lot of this is already set up for you and really trying to make it easy to get started okay here we go lots of questions whoops uh whats the financial yeah I hope I identified the market cap potential for defy um Im happy to share a couple of links to the reports um one is as I mentioned theres a Citibank report on actually the uh tokenization of real world assets uh theres a Boston Consulting Group but if you go to Google and search those youll find those and then there is um if you do a decentralized uh Finance market report and scope um theres one out there put together by I cant Grand View research I think its called or something um but yeah theyve put out a report in terms of how big that market is um thanks for your work reflection providing thank you thank you Palm CVS sivette uh yeah really cool yeah we like what we do were really passionate about democratizing a lot of this data and making it available to everybody to build on um and yeah we think it needs an independent source of truth and how do we put that source of Truth on chain how do we provide the governance and the engagement models associated with that truth on chain as well so that people can interact with that data and build out funky cool new products how do you build new synthetic BT how do you build new synthetic assets with trueflation um I mean there are a number I mean there are a number of ways to do that maybe a good example would be to look at um a um either you can go to which is a synthetic asset pegged to the cost of living uh where basically theres a collateral Hub you build a vault that allows a smart contract that allows people to stake their tokens in as collateral against the value associated with a synthetic what is that synthetic um and then you take the Oracle feed for the price and you do a proportion of it you do the whole price what is the price of a kilogram of rice a kilogram of rice is lets say 100 so I need 120 worth of collateral in the vault why 120 because that collateral needs to be higher in the event that you should meet the price Falls uh your the price jumps highly quickly and you do not have enough collateral backing your value of the actual synthetic and you I the need to liquidate or you either need to make sure theres enough buffer in the collateral Hub people dont like to get liquidated however there is the opportunity um to generate fees associated with liquidation so a lot of the protocols actually generate fees associated with the collateral um yeah I dont know Joseph do you want to add anything to that or yeah so one of the nice things about ethereum and one of the things that is that uh uh theres a lot of code that thats out there so a lot depends on uh what level youre at and the other thing about uh the nice thing about hackathons is that uh you meet other people so uh what Id recommend is uh try to figure out what youre comfortable with start on Discord meet other people and start talking about ideas so one of the things that you want to start doing uh and I find this is useful as start with uh a need right so so you start with uh I want to uh Im a coffee Im a coffee farmer I actually want to uh Im a cop oh I wont run a coffee shop I want to hedge the the price of coffee uh so that that I dont get I dont get uh hit if the price of coffee goes up so uh where you start is youd start with a uh a need or something that you think would be useful and then you find somebody whos uh better at coding and then you start creating teams and then and then uh you build that up so one place Id start looking is just uh go on uh the various uh protocols where people have actually uh created synthetic acids using the ethereum blockchain and uh if if you feel comfortable with the smart contract you can adapt it to to fit the true flation if thats uh if thats too much stuff then uh you can start with a simple uh hello world contract and just uh put in uh bits and pieces for where where you need uh assistance in adding features and functionality uh so so the the the the the mindset in doing the hackathon is um the main thing that that were interested in is just new ideas and new use cases um so you should focus on that and then uh one of the other nice things about hackathon is that uh uh theres some people that love coding theres some people that hate coding theres some people that uh want to learn War coding and you get to meet interesting people and you find people that that uh that uh uh know stuff that you want to learn and you find that you know stuff that they want to learn and so thats the main thing about hackathons is just just to create communities um and and so uh uh I I approach it from that point of view just uh uh start with an idea and then see see uh who who in the community is interested in that at the end just just roll with it yeah and then Palm civet youre asking you know um uh whats the best way for me to use trueflation inflation data in a smart contract should I be calling on translation contract for my own contract or should I be using the chain link functions to connect to your API or something entirely different okay uh if you start with quick start uh quick start uh is a sample smart contract that calls trueflation data and uh one of the things that weve done is behind the scenes its calling uh trueflation code uh so so we weve put all the true flashing code in the uh in the quick start so if you just copy that youll be uh youll be uh calling trueflation through chain link yeah and the quick start is what youre seeing here on the screen in the GitHub repo right so heres a link and then also on the in uh on the blog post youll see a lot of references um to where