by Hyperledger Fabric Developer. Thank you again to him for volunteering to present today on the components of smart contracts within Hyperledger Fabric. Invite you to ask any questions here in the chat on the Zoom or if you're tuning in from the YouTube link, feel free to drop any questions in the chat and I will get them answered by Naveel whenever there's a break in the presentation. But Naveel, the floor is yours. Thanks again for presenting and again, feel free to reach out with any questions everyone. Thank you, Chris. Thank you for the introduction. So, hello everyone. My name is Naveel Rodriguez. I'm certified Hyperledger Fabric Developer from Linux Foundation and I've experienced in developing full stack applications as well as decentralized applications using Hyperledger Fabric and Ethereum. At present, I'm working at McKinley and Rice as a blockchain developer. My roles and responsibilities includes designing, developing and deploying solutions by gathering functional requirements from the client. So, this will be the agenda for our today's summit. We will be briefly discussing the overview of Hyperledger Fabric. Then we will be comparing it with the Ethereum which is public blockchain. We will be deep diving into the fabric smart contracts, the glass structure, and as well as the stub interface after which we will see different APIs that have been used for interacting with the ledger data. And after a while, we will go with the sample fabric contract that I have created for our today's meetup. So, we will be going through it and have discussions. So, moving on, Hyperledger Fabric. Okay, so in 2015, Linux Foundation founded the Hyperledger project as open source collaborative effort created to advance cross industry blockchain technologies. So, Hyperledger Fabric was first project that was contributed to Hyperledger umbrella and currently it is governed by a diverse set of maintenance from multiple organizations. So, what makes Hyperledger Fabric different is that it is private and permission, meaning that only authorized entities are allowed to access the network. Unlike permissions less blockchain, wherein anyone can participate and contribute to the network. So, the transactions must be written in the ledger in order in which they are cut and bad transaction should be rejected. So, this process is called consensus. So, in Hyperledger Fabric, we follow a three-way process. The first one is being endorsing. So, whenever transaction is being sent over the network, it is endorsed by the endorsing peers. After which, once they are endorsed, those, the endorsed transaction is again sent to the order node, wherein those are ordered as they come and after which, again, those transactions are validated. So, as we know, Hyperledger Fabric is permission. Identities are first enrolled through certificate authority. So, when we enroll using certificate authority, we get two keys, which are namely public and private key. So, private key is basically the one which is kept to be hidden and the public key is spread throughout the network or it is shared among the parties in the network. So, using private key and actor in the network, digitally science-based transactions and sends over the network. The MSP, on the other hand, is easily able to validate if the transaction is coming from the valid actor or node. So, this is the process usually goes through. So, the next is smart contracts in Hyperledger Fabric supports general purpose programming languages. So, for example, Java, Node.js, Go, these are general purpose programming language, which is used to design for building software that can be used among different application domains, rather than domain-specific language. For example, HTML, SQL. So, these are domain restricted languages. So, coming towards channels. So, these are sub-networks in the blockchain network. For example, some transaction parties in the network might be competitors and want their transactions to be hidden from the rest of the network. So, in such cases to maintain the privacy between the actors participating in the network can use a channel into the network. So, basically it is a network in the network. So, coming to a differentiation factor. So, the most common difference being is Ethereum is permissionless. So, as it is public and anyone can participate, any unknown identity can participate and contribute to the network to keep it up and running. So, they do these because they earn native coins after mining block on that network. Whereas, there is no such concept in permission blockchain. So, the identities that participate in the network are authorized, are already authorized by membership service provider and they are the only ones which are allowed to the network. So, next comes is the governance. So, in Ethereum, Ethereum developers are responsible for managing and implementing changes to the protocol. For example, as you might have heard, it is migrating to the proof of stake. So, it was decided by the Ethereum developers and now it is in the migration phase. So, but whereas in hyperlager fabric, it is governed by Linux foundation. So, coming to the decentralization part. Ethereum is completely decentralized as anyone can participate in the network. Whereas, in hyperlager fabric, a consortium or a group which forms a network is the one who controls the network. So, coming to the consensus mechanism. Currently, Ethereum uses proof of work. So, proof of work is basically when a miner into the network has to contribute, has to solve a puzzle in order to record the transactions onto the network. So, the miners basically compete with each other in order to record the transactions. And once the transaction is recorded, the other miners can easily validate that particular transaction. In hyperlager fabric, as it is a permission network, we can use a pluggable consensus mechanism like a Byzantine for tolerance, practical Byzantine for tolerance to in order to increase the transactions rate. So, coming to the throughput, as discussed, since proof of work requires a lot of computation power, the throughput achieved in this type of consensus algorithm is very less. So, it is around 30 transactions per TPS. And in hyperlager fabric, we can stretch these transactions per second to up to 20,000. So, in Ethereum smart contract language, which is commonly and mainly used in SolidD, whereas hyperlager fabric provides options like Node.js, Golang and Java. So, coming to the main part, fabrics contract overview. So, basically, before businesses can transact with each other, they must define a common set of contracts covering common terms, data rules, concept definition and processes. A smart contract defines the rules between different organization in executable board. They are used to implement the governance rules for the business object. So that they can be automatically enforced when the smart contract is executed. For example, smart contract