Yetichain AMA: Blockchain BY Developers, FOR Developers - $200 GA 🔥

are a lay one blockchain and they are here to promise to scale the blockchain even further they solve some of the existing problems that we have with the lay one once and they are having a fan launch right now on pink sale. It's going to end in another day. So you have a entire day to research about the project and tell if you want to invest or not. The link is now pinned in the space so you can check it out. All right with that being said, not financial advice to your own research and yeah welcome Ravi which you mind introducing yourself to the community. Sure thank you so basically I'm a software engineer by profession so I've been working since long in this sector but blockchain introduction I had like after Ritorium launch so approximately five years or six years I've been in this space in cryptocurrency development blockchain we have developed and kind of segment so it's been a good journey and in this in tragedy I've been working with so many software developers in this space so we kind of form a group of people and we start helping each other in each other's projects so if somebody else has blockchain project or somebody else has a DeFi project so we help them each other so that's how we we grew in this experience because it's something which is really new we don't have any kind of education right now in this entire space so it's kind of evolving so we have to learn by experimenting or by exploring or creating something so that's how this entire journey being so it's not like we are just one project people so we are like new developers so we are involved in so many different projects so that's how we are having more experience of how to create something so we at the Jan is something like a mixture of all the experience I had in different projects oh really cool this is this is quite a new way to run a project not gonna lie so would you mind telling us you know how many core members in your project because like you discuss you know you have a group of of builders right and you guys help each other out in your own problems in your own project so it sounds a bit scattered in a way you know so can you tell us like how many team members are involved in dedicated like dedicated and you know what are let's say some of the primary examples some of the roles who are they yeah right now like I'm the lead developer in an DeFi and consensus mechanism space so I'm working on this I have another person Philip is working on like a designing part and all the front and whatever you see on front and that's that's his part we have another person which is expert in a smart contract so it's like a three four people are dedicated but we have external support as I said like we are not like paid developers when we talk about group we help each other without any money so if we need some kind of resources or some kind of help from some other developers so they do it for us and the similar way we also do it for other people so that's kind of help us in the coasting because right now if you talk about a blockchain and you want to hire a dedicated company or team for it it means that will cost you around three hundred thousand dollars to half of the million dollars if you want to build something new out of like a blockchain space so that's that's really high in in order to do that you need to involve private investors VCs and all those people so we try to avoid those things so that's why we started working in this kind of a structure which is which is very chief and it's it's actually really good because we can get help from anybody we don't need we don't have barriers okay that this is this person have knowledge of just this space so if we are going somewhere else we need another person so we have to hire another person so with this structure we can we can get help from any developer without any question oh I see so developers you guys are looking out for each other I like it and so first of all it seems to me that Ye Chin is very new right because it seems to me like the project right now is in like a it's like a passion project in a way you try to be you know very helpful very easy for developers in Web 3 to build on top of Ye Chin and you get help from other developers they'll input their efforts into it too so before we get into you know what Ye Chin is and you know how you guys are actually solving the problems of blockchain I just want you to ensure people here in the in the estate like a beauty that you know even though you only have four people and the help of external developers that you guys can actually pull this off and in the future there is like a guaranteed success with Ye Chin you know what I mean yeah yeah no way it's it's really when people talk about that we have a team of 100 people or 50 people that's that's quite a strange for me because I've been working in this space since long so you don't need a 50 60 or even 10 15 people in the team if you are working on setup blockchain space because there is no such kind of requirement yeah if you are like hiring some company so they give you these kind of a structure otherwise you don't need like we have completed our browser extension which is live and it's live since I think two months and we have completed our dex platform D5 platform everything is live but it's not on minute as I said like we are working on our blockchain space so the moment we have our blockchain space those platform will be operational but they're already live our wallet is live which support not only EVM blockchains but para blockchains also so any para blockchain can utilize our wallet in the same time you can utilize any EVM blockchains so we are trying to add solar now also so that people can access solar now para para chain and any EVM blockchains from the same browser extension so we we've been working on it and we have been like making live or application with just this number of people so I think it's not important how much big team you have the main thing is important how much dedicated people are working on it because when we talk about blockchain or consistent mechanism because in blockchain there are only a few things like consistent mechanism and and how your blockchain function like the kind of blockchain processing you are using so these two things are important so you don't need a bunch of people to create just two protocol