you can go heres a quick start GitHub repo you can do tester so you have got all the link necessary links that you need so so the the powerful thing about the trueflation uh data system is that once youve got a contract that connects with trueflation data then you can start using your imagination saying okay uh uh I I want to do something with other economic data I want to do something with a price of coffee or or uh price of uh uh oil and we have uh provided on the quick start uh some existing data but if it turns out that its something that youre interested in and we dont provide the data then the nice thing about our uh interface is that you can just put in uh a uh a wish list you can put in uh uh get get the price of uh I dont know Martian rocks from trueflation um and then you you can you can work on creating a synthetic contract uh on Martian rocks wow and then contacted us and well well get you the data so so just use your imagination if its something that uh that we dont have well get for you great and um Frost coriolis youre asking about to use Dynamic nfts for synthetic acids yeah for sure that would be an amazing feature right and I think thats um and a visualization of your synthetic asset whats the balance whats the status of that every single time and if you can do that in a cool design it automatically becomes a tradable asset on a Open Sea blur or any of those platforms right and that would be amazing um to see that the amazing thing about uh the amazing thing about like defy and uh chain link and all this stuff is that theres so much stuff to do uh so just use your imagination and and the the the theres so many people that that will be needed in order to create were literally creating a new world and I cant do it by myself Stefan cant do it by this stuff none of us can do it by our ourselves but uh just imagine the new world and well all dig together to get to reach it so so its its absolutely amazing the amount of stuff that the possibilities the software uh and the new new technology provides and uh one thing I like I love about these hackathons is that uh uh people come up with ideas that I mean uh the last time I think uh we had uh a hackathon it was really really difficult for us to to pick winners because we had so many amazing great ideas and uh that that thats the hard part about these hackathons is that you see you see so many ideas that that are just that need to be uh put pushed forward uh but its also great to just see people just run with it stuff and so uh so uh well do everything we can to help you uh uh to get to the new world yeah no I think thats thats what were trying to do we need to grow a community we need to work together to scale this um and and hence why were open sourcing it and were working with with all of you to help us uh scale this um really nice to meet um meet you Evan pyro you know youve already done hedge contracts everybody reach out to him Ive also added the link to our trueflation git uh Discord channel so a lot of conversations and chats will happen in there so please not only connect with uh Evan piero0700 or zero seven hundred um yeah but also sign up to the trueflation Discord channel for more interactions but yeah if anybody want to work on this reach out to Evan so hes already got experience in this so would love to do that um here Isaiah Fielder what do you think about using cross-chain bridges for sure um wed love that right our concept and weve been talking to chain link about working with ccip where on the event you can provide collateral on one chain and borrow against that or purchase a synthetic on another chain um if if that would be something you want to work with have you and I think ccip already have that is already running on testnet and is uh proves so combined in combination with like a proof of Reserve you can then manage the collateral and the amount of tokens you have in the float and try to minimize there by the Arbitrage um row time is there some data about Cas vehicles um of cars cars Vehicles yes um we have Automotive uh data and I think the subcategories here in transportation uh the subcategories are coming soon I think the subcategories are already available so we can actually do something in the automotive category well weve got weve got categories now weve got some subcategories um so I I think we can do something against Transportation costs and we we also have uh oil prices so we can do things against uh fuel costs but I know we have a lot of Automotive data so if you really want uh car data Automotive data happy to share more with you Rotom uh please reach out in the Discord uh we have CarGurus data we work with Kelly Blue Book we work with a number of Cox with a number at Mannheim with a number of different providers that actually have a lot of Automotive information new cars and second-hand cars in the US and I dont know who we work with in the UK as well yeah uh cdps collateralized default um peas whats a p whats a p e whats the p stand for again okay yeah I mean definitely those are definitely derivative products um that are already being created on the in defy uh on on the web um uh so on block three web three so yeah um what could they look like I dont know but um be creative um think what they would look like and Im sure we can find a market for that okay um Evan pyro basically very similar to a maker Vault with an arbitrary collateral type correct exactly I mean its its very similar to maker and you can you can create whatever collateral youd like in the maker bolt um however you can get that into that Vault that could be having a physical custodian acting as the representation that