{"id":"oC1aWt8h730","title":"NEARCON 2023 Live Stream | Day 1 -  Layer One Stage","description":"Check out all the amazing talks of #NEARCON HQ stage (Convento Do Beato) Day 1  with the timestamps below:\n\n14:20 | Welcome to NEARCON 2023 - Jack Collier - NEAR Foundation\n\n24:07 | DeFi Onramps: How to Build a Better Multi-Chain Experience - Carson Brown - Gauntlet,  Jess Houlgrave - WalletConnect, Josh Lee - Keplr\n\n55:26 | The Interop Future - Jason Ma - Axelar, Alex Shevchenko - Aurora Labs, Mariano Sorgente - a16z, \nAlex Zaidelson - Secret Labs, Dani Osorio - MetaWeb Ventures\n\n1:27:10 | Closed vs. Open: The Case for an Open Web - Chris Donovan - NEAR Foundation\n\n2:25:54 | Level Up: How Asia Is Driving Web3 Gaming - Hannah Kang - MARBLEX (Netmarble), \nJay HOON JAI Lee - Vortex Protocol Pte. Ltd., Scott Lee - NEAR Korea Hub\nMark Mi - NEAR Foundation\n\n2:57:16  | Why Decentralization Really Truly Matters: Who Will Own Us in the AI Age? - Michael Casey - CoinDesk\n\n3:11:24 | Regulating the Open Web: Conversation - Chris Donovan - NEAR Foundation, Michael Casey - CoinDesk\n\n\n3:33:06 | NEAR: The Open Web Vision - Illia Polosukhin - NEAR\n\n4:14:48 | Keynote by Cosmose AI's - Miron Mironiuk - Cosmose AI\n\n4:24:00 | More Infra Won't Save Us: Why We Need Consumer Crypto - Oleg Fomenko - Sweat Economy, \nJess Houlgrave - WalletConnect, Miron Mironiuk - Cosmose AI, Ian Taylor - Crypto UK & KPMG, \nLindsey Crawford - Proximity Labs\n\n4:51:02 | Time to Ragequit Web2: Why You Should Build Web3 Games - Julien Charrel - Starchain Gazer, Hugo Furneaux - PlayEmber, Tung Nguyen-Khac - Vizta DGTL, Mark Mi - NEAR Foundation\n\n5:18:08 | Navigating Web3 Fandom: The Future of Sports Marketing - Amr Elrawi - Oracle, \nNoah Kline - Wincast, Matt Lord - SailGP, Sam Wang - NEAR\n\n5:55:44 | What the Open Economy Looks Like in 2023 - Richard Muirhead - Fabric Ventures\n\n6:14:04 | How Fans and Brands Are Reinventing Loyalty in Web3 - Quincy Dagelet - Crowny\nZoe Leavitt - GLASS, Riqi RA - Paras, Vanessa Grellet - Aglae Ventures\n\n6:45:44 | Keynote: Move2Earn Is Dead. What's Next? - Oleg Fomenko - Sweat Economy\n\n7:07:46 | Thank You, NEARCON Day 1 - Marcus Ribeiro - NEAR Foundation\n\nSocial Links\n\nJoin NEAR's community: \nWebsite: https://near.org/ \nTwitter:   / nearprotocol   \nDiscord: https://near.chat/ \nReddit:   / nearprotocol   \nMedium:   / nearprotocol   \nBlog: https://near.org/blog/ \nGitHub: https://github.com/near https://github.com/nearprotocol \nDev Docs: https://docs.near.org/ #Blockchain #FutureisNEAR #NEAR #nearprotocol #nft #dao","channel_name":"NEAR Protocol","published_at":"2023-11-08T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/oC1aWt8h730/hqdefault.jpg","transcript_text":"see please take your seats and Silence Yourself please welcome our MC to the stage near foundations Jack Coler hello everyone and welcome to nion 2023 come on yeah right what a show we've got in store for you over the next three days um as you all know the sort of motto for the next three days will be how we're stepping into an open web which is really where we're trying to give people control of their data privacy and power of governance something that we all here believe in uh deeply and so yeah all the talks all of the the show that we've got for you is centered around that um and this year it's even bigger than ever can you believe we've sold almost 3,000 tickets hey how good is that that's our biggest event to date and obviously we're in the third year here at neon last year you remember the warehouse on the waterfront yeah with where the roof collapsed you remember that it was great luckily we' got some proper roofs in here today uh but that that was epic right it was epic but what I can tell you what I can tell you is that this year it's going to be ionic iconic right okay so we start the show off here this is ncon HQ this is really where you know you'll be able to interact with all of our amazing ecosystem projects with the ecosystem booths you'll be able to experience the blockchain operating system for yourself at the blockchain operating system area learn all about the open web stack uh you'll also be able to experience lots of the different chill zones we've got we've got the proximity Lounge upstairs um and the NDC Lounge um but I guess most importantly on this stage on this stage throughout the three days we will be dropping some mad Alpha there's going to be some amazing announcements we can't really give any of the game away today um but what I can say is at two o'clock or around about that time do not miss il aukin on this stage with one massive announcement all right um so that's happening right here um and alongside that there's we've got so many Fantastic speakers from across the near ecosystem but also from outside the near ecosystem where we going to bring in voices anyone who's really interested in an open web um and you'll see some incredible speakers um right here so this is neon HQ um we also have our second venue which is our hacker HQ up at arazan that's really where all the buildings happening that's home to our 48 our in real life hackathon with over $140,000 in prizes to be won through the bounties right $140,000 and they're hacking right now over there um and on this stage on Friday uh we'll be doing the judging for that with some incredible judges uh as well so that's not to be missed so two venues um we also have the third venue which is our community HQ um and that is near near the hacker HQ um and in there we're holding our Founders Forum today which is mainly from our near Horizon programs uh first cohort getting together um and really learning from each other um and sort of seeing how we can best support projects growing in our ecosystem um and alongside that it will be a good place for anyone to be able to chill get a drink meet other people from the community um but also with our friends at refraction there's been some incredible artwork uh from from them and people across the community which you can also enjoy which I think is fantastic so there're the venues um but one thing that is also new this year and you might have noticed this when you uh had your ticket and you scanned it in uh to get your passes this morning that is uh your first experience into what we've called our neon app that's your full neon event app and in there you'll see all of the agendas and the schedules uh the walkthroughs any any help you might need you can do through that app but most importantly we have launched our Encon event token for this event only uh and you'd have all received 100 Con in your app just from walking through the door easy as that um and with the with Encon you can purchase um some swag and the swag store out here uh you can purchase fantastic food and drink from across the venues um and you can also you know make some petty bets between your mates uh David Morrison's already lost 50 Enon to me unfortunately for him he won't be getting any swag this this week um but one thing you can do is earn Encon throughout experiences through the event so from watching uh fantastic talks as proof of watch uh from experiencing the ecosystem partner booths who will have their own quests that you can complete to earn Encon um and what I can say is that um the people that earn the most uh Encon over the next three days will win a free trip to ncon 2024 so make sure that's it make sure you're out there scanning the QR codes and collecting all that all the Enon that you can right so enough of me I really hope you enjoy the next uh three days I know I will um but what I'm going to do now is hand over to a very special guest I've just seen them backstage um and I'm not going to introduce them um I'm just going to leave it to a little video so enjoy the next few days everyone thank you if it's called a stable coin and its point is to be stable someone could look at us and say this product did nothing South Korean Crypt fugitive Tuan has been sentenced to four months in prison a cryptocurrency entrepreneur has been arrested in Montenegro thank you guys FDX founder Sam bman freed arrested in the