S3E20 Canton: The World's Most Ambitious Blockchain Network w. Yuval Rooz (CEO, Digital Asset)
Aug 18, 2023
auto_awesome
Yuval Rooz, CEO of Digital Asset, discusses the formation of Canton Network and its vision to connect the global financial system with blockchain. Topics include Digital Asset's history, Canton's problem statements, its comparison to other options, value for consortium members, fostering open innovation, and the next steps on the Canton roadmap.
Canton Network aims to provide privacy-focused blockchain solutions for industries, with customizable privacy models based on specific application requirements.
Canton Network offers benefits for financial services, streamlining processes such as clearing and settlement, collateral management, and syndicated loans.
Canton prioritizes long-term utility and value creation, focusing on real-world use cases and scalability through sharding.
Deep dives
Canton Network: A Privacy-Focused Blockchain Solution
Canton Network is a privacy-focused blockchain and distributed ledger technology (DLT) project that aims to provide a solution for industries to benefit from the technology. The network allows for the enforcement of different privacy models based on the requirements of specific applications. This approach allows for the efficient management of information without unnecessary exposure to all network participants. Canton aims to provide both application and L2 composability, enabling seamless interaction between different privacy models and domains. The network prioritizes long-term utility and value creation for its participants, rather than speculative gains through tokens. It enables steady growth and aims to prove its value before considering the introduction of native assets.
The Benefits of Canton for Financial Services and Beyond
Canton Network offers several benefits for various industries, particularly in financial services. It enables the streamlining of processes such as clearing and settlement, collateral management, and syndicated loans. The network improves efficiency, reduces reconciliation efforts, and simplifies transaction workflows. Additionally, Canton provides solutions for data leakage prevention, royalties management, and even life insurance digitization. The network's scalability is achieved through sharding, allowing for the creation of numerous domains, each with its privacy model. Canton aims to offer a user-friendly experience, leveraging familiar application and network interaction paradigms.
Openness and Value Creation in the Canton Ecosystem
The Canton ecosystem is designed to foster long-term value and utility rather than short-term gains or speculative investments. The network encourages participation from entities that directly benefit from its success. Validators and participants, including major banks, exchanges, and systems integrators, play an active role in operating the network and driving its growth. Canton operates on an open-source model, with anyone being able to be a validator. It focuses on providing real-world utility and creating shared incentives for network participants. While Canton currently does not have a native token, its future considerations on incorporating one would be based on demonstrating the network's long-term value.
Challenges and Opportunities in Digital Transformation
Canton recognizes that digital transformation is a complex and ongoing process that requires overcoming challenges and providing practical solutions. The network aims to simplify the development and deployment of decentralized applications by abstracting away complexity and providing user-friendly tools and interfaces. Canton emphasizes the importance of creating value for businesses and industries by offering efficient and scalable blockchain solutions. It highlights the need to prove long-term utility and deliver tangible results rather than relying solely on promises or short-term gains. By addressing these challenges and focusing on real-world use cases, Canton aims to foster sustainable growth and offer meaningful innovations.
The Future of Canton and the Value of Real-World Solutions
Canton is committed to steady and organic growth, prioritizing long-term value and real-world solutions over short-term hype or speculative investments. The network aims to scale by providing practical benefits across various industries, including financial services. It focuses on delivering tangible value and utility to businesses and network participants. As Canton continues to evolve, it remains open to incorporating additional features, such as native tokens, if they align with its long-term vision and demonstrate clear value for the ecosystem. With its privacy-focused approach and emphasis on user experience, Canton strives to be a leading blockchain solution for practical and scalable applications.
One of the most insightful shows EVER! Web3 is not about siloed, slow, monolithic databases. It’s about open, interoperable, innovative platforms available to all. And Canton Network promises to be the missing link to connect the world’s global financial system with Blockchain. Canton only recently announced its whitepaper and vision, but has already made quite an impact. With tech companies and financial giants like Goldman Sachs, Deloitte and Microsoft as founding members, there’s some serious scale and value already accessible to the network. I’m joined by Yuval Rooz, CEO of Digital Asset, and one of the architects of Canton, who will give us the full story of how Canton was formed, how he plans to construct a decentralised network of DLTs across the globe, and what’s in it for the average citizens of Earth… In this show we talk about: - The history of Digital Asset and recent DA projects - Canton’s vision and how the consortium was started - The Canton problem statements: 1. Lack of privacy (all data published to all nodes) 2. Unpredictable fees / competition for block space - How Canton technology compare to other options for Financial Services e.g. DLTs (Corda, Fabric), Public Chains (Ethereum, Ripple), or traditional APIs - How Canton creates value for consortium members - How Canton can foster open innovation, in the spirit of DeFi / Public networks - The next steps on the Canton roadmap
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