could be plugging in with um you know specific like a custodian like a copper um and copper would have accounts with their customers they could then plug that in and that could be a collateral or you can create a synthetic Vault uh Fork the maker bolt and then build off the back of that the other the other thing thats and again Im throwing this up these ideas out is that uh you could try playing with nfts uh because what happens in a lot of uh for example gold uh gold uh bullion is tied to specific gold bars and so uh there are Commodities markets where um an nft model would be would work where youd be trading art is an example where an nft model uh people have been doing uh nft models against Art so that thats another possibility of connecting that to uh pricing data thank you yeah great I think yeah thats thats more or less uh everything from our side um and the material that we have um yeah um is there anything we we need to add our Discord channels our chats um the chains we have available um you know in essence what were trying to do is really build out a you know sort of a a faster solution a democratized solution that senses available and thanks to chain link were available on multiple different chains already today we track now some 50 to 60 different data sources that we aggregate information from and we want to make this much faster available we do it already faster than uh government institutions because they only provide this sort of data on a monthly basis and then you need to put that on chain how do we make this more real time so that you can make better decisions all the time uh yeah chain link functions um yeah go ahead Joseph uh what weve been trying to get it let me put that way uh were actually uh weve actually been talking to people about getting uh car not just carbon Credit Data but uh uh carbon usage data so so this is one of those things where uh at least for the purpose of the hackathon um just use the the chain link interface and in uh put a uh insert carbon uh carbon Credit Data there so if you can write your smart contract and then specify exactly what data that you need uh you can use that to call our interface to get uh just test data for now but uh what you should focus on there is just just decide exactly what data you need and then and then well well see about getting it so we already have a couple of providers for climate data so both the climate and hyphen who are also part of the chain link ecosystem we work with them on activating their data but weve also got other sort of credible sources that weve just Acquired and and partnered with around making their data available through the trueflation marketplace what were trying to do there is is get you know companies that like regen Network like Nori like all infra that have a lot of reputation around carbon data carbon marketplaces carbon trading toucan aggregating their carbon uh information thats already available and then making that um available to to you so the powerful thing about the uh the true flation data interface is um the the reason why its so powerful is that if you if you write your smart contracts to grab inflation data then as new data becomes available you dont have to recode it in order to get the new data you just change one line uh you have true inflation data you change one line you get oil stuff once you get it working on oil uh you just change one line and you get get uh any data that we can provide so that that thats the the uh the beauty of our system is you write once and once youve written it then uh anytime theres new data you just change like two lines and you get the new data yeah um here whats an example of product that is used in the current Finance that takes into account inflation rate um and what some of the current products that have been made to help us form the idea for the future well the biggest products that are out there that are using inflation data are tips treasury inflation protected securities those are bonds issued by the government that protects you against inflation so they offset inflation against the nominal value that you so if you sign up for a 10-year bond I want to tips the related bond that give make sure that not only am I earning the interest on the 10 years I am retaining and they are protecting me against the nominal value depreciation against inflation so Im also inflation hedged um and so those are those are the biggest inflation-protected products out there the only other products are really derivatives right derivatives are an inflation protection youre betting against the change in price in the future and the biggest industry around that is oil and the biggest customers for that segment are Airlines Airlines hedge their oil in a hedge themselves against oil inflation um uh a lot because their basic their biggest cost basis is oil but you need to be a big Airline you need to have the right middleman that can connect you to the right Trader that has access to uh these marketplaces where they can buy Futures they know I will need you know excluding covid and events like that or Black Swan events like that you can then sort of forecast into the future I need oil for the next three years this is the amount of oil Im going to need this is my forecasted travel schedule and these as a result across these distances that I fly these are the amount of oil that Im going to need I want to hedge myself against price swings so Im going to put 30 of that into Futures at todays unlock the pricing in today so that I can buy it at that price tomorrow and there are companies out there building doing that same thing in crypto land this landex theyre taking