CEO AdamLudwin demos Chain & wallet-to-wallet transfers of diff. virtual currencies (i.e. reward pts | Summary and Q&A

TL;DR

A demo showcases the ability to send and receive different types of assets, such as loyalty points and dollars, using blockchain wallets.

Key Insights

• 😥 Blockchain allows for direct asset transfers between wallets without the need for a central authority or point bank system.
• 🤩 Asset transfers on the blockchain are secure and rely on private key cryptography for transaction authorization.
• 📼 The demo demonstrates the potential for blockchain to revolutionize the movement of assets, treating them as freely as data.
• 📼 Blockchain can enable the seamless transfer of assets across different systems and infrastructure.
• 🤗 The underlying protocol used in the demo is open-source, allowing developers to build upon it and create their own asset transfer systems.
• 📼 Asset settlement between issuers can be facilitated on the blockchain, returning unwanted assets to the original issuer in exchange for desired assets.
• 📼 Blockchain offers a transparent and open ledger system for tracking asset transactions, similar to the Bitcoin network but with different types of assets being moved.

Transcript

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Questions & Answers

Q: How does the asset transfer work between the two wallets connected to the blockchain?

The asset transfer involves signing transactions using private keys on the wallets. The first wallet user initiates the transfer, specifying the asset type and quantity, and the second wallet user receives the assets. The transfer happens directly between the wallets without the involvement of a central authority.

Q: Can different types of assets, such as loyalty points and dollars, be sent in a single transaction?

Yes, the demo showcases the ability to send multiple types of assets in a single transaction. The assets are selected and transferred based on the user's preference and the availability of the assets in each wallet.

Q: How is the ownership of assets defined in the blockchain system?

In the blockchain system, ownership of assets is defined by control. Each wallet has its private key, which is used to sign transactions and authorize the transfer of assets. The transfer of assets is a peer-to-peer process, and ownership is determined by the control over the private keys.

Q: How does settling assets work between different issuers, such as Starbucks and Capital One?

When settling assets between issuers, such as Starbucks and Capital One, the assets are sent back to the original issuer. In the demo, the Starbucks Treasury account shows the settlement of assets, where unwanted assets like skymiles and reward points are returned to Capital One in exchange for dollars.

Summary & Key Takeaways

• The demo shows how two different wallets connected to the blockchain network can send and receive assets like reward points without the need for a centralized banking system.

• The transaction process involves signing transactions using private keys, similar to Bitcoin wallets, and assets are transferred directly between the wallets.

• The underlying blockchain data can be viewed, resembling the transaction data on the Bitcoin network, but in this case, reward points are being moved instead of bitcoins.