Date: November 28, 2024
Recently, at PBG, we hosted a very special X Space where we delved into the technology behind our protocol, the current state of the Cardano ecosystem in Latin America, and the future vision for digital asset management.
We were joined by key figures in the ecosystem: Mauro Andreoli (Cardano Ambassador), Rodrigo Oyarzún (CHIL pool operator and creator of Descentralización Total and Cardumen.io), Jonathan Rodriguez (Co-founder of No Witness Labs), and from our team, Pablo Bejarano (PBG Founder and CEO) and Christian Schmitz (Lead Developer).
Below, we share the highlights of this conversation, including the story that gave rise to our technology.
1. The Origin: From Traditional Finance to Blockchain
To understand PBG, one must first understand the journey of its founder, Pablo Bejarano. With over 20 years of experience in financial markets and an educational background from ITAM (Instituto Tecnológico Autónomo de México), Pablo navigated through various sectors, from derivatives to serving as a chief currency strategist for family offices.
His initial dream was to found a traditional brokerage firm. However, facing enormous costs and the oppressive regulatory burden required to operate, he found in blockchain technology the solution to structural financial problems: the need to eliminate custody risk and the misappropriation of funds.
The path was not easy. Pablo recounted how he had to “burn the ships” several times, investing his own capital in failed developments with teams trying to replicate Ethereum models on Cardano without success. It was through perseverance and a connection with the Cardano Foundation that he met Christian Schmitz, who restructured the project from scratch using the appropriate native tools.
2. Strengthening the Community in Latam
Mauro Andreoli shared excellent news regarding Cardano’s physical presence in the region. He highlighted the importance of the IOG offices in Buenos Aires, a space open to the community, as well as the inauguration of a laboratory at the University of Buenos Aires and agreements with local chambers. This reaffirms that Latin America is a fundamental pillar, with talent occupying key roles globally.
3. Sovereign Tech: The “Ra” Node
Stability is non-negotiable. Christian Schmitz and Rodrigo Oyarzún debated the challenges of relying on external services. Christian explained how PBG developed its own node, christened “Ra“.
This solution combines Cardano Node, Cardano DB Sync, and a top layer built in Go.
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The Goal: To achieve efficient and stable Transaction Chaining.
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The Result: By managing our own Mempool, we eliminate third-party failures, which is vital for a financial institution that requires constant agility.
4. Security and Audit with No Witness Labs
Trust is built on verification. Jonathan Rodriguez from No Witness Labs was in charge of auditing PBG’s smart contracts. Jonathan highlighted how, although the use of Haskell was an initial barrier, modern tools like Helios have allowed for the creation of robust and secure products. PBG is an example of this evolution, operating with an audited and professional infrastructure.
5. DVP: The Evolution of Asset Management
The heart of our proposal is the DVP (Decentralized Vault Portfolio). Unlike simple Real World Asset (RWA) tokenization (where the underlying asset remains in a traditional bank) the DVP allows for the management of investment funds, hedge funds, or family offices completely on-chain. This guarantees that reserves are transparent and auditable in real-time.
Why Cardano? The decision was technical and fundamental: “Cardano or Nothing.”
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UTXO Model: Offers superior security compared to the Account model (like Ethereum), mitigating common hack risks.
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Permissionless: Thanks to the Cardano Native Asset standard, assets in PBG cannot be arbitrarily frozen by external smart contracts.
6. Taking the Solution to the Major Leagues
Finally, Pablo shared a crucial milestone in our roadmap: the presentation of our infrastructure to executives at BlackRock in Mexico.
The message is clear: PBG offers a “plug and play” infrastructure so that any asset manager can create and manage their tokenized funds transparently and securely. While the traditional financial world is just beginning to look toward tokenization, PBG already has the protocol built and operating.
Conclusion This Space made it clear that the combination of a strong community, elite developers, and a clear business vision born from real financial experience is what will drive true adoption.
We thank Rodrigo Oyarzún for his work at Descentralización Total and Cardumen.io, Mauro Andreoli for his leadership, and everyone who tuned in.
See you at the next Space in December!
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. It is recommended to consult with experts before making any investment decisions. This text is a summary based on an audio transcription of a live X Space; therefore, minor errors, omissions, or misunderstandings regarding names, acronyms, and specific contexts may exist.
