AMA Session with Piers Ridyard Radix (eXRD)
Guest: Piers, CEO, Radix project
Host: Gerald of MXC Exchange
First of all, hi! I am Piers Ridyard, CEO of Radix. I have spent the last 5 years deep in the cryptocurrency space going from mining on the genesis block of Ethereum in early 2015 to building and exiting a YCombinator company that built decentralized deal-room software for insurance companies in 2017.
My background includes finance, law, electronics and mathematics. I have two degrees, one in Chinese and Business and a second in Law, as well as having done the first level of the CFA, the Chartered Financial Analyst exams. I love all things crypto and finance :-D
Gerald of MXC Exchange: Wow! Thank you for the great introduction! I am sure the community here at MXC Global would love to know more about your project, Radix. Let’s move on to the AMA questions.
Piers: Cool, hit me!
Questions from community:
Gerald of MXC Exchange: Q1.What is Radix? Can you share with us more in detail?
Radix is the Smart Money Protocol, a next-generation layer 1 platform that does not have the limitations of current layer 1 platforms. Radix has demonstrated 1.4 million TPS in 2018. This is the world record still today. Our new consensus algorithm ‘Cerberus’ is able to theoretically scale infinitely. We will deliver this capability in 3 steps: from 50 TPS to thousands of TPS, to unlimited TPS. We have a strong team with backgrounds at ConsenSys, Microsoft, Nvidia and Y-Combinator who are experienced in delivering complex products. All of our last milestones were delivered ahead of time.
A big focus for us is developers. With Radix, developers can build fast without the massive security and exploit risks on Ethereum. Some information around this is already public, such as the Component Catalogue and Blueprints. We are excited to share more information soon. Also, we think that we are incentivizing the right people in our network, the developers for creating valuable components and the validators for securing the network. Scalability is important of course, on Radix dApps can scale to millions of users without friction because we don’t have a built-in TPS limit thanks to our innovative technology.
At Radix we have big goals, we want to fundamentally change the current financial system because we think it is not a fair system. It is time to build a new financial system and Radix wants to be the platform on which the new decentralized financial system is built. To help with this, Radix has founded the GoodFi Alliance (GoodFi.com). The goal is to bundle the industry’s resources to educate and onboard the next 100 million people from the traditional financial system to DeFi. Many big players have joined us, like Aave, Chainlink, mStable and dozens of others. We are very thankful and are confidently looking into the future. We have 3 major milestones coming up with our Cassandra research network, our Betanet at the end of April and our mainnet by end of Q2. Exciting times at Radix!
Gerald of MXC Exchange: Q2.What triggered you to launch Radix? What are some of the real-world problems / pain points that Radix aims to solve?
Today, the Ethereum ecosystem has three huge issues.
Firstly, it is extremely difficult to build bug-free code, and where complexity is punished due to risk. The number of hacks and exploits we hear about every week is growing and hundreds of millions have already been lost. This creates fear in the developer community, and it means that developers today spend 90% (!!!) of their time securing code rather than building new apps.
Radix solves this problem by allowing everyone to build fast and without breaking things.
We do that with a purpose-built DeFi programming environment that enables fast AND secure development. By building a language specifically for building DeFi and starting with security and speed and the most important characteristics, we accelerate both times to production, and the scope for innovation on Radix.
Secondly, it takes a community to build a billion-dollar application, yet only the most successful dAapps are rewarded, incremental improvement is not rewarded. If you are an individual developer and you create a breakthrough innovation for Ethereum, you see none of the rewards unless you go all the way to building an application. Contributing code gets you nothing.
Radix solves this problem by rewarding everyone who makes the platform better. This is achieved through our system of on-ledger royalties that rewards those that contribute code to the ecosystem. If you build a great new component for the Radix ecosystem and a dApp uses that component to make their great new application, the component developer gets a royalty fee every time that dApp is used. This makes sure that code contributors as well as dApp builders get incentivised to build and contribute to the Radix ecosystem.
