How to provide gasless transactions on the blockchain | Leo D from Redlight Finance

foreign we are now joined by Leo from Red Light Finance how you doing Leo yeah good really good to be here thanks for asking it's not only sprung the intro on you but also we were going to be speaking to someone else and I'll speak to you so I sprung the whole interview on you so uh good luck yeah a little bit Yeah so nah yeah really good uh you know obviously Alice couldn't be here so I've stepped in uh so I'll yeah I'll be running the interview so for me it should be good don't worry it's a good chance so folks who have not encountered uh red light before what is it you guys do yeah so real life Finance is we uh basically web3 uh total ecosystem so um basically we stepped in a couple different Industries uh mainly with the backbone of our gases blockchain and everything uh is built on top of that so for example we have our own nft Marketplace which is called Midnight trades we have our own decentralized exchange which is called Dawn Swap and

we have a couple of other protocols that are on there which uh passive income protocols uh and then we have our partners so for example one of them's here today which is Simon from my miniverse uh that's agario orientated I guess could kind of think of as a games Hub so and that's all based around nfts um in in that regard so uh but in essence yeah we're a full ecosystem based off three and blockchain technology so the gasless element the idea of it being Fifi transactions and like which is obviously something that will be attractive to a lot of people I know in reading the site that it talks about maybe that allowing other other systems like for example the healthcare system and maybe non-profit organizations being able to use it how do you go about providing gases transactions in a world that requires gas yeah so it's I guess it's a it's a New Concept everyone obviously in the in the crypto industry knows what gas is so we managed to I get ascertain with you know Alex's knowledge as well as our own in-house developers

to develop our gas and blockchain now you've touched on it already now so some of the biggest industries that we can go into for example is like not-for-profit Healthcare systems but just having the blockchain alone doesn't enable I guess a full integration with those kind of systems what you would need to do is we have something coming out it's called red light private networks which as most I guess some people might not know or most people know blockchain technology is a public system so whatever's on the blockchain anybody who can read blockchain explorers or look at transactions can see that with businesses for example they want obviously the information to be private so what we've developed on the back of our gas blockchain is red light private networks what that does is utilize our gaster's blockchain technology but making it into a privatized system so Industries like healthcare you know even managed Services uh military example those kind of Industries can utilize blockchain technology the security that it provides the speed and the

scalability but also having that privatized for themselves so their their blockchain is like accessible to the general public so they utilize it themselves so it's basically having their own kind of cloud service that they currently have with servers but totally blockchain based so that's where we're going with that then also on the other side which is what we're here for now is the game of our industry so you know with games there's a lot of transactions that happen a lot of users in the traditional gaming sense they don't understand crypto so what we're doing is we're providing a seamless experience with gasless transaction so yes they know what an approved button is but they don't need to know what gas what the gas stars and stuff like that they just know and it moves something from A to B now in going forward even further than that some of the developments that we have is our RNs system which is red light name service so what that is it gives uh the users so we'll go with the gamers for now uh a username or a domain which doubles as the actual wallet address so that can store their nfts any kind of currencies or tokens that uh they play any kind of

uh games on the blockchain now the good thing about this is it works traditionally like a username so for example mine would be like leo.red LC and I could transfer for example inventory items which are nfts to my friend which might be Michael dot you know red LC so that seamless experience that they normally use with user accounts is still there but it's backed by blockchain technology so they might not actually know about it and they want they don't need to but if they want to venture further the good thing is we can be like yeah you actually are integrated into crypto this is how it works for further information and go through it but if not they can just stick to what they do normally with a username I guess profile normally what's the biggest point of friction you feel at this point to people adopting blockchain as a thing like is it is it a case of people not seeing the ideological use for it there's like a difference there in terms of like I print in principle I don't understand this I object to it or do you think it's simply like people find it a little bit of opaque and weird to get

