TOKI Community Call #2

Slide Deck for TOKI Community Call #2 - April 24, 2024

Topic: TOKI's Cross-chain Tech

This presentation covers the details of TOKI's cross-chain technology using the IBC protocol.
You can watch the recording here: https://www.youtube.com/watch?v=EYtnRbbSFqQ

To learn more about TOKI, please visit the links below!
X: https://twitter.com/tokifinance
Discord: https://discord.gg/SJHm9s9AFq
Medium: https://medium.com/@tokifinance

Transcript

1. IBC-enabled Cross-chain Infra for the Global Billions April 24th, 2024 Today: TOKI’s Cross-chain Tech
2. • Daiki, Founder of TOKI • Extensive expertise in interoperability solutions, IBC ,to realize cross-chain payment use cases using CBDC, stablecoins, security tokens, NFT, etc. • Led the projects with Interchain Foundation, L1s, and major financial institutions such as MUFG • Ed, TOKI Partner for BizDev and Growth • Many years of experience in Crypto trading centralized and decentralized technology • Took part in the El Salvador BTC initiative powering the Government Wallet (CHIVO) Speakers
3. • Speakers • Vision • What is TOKI? • IBC ◦ Why IBC? ◦ Architecture ◦ The Standard ◦ No Vendor Lock-in ◦ Dev Community • Multi-prover Security Model • Verification/Comparison/Solutions • Multi-prover Model • Roadmap • Q&A • Next Session Table of Contents
4. TOKI’s vision Advancing an Open and Secure Finance Infrastructure for the Global Billions in the multi-chain landscape.
5. What’s TOKI? TOKI provides an open, secure, and easy-to-use cross-chain infrastructure. It aims to issue tokens for both a messaging and liquidity layers. IBC-modules Relayer Multi-prover(Blog) TEE + MPC + ZK Any apps TOKI Liquidity IBC-modules Any apps TOKI Liquidity TOKI Messaging layer • 100% IBC-compliant, containing IBC-solidity, IBC-light clients, etc. • Efficient, scalable, and trust-minimized security model by a multi-prover. • Revenue source is messaging fee, and token issuance to be determined. 3rd party app layer • Any app is enabled to integrate with either TOKI liquidity or ibc-modules directly. • Those integrations will accelerate TOKI’s revenue. TOKI Liquidity layer • Enables users to make any type of cross-chain transaction with 1 click. • Supports blue-chip tokens as a bridge currency, USDC, USDT, ETH, Progmat, etc,. • Revenue source is swap fee, and TOKI token will be issued. Networks supported are expanding to and more
7. Why IBC? The most comprehensive standard • IBC defines standards only: connection, channel, verification, packet, relayer, etc, to cover any general cross-chain use-cases, and it’s second to none. No-vendor lock-in by design • Unlike others, IBC doesn't have a token or business model. The most proven track record from diverse perspectives • The greatest transaction, 2.9B/mo, with 0 exploit, the number of connected chains and developers, etc. IBC is truly comprehensive, open, and the most proven messaging standard for all. Blog: Why EVM Chains Pay Attention to IBC
8. The most comprehensive standard Diverse standards, ICS, defines how to establish open, general and trust-minimized message passing. Chain A Chain B App layer Transport layer Client layer ibc-app (ICS-20,27, 32, etc) ibc-module Light client B (ICS-02) ibc-app ibc-module Light client A (ICS-02) relayer ICS-18 IBC-TAO Channel&Packet ICS-04 Connection ICS-03
9. The most comprehensive standard Many developers implemented huge amount of modules based on ICS, and these efforts will be second to none. This is just a part of the catalog.
10. No vendor lock-in by design IBC is the only truly open standard, unlike others. History show us that standalone standards don’t survive. Only truly open standards will survive. Protocol wars(1970s-1980s) Apple Xerox Novell
11. The most proven track record An open protocol creates a strong developer community as a driving force for notable track records. IBC Gangs! Connected chains 114 chains Tx count/month More than 8 million Tx volume/month 3 billion 0 exploit Source: DeveloperReport.com, https://www.developerreport.com/ecosystems/cosmos source
12. IBC explosion IBC is about to explode everywhere as a truly open standard in the multi-chain landscape. source Comprehensive and Open Protocol Strong developer community Notable track record
13. Multi-prover security model