might ensure that a car delivery is made in specified timeframe or funds which are to be released are arranged or are released in a specified terms, in a specific interval time. When smart contract is approved and verified by the transaction parties in the network, it is packaged and deployed onto the network. So, we can see this container, packaged container into the network and this packaged container is often referred as chain group. So, coming to the contract class, so this is how the contract class is in the fabric contract API. So, the first is constructor. So, the constructor in the contract class accepts the name as an optional input parameter. So, this is basically used to name your smart contract. The name is not provided, then the class name is used. Then we have isContractMethod. So, this function is used to identify if the object passed as an input is of type contract. If it is true, it returns successful check. So, then comes the before transaction. So, as you can see, there is a CTX parameter. So, this is basically a context object. So, whenever there is a transaction function, we need to pass this context object. It is the first argument, which contains the implement of chain code stub interface. We will be looking into this interface into the next page. So, this chain code stub interface has encapsulates API to interact with the world state, private collections, and the other transaction purposes. This CTX, which is context objects, also provides client identity of type client identity, which provides the details about the transaction creator like identity of the client and MSPAD. So, this before transaction is a function, which is invoked before any transaction functions in the smart contract and invoked. We can override this default function and can implement our own logic. Then comes the after transaction. The function is invoked when a particular transaction function is invoked. So, this comes at the later part. So, again, we can override this default method and use our own logic. Then is admin transaction. So, this is basically a function which is invoked when a requested transaction by transaction created does not match any of the function present in the smart contract. So, again, we can override this default method and use our own logic. Then comes the create context method. This function is used to create own custom transaction object, which can be accessed by additional processing, sorry, when transaction functions are invoked. Then comes the get name. This is a simple get function, which is used to return the contract. So, this is how contract is structured in chain code. So, we will be diving deep into it when we will be referring to sample smart contract. First up, this is the leap where a chain code resides. Then there is a test folder where we specify, where we write test cases in order to test a smart contract. We have index.js file, wherein this is basically an entry point which exposes the smart contract which is present in the leap directory. And then we have package.js, where we specify the dependencies. So, coming towards the chain code stub interface. So, it has two important methods, namely, init and invoke. So, these two methods are called in response to receive transaction. init method that will service initialization function during instantiation or during chain code upgrade process. If we specify this flag fabric ensures that init is invoked before any other transaction function. It allows the user to initialize the chain code and the ability to add initial data to the legend. So, then comes the invoke method. This is called by the clients to submit transaction proposal that allows to use the chain code to read and write data on the channel. So, coming to the distributed ledger data representation. So, in here, we represent data in two states. So, first is world state and then is blockchain. So, the world state in hyperledger fabric can be denoted with two database. One is level DB and the other is couch DB. So, level DB is the database that comes with default with hyperledger fabric. It is actually very fast and then comes the couch DB. So, it comes into play when you want to perform rich queries like, for example, greater than less than, et cetera. So, the world state basically holds current and latest values. It is used to fetch or the smart contract fetches data from the world state because it is rather quickly than traversing the blockchain and fetching the files from there. So, states recorded in the ledger are represented as key value pairs. So, in blockchain, the any record, so the world state, any modifications that are being made to the world state are stored as a transaction slot, as a blockchain. So, the transaction forms are collected inside the block and appended to the blockchain. The blockchain data structure is immutable and cannot be, and once altered, can never be modified. So, these are some of the common APIs which chain code, stub, interface provides. The first being port state. So, input state, we specify key and value. So, this is basically an insertion operation into the blockchain. So, this is when we specify, we give the key value pass that we want to update to the database. Then is the get state. It accepts key as an input parameter which is used to fetch the corresponding value to the key. Then there is a delete state function. So, this method is used to delete a data from the world state. So, whenever we use this delete state, the world state is updated, but the data is not deleted from the blockchain. So, yeah. So, logging in chain code. So, as discussed previously, so we need to package the chain code and then we need to deploy the chain code on the running container. So, once it is deployed, we get that particular chain code as a container, docker container. So, by running this command, docker logs and specifying the container ID, we will be able to see the logs that are being generated when that particular chain code is involved. So, this basically helps developer ease the development process for identifying the issues and resolving them. So, let's move on to the sample chain code that I have prepared. So, this is a live directory where sample contact is written. So, I will quickly start sharing my... As you can see, I've grown this to my visual editor. So, here is a simple contract, which extends the contract class from the Fabric Contact API. And we have defined three functions. Put function, which is used to update the laser. Then there is a get function, which is used to get the value for a corresponding key. And then there is a delete function, which is used to remove that particular key from the stack. So, as you can see, after defining these three functions, put get delete, we export this class. This class is later being imported into this index.js file. And you can see we have exported this simple contract as the simple contract file. And this model.export.contracts, we are basically