so that's because I've been in this space for longer than the time so I don't feel the need of so many people that's actually confusing okay okay that's very nice um basically you're shaming on say another network then those guys the mills have like hundreds of people working on that blockchain um but you know if you find you know having let's say a very compact group of people is better for the project of yetichin then it is what it is it is going to happen and you know by the look of of things you know you guys are as you said you have a test set ready to roll and also a minute beta as they see on on your website and it seems like you also publish a very detailed kind of documentation about yetichin so it seems like everything is being done in the right way you know so so far everything looks good okay so people you can check out yetichin at yetichin.com on their website and read everything about them okay before you decide to invest and that's it that's gonna be my advice all right so moving on to the project itself I'm sorry will you try to say something oh okay no no no no I heard nice anyway so let's move on to understanding about yetichin and how innovative it is okay so first of all yetichin can you walk us through what it is in brief and yeah what's the idea behind it and how it's different from the other blockchain projects please so basically as I said like blockchain people talk about that scalability and and foster transaction and less fees these are the issues basically these are the result of the basic issues so basic issues right now with the block size so we need to work on reducing the block size and a consensus mechanism so right now whatever blockchain we see in layer two layer one technologies these all block chain are utilizing similar kind of code base which was initially done by thorium team so most of the block chain are utilizing similar code and they are not doing anything extra on it yeah they are just changing few things in consensus mechanism but it's proof of authority or who was taking or hybrid or or something else but it's it's the same code base it's not like something new you are experimenting with that code base so that's why what what they are able to do like okay that was 2000 transaction from some other blockchain now we can make it 4,000 or somebody saying 6000 or somebody saying 8,000 but they are stuck there they are not able to move forward because because of the base of the blockchain so we need to from the starting get these not new we've been working around one year on this project like documentation finding on protocols finding out solutions so like if you see the contract is already we created in January so it's almost six month R&D and doing all those things to create something out of it so what what we focused on the basic protocol like how we are going to process information in the block chain so how we can reduce the size so we actually utilizing the state chain so state chain is something which is which can be compared with light network of Bitcoin so most of our protocols are near to Bitcoin not near to the thorium or the non-sour polyon or any other blockchain so most of what protocols are near to Bitcoin because we feel like Bitcoin is more decentralized in a way in comparison to the non-sour any other blockchain because most of the blockchain they have 22 validator system and all those validators are VCs or private investors everybody know it like whoever is invested in bananas in a starting they are the one who are validating right now in the blockchain so in a starting they made money and now also they are making money through the transaction fees so that's not actually decentralized so we we started working on Bitcoin protocol so we found out there is a solution called a state chain so a state chain is in a layman language you can understand it's it's like a multi-signature wallet like there are two keys two people are involved in it so nobody can do transaction without each other's confirmation so state chain works in the similar kind of manner so there is one key with the state chain another key with the whole order so we don't transfer tokens we don't transfer state chain the key transaction key so that's how it's a very small in size and you can have multiple transaction very fast because it takes less time in confirmation also so that's why state chain is something which we are working on in our protocol like we are we are actually huge right in station but we are following it blockchain so that there will be no confusion what we are creating so in the base we are utilizing a state chain another thing was problematic the consensus mechanism because right now everything is done by one validator he's holding node on centralizer where he's the one who is responsible for confirming transaction and and happened a and the blockchain everything so we divided into three parts so there is a node there is a keeper and there is a validator so what is going to happen node the state chain node will be held by somebody else the data will be stored by keeper and the confirmation will happen through the validator so to make it more decentralized what we did we removed the part of the staking so in order to become validator keeper or node holder you don't need to hold Yathi token or any such kind of token you can just become validator without any holding the token or without any like a centralized voting system or something like that where company confirm that okay you are the validator so we try to make it more decentralized in a similar way Bitcoin was there so what I feel like Bitcoin was more popular not because of the investment because of the invovelation of people because people can mint Bitcoin utilizing their laptop or their system so that made it more popular not investment so we are trying to do similar kind of thing with our blockchain where people can just go directly use their Macbook or or Windows system just to participate in the ecosystem and that's how they can also mint tokens so that's the decentralized way right now Bitcoin is also not completely decentralized in a way because right now the minting process is done by the company like that man and other companies so the individual people are not okay they cannot participate in the minting event because of the high costing of the setup and all those things so that's why we reduce it's because of the