Bahamas set to face a judge this morning three arrows Capital three arrows Capital three arrows Capital the now bankrupt hedge fund was borrowing billions well how did a major crypto lender go from managing billions in assets to filing for bankruptcy I would not touch crypto in a million years this is one of the largest bubbles Bitcoin is worthless artificial gold it's over it's over it's over near protocol near protocol what be near protocol near protocol has rocketed to 3 million monthly active wallets making it one of the most used blockchains in the world so what's the answer so what's the answer what's the answer what's the answer the key to success is developers developers developers developers developers developers developers developers developers developers developers develop developers Builders founders developers Builders Founders developers Builders Founders developers Builders Founders in nearon 2023 Abby Shake vathan please welcome our MC to the stage near Foundation Abby ship sh vathan good morning everybody how's everybody doing this morning wo I want to hear a little more energy here how is everybody doing this morning W welcome to NC con it is my distinct pleasure to welcome up our first panel before that I'm Abby shik vadan senior councel at near foundation and it's my first ncon so uh I'm very psyched to be here with everyone this morning we've got our first panel defi on-ramps how to build a better multi-chain experience moderating this panel is Felix mcart from Greenfield so I'd like to welcome him up and uh let's get this party started hello everyone good morning I'm super excited to be talking today about the defi on Rams how to build a better multi training experience with this wonderful panel here uh to my right we have Josh Lee he's the co-founder oos mes uh an interchain uh liquidity Hub and also Kepler which is a wallet for the cosmos ecosystem then we have uh uh we have Jess holgrave who is the CEO of wallet connect basically uh building uh a solution to connect all types of wallets to to daps and we have Carson Brown who is a senior protocol manager at gaunlet and they are largely advising protocols on on risk management and also uh on on certain multichain issues so yeah we have we have an ecosystem of various blockchains across several layers emerging and that means we get more scale we get more diversity and and specialization as well U but that also means much more complexity which can potentially overwhelm users and also lead them to tap uh into security pitfalls so uh which means we need to be really thoughtful about designing user experience and Abstract complex complexity for for end users so uh yeah I want to start out with how how it how does it in your mind look like to have a great multichain ux start maybe do you want to start Josh um yeah uh I think from my perspective I think it is inevitable that all of crypto is going to go multi-chain uh the path there is I think fairly evident and we've seen the industry sort of go that way the part that we haven't figured out is how do we sort of create interoperability at the user layer rather than the technical layer uh and yeah I'd like to kind of open up with that and see what you guys have to think about that as well so at at wallet connect um we have built in a deliberately chain agnostic way from the very beginning and wallet connect started as a protocol to connect daps and wallets um and allow authen sign messages basically um that's that exist offchain but allow allow that connection and so the the motivator for that for our founder Pedro back in 2018 was to create better end user experiences um it's that QR code that many of you might be familiar with when you're logging into an app how do I use a mobile wallet on a desktop application um and over the last five years that's something that the team has really worked endlessly to try and improve whether that be um implementing different Frameworks so we have mobile native now and other ways so I think it's really um it's for me it's all about that end user experience there's a lot of very exciting things that happen at the technical layer but in order for uh Defi and that's the topic of this panel but in order for crypto to uh to continue to expand and bring in people other than the sort of the the the early Geeks that we all identify would that get really excited about this how do we create end user experiences that feel safe that feel familiar um and that ultimately deliver real value to those end users yeah I think that's a great point and when I think of you know user experience uh across multiple chains I think one of the things I try to think about is like consistency and expectations I think um one of the barriers right now is generally when going to a new chain it comes with a new learning curve um and I think bringing that barrier down really improves the user experience um because generally you're going to another chain to achieve some type of goal and so either it Aus skates that cross chain experience or if you're intentionally going to another chain kind of reducing that level of a learning curve so you can get closer to accomplishing your goal faster yeah so how much does the user actually know or need to know in order to use multiple chains and like how how can we cater to different types of user personas like are are there users that want to kind of max out on like the potential of different chains and probably others that I I I think realistically the challenge here is like um just the different standards of different ecosystem right like for example name services are different based on which layer one service that you use you know how end points work in the background are all very different um and it's hard to know how far a user will go right like you can abstract a lot of these things up front and then later once they become an advanced user who wants to do something and realize because I'm locked in into a standard which in the very beginning helped me onboard way easier but later realized this is completely incompatible with the rest of the crypto ecosystem then you know you sort of stuck in this you know Loop where the benefit that you got early on for onboarding cost you the opportunities of um expanding into kind of other standards and things like that so you know there is this benefit of ux but it also comes typically at the cost of compatibility standardization um and yeah it's it's always kind of a careful balance when you're trying to design user-facing systems with kind of the blockchain with all of its decentralized like technical development um specification and things like that you know you no longer have someone to call and say hey this isn't working for us can we change this standard because you know that could take years to to you know actually happen so um yeah it's always a very hard balance from our experiences I think you bring up a really interesting point there around standards which is um something that I think at the moment individual ecosystems are very good at but as an overall ecosystem we're not um we've been working a lot on the Chain agnostic improval uh Improvement uh um proposals sorry I can't speak yet this morning need more coffee um and those are really designed to work in a cross ecosystem way so how do we take standards that we identify working really really well in a single in ecosystem and ex make those extensible so that other ecosystems can start to adopt them um and naturally within ecosystems there's a um you know that are interests aligned to create a lot of a lot of compatibility or do you want to hold your users within your ecosystem and keep them there and I think that that's something that a lot of layer ones layer twos are really wrestling with right now but I really believe that we we are going to have this multi-chain future and if we want to deliver better end user experiences having these shared standards that exist um across the ecosystem I think will will benefit us all um but they're very very hard to do if you're in sort of making standards proposals in a single ecosystem where there's a lot