Thirdly, gas fees are killing Ethereum. Ethereum 2.0, unfortunately, kills DeFi composability, which is critical to making DeFi work in the liquid low friction it does today. There are no technical fixes that address this for Ethereum, or Polkadot, or Avalanche, or Near — they are all equally flawed in this important respect.
Radix allows all DeFi applications to scale without adding friction, and without breaking atomic composibility. Indeed, it is the only public network that has been able to demonstrate this.
Gerald of MXC Exchange: Q3: What are some of the challenges that Radix currently faces? How do you aim to solve them?
Piers: Ecosystem is always the hardest challenge. How do you build an ecosystem from scratch when your network has just launched?
However, gas costs are killing the usability of the Ethereum ledger. Solidity is a nightmare for DeFi developers. Right now, most of the Ethereum ecosystem is actively looking for ways to mitigate the scalability issues, and every single project is constantly trying to mitigate the security issues of solidity. Layer 2s break the composability that is so critical to DeFi, and projects like Polkadot, Avalanche and Ethereum 2.0 do no better on this front.
To ease the transition from Solidity to Scrypto, one of our partners, Noether, is creating a system that allows people to migrate their Solidity code across to the Radix network: https://www.radixdlt.com/post/object-computing-and-noether-dlt-develop-ethereum-based-smart-contract-platform-for-the-radix-ledger/
In addition to this, Radix recently launched the GoodFi initiative with some of the leaders in the DeFi space to help bring 100m users into DeFi by 2025: https://www.radixdlt.com/post/radix-launches-goodfi-alliance-with-chainlink-aave-messari-mstable-more/
No single thing builds an ecosystem. But a great place to start is by building something that actually gives DeFi the chance to break into the mainstream by solving a lot of the issues that are holding it back.
Gerald of MXC Exchange: Q4: Are there any exciting news or updates with regards to Radix that you would like to share with the users?
Piers: Yes, we have just announced that StakeHound will be supporting the XRD token! This means that any holder of the XRD will be able to earn staking rewards by securing the Radix public network, AND still be able to use their liquid stXRD tokens within the Ethereum and Radix ecosystem.
You can find out more about that here: https://www.cryptoninjas.net/2021/03/18/stakehound-integrates-radix-xrd-ahead-of-betanet-launch/
Gerald of MXC Exchange: Q5: If you were to summarize your project in 1 word, what would it be?
Piers: I’m going to go for the ambitious: Game-Changing (cheating a little by hyphenating :-D)
Fundamentally, we believe the future of finance is going to be decentralised, and we have built the platform we believe is necessary for the future of finance3 not by looking at what people are currently doing
But instead by looking at what is necessary to make the future we want to happen come about.
Q1.What are your status regarding the audit of your smart contracts and security mechanisms to protect and assure the participants of the ecosystem?@Spleepy
Great question. The mainnet will be audited by one of the industry-leading audit companies. We are already working very closely with Quantstamp and have been using them for all our audits so far. We have also announced a partnership with them to extend that security to the auditing of components on the Radix mainnet as well (https://www.radixdlt.com/post/radix-quantstamp-partner/).
In addition to that, we partnered with the University of California Davis to validate the maths behind our consensus protocol, Cerberus. You can read more about that academic partnership here: https://cs.ucdavis.edu/news/expolab-partners-radix-develop-fast-and-secure-financial-blockchain-system
The actual academic proofs can be found here: (warning, lots and lots of maths!): https://arxiv.org/abs/2008.04450
Q2.How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates??@BANGLADESH11
I highly recommend joining our main telegram channel: https://t.me/radix_dlt as well as the announcement channel (if you just want to stay plugged in, but with less chat): https://t.me/RadixAnnouncements
From there, you can get guidance on available non-english speaking channels.
We also have our discord: https://discord.com/invite/WkB2USt which is a bit more technical and has some dedicated non-english channels.
Lastly, there is our Twitter, which is also highly active and often has many little nuggets of new information! https://twitter.com/radixdlt
MXC trading: https://t.me/MXCtrade