Canton Buildcast with Dfns

Captions as YouTube publishes them, usually machine-generated, so names such as Daml and Canton can be misheard.

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   as markets move onchain a tra fireing crypto markets converging on canel the world's biggest institutions highest quality assets and unchain innovators already here the first public blockchain network with privacy every 2 weeks we'll showcase the applications and use cases shaping the future of Finance the ecosystem is growing new markets are forming and this is just the beginning welcome to the Canton Bill cast where

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   new connections create new possibilities on this episode we dive into institutional grade wallet infrastructure with defense and see wallet support for Canton and Canton coin if you're looking to participate in Canton or if you're an existing validator or app builder or operator in the network this one is for you there's more to build and connections to be made so come and find your place on Canton

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   let's go hi welcome to this week's Canton Bill cast where we a to share with you the latest assets applications and connections from across the Canton ecosystem let's jump right into it today with clar H co-ceo and N Cornwell CTO of Defense welcome guys thanks for joining us really excited about what you have to show us today hi Ben thank you thank you for having us great to have you so recently you announced that Canton wallets are now available through defense which is really the First

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   Institutional grade wallet and wallet infrastructure provider for assets on the Canton Network and for Canton coins specifically tell us a little bit about what defense offers Clarice and what you've just announced in terms of support for the C Network yeah of course at defense we've been providing support for the finance industry for the past five years and so we've been building a white infrastructure that enables fintech financial institutions and Banks

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   to safely transact on Shain and so we've been for the past you know five years uh increasing our support in term of blockchain and we're super excited to announce the Kon integration Kon support to enable Banks to enable finex to build on the network we to you know reinvent the will and to have to figure out everything from they want so we will provide the security for them but also

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   the API that enable them to build their applications faster this is something that you know for us is is quite important is we do believe that the infrastructure should be easy so Builders can focus on their applications since the launch of uh Bitcoin and E ETFs we've really seen traditional financial institutions more actively entering the digital asset space um and there's really a lot more movement from traditional custodians um organizations

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   like this to offer more native crypto custody Solutions too so with all of that of course comes a bit of a shift from the more the retail side of the market to more of an Institutional customer base um you know and Market infrastructure players like exchanges coming in as well obviously what are the what are the unique operational challenges and opportunities that you've seen emerging as these institutions start thinking about safely managing and facilitating you know billions now in

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   crypto assets and how is defense approaching these institutional specific needs yeah of course institutions behave very differently than any you know Crypt native player that started building on blockchain 10 10 12 years ago right so they will care about making sure that there's continuity with whatever process they have internally so their core focus into ensuring security of the assets they are you know transacting compliance of the processes they have in place and

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   making sure as well they can have the scalability they need to be able to run operations at scale right and so we've been focusing on those three elements obviously security this is you know by Design we are a bank grade security what infrastructure providers it means that you know all our Focus has been for the first years of the development of our product to actually build the safest strongest product on the market but not

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    only with I would say the design that we in mind but also respecting the design these institutions have been operating for for the past years because you know people always forget but banks have been managing private keys for the past you know 50 50 60 years right so they have an opinion on how to do so right and so our first um I would say the first pillar has been security and making sure that we enable not only to operate on

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    defense security for clients want want it but also to be compatible with the infrastructure that institutions have in place already the second compliance it's it's of the of the upmost importance right when you transact on digital assets there's nothing different than Trans transacting in you know on bonds or any sort of uh different assets and so there've been you know there's been a

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    ton of uh policies in place for those institutions that are limiting the number of transaction one can do who has the authority to approve a transaction putting in place some limits which are enforcing not only the security but also the compliance they need to operate in regards to the different regulations they're working with and so this is pretty much our entitlement layer and so we've been designing that entitlement

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    layer to enable this type of um uh this type of features and to enable also maximum I would say granularity uh and and control for these financial institutions so very concretely when you know for instance one is thinking about being compliance with Dora as regard to its digital asset operations in Europe well there's something that is very simple that you need which is the segregation of Duty your developer should not see what's the the balance of

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    the wallets that you're operating with right there has to be clear segregation of Duties those are items that by Design we've been you know including in our uh entitlement layer and that will enable those uh institutions to operate once again in continuity with the way they were operating before and last which is also you know very important the scalability and when we think about scalability I think the integration uh

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    with the the the blockchain we support is how we you know are putting most of the strength and so making sure that when we look at the new blockchain that we support we understand the network we build the right apis that will enable us to enable our clients to scale in terms of you know hundreds hundreds of thousands of wers depending on the network and the nature of the applications but also scales in term of