of alignment we already know that that is hard to implement um and doing that on a chain agnostic basis um is is even harder but I think it's going to be really essential to the growth of the ecosystem MH and I think also tapping into some of that question you asked about personas I think it depends on the user also depends on the type of application the user is hoping to use I think if you have an experienced user who's trying to do something in defi as they're bridging over you know they're going to care about the liquidity depth of whatever token they're getting on the other side they're going to care about if they need gas tokens and also care about the reach of whatever token they end up getting whether um it has a lot of use cases and a lot of different protocols on the flip side if you have a maybe relatively inexperienced user and they're interested in some type of gaming application all this stuff doesn't really matter to them and so it's kind of all about catering the multi-chain experience to the use case and the experience of the user I think that's why we're starting to see um you know different Bridges and different kind of multi-chain adapters built into the applications themselves because it's really hard kind of give that control off to another uh a different you know Bridge provider yeah Bridges is definitely an interesting topic a very important topic I want to touch on that a little bit later again um but first maybe uh Jess do you want to share a little bit more about the work wallet connect is doing in standardization since you brought the point up as well yeah so I I think um one of the one of our core philosophies is to be fully chain agnostic and um in a in a world where there are more and more chains and more variety of chains that becomes increasingly hard for us um but it's something that we that we still really en Endeavor to do and so at the protocol layer um that is built with such um low opinionated uh kind of technology that it it can be built on and compatible with any chain the higher up you get in our stack of sdks the the more opinionated they become and the less generalizable they come but we are we're starting to expand those from a standards perspective wallet connect has always been um very focused on the evm ecosystem and building standards there but it was a couple of years ago that we really started with the cips and I think we're up to some 130 140 different proposals with that right now um and more and more chains are starting to get involved with it that I think is going to be um going to be a helpful for us to to build great end user experiences at that intersection between apps and wallets um but also just for for end users um so you can imagine um sign in with ethereum that people are talking about uh there's a proposal under CIP right now for sign in with X so the idea would be that there is a shared standard across across ecosystems for that um and there are many many of those being proposed and and I think we're really excited to see the growth of that um that community and and and those those proposals coming through um part of the challenge is is how you actually get those implemented right and so that there are some great proposals out there um but delivering really amazing end user experiences depends on the cooperation of those chains um we are we've been incredibly lucky over the last few years to work really um broadly across different chains different wallets and different applications and so um you know it's a lot of the team at wallet connector really focused on on driving those forwards but I think um you know I would encourage chains Builders to take a look at those too um because I think that that's really going to deliver the end user experience which to Carson's point is going to really vary as to what they want out of these products um how experienced they are what their tolerance for risk is what their tolerance for fees are um and that's one of the things that excites me about the ecosystem right now as we're starting to see that variety and we're starting to see applications that are catered For more experienced users for Less experienced users um and I think as defi continues to grow and also becomes more embedded in other applications whether it's gaming or other things um they'll have different needs there as well um and so defining those standards really clearly is going to be um is going to be important mhm do the others have any points on on standardization maybe also like how to integrate that in in capital wallet yeah uh I think from my perspective it's kind of a you know I I always bring up two sides of everything but there's also this like incentive issue where you know you could sort of have someone standardize something but you know why should someone actually use this standard so kind of the other flip side of this is like I think there is a very Market driven strategic way of things being standardized right like as evm gets used in more rollups uh layer twos things like that we have seen kind of you know a lot of the evm standards gets uh ported over to other chains as well even if in the lack of like a clear standard of how to do it so I think there is there definitely needs to be some sort of like balance of we're not overp specifying things and leaving room for just kind of you know users and markets and incentives to play out right uh we're going to see different potentially conflicting standards and we're not going to have someone to say hey which is the right decision here at the end of the day it is it could end up in a competition it could be a little bit messy but hopefully at the end of this you see kind of a more organic standard emerge uh you know alongside kind of some level of you know let's let's at least agree to you know standardize on few fairly non-controversial things as well so yeah yeah in my head I keep going back to a not not a blockchain comparison but thinking about uh iPhone ports and thinking about kind of the debate going on with USBC and lightning ports and it's a balance of innovation you know Apple says oh man we shouldn't use USBC we want to use build better and better plugs um and then there's kind of like the Builder point of view it's like well we need to standardize this so that Builders and you can have an ecosystem where other people can tap into this I think it's kind of the same same thing here where like standardization will help the builders because they can have um they can come into a new ecosystem with an expectation how their applications might fit into it um and then there's the Innovation side of it where it's like well what if I want to build something that doesn't necessarily fit into this standard um so I think it's all about kind of balancing it and and we see these kind of these discussions play out in you know multiple Industries like like plugs so yeah yeah definitely I guess I mean like you touched also about like the evm how I guess that has emerged as like the standard and a bunch of other virtual machines have maybe advantages but so far like still most activities on evm chains but yeah there's like we'll see how this how this plays out yeah and and the thing is I think there are plenty of people who would say the standards currently implemented on the evm site isn't perfect but it's like all right it's you know it's adopted everywhere at this point that it's too hard to kind of rewind these changes then just sort of go with it and you know improve it from there on kind of thing right so yeah yeah I guess often it's something that that's that's good enough that then gets adopted widely but um I guess like how can how can wallets actually simplify the experience for users like given that you have in some some ways you have standardization but then uh in other ways you you don't and you need to maybe shift between different chains and uh um also you need to bridge like we we're going to talk about the risks in in a bit regarding that as well but um yeah how how does a wallet make it easy for users to just interact with chains yeah I think one of the largest changes