specifying this simple contract as an array, array parameter, okay? Then we have this package.json file. So, this is the start command, which is ran by PS into the network in order to run the smart contract. And this is a test script, which we will be looking into it in few minutes. So, this is basically, yeah. So, then we have engines. So, node version should be greater than 12 and then the module should be greater than five. Then we have dependencies. So, this is Fabric Contact ABA, which I've discussed earlier, which contains the contract class. And then there is a Fabric Sheen ABA, which also is a dependency, which is needed when creating a contract. Then these are dependencies. So, we don't have to include them during a production build. So, these are basically used dependency when we want to test a chain code. We want to make sure that a chain code is properly tested and it is error free. So, coming to the test cases. So, this is initialization stuff. And we have written test cases for three functions. So, first being the boot function. So, in here we are taking the simple contract context, simple contract object. Then we are performing a boot operation by passing the transaction context. And then we pass the asset key and asset value. So, asset.key and asset.value is 100 and black. So, we are passing basically a 100 as a key and value is black. So, after this, we perform a get state operation in order to get value for the past corresponding key. And this should assert that the past value and the written value is true. Okay. Then we have a get function. In here, we first run the negative test case. As discussed earlier, it will first create one contract object. Then we will insert, we will perform insert operation by passing the transaction context, by passing the asset key and asset value. After which, we will try to get that particular asset using the wrong key, which is 101. As we have stored the asset with key 100 and value is black. So, these data won't be fetched and that's why we will be getting an error. So, this will be the error we will be getting, asset.zero does not exist. And then we will check for the positive test cases. So, in here, we declare as discussed, it will create one simple contract object, which is a contract object. Then we will perform the update operation and we will check if the written value is equal to the black, which is our value and it should pass. Similarly, this is a delete function. First we check for the delete operation with the... First we delete the wrong value and then we will check as a positive case. Like if the deleted value is not found in the world state. So, we will run these test cases. So, there is a script in package.json. So, after running npm test, it will run this script. And as you can see, all the test cases have been passed. So, we can be assured that the functions that we have wrote are working as expected. This was very basic example. And Nabil, we do have a quick question here. So, how can npm security package updates and fabric dependencies be managed? So, this actually has to be checked regularly, like what are the dependencies that are being currently used. And as you might be knowing that if there is any new version that is being released, they mention like what is the issue and what issues are being resolved. So, yeah. So, keeping regular check on the packages that has been added as dependencies and checking regularly what are the vulnerabilities that can be affected and mitigating those. Great, thank you. And then, what kind of digital certificate is used in Hyperledger? So, it is x509 format. So, this is the type of digital certificate that is being used, x.509 standard. Can you also explain examples of world state with examples and how the DAW state is useful? Sorry, may... Sure. Can you also explain examples of the world state and then how the DAW state is useful? Sure, sure. So, the world state basically, why are we using this? We want operations to be very quick, right? So, that's why any transactions that are being done are first represented on the world state, right? So, but if, in case of failure, the world state is deleted, we are using the blockchain that we have that is a laser that is distributed across the parties. We can reform the world state using that blockchain log file. So, yeah. Does that answer the question? I think so. Then, Jerry, feel free to reply there. A follow-up on what if the fabric does not support the new NPM package in regards to the original question around the package updates? I didn't quite understand the question. What happens if fabric does not support the new NPM package? Then, we need to use the NPM package that is supported like the LDS version. And as fabric is continuously evolving, like the latest version being 2.4, it is better to stick to the LDS that is being offered in order to be away from any vulnerabilities that are being introduced in the previous versions. Great, thank you. So, coming to the certifications that are provided by Linux Foundation. So, this depends on what aspects you want to be like, if you want to gradually master, if you want to be on the administrative side or if you want to develop a set. So, these are the two variations that are being provided. So, Fabric Administrative, Certified Appliance of Fabric Administrative is more focused on the DevOps perspective, like deploying the network and forming the consortium and all the network-related properties. And then there is CHFB, which is Certified Appliance of Fabric Developer. This is more focused on the developer perspective, like developing error-free chain codes and knowing the fundamentals. And also it includes how client interaction is being done using NPM packages that are being provided by the Fabric Appliance of Fabric. So, these are the two certifications and based on your likings, you can choose any of them or both of them if you want to master the blockchain Appliance of Fabric. So, regarding training and consulting, if you have any service-related queries, you can DM me or Matthew Zandt on LinkedIn. He is a leading author of Hands-On Smart Contracts Development in High-Pledge of Fabric. And it is acknowledged by a brand-name professor. So, yeah, that was it. So, this was the resources that went through in creating this meta. And yeah, thank you, everyone. And if there are any questions, I'm happy to answer them. Awesome. Thanks, Naveel. We have another one saying, you know, in Ethereum we have ERC standards. Is there something similar that we have for smart contracts within Hyperledger? We do have ERC support. So, you can refer to Fabric samples and that is very good example for ERC-20 representation in High-Pledge of Fabric. Yeah. But it will be like private, like it should be between the organization. So, it will be restricted to the consortium that has been formed and will not be public. Got it. This is probably more for like the overarching Hyperledger