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    volume understand how you manage the guas payments on those blockchain Etc so those those are elements that are you know very particular that you need to make sure that you have within your W infrastructure platform when you want to enable those those institutions and I would say maybe finish on one which is not our issue but something that we've seen a lot on you know when we've been dealing with large Banks and and large instit financial institutions is that

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    they do have a need for privacy and this is there's a lot of use cases that these players cannot handle without privacy preserving features we have believed since the beginning of you know what we've built for the past five years that this did not happen at the wallet layer had to be built at the protocol and at the foundation uh of the blockchain and this is why today we're super excited to

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    support Kenton because we think that this is going to be an amazing tool that will unblock a lot of banks a lot of financial institutions that were thinking about entering the space but didn't have the right U uh tools right to build the application they needed that's great thanks col and I think we'll see some of that policy workflow in action very shortly now as you mentioned earlier anyone can now receive send or hold Canton coin via a Canton

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    wallet on on defense with that in mind um Noah maybe we can turn to you now we'd love to see that kind of user experience obviously talking about Canton coin initially you know this will be indexing other assets on on the network over time but it' be great to see that user experience and how easy it is for anyone to get started now with a a canant on ballet for on defense and maybe from the point of view of an existing participant in the E system you

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    know if they're looking for a secure way to manage Canton coin or other assets over time can you walk us through what that looks like how you get into the network via defense how you manage some of those policies uh thanks Ben uh let me start with a demo so I've got one of our devet orgs uh here I'm going to go ahead and log in uh with my uh defense setup um I've got multiple organizations so I'm I'm I'm in Yankee Mars today what you're not seeing right now as I'm being prompted for my my past key uh so this

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    could be your U key Touch ID any web Athen compatible device so I've just logged in with the pass key and this is the defense website first thing we're going to do is pop over to wallets and uh we make a new Canton wallet so we have Canton devet here I'm going to call this uh Canton Dev and we'll go ahead and click create it's prompting me again for my pass key to create the W so I will approve that

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    and we're doing two things in the background here so first we're registering the party ID on the Canton Network and the second we're registering it to receive and send Canton coin as well so we've created our Canton wallet successfully uh we have no test Canton coin here available now our balance ISR zero and then we've got our address this is our party ID on the network I'm going to go ahead and copy that and that will

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    pop over to our test interface so here we're going to transfer some Canton coins to this wallet so go over to the transfer screen and we'll send a th000 coins to that party and that's sent we'll pop back over and we see that we've now got our thousand test coins and we can now start sending these out so we can go to uh our tab here and I've got a couple a couple wallets in here got a Canton demo wallet

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    that already has 1,000 test coins going to copy this party ID and then we'll go back to our original wallet uh and I'll send some some coins out so we'll send 100 coins to that wallet and we'll confirm that transfer and again it's prompting me for I pass key here to to sign the transaction to send out and the transfer been submitted so here we can see the transfer been broadcasted takes a little bit for the uh scanner API to update the

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    balance but those those 100 coins will go out and be achieved at the other wallet so now that I've got some some test Canton coin here which probably put some policies in to protect this so I'm going to pop over to our policies tab here and right now we don't have any policies set up so I'm going to set up a new one so we're going to set up a wallet policy we're going to have a transaction amount limit so anything

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    that goes over 10,000 USD is going to require um uh authorization and we're going to request approval and we're going to call this uh the admin group and we'll just make the quum one employee so one person can request and another can approve and we're not going to add any filters here but we can filter this down to only a specific wallet um or tags on wallets if we want and we'll call this um Canton

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    velocity and we'll get a quick prompt of the the whole request that's going to go through for the policy we'll go ahead and save that so it prompted me for my pass key again to save the policy so now we have it here and we'll go back to our our wallets and um we'll go to uh this Dev wallet here so I'm going to go ahead and um try to transfer out so we can't in coin now and I will transfer it to just another wallet that I've got set up

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    already so I'm going to send it and we'll just send 100 coins over confirm that transfer and again I'm using my pass key to approve that so the transfers uh submitted approval pending so if I go back over to our policies page now and click on approvals and I can see I initiated this request uh I'm trying to send out some test Canton coin you can see why I'm sending it over to uh the asset amounts and all that so now I'm going to go ahead and

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    log out my main user here I'm just created another demo user here for us today I've got Noah admin one so this admin user uh is set up in the system um to be able to approve that so I'll go over to policies again I'll check the approvals so I've got this policy to approve here and when I click approve I've been talking about using pass Keys here uh to send these transactions out so with the pass key uh it is using asymmetric uh