that we implemented where you know cwos is fairly multi-chain and you know we do see kind of crypto ecosystems outside of cwos as well going to this multi-chain direction and one fairly major paradigm shift that we had to implement was remove the notion of kind of a token being in one blockchain and what I mean by that is now you can have eth on every other chain in basically all of crypto so how do you show that right like so previously you know you would only assume that eth only existed on the ethereum main net but now it's sort of everywhere so I think one of the first things that we did was you know previously you had to exp explicitly set which network you're active on as a wallet right so me as you know know 0x 1 2 3 4 uh and interacting with ethereum main net if I want to do it on polygon now I have to switch this thing uh whereas now you know it's sort of the norm that you may have an application that has a transaction that's getting sent out on ethereum also on polygon and the fact that you would have to switch every single time uh would just be a massive pain so uh trying to kind of remove the you know idea of connecting to a specific chain and building inter action points more focused on what is the user trying to do and typically you know in the current market that has a lot to do with what token am I trying to move you know what nfts am I trying to buy so kind of putting you know previously I think in the hierarchy of how ux was like information was shown chains were sort of the first thing that you had to select I think now we're kind of reassessing and realizing hey chains are sort of something that's underneath the token the asset the contract more contextual to that rather than you know I would like to on ethereum interact with this token now you're sort of going into this Paradigm of I would like to move this token from ethereum kind of thing so I think that would be kind of the role that wallets have and then ultimately you know one issue that we have with bridging is there are so many different Bridges and sometimes it's hard to know what's safe what's not you know what's fast what's cheap and yeah it that's you know that's kind of TBD for from our perspective because you know we may push to a very cheap and fast bridge and later realize it was unsafe and then you know it wasn't the cost of it wasn't very apparent when we were pushing users to it but it could pay off you know it could be a big price to pay at a later point when that bridge gets hacked or something right so um from our perspective you know we're not always trying to push the user to what seems to be the easiest cheapest fastest solution but also have to be this like moderator of hey you know we do have more technical depth than the average user and there are opinionated decisions that we make in terms of which you know service Bridge providers that we push towards because there is this risk that you know the average user may not know about right and even if that means at the cost of you know slightly more time for that bridge you know bridging to happen or slightly higher transaction cost so yeah I I think that's that's one of those more opinionated decision that each wallet can you know independently make based on their assessment um rather than kind of this one size fits all for you know all ecosystem all wallets all dabs kind of thing I think that's also where we have to do more to help end users to understand those decisions and explain what we're doing and why um so you know giving people optionality but highlighting the risks or um demonstrating like this is why this is the recommended Bridge there are these other Alternatives but they come with a user kind of Bier beware uh narrative because I think especially as we bring more people onto these platforms those are the people who are going to see oh this is just lower fees I should go there when maybe the liquidity isn't there maybe there other risks as you say so I think that we have uh in all those user experiences those user interfaces that we're creating we also have an obligation to help pass on that knowledge and and educate our users um around why these decisions are made for them and or why those recommendations are made for them um because that ultimately gives them uh more freedom overall helps keep them safe um and gives them more control which is what we're all here to do um but we want to do that in a way that's not just off you go and good luck but actually like let me help you get to that States um yeah I think both of you nailed this question I don't have a ton to add I would just tie it back to what I had said I think to the first question about learning curves and I think with you know when you're using a wallet that is going across multiple Chains It's really just about abstracting away some of that learning curve when you go to a new ecosystem uh and make sure that you can essentially have the same kind of smooth interface and basically have that learning curve be built into the wallet instead of uh for the ecosystem itself yeah and what are the types of risks you would watch out for when analyzing Bridges or generally also advising clients in protocols what what types of bridges to to implement I guess like regarding standardization there's this other point where you have like multiple different derivative tokens of different Bridges then that can also be confusing in the end for for for for users that might not be inherently super risky by themselves but I guess H yeah I think one of the things we're seeing right now is these bridged assets are coming with an additional cost associated with them generally that's in liquidity depth but as well as just kind of um how willing users are to hold them when these Bridge tokens are in protocols they're generally uh at a higher cost as well just because you know unfortunate as it is you know Bridges have been one of the largest uh you know hacking destinations and because of that these bridged assets are viewed as riskier assets um so I think one of the things that we've been noticing is just kind of like how that risk is being transitioned over to the users and it's something that users need to be aware of as they're using bridged Assets in whatever dii protocol they're uh interested in I think the other part of it would also be just being able to uh count on this liquidity I think as liquidity spreads out across multiple different chains um you know one of the things at Gauntlet that we look at when setting almost all parameters is liquidity depth and we're almost always looking at that as liquidity depth on a single chain just because we can't really count on uh you know the liquidity on another chain to be available in time for different Atomic transactions that are generally used um in liquidations or Arbitrage so I think as that experience improves and that bridge uh speed comes down and becomes more trusted it also just expands the amount of liquidity that's available and actually makes the user experience for all dii applications a lot smoother for users because you're able to tap into so much more liquidity I guess the the point you're touching upon that you need to see uh liquidity on individual Chains It's like a more General kind of trend or concept that like of uh asynchronicity ac across several chains versus on one unified State machine like is do you think this that's something we need to get used to to work with is synchronous environments yeah I think uh it's inevitable that you know today Unis swap exists on you know multiple different chains and the price that you get to you know swap from token A to B will be different from point you know chain a chain B chain C etc etc and you know the whole idea of flash loads right only exist when you have this kind of synchronous environment where you're able to uh interact with multiple applications within the same transaction but I think you know as you approach this multi-chain thing where you know it takes more than one transactions for an interaction from one chain to be um finalized on another chain uh I think we're kind of going back