group, but is an admin certification still good to obtain if you're not necessarily a developer? I beg your pardon. So, within Hyperledger you have the certified Hyperledger of Fabric administrator and then the certified Hyperledger of Fabric developer that you were going into. So, if you're not a developer, is it still good to acquire an admin certification? Yes, it is based on their liking. So, developer perspective will be more of like programming and having a background in programming, but administrative will also have some aspects of programming, but it will be mostly related in maintaining the network, making sure that the network is up and running and seeing if all the containers and entities involved in the network are properly run. Yes, that's what based on making sure that the network is up and running. Great. So, Hyperledger Fabric certification is provided by the Linux Foundation and the Blockchain Council. Is one better than the other or they both equal? So, I would... This will be my personal opinion, but I would prefer going with the Linux Foundation work as those are really like challenging and it really tests you, like if you are really qualifiable for that and if you are ready with it. So, it will... You need to prepare it. You need to read the docs. Hyperledger docs, you need to perform all the fabric samples that are present in the GitHub representation for Hyperledger and you need to practice a lot in order to pass this examination. So, my preference will be going with the Linux Foundation ones. Got it. Can the sample chain code be run using mini-fabric rather than the full Hyperledger Fabric Docker setup? Yes, I think mini-fabric is a way to quickly make the network up without going into much more network data. Personally, though, I haven't had an opportunity to try mini-fabric. Any examples of before-transfer and after-transfer use cases of chain code? Okay. So, for example, as discussed, the digital certificate. So, what we can do at the client side is we can have some attributes. For example, attributes like client type equal to user and then there can be attributes like type equal to admin. Okay. So, using before-transaction, we can check this attribute. So, I had told whenever a transaction function is invoked on the smart contract level, it has the context object. Okay. From the context object, we get this client identity parameter using which we can face the attributes that are present in the certificate that is generated for the transaction data. And we can write a logic over there that who needs, who can be, who can access and who cannot. So, this can be one example. And after-transaction can be like, for example, like giving a console message like you have successfully completed executing this transaction function with the following parameters and we can maybe console those parameters that have been obtained after performing the transaction function. Great. Any tips or advice as you prepared for the High Browser Fabric for Developers training course and certification? Okay. There is one very good high pleasure fabric like contributor. You can search it. Okay, I will insist. Type it here. So, his name is Roland Bohl. You can watch his sessions and his GitHub repository. That is one thing. The other being high pleasure fabric docs. You can go through them. You can try to understand them. Then you can go through fabric samples. That is a very good source. And also, if you need specialized training, you can approach Matthew's end. He has very good resources and has very good industrial experience. Got it. As we were comparing Ethereum with High Browser Fabric, one is public, the other is private. So how can we determine the number of transactions per second regarding the number of nodes in a public and private blockchain not being the same? So, I think the overarching question is how do we deem it possible to compare a public blockchain with a private one? Okay. So, the transactions that are being executed, it all depends on the consensus mechanism that is being used. So, in Ethereum, currently it is proof of work. So, in proof of work, it is very like you can say energy consuming and very like compute intensive process. Okay. So, it takes time. Miners has to solve that puzzle and only the one who is able to solve the puzzle is able to record the transaction. So, at a particular instance of time, it can only have the limit. Like it cannot compute more than that. Similar thing happens with the Bitcoin as well. But in hyperlager fabric, as there is not such mechanism like miners are not competing with each other. So, it is governed with a set of organization itself. So, we can remove this like concept of solving the puzzle and that's when there are variations like practical Byzantine port dollars, crash port dollars which are the types that are used to execute the transactions very fast. For example, it can be stretched to 20,000 transactions per second. So, this is why a different mechanism consistence mechanism is used based on the network that is all. Awesome. Thank you. Any other questions right now? All right. Great. Thanks again for this great presentation and thanks again to everyone who attended and asked such thoughtful questions. Hello. I have one question. Go ahead. Yeah, it's regarding the hyperlager fabric developer certification. So, suppose if I'm going to give that examination, so does they are going to provide the network setup or did I have to do the network setup and write the whole chain code or they are going to provide the complete environment. I just have to write the chain code. So, that is my question. Yeah, so I will answer this question. So, you don't have to set up any network you don't have to make that network up. So, you will be giving given a programming set of questions and you have to solve them. Like, for example adding a function into the chain adding a function into the existing chain code or modifying the chain code function it is. Yeah, yes. So, basically, we just have to do the changes related to chain code, right? The network is already up. So, for detail you can go through the syllabus of that. So, it's not only about making changes to the chain code but it also includes things like executing the application chain code life cycle upgrading the chain code. Yeah, so, you can go through the syllabus you will get to know more. Yeah, but while giving the examination did we have to do the we just have to write the chain code, right? We should not be worried about the network stuff, right? Yeah, thank you. Okay, seems like we're all good here but again thanks to everyone who attended Apologies for the issues with the link to the zoom not getting posted properly in the meetup group but hopefully we were able to resolve that. Any questions, feel free to reach out to Nabil and again greatly appreciate everyone's participation and especially Nabil for presenting such an insightful meetup to that. Thank you. Thank you for attending it. Thanks everyone.