their head around what it actually is and the function of it this use case I think there's a I think there's a mixture of a couple of things so for example you know the media portrays crypto as you know kind of a get rich kind of scheme a lot of scams a lot of um I guess big businesses taking advantage of uh in uh uninformed investors and things like that so you take example the the Terra lunar crash I mean you take example of FTX for example so these are very well known um I guess uh protocols in that industry and they got fought out doing bad things so there's kind of a bit of stigma there and that very much applies to businesses businesses kind of they look at that and they look at the bad media and they go oh and kind of don't want to touch that but then there's also that factor that you talked about is the unknown factor obviously being I guess going into web 3 blockchain and stuff like that it can be a little bit daunting to learn about how it works but if you simplify it down the education piece is something you really need to drive home I think if I think if a lot of the companies in the web 3

space or blockchain space or crypto space spend a bit more time on education stuff like that I think the adoption will be a lot faster now I had a couple of meetings with some of the game developers and they talked about you know how how do we get mass adoptability and stuff like that and that's one of the things we are saying with our RNs system is to kind of keep things the way it is but integrating on the back end so people they uh I guess are utilizing what they know but then you can slowly add elements okay oh guys did you know that you know the game stuff I guess the game inventory items all the things that you've been collecting in game they're actually nfts what nfts are non-vulgeable tokens they can actually do this they're actually based on a blockchain and you can slowly drip drab information so people can uptake it and then they're like oh actually this is really good that means the items that I have in game can be transferred you know onto the secondary Market traded sold or you know traded with my friends whatever it might be or they can be utilized like with our part of my middle a verse where that nft you know in one game might not

translate to Something in another but it still gives value to another game so for example if I finish the game what a lot of people uh tend to do in another game those items that I've collected can still be transported across might not have the same word but they have some kind of currency or I guess um switchability into another game so there's a lot of flexibility uh with blockchain technology I think it's just really education that it comes down to as well as I guess just getting the foot through the door with some game developers or some Industries to actually adopt that take the risk a little bit obviously educated risk uh educated um I guess decision things like that and then really go from there so that's how I feel the industry should tackle it and I think sure probably the best way to go about it well if you were to come up against someone who was like I I don't see the point of this or I'm sitting on the fence about it all what's the thing that you would say to get them over what's the easiest way to be like look this is what it is come on over this is the launch is nice like how would you do it I think well one of the biggest I

guess one of the biggest things about blockchain is security so blockchain itself very secure probably one of the most secure things that you can do what tends to happen is there's either a problem at the front end from the user sending something or or the back end where it's receiving but the blockchain technology itself is very secure that's why you know governments military and stuff have looked at it looked at blockchain technology but the problem is they're like how do we get it so it can be scaled or it can be adopted that everybody can kind of use it so you think about it like there's been heaps of cases for example like tornado cash I'll take as an example a lot of I guess Shady characters even governments got caught using tornado cash um because of the actual functionality that it had so you know for example we would send crypto which is anonymous it doesn't have an identity attached to it apart from a wallet address what happens is it mixes it around and it spits it out saying it came from a different place so there's a lot of I guess the security uh and I guess the information um and the technology that blockchain

crypto and stuff actually has it's really really good talking points but I think one of the things like I highlighted before is the education point of view and I think one of the other portions of this is nfts now are not just art for example they actually have uh I guess a greater functionality so for example you know in game like I was mentioning before they can um have attributes and support changes your character whether it's skins and stuff like that so those kind of things where you can I would say to somebody is like hey look you know if you had a game where you finished everything like I mentioned an example before but you could carry that over to you the next game that you might play so your playability across the web 3 space is greatly enhanced and that's something that developers actually look at game developers they go how can we make our game or our game house uh a lot have better playability like how do we keep players keep playing it all the time they bring out new release DLCs and stuff like that what else we said hey instead of doing that you could make a whole new game or you could transport it

across three or four different games nfts that can be used across that therefore the playability across those three or four games all you'd have to do is release a new nft connect collection an nft freeze album could be a new boss or it could be you know new weapons new skins and stuff like that so you don't have to change a whole game architecture you can just redeploy nfts thank you [Music]