and saying all right what are some of these multi-application interactions that traditionally have worked in the world where you know defi only existed on just ethereum versus today when the same applications exist on Multi multiple things right so it definitely raises the complexity of calculations that you have to do kind of risk factors that you have to put into where you know a simple Arbitrage that worked in a synchronous environment may be far more risky in this like asynchronous multi-chain environment and um yeah at the end of the day I don't know if the average user should even know that uh but hopefully we will have kind of you know more expert kind of you know institutions and Enterprise have focused around that and kind of solving that where the user doesn't have to figure that out there is a separate kind of dedicated entity uh figuring out figuring that out in the background I think the other thing with asynchronous environments that we think about you know it's like oracles for example oracles are pretty core to a lot of applications we see right now and if the we say like heartbeat of these different chains are kind of at a different pace and one Oracle update goes through before another one that presents potentially you know uh a vector for like an economic attack so that's like another kind of thing to be cognizant of as these you know different ecosystems operate at kind of different speeds is kind of making sure uh that these cross-chain applications are synchronized as well yeah so I guess users can move across Bridges you also already touched upon like having several insensi of the same application across different chains like should dabs build multichain also being connected in some way or is it okay to expect from users that they move to the the native chain where a specific dab is based on yeah I think in the future uh so you know there's the whole meme of like fat protocol thesis where the protocol captures all the value I think we're kind of seeing a little bit of a transformation from the fat protocol thesis to like fat application thesis where people are saying hey it's the good apps that capture value eventually I think it's even going to move further away to this like other layer of like fat interface thesis we're already seeing this play out when Unis swap turned on you know taker fees on their front end right like so it's like the order flow that Unis swap gets from app. Unis swap. org is massive and that's where kind of the value capture is so uh eventually I do think that interfaces of applications uh figure figing out the multi-chain story faster and better will eventually kind of pay off at the end of the day when the rest of crypto becomes even more intertwined than it is today and yeah and then you know it will definitely go through a cycle of kind of ups and downs right where you know you see an interface that optimizes for you know low fees and speed but then maybe it just blows up when a giant Bridge hack happens so uh you know there's that upcycle of some something cheap and fast uh grows really quickly but also just blows up very quickly and we'll just definitely see this kind of cycle where hopefully we'll just find this fairly good equilibrium of you know cost uh ux efficiency speed uh Etc no I I I completely agree I think that um the more and more users come into this space um the likelihood is that a lot of those users and probably a majority are much less sophisticated than the users that we have today right the earlier adopters that are in there that are really excited about this um have a a different approach to using applications than those who follow later who typically are here for a very specific reason that you know there's value um and so it's not just about let's build something cool and hey I and I as the early adopter want to take some risk and play with it and see what happens um the later wave of users that we bring into this ecosystem are going to be much more demanding in terms of what they want as a user experience um the safety that they expect um and so being able as you say to build for that mass adoption um and solve those problems in a way that shows real value to those end users it's not just about demonstrating Cool Tech it's about saying hey this is something that is going to going to create create real value for you um that I think is is exactly where the value is going to sit yeah and I think right now talking about daps and whether or not they should be built multi-chain I think right now we kind of see this fall into two categories you see you know applications that are deployed isolated on single chains but across multiple so multiple isolated applications on multiple chains or a kind of single application that is built multi-chain um as a feature and I think right now we do see multi-chain as a feature not necessarily something that people assume to be built into applications so right now uh if you're a d Builder considering whether or not to build multi-chain I think that's something to kind of be cognizant of is is multi-chain one of the core features of what I am building because I think right now that is how it's perceived I think eventually we will transition away from that where um multi-chain becomes kind of an assumed feature instead of something that is viewed as a feature um but I think as we are right now that's just not necessarily the case so our time is up thanks a lot that was super interesting I guess if anybody from the audience has has any further questions you can find us around at the conference yeah thanks a lot awesome thank you guys thank you everyone all right has everybody doing one more time give it up for our last panel defi is near I don't know how many times I'm going to say something is near today um just a reminder we've got the Encon app so just keep an eye out on the screen for QR codes for various rewards as the day progresses we're now going to move on to our second panel the interop future moderating this panel is Danny asorio from meta web Ventures give it up for her please hello hello welcome everyone to the interrupt future um I'm Danny from Metabo adventur and I'd like to introduce our wonderful panel today we have uh Jason ma from Axel Alex shevchenko from Aurora Labs Mariano sereni from a16z and Alex zon from Secret Labs thank you everyone for joining us today um I would love to kick off today by having you introduce yourself yourself um and what you do that relates to interoperability so Alex kick us off uh my name is Alex idon I'm CEO of secret Labs uh the developer of secret network uh I joined quite recently my pastes in other blockchain projects like lar one privacy coin called beam and and a new kind of deck so I'm relatively new to this project now in terms of uh what secret network is all about it's all about confidential Computing so it is a blockchain where everything is done on chain but the information is not visible to anyone and in terms of interop we feel that privacy confidentiality is something is a feature that is needed on every blockchain out there and there are lots of apps that can be enhanced and even made possible and privacy available so a large part of our 2024 road map is about exporting our confidentiality features and for that we're using interoperability working with axillar uh we're also planning um to work with octopus to enable interoperability between us and uh the near ecosystem and we'll be looking into more ecosystems so for me interop is key for the success of secret Network and for actually delivering the much needed confidential Computing everywhere it may be of use wonderful wonderful Marano hey everyone my name is Mariana sente I'm an investment partner at a16z and I focus on investing in infrastructure and defi projects my background is as an engineer and engineering manager at Chia blockchain where I built a lot of the consensus full node and cryptography code base and I I've also focused heavily on like clients and with regards to inop I really think the main three problems that we need to solve in the blockchain industry to take it to the next