I feel like we're really together, and I feel like we're really catching up, so it's great. Yo, what's going on everybody? Welcome to a very special McDonald's episode of Fung Grows Food. We are here out in the 6-2-6 with the very illustrious Linda Dee. Hey guys. Today, we are at McDonald's because they have just launched their trick-treat win game. That means you have a one in four chance of peeling yourself a winner. Whoa guys, one out of four chances, there's like no luck needed.  And big shout out to McDonald's for partnering with us on this video. Let's go! Oh, all right, all right. Yo, these fries are looking good. Oh, the floppy ones. Everybody knows the floppy ones. Okay, I got the quarter-pounder with cheese. That's looking fire. Very hefty. We got the filet-o-fish. I love filet-o-fish. Here guys, I have of course the classic chicken McNuggets, and then we got the six chicken tenders. All right. I was literally like, what? Well, which sauce do you want? Bicy buck. The name is how it is. Chicken tender. It is the tender chicken, and I like it. Yo, what if we try it with them? I'm gonna try it with the hot mustard. Oh, we're gonna try a hot sauce now. Mmm, oh my god. I'm more of a sweet and sour guy, but hot mustard, that's a close second. I'm not gonna lie, I did not really fully appreciate the fish filet until I got older. I'm really digging the Halloween designs, because it's close to Halloween. It says trick, treat, win. You can play from October 5th to the 31st. You have two chances to win on the large fry, which I think is pretty dope. The drink, it's got one, quarter pound of cheese. I got one, I got four total. Guys, even the McCafe, you can get a coffee with this. All right. I'm peeling. Oh! Yo, I won 20 entry tokens. I won 20 as well. I won 50. Dang! So you sign in to the McDonald's app at tricktreatwin.com, and then you scan this QR code, and then you get 20 entry tokens for a larger contest. Yo, I'm gonna keep peeling. I'm gonna keep peeling. I got 20 entry tokens, and then I also won a snack-sized McFlurry. I won 20 entry tokens here, and then I won a medium fry. Yo! I won a biscuit sandwich. Boom! Okay, I got more entry tokens. Got another biscuit sandwich. Oh, I won a medium fry. What?  This is a very gratifying game to play. I feel like we're really together, and I feel like we're really cashing up, so... You guys really are laying it on with the cheese. Guys, these puns are 10 out of 10. All right, guys, anyways... So let's go see what other people win. Yo, I am here with Liz and Jane. Do you guys usually win at stuff like this? I feel like I'm a very lucky person. Jane! I'm lucky, too. Like, grab some off on me. I'm gonna get lucky today. There are a range of prizes. They go from big to, you know, sandwiches, but I can't say that. One, two, three. 50 entry tokens. That's the same. What does that mean? Size McFlurry. Oh, damn. I got 20 entry tokens and a biscuit nail edge. 20 entry tokens. Okay, entry tokens. Fit it with the entry token. Clearly no luck needed. Trick, trick, win. All right, so we're here with Mike Bo. I eat at McDonald's every day. So... Bacon McDonald's lettuce wrapped. Boom! Yo, you won a snack-size McFlurry. Snack-size McFlurry and free McDonald's for life. Oh, my God. No, I got 20 tokens. Boom. Yo, you won another- Another McFlurry. Snack-size McFlurry. Okay, you got tokens. 20 tokens. This is awesome for Halloween, because I feel like I'm trick-or-treating, except mostly getting treated. There's no tricks here. No tricks here. No prizes. You're loving it. I'm loving it. I am. We are here with LA natives, Shiko, Kiana. Wing, wing, wing, wing. Wing, wing, wing. Oh, no. Token. Whoa. I want a Big Mac. Whoa. You got movies. Shiko's getting everything right now. She's on a roll. I got a movie night. There's more. More tokens. You got tokens. I got tokens. I got tokens. I'm going to share my movie night and Big Mac with you. Trick-treat win. All right, we're here with Celine. You run your own marketing agency out of LA. That's so cool. So, you get two with the large fries. Not going to lie, these are all right. The bottom one? Dang, feeling my fries are one. Excuse me. Token. Big Mac chicken dinner. Aren't you from Indonesia? Yeah, I'm actually Indonesian-Chinese. Oh. I'm a non-Satu biscuit sandwich and Bapit 50 tokens. Let me guess, you just said you wanted biscuit sandwiches and tokens. Yes, why? Are you Indonesian or something? I never want a giveaway, so this is a prime time right now. Okay, we are here with Olivia and Adrienne. You guys are professional foodies. Who doesn't love food, right? Oh, my gosh. Snacks, ice, snacks, flurry. I got a red box one night disco rental. And I got a sweet sour sauce. Biscuit sandwich. I got 50 entry tokens. Yes, someone fries. Trick, treat, win. What's going on, everybody? I'm here with Michael. Joy. I got 20 entry tokens. Everybody won a QR code. I got a biscuit sandwich.   All right, what's going on? We're here with Augustin Check. Nelson Chan, what it do? All right. What you win? I got a car. I got coins. Shout out to the McFlurry. I'm a Commodoreo right now. Man, tokens. I got 20 tokens. I got tokens again. I got two McFlurrys. I could get the Reese's one now. Last one. I got another one. No, you need it for it. Maybe you never had one. That's the trick part of it. All right, Sophia, you are a singer, songwriter. It started raining and you're on crutches. As the unluckiest person, can you still win? Token. Cafe wrap. It's 20 tokens. Okay. I didn't even the first one who got five tokens. Let's do it. You're lucky today because I'm going to give you one of mine. I'm going to give you the biscuit. You know what? You're lucky because of the people you got around you. I know you love the soft fries, but do you have a song about soft fries? Soft fries. Can't lie that I like soft fries. Boom. What'd you get? Because everyone wins a treat. The trick is yourself thinking you're going to lose. See that? That's knowledge. Trick, trick, win. All right, everybody. Thank you so much for watching that video. Make sure to check out the trick, trick, win game at McDonald's right now. There is no luck needed. In the comments below, let me know what you guys win. Until next time, we out. Peace.