wheat soy rice uh prices and theyre building synthetic tokens of that for one year you lock it up and in one years time you buy a kilo of rice that you purchase today you will get that one kilo of rice delivered to you and so things like that are happening so one of the reasons why uh what were doing is is unique is that if you go in the Trad fire World there really arent uh um inflation protected I mean there arent really any inflation derivatives and if you go to any bank and say okay uh we want an inflation derivative the reason why there are no inflation derivatives is that before us there was no daily index of inflation and without a daily index of inflation if if youre just getting new inflation data each month then you cant create a a Futures uh Futures index off of inflation and so so uh this is uh this is the the the the one key thing that we weve provided is we now have a daily index inflation and uh at this point its a matter of creating a a synthetic acid around that that index I actually want to add something to this question as well um talking about thinking of products that to help you form the future um just when I when I think about whats happening like and I just think about when D5 came on the scene it was amazing right it was it was pretty amazing what we could do going from just BTC and now we could do all these things uh but just remember that was all mostly with just uh cryptocurrencies ethereum uh you know dog coins whatever um and these ideas of liquidity pools and everything is cdps is very cool but if you imagine that and then take take the whole Finance Market thats happening and thats thats been going on forever and think about all these things and if youre starting to move these into D5 so just just kind of think about what you could do with um moving taking the benefits of defy and blending them with what people are already used to with um you know existing like commodity data for example right I feel like theres theres a the next the next wave could be a lot bigger than the last one is is what Im thinking Im not sure if that helps but well the the way I think about it is that the current Financial systems like VC uh VCR tapes and uh D5 streaming so Im Im actually thinking that uh well its its actually I think its going to happen a lot faster than people think that over time right because the the technology for D5 is just so much better that uh that 10 years from now uh if you go I mean the the traditional Finance people will be like VCR a VCR Rental Source I mean theres still a few around but everyones got everyones gone to like Netflix and streaming and so thats the future of finances is D5 and sisters around D5 absolutely I mean I mean one way of thinking about it is that uh anybody whos ever tried to wire money between point a and point B I mean okay wire money from San Francisco to Hong Kong I mean it takes how long to do that and I I can send like I mean I can send a message in in like uh half a millisecond and that that tells you just how how broken The Current financial system is and everything is built on top of all this old technology and uh its reached the point where people are asking if if I can send an email across uh the world why does it take me uh three days to to to to to wire money and why does it take me like uh a week to open an account I mean its just silly and and you multiply this by all those inefficiencies and you realize just just how uh how this is the future yeah and I think I think as we mentioned right I mean how big is this defy Market I think were just at the beginning of it um not to mention the market cap of all the companies in the defy the actual opportunities associated with the trading volume and the revenues obtained by a lot of these defy protocols uh yeah I mean its its in the 20 billion range today you know thats likely to go to 200 billion in the next three four years if not more yeah and then you look at the the size the Trad five Market thats I mean uh in in uh sometimes within my lifetime crowdfi will be D5 will become tracked will become tried its happening as we speak exactly I think thats the opportunity and and if you look at it you know the whole crypto Market industry based on market cap is today at one trillion dollars or 1.3 maybe depending on the day um and you look at gold alone just gold market and the gold industry is at 10 trillion dollars so were 10x you know weve got a 10x opportunity in front of us and that would just be Bitcoin because Bitcoin is the digital gold then that would be the gold market so Bitcoin alone has the potential to go to 10 trillion now you then look into all the derivatives Market which in sergeys presentation you know they call it its quadrillion you look at the stock markets the commodity markets those are all in the magnitude of trillion hundreds of trillions of dollars real estate alone is I think 300 trillion dollars and the derivatives Market is in quadrillions so you look at that all of those get tokenized and financial uh democr the financing of a lot of these products get democratize that results in a significant Improvement and growth opportunity for D5 yeah in that case um yeah look um happy hacking to everybody thank you for your time uh really you know please join the Discord channel uh well support it over there uh hopefully its a uh self-explanatory um quick start guide in the blog post and look forward to interacting with you and engaging down this path and yeah thanks for your time if there are no more questions see you everybody later guys all right Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. 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