14. How to secure connections When bridging arbitrary message from A to B, B chain has to confirm its validity. Native light client approach Proxy approach relayer Light client B Light client A Chain A Chain B Packet relayer Light client B Light client A Chain A Chain B Proxy module Lightclient/Verifier Lightclient/Verifier • PoS Chain • ZKP • TEE • Oracle Multiple approaches Packet
15. Proxy approach comparison No one has a one-size-fits-all security model. Native Light Client TEE(SGX) ZK Hub chain(PoS) Oracle/Multi-sig Security The most trust minimized TEE’s additional trust assumption Technically trust minimized, but potential vulnerability risk Depend on amount of stake and the number of validators Weaker security model (many exploits before) Potential bugs for off-chain system No trust assumption Unlikely (No practical issues in the past) Highly likely (zk prover is immature) Unlikely Likely (A lot of bugs in the past ) Gas Cost Impractical for EVMs Practical and efficient Practical, but expensive Practical and efficient Practical and efficient Scalability (Implementation, maintenance) Not scalable Every light clients are required. Scalable Single light client Not scalable ZK circuits for every light clients are required Less Scalable (depends on security model) Scalable Latency (Header verification + Proof generation) No additional latency milliseconds Up to several minutes Finality on each chain (several seconds) A few sec Additional Cost None Few (TEE system) Many (Trade-off with latency in a proving system) A lot (Staking rewards) Many (Full nodes) Examples IBC TOKI TOKI, Succinct, Polyhedra Axelar, cBridge, Polymer Layerzero, Wormhole
16. How to solve Some notable projects say a combination of multiple bridge is always better and safer than single. https://uniswap.notion.site/Bridge-A ssessment-Report-0c8477afadce42 5abac9c0bd175ca382 The Committee determined that a multi-bridge architecture was likely the best option for the Uniswap DAO’s cross-chain governance use case, but noted that protocols that provide this functionality are nascent and not mature enough for immediate implementation. This means that the entity controlling a.DI (Aave governance) can replace any underlying bridge if malicious/exploited, define consensus rules between multiple bridges, or even survive an emergency event on which no bridge is functional. However, it’s not always true to use multiple bridges from the cost efficiency perspective for general purpose.
17. Multi-prover security model The answer is multi-prover security model in IBC, which combines TEE, MPC, and ZK to create an efficient, scalable, and trust-minimized connection. Relayer ibc-solidity LCP Client Any contracts ZK Verifier ibc-solidity LCP Client Any contracts ZK Verifier ELC (Enclave Light Client) EnclaveKey ELC (Enclave Light Client) EnclaveKey ELC (Enclave Light Client) EnclaveKey Proof LCP node LCP node LCP node ZK light client Proof TEE(SGX) + MPC 1. Submit a Packet 2. Verify a packet and generate a proof 2. Verify a packet and generate a proof 3. submit a packet with proofs 4. Verify proofs by LCP client and ZK verifier Starting from Cosmos with Succinct lab Economic security (PoS like) + Future plan
18. TOKI has taken security issues in multi-chain era very seriously for a very long. IBC with multi-prover will be the best answer for the future of blockchains. Your support is highly appreciated and necessary to make this happen. Security-first focus
19. Roadmap Incentivised testnet will go live in the end of June, and Mainnet will be Oct-Nov. Network expansion and TOKI token issuance will follow. Roadmap plan • Testnet detailed announcement: June • Testnet for transfer only: Start from end of June • Testnet, including pool: Sep • Mainnet: Oct-Nov • Integrations with 3rd party apps Q1-2 2025 • Network expansion up to 8 networks and TOKI token issuance • The governance will be activated • Stablecoin issuance and support • Collaboration with validators
20. The landing page for TOKI will soon go live.
21. AMA Session Please submit any questions in the Q&A box Questions from the community • Could you please explain how the JPY stablecoin work in TOKI chain? • When testnet launch?
22. Follow us on 　 ! @tokifinance Discord Social media & Community
23. SEE YOU NEXT TIME! Next Session: May 15th Next Theme: Stablecoin in partnership with Progmat