That's about right, great That's always awesome. Welcome to Jill asset news make a top stories in crypto and bring on a bite-sized piece It's sorry about the blank stare there for a minute. I thought I was frozen, but apparently not anyhow Thanks everybody for stopping by today. Just as the thumbnail and title suggests they knew and when I talk about they knew What I'm talking about specifically is about nomad capital So we're gonna take a look at how an audit last month actually two months ago Revealed the exact same problem and the reason for the hack of what just happened So we'll take a look at exactly what's going on there and we'll take a look at some more bad news Robin Hood Massive layoffs increasing debt and rising inflation. We'll also take a look at the Solana ecosystem and Github hacks and what that actually means and then we'll take a look at some good news tether crazy and Polygon as far as the unlocks and then lastly we'll talk about some more good news and what I like to call faith restored Which is I trust so let's just jump right into it market my friends looking pretty good Resilient I would say right now and I don't know what the S&P 500 is or the NASDAQ is and quite honestly I never really care. I just bring it up to show correlation But I'm just gonna assume that we're still correlated. So bitcoins up if there is USD tether and I'm really about not back back Cardano's 10% for the week. It's pretty good. Solana is only down 3% for The last 24 hours, which isn't bad considering the ecosystem hack. We'll talk about that Polkadots man polka dots 23% up for the week. It's pretty crazy Lido state ether 1% so everything's looking pretty good Except for Chronos, but really cares about that except for crepto.com and then also on top of the market being resilient Which is things that we'd like to see especially with what's going on the negative news is also The MBR VC Z score and I know we've talked about this infrequently Mostly what we've taken a look at is just other scores that will kind of show us where an actual Bottom could potentially be and this is from look looking to Bitcoin and just so you know the MVR V score It takes a look at three different things the market value the realized value and then of course They take a look what's in carbon and circulation and then we get a Z score Which is the red line which pulls out the extremes the data between market value realized value and really all comes Under is this is when it dips below this little mark right here around zero point zero is a good time to start Accumulating and that could this be I'm not talking about all crypto is mostly Bitcoin And if we take a look here on June 13th or so is when it dipped below that 0.0 and it was the negative so for quite a long time We've been doing pretty well, but then as we've seen the price go up a little bit It's actually gone up as well, but just so you know right now It's just dipped down below yet again. So even though it's we are Still at 23 for this might not be a bad time to accumulate that's not investment advice These are just the things that I see and when I take a look at these things I'm always think myself is Bitcoin cheap or is it expensive? Does that mean that it can't go down to 12 or 14k? That's not I'm saying it might it might actually do that But right now for 23k not too bad. I mean if you want to wait, it's all you I just that's what I do is dollar cost average. So that's what's going on in the market Let's jump into it and talk about Well a plethora of things really really three projects. We're talking about nomad Solana and of course github. So nomad We everybody's been talking about this obviously and all the Twitterverse and YouTube's and all those people and you already know that they've had a exploit for 190 almost 200 million dollars that's been different theories going around about why this happened and what what went wrong and all those things I really don't care About all those things. I just know a lot of people lost a lot of money yet again and another bridge hack and Bridges are gonna be very unstable for quite some time So just be aware of the projects that are getting there you can write them out But just so you know They're gonna have their tough time moving forward anyhow. This is what's going on Nomad token bridge hack was the was the fourth largest crypto hack in history It seems like we have these every day. So it's not it's like water off off our back Nearly 200 million of crypto assets Nomad team revealed to coin telegraph that some of the people who took funds were acting Benevolently to protect the crypto from getting into the wrong hands. Well, that's nice. That's nice. I don't believe them But whatever Here's where it gets good The exploited smart contract vulnerability was highlighted in a security audit report done by quant stamp in the first week of June So maybe that's about two months The nomad team responded by claiming it to be effectively impossible to find the pre-image of the empty leaf Sure, the auditors believe that the nomad team had misunderstood the issue of the time within two months The same vulnerability was the reason Nearly 200 million in losses and it goes even deeper than that in the story. I linked it in the description That's really all you need to know. Here's where it comes down to How many times we have to see that the project heads are just like I don't care I know we know what we're doing. We don't need any kind of input. We're gonna be fine. How many times that we listen to a Like don't want talk about how great everything was gonna be in this algorithmic stable coin Even though he had done it before and tried it and failed. He's like, well, I'll do it again be okay And now here we are it just seems like history just keeps repeating itself people keep losing money The hubris and the pride of people and the arrogance and the greed just keeps moving forward And it's like no one ever learns so For me it just becomes more every day becomes a little more clear a little more clear a little more clear and I gotta tell you Some a lot of times these days I kind of see where the Bitcoin maxes are coming from not to say it's not great projects Man, I gotta tell you some of these project heads are just amazing. Anyhow, let me think about that part Let's move on to another great thing that's going on So Lana so this is a little confusing to me I think it's a little confusing to a lot of people out there even developers about what exactly is going on right now You can scream at this at at me right now and say but Rob It's so easy. This is a Solana hack or this is an ecosystem hack or this is a hot wallet act hack Or this is this but every single hour there is more information that comes out So this is what I know Some foobar has been doing a lot of on-chain analysis wide spreads on a private key compromise attacker is stealing both native tokens and SPL tokens USDC affecting wallets have been inactive for more than six months both phantom and slope wallets reportedly drained exploit cause oh none unknown must be an on-stream dependency supply chain attack Revolving approvals will probably not help only transferring to an offline hardware wallet will help and There's another another piece that was put up by guy from coin bureau and he talked about How if you have a bunch any hot wallets that have any salon or anything with the ecosystem has to do with it? You got two choices right now It sounds like it sounds like you have to transfer it into cold storage You can't leave it into any hot wallets, which I don't know why I'd leave a bunch of stuff