level are scalability introp and privacy and we've already kind of solved scalability to a certain extent we've invested heavily in privacy and there's a lot of new Solutions but inop is still I think really early stage and it's something we really need to focus on immediately to uh to reach the true potential of blockchain so I'm really excited about a lot of interop solutions that are being developed and especially with things like l2s um I think introp is an interesting is an interesting thing to invest in I'm Alex shenko uh I'm the CEO of Aurora Labs the main developer of the Aurora protocol and different products that are inside of the near and Aurora ecosystem um and uh we are working on the Forefront for the interoperability future for all of us we launched Rainbow Bridge uh this is the bridge fully trust less and um um permissionless bridge in between ethereum and near it has been in operation uh for more than 2 and a half years by now and the latest contribution into the oper interoperability from our site is Aurora Cloud this is the our stack for launching your own chains similar to the L2 Stacks um and the cool thing about it is that all of these networks that you are able to launch on top of the near protocol are interoperable with each other and they are able to cross call each other hey everyone I'm Jason I lead defi at Axel Axel is a leading decentralized full stack inability solution in addition to asset transfers Axel also has something known as message passing which is ability to pass any payload and call contracts across the 53 blockchains we currently support axler has a rapidly growing ecosystem of over 100 projects building out you know chain agostic applications ranging from you know cross-chain swaps cross-chain lending uh Asset Management platform forms nft bridging and so on fantastic so there's a ton of momentum behind scaling Solutions right now in the web 3 space we think it's about to enter really like a camerun phase an explosion of optionality you've seen everything ranging from l2s to rollups to l3s to advances in ZK technology um and this is exploding into a really fragmented and complex ecosystem so my question to you is how are all these chains and layers um connecting to ethereum and other layer ones going to enable and preserve interoperability well I think there's various ways to do it it depends on the system um so what we think of when we say interoperability is Bridges but there's more than just Bridges there's things like shared sequencers for example if you have multiple rollups or multiple l2s they can communicate by sharing a sequencer uh you have things like sharded systems like near where the interoperability IL is handled for you you have things like IBC on Cosmos that also handles interoperability and then there's Atomic swaps so swapping an asset on one chain for an asset on another chain immediately um and finally there's Bridges as well and there's many different categories of bridges which we can get into but I think a combination of all these Solutions is necessary and I really think that we need abstractions on top of all these all these things and all these blockchains because a developer is not going to be able to reason about a 100 different blockchains integrate with each of them know the security properties the performance properties what they want is one API one SDK that handles everything for them and they just assume that it has the performance and the security that they need fantastic and when we talk about this when we talk about moving things in between chains whether through Bridges or shared sequencers or um all these different Alternatives um are we talking about moving assets moving moving messages and data what what exactly do you think are the the most important pces that require um that need to be moved in order for interoperability to become a reality um in my view it must be generic so it must include everything starting with assets uh but also functionality so secret is is a great example so we have This Confidential Computing where you can pass say encrypted data to a contract and perform some computations on that and then get the results back without anyone seeing what went in u the computation and this is basically a functionality that requires General message passing I think what Axor is doing and I think others will are or will follow suit we need really very easy to use and kind of transparent communication layer because we cannot expect developers from one blockchain to understand the technology of all the other blockchains or you know be a developer on multiple in multiple ecosystems so those bridges need to work as best as possible and as seamless as possible to enable this you know interven future where you get your functionality from from different pieces and you just build this puzzle together for the best user experience that's a really good point and both you and Mariano have now talked about bridges and sequencers and um why don't we go ahead and start defining what a bridge is if you know Alex or Jason you want to tell us through you know talk us through that yeah I mean I think we're at still you know in the early days of inability where we just call everything a bridge and I think this is really like where we came from right and it hasn't been that long I would say even like a year ago what we started was you know we had like five maybe 10 blockchains and when people thought about inability it was purely asset transfers right where you would you know lock an asset on Source chain m r version of it but from the user's point of view you know they have moved one token to another chain and that's what we associate everything with bridging message passing is a relatively new technology that came out in the last year and most people don't truly understand what the implications of that is right message passing as I mentioned earlier is the ability to pass any payload to call contracts across These Chains a very simple way to think about it is rather than just moving an asset from one chain to another now you can pass instructions you can combine functions into one and you can do things now like one click cross chain swaps or cross chain staking where you're combining multiple swaps with the bridging transaction with the staking transaction all into one why is that important that's important because today like if you look at who's actually moving across chains and doing a lot of these very complex defi uh application it's these power users right my parents will never be able to do that for them to participate in Defi and really Drive adoption for the next billion people we need to abstract away the complexities of that and I think message passing the ability to pass this these kind of payloads across is absolutely essential to achieving that okay and speaking about abstracting away complexities would you say that the term bridge is actually a misnomer yes I would say so I think like what I think of bridging as always just asset transfer particularly involving wrapped assets I think as we mature as an industry we need to separate between bridging and message passing but ideally we have a better way of even just denominating it so the average person can understand it I I thought about that a lot well uh okay so that takes us to a really interesting sort of um sort of segment which is why do we need to bridge into all these things like why can't we just use a base layer and operate like what what are the things we talked about searching for privacy we talked about searching for scalability we talked about you know the the modularity um proliferation that that's been happening in the ecosystem so what do you guys feel are some of like the really core reasons for why we need to be using additional layers on on top of our technology today well from my point of view the blockchain is all about the decentralization right so it is hard to imagine a single layer that is going to centralize all of the blockchain activity it doesn't make any sense right so from that standpoint the fact that there are many different L1 blockchains