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    public private keyer technology and yeah this is uh provides us some nice security guarantees we know that when this has been signed and approved by you um it's only done by you and we have a verifiable auto log for that so now we've we've got that sent out um and we can go back to our wallets and uh on our Canton Dev wallet uh we can see our transactions out now and we've been debited a bit uh we we had some fees to pay on that transfer out as

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    well uh so now that we've gone through the the policy approval process you can see how powerful this can be especially for treasury management uh you know I think a lot of people in the Canton ecosystem here they're they're accumulating quite a few coins and want some some use cases where they can store them securely uh and start using them operationally as well uh so with the policies you know we can mix and match different Quorum groups you can have a

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    set of approvers for maybe your CFO group and then also um from an operations group uh and you know since we're using the uh you know pasy technology you know everything is cryptographically verifiable so adds a lot of security and you know a lot of ease of management um when it comes to you know dealing with a new asset class like Canton and uh as we look to the future you know this is just the start Canon integration we're looking to add more assets uh and and more availability

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    on the network so uh you know soon we'll be able to have bring on validator a lot of Institutions want to run the validator themselves which definitely understandable in the Canton ecosystem and you'll be able to bring that validator we'll be able to plug into it so you'll be able to manage your uh key material separately from from the operations the validator and then you know enhance transactions so you know we've seen some pretty basic

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    transactions here but def we need to see more around fee setups um you know other coins besides Canton as we move to uh you know onchain um coin standard and then U definitely some enhanced Explorers so we've seen a few people in the ecosystem start to develop uh an Explorer for Canton and it's pretty cool to see the uh you know public but private permission network uh be able to have a public Explorer so kice just going back to you now again you mentioned this

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    earlier about privacy and the importance of that for the customers you're really talking to at the moment you know unlike in other networks where every node hosts every users's data in in Canon a user's wallet is really backed by specific nodes that provide that privacy and security and part of defense's service is to host that users data on their node right on your node providing that privacy and then to participate on consensus in behalf of the user so as

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    you start to index other assets on on Canton they really benefit from this configurable granular privacy what does that enable for your customers that's maybe different from you know wallets for other networks in terms of the use cases for example great questions no no no later than this morning actually I received a request from a ftech uh that is being built out of Ireland they're doing stable coin Insurance they've been doing

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    stable coin Insurance on you know a lot of public blockchain uh up until now and so they reach out to us saying oh we've seen your support in Kenton we're interesting to you know uh integrate the network potentially become super validator because we have a huge demand on whale payment use case and this is a this is an huge I would say painkiller right so when you you're talking about

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    this type of uh use cases wholesale payment has to be private or has to have components of privacy right you don't want as a suppliers to have as a supplier to have your uh terms being unveiled to your competitors to your other clients and and you know get into the the issues that you may see right so so within payments is an amazing fit obviously also working with larger I say trading firms that has also seen a lot of of issues having traditional players coming

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    in the field because of the lack of privacy on for instance the collateral right that they are posting and so these obvious applications that we see every day we've also seen actually in a very different use case and and and would love to see it being built on Kon actually but on a use case there is a um a passport of digital Goods or if you link your Port of digital Goods to the actual supply chain of your you know entire uh uh product life cycle as well

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    if it's on public blockchain you're actually giving your competitors amazing information to compete against you and to actually you know potentially position themsel in markets where you haven't position yourself so there are plenty of use cases going from payment to trading to uh uh actually supply chain that need some privacy and where we won't see any adoptions from large institutions until we can enable privacy

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    preserving features thanks Clarice it's great to hear you getting that feedback from the people you were talking to as well um really important question how can people get started with defense the aies what's the best way to get in touch with you and with the company to get to get a wallet going all the ways uh lead to lead to room right so please go on our website you can actually get started

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    directly as we do have uh um a send box available you can connect with me or no on LinkedIn send us an email we're very much you know uh reachable uh so yeah so we're excited to see more Builders so yeah Richards if she wants to BU on Kon awesome thank you so much great thank you for the great demo as well again Noah you've left me with a good tagline as well when you said painkiller I think you know Canon plus defense is the the

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    know privacy painkiller for payments I think you you've nailed it for us so great for uh you know spending the time with us and showing us uh all that great work you've done uh we look forward to having you back on the next one when when more of the integration is complete and more things are on on the wallet as well so thank you so much see you guys again thanks for having here today thank you very much that's a wrap for this

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    episode of the Canton bcast want to dive deeper check out the links below to learn more connect to app or bring your asset to news cases to Canton and don't forget to hit subscribe to stay on S the latest apps and opportunities shaping institutional grade on chain Finance bye for now