there It's whatever and the other alternative which is sounds crazy Which is too if you don't have a cold storage wallet, which why not but it's okay If you don't transfer it to an exchange which sounds crazy to me because that goes against the number three rule number three below Don't leave any of that exchanges. Well right now. We have to when Information changes I change if you don't have a cold storage wall. What's your other option? You can leave it there and hopefully nothing happens It might work out for I have no idea or you just say, you know what I'm gonna put it on exchange And that'll be at least it's not at least not all of their stuff's on a hot wallet and Get so confusing because there's another thing not all exchanges are created equal Okay, so try to get to one of your top five if you got Binance use Binance if you got FTX use FTX I would use FTX if you could if you don't have either of those So I mean look at Coinbase and go down the list from there It seems like there's a less and less choices but that is what is going on on top of that there was an issue with the phantom wallet and Phantom came out and said look this was 18 hours ago We're working closely with the teams to get to the bottom of report of vulnerability in the Solana ecosystem at this time The team does not believe this is a phantom specific issue as soon as we gather more information We will issue an update and there is one weird thing that I have to point out This is Solana status the Twitter account The status update remember this again status updates for the Solana Networks on a website in the Solana Explorer follow Solana for daily announcements So they came out and said look a next point allowed a malicious actor to drain funds from a number of wallets on Solana as of 5 a.m Approximately almost 8,000 wallets have been affected This exploit has affected several wallets including slope and phantom appears have affected both mobile and extension engineers from multiple Ecosystem with the help of several security firms are investigating drain wallets on Solana Interesting no evidence hardware wallets are impacted yet. So that's just the information. We know right now So I found this not that I found this out of Solana says this But what I found out is that when I went to the Solana Twitter page you would think they'd be talking about all the place and again If you're big in Solana like I have Solana But I just found an odd that it wouldn't be everywhere. So here's Solana And they said Hubble and their pin their retweet DeFi is becoming vast in sophisticated space Hubble blog something and they talked about early bird pricing for Solana breakpoint And they retweeted 21 hours ago. Masari And then something something I don't know I just found it very odd that the official account from Solana doesn't say anything about the hack in their ecosystem not to say that there is a vulnerability from Solana per se just Strikes me is quite odd. Let me know what you think about that I'm not going to touch it because it's just a big discussion. I will this is this is the great thing about being Being me I can just sit back because all everything's in cold storage pretty much right now I have the the the privilege of just sitting back on well, let's see what the data shows Let's see where the information comes from because I I don't know and I can tell you every hour There's new information that comes out. But if I was you I would take those recommendations cold storage or maybe even a An exchange so there is that part and it gets better github Faces widespread malware attacks affecting projects including crypto. What's going on here Major developer platform github The pretty big places face the widespread malware attack and reported 35,000 code hits On a day that saw thousands of Solana based wallets drained for millions of dollars. It's almost like it's a coordinated attack it's crazy The malware attack is targeted at the docker images Install docs and npm scripts. I don't know what that is that is all greek to me I am not a developer Which is a convenient way to bundle common shell commands for a project. Okay, there we go. That makes sense And then of course, there's more things here, but again It's just odd that's On the day that these things are getting hacked and hacked and hacked and here comes github and also gets hacked it's just Interesting times my friends. So that's what's going on As far as the hacks not a greatest day. So Let's turn to some good news. I'm just kidding. Here's some more bad news Robinhood so We know that here in the united states the unemployment rates hovering around 3.6. We're just pretty good I mean for us They say the average or acceptable levels of unemployment is between four and five percent So 3.6 is pretty good But we starting to see cracks and especially those in the tech sector and here's one big thing Well, first of all, uh When it rains it pours Robinhood was fined 30 million dollars for some kyc aml Obligations and cybersecurity secrecy anti money laundering acts and that came down from the DFS the part of financial services announced Tuesday They're gonna pay a 30 million penalty, which I don't know if that's a big deal for them But it is just one of those It's like a nil another another kick me when I'm down and this is what I was trying to get to Robinhood is cutting about 23 of jobs 23 percent. That's let me do some quick math. That's a quarter Yeah, roughly it's one out of four so but it gets interesting. So The company Robinhood and the CEO of latinif they blame the deterioration of the macro environment With inflation at 40 year highs accompanied by a broad crypto market crash I found this also interesting Robinhood laid off 9 of its workforce in april so you're looking at What a third now because you got 24 plus nine. Yeah, roughly about a third A third of all its staff is now laid off since april or going to be laid off This part earnings report for the second quarter came out revenue was 318 million versus the 21 million estimated which I got to tell you it's pretty darn close. Good for them losses 34 cents per share versus 37 cents estimated. Okay. I mean not horrible. Let's be honest Could have been much much worse And this is I found fascinating Robinhood's total net revenue of 318 million was up from 299 million in the first quarter and the reason was Thanks to an increase in revenue from cryptocurrency activities and net interest So at least we can take a look at that and go at least there's some momentum on the crypto side. However The revenue number was still well below the 565 million reported in the second quarter of 2021 because remember Second quarter of 2021 you look in the april may june What happened in 2020? 