like ethereum near Bitcoin um it actually contributes into the robustness um um of the blockchain space and because of this we need to have also many different ways how we can bridge the gap in between these Solutions because blockchains intrinsically they are built as a thin in its own it is a Sandbox usually you don't have a way to go outside of the blockchain um and you need to to have specialized solutions for this like oracles or the uh before mentioned Bridges and message passing um so so we need to have this in order to to enable this interoperability just because from the standpoint of the ordinary users and I'm very very with with Jason here uh that the internet itself though it is a decentralized thing with lots of different servers running on different continents is viewed by us as a monolithic structure as an ordinary users right I can pop up the Amazon website which is hosted on the US service I can I can then and go to the Alibaba website that is hosted on the Chinese servers and there is no difference for me as a user it needs to be simless so the interoperability Solutions are extremely crucial to make the decentralized world of the blockchain very convenient to use awesome awesome and actually um Mariano I imagine you're doing a lot of research on this specific category and I was hoping you could maybe tell us a little bit about the categories and tradeoffs between the different interoperability Solutions um yes so first of all I would say within ridges there's many different categories I would classify them uh through the security properties there's L2 to L1 Bridges which rely on the security of the L1 so they're much lower risk there's light client Bridges like um near uh Rainbow Bridge which also are really secure because they don't rely on a trusted party or a trusted groups of party uh trusted group of parties to verify the bridge and then there's finally the third category which is a multi Bridge or a bridge that relies on a small set of parties to to transfer assets so I would think that these different categories of bridges um are applicable to different scenarios and different types of blockchains and it would be great to get as secure as you can if you can make an L2 that's the most secure way to bridge an asset um there's also different types of interoperability Solutions like um shared sequence ERS which are only applicable to certain types of systems where um where these blockchains can basically merge together and work together so these are not applicable for everything um and then there's message passing which I kind of I kind of consider that in the briding category as well um but it really depends on which types of systems you're dealing with for example IBC is only possible with Cosmos or Cosmos like chains which integrate that protocol it's not really possible with something like ethereum at this point so the type of interoperability solution is highly tied to the blockchain that you're bridging uh and there is no one-side fitzall unfortunately so you talked a lot about um sequencers and right now it's my understanding that basically each L1 runs its own sequencer do you think there's a future where those might be shared sequencers between l2s it's possible and it's especially possible if the things that you're sequencing are very similar for example if you're doing evm l2s that all have the same ebm structure and all follow a certain protocol that is mandated by the Shar sequencer protocol then it's definitely possible to do a shared sequencer you can't however do something like share a sequencer between an ethereum L2 and something like salana because those systems are completely different so there you would need a different kind of solution okay cool cool and um moving into like a Spicer topic you talked about security so defi hacks right a lot of bridges involved in this um what what's really happening and how can consumers sort of think about their Bridge selection uh as paired with security models I can I can take that one so you know I feel very strongly when it comes to security Bridges right it's obviously a topic that everyone always talks about but I just want to say that it is not up to the average user to be cross-chain infrastructure experts and to be able to make the right choice so they don't lose all their money because something happened out of their control it's kind of crazy right that I have to make that choice I don't know anything thing about how it's built inside like but it's it's the the choice everyone has to make dayto day totally I think as the industry grows Builders have to take more of a responsibility to make sure they're using the most secure solution and us as cross infrastructure Builders have to be better to be more transparent and help educate the industry on what are the risk and what are the trade-offs so you know with that said you know from an Axor standpoint we've always been really proud that we have committed ourselves to building a truly decentralized cross chain infrastructure solution Axel uses proof of stake security because we're uh Cosmos chain ourselves and we built it like that because we believe delegated proof of stake has been battle tested it's been around for a long time and on our block Explorer Axor scan you can see who exactly our validators are the stake that they have and their performance status right and it's because of these properties that when Unis swap Foundation did a very thorough Crossing assessment where the technical committee actually went through the code of every solution they realized that most of the bridges out there I think they interviewed six or eight bridges only axle and Wormhole were decentralized and secure enough for cross chain development a lot of what we found with other uh industry providers was that you know when you look under the hood a lot of things isn't as described and there were all kinds of security red flags and I think like you know we it was okay because back even a year ago industry was moving so quick people just needed something that worked right whether it's brid our asset transfers and we you know really sacrifice security for convenience for Speed and we've seen where that got us one implosion after the other well I mean I think there's different philosophies on on like how people design an architecture for a bridge and like you know what they think they're prioritizing last year there was a lot of talk about like an optimistic design um you know since then the narrative has evolved maybe like Alex maybe you want to tell us like really quickly 30 seconds or so what was your thought process behind the design design and architecture of what you guys built for interoperability and bridging so we were we were we were looking for General message passing eventually so so we needed a way for an evm contract to be able to call a contract on secret and and and vice versa so uh it's not about bridging we had and we still have Bridge the classic Bridge the asset transfer Bridges to and from and it's very well developed inside Cosmos but but we were looking for for for this for for True interoperability by the way I think in 5 years when we talk about those initial Bridges they will appear as like antiqu very unwieldy and very simple machines just passing assets and this is to me it's just a small part of of of of interoperability it's it's just passing value right we need to pass stuff we need to pass to to call um you know contracts do to do real interoperability as it exists in Computing in other places so you know we looked at the technology that was available and we went through uh an integration process that was not very simple but you know we succeeded and it's working now and uh we're quite happy so we we are also looking at expanding to other places as I mentioned with octopus going to to near by upgrading our IBC infrastructure um preferably though uh I'd love to work with the single provider because Integrations are difficult and you know developing this trust and and build building the feature set together uh is a good way to go especially for for specific use cases uh maybe we'll have two two or three but uh like there should be one that is uh the most trusted cuz again the Integrations are still not a very they're complex complex things right investing multiple multiple times doesn't make make much sense it's much better to invest this energy into you know improving or fixing whatever is missing with the existing ones great Alex sha do you want to tell us a little bit about your architecture and thought process um yeah well first of all I would like to mention to everybody that security is a pretty complex topic and it is it should be viewed as a multi-layered cake there is no such thing as just a single secure approach to do things you need to you need to put barriers for for hackers and potential frosters um not to exploit your system right and you obviously start with a proper architecture and the architecture of the Rainbow Bridge is is a pretty complex one this is not like for Average Joe even to understand it uh not talking about the implementing like but in short version the like lli of a theum is developed as a near smart contract so this you literally have a node of ethereum on near that is working in every 12 second that is synchronized to the ethereum blockchain and because of this this node being inside of near we are able to validate transactions that are happening on ethereum but there is also a near light client operated as a smart contract on ethereum so ethereum can do absolutely the same thing and now these like clients are not very simple to build but besides that once you once you develop the architecture that seems as a proper one and U it kind of addresses your security concerns now you need to assess the implementation itself there need to you there need to be rigorous internal procedures for testing integration testing you know reviews and stuff like that and later on you are going to a third party security auditing company that must be also auditing this and uh this thing is pretty expensive especially if you would like to invite uh really professionals to to take care of your solution but but this is not the end once you launch Your solution even if it is secur audited you need to install the proper maintenance and proper monitoring procedures around it to be able to act quickly because in case there is an active attack that is happening you most probably need to do something really really fast and I'm super proud about the Rainbow Bridge team because the major attacks that were on the Rainbow Bridge they were all automatically stopped within seconds by the automated systems that are monitor in the uh the Rainbow Bridge um state right and at the moment when humans were able to jump on the War Room call and figure out what to do I mean everything was already done we just needed to analyze the locks and understand what is what actually was happening and that's it but but the final frontier or final two Frontiers here are the bug Bounty programs sometimes the rub bugs right this is like we are all humans AI is not yet at the stage when it is right in secure a BRI permissionless and trustless generic Bridges code right so we would need to get there um and uh there needs to be this bu bounties uh that are there and the Rainbow Bridge was paying out the second biggest bug Bounty and I'm extremely proud for this because uh though it was a 6 million Buck Bounty for a hacker uh this solution protected more than 500 million of user assets and because of it because of it being in place um uh these users are whole and in a proper way and maybe in the future there will be some insurance companies that will be able to Ure such things uh but unfortunately it is a little bit too much at at this point so um in case you're interested in any of these topics uh they are actually presented on this conference um and for example Mitchell from immuni um is going to be here Dimitri bodoran from hacken immuni and hacken are both The Bu Bounty platforms they they given their talks here too so complicated things uh not for Average Joe uh but but any Builder who understands that he his smart contracts are going to um be the home for large amount of assets or critical data uh they need to understand all of the implications and need to make the proper measures yeah that's a very good point which I think you know when we talk about um safety in architecture and design that naturally takes us to standards and Mariano you know you mentioned you guys are investors in layer zero there was an announcement a few weeks ago and then a reaction on crypto Twitter from the community about cross chain standards so like uh X you know erc20 um do you want to talk a little bit about you know what was announced and what was proposed and and sort of maybe what are some of the implications of trade-offs about that sure yeah so when you bridge assets or Bridge messages between chains let's say for example you want to bridge ethereum to Solana um you can wrap your token in a wrapped Bridge token so for example you can have a layer zero wrapped eth on Solana you can have an axillar wrapped eth or a wormhole wrapped eth so you end up in a system where where there's a lot of different competing tokens that don't necessarily interoperate with each other right there's not like one e token on salana there's different types so that is not optimal it creates problems with liquidity fragmentation creates confusion for users user experience Etc so there are some talks of creating some standards where you have a kind of meta bridge where like five or six Bridges can be combined into one meta bridge and any of those inner Bridges can be used to create the same token on the destination chain there's a standard called X erc20 or EIP 7281 um which would do something like this and they can set rate limits so they can say for example each Bridge has a max wrapped asset of $100 million or something like that that could be really good for inoperability on the destination chain but it does create risks for example you now need someone to manage that contract to say which bridges are allowed which Bridges have which amount of um limits uh so there's a risk of hacks there it's a completely new risk layer that you're adding you also have problems with the least secure Bridge being able to cause security issues for the rest of them if one of those five Bridges gets hacked the whole meta Bridge suffers and everyone else suffers so if you're a user that wants to wants to secure your assets with only the most secure Bridge you would be harmed with this meta Bridge system so I think standards are an interesting approach that we need to look into but I'm not really convinced by them yet and there's certainly trade-offs if you yeah yeah Jason you had some strong thoughts about that yeah I mean I Echo what Mariano said I I think it sounds great in theory I know Axel actually has recently uh passed had the support of Lio to deploy stake eth and Cosmos and it was designed as a multi Bridge Approach where initially it launched just with Axel but we will then add Wormhole and additional Bridges later on and as we know we're looking at designing this and we're building this we realize there's all kinds of additional tradeoffs right having multiple Bridges as Mara says you then take on additional security risk of the other Bridges as well but then bridges are very complex uh infrastructure where you also have to think about like things like relaying so what happens when you send two messages and one of the Rel layers of a bridge fails that could potentially disrupt the entire application and create a very confusing user experience right not to mention there's additional tradeoffs like users then have to pay additional gas based on because you're now sending multiple messages so I think like the design the multi bridge design is is interesting but it's still very much much in his early days and comes with lots of trade-offs so I think we'll uh see how this right uh okay cool so as we start to wrap up this panel I did want to quickly touch on modularity uh and the broader Trend that we're seeing about you know ethereum as this