2021 There was a lot of people who were still, you know for the covid And those types of issues maybe they were doing a lot more trading still and going from there So I could see why that hey 318 million versus 565 quite a drop off But it is interesting that cryptocurrency activities made up a big bulk of that. So that is what is going on For as I would like to call the bad news So far there is some little minor things like we can talk about how household debt is up to 16 trillion Filled by higher inflation And interest rates and of course, that's what the ceo of robin hood was blaming for the for the down the downcast But if you got to take a look at it, I mean, there is some good news on the horizon, which is something like this tether Which we all know and love Crypto market may pump as tether keeps minting USDT by the billions and I know there's a a lot of people will say well That's maybe that's not that good, but sometimes as tether starts to print and print and print out of thin air That's a lot of uh, that's exactly what the fed did didn't didn't they and it worked out pretty well for that for our economy tether has printed additional billion USDT The issuance was relaunched after a three month break when tether began to actively build up its supply of stablecoins again on july 29th and usually when you see a lot of pumping of Of USDT or tether you start to see an increase in the market cap. It's like magic. What's going on? So uh, I can't This is not a best-in-advice, but it gets a little scary from here And uh, I would just warn everybody that that could be uh, legit Printing they could actually have that backed one to one to hard assets and valuations dollars Bonds, I don't know kind of like what usdc does or maybe it's out of thin air I don't know but if you had a billion and they keep printing. Well We I can just tell you what it did for the american economy and yeah, let me what you think about that one and then also This was I thought was a pretty good Good piece of pick me up and I'm always hesitant to talk about uh Unlocks because I always feel like there's going to be a dump, but here's a time when I was totally wrong This is uh from polygon, uh the official Um twitter account and they state an update on the token unlock As per the initial distribution founders token share was to unlock in october 2021 in april 2022 they did not claim these tokens yesterday those tokens 640 million of them Were claimed by the founders and they have committed to stake all the tokens In the network so instead of the the founders going well, we're just going to dump on you guys. Thank you We appreciate you Now let us dump on your heads. They said no, no, we're going to stake it all Not too bad So, uh, I got to tell you that's uh kind of a a good bright spot for a crypto not everything's bad It's just that right now. There's a lot more bad than good and I like to balance things out I could be hoping them all day long if you want me to it's not going to do you any good Not going to do me any good to try to give me both sides of the same stories And that will leave me at the last point. Here's some more good news. I trust So we had an issue this weekend and uh all the way up until you know last night around 7 p.m. Or so But uh, they had shut down their website. They had shut down Their trading accounts they had shut down everything and of course I trust That is for That is our uh for Roth IRAs, so For I trust here It says account access restored more details available here. So this is what we have and actually We got to change this from Yesterday boop This is what we got so Customer account access and asset transactions are restored and now available. This was last night All customers will be required to reset their account password to access their account. Well, why is that? I did that? I did it myself We have confirmed that the july 29th network incident was caused by unauthorized access to I trust systems by a third party Using a compromised corporate account. They disrupted our dns hosting services And accessed some corporate systems We secured customer accounts with our custody vendors We also engaged a leading third party cyber security firm to further secure our systems investigate the incident and enhance security protocols The unauthorized access has been removed from our environment and the system secured Our investigation has confirmed initial findings that some corporate email accounts email accounts And distribution systems were accessed and that the customer service system was rerouted in addition to the dns disruption I trust does not hold customer assets And there is no as evidence of access to customer accounts. So who holds their Accounts? Well, it's coin based custody coin based custody Is the same one that works with uh Michael sailor Yeah, micro strategy, uh, which they have, you know Thousands and thousands of bitcoins and so they feel like that's pretty secure but The next thing is this Because I was thinking myself when I took a look at my account Which this is Me inside here bitcoins were 23,000. Did you know? I forgot about this but you can sell within your Roth IRA account if you wanted to like I could sell right here I don't have that much much bitcoin But remember you can only put so much in into your account And you can put in you can put a conditional price Which is like setting your Your market price where we wanted to set for and then have it sell there So if I want to say well, I think it's going to run on 20,000. Whoops I could sell it and it would just wait So you have my limit orders right there and then you can sell it right here But the question that I had was well If I do these things and I sell it How do I take the money out? First of all, it's a Roth IRA. So just know that if you're doing that there's tax implications but uh If you'd like to request a distribution, please submit a form by following this link Upon completing the form, we'll send you the next steps as well as a docu sign to proceed within one or two business days Distributions will take up to seven to 14 business days after the docu sign is signed depending on our volume of request So again when I take a look at this, I'm like, you know Even if somebody got access to my information and they were able to log into my account even for them to I mean they could sell all my crypto But they couldn't take it out unless they go through this process And I'm and every time that if this would happen they actually have to notify you anyhow something myself Well, it's not bad. So I take a look at itress and go, okay I can get I can get on board with that Just seems like it's a little hiccup and that's what we're at. So look that my friends Is it for today? And uh, I know it's not the best news that you might want to hear but it is The most honest news I can bring to you and that's it for today. So look if you got to take off get out here I appreciate you stopping by and just talking With the news with me, but if you want to stick around we're going to do the daily news part little q&a Or the news just the q&a and we'll go from there. So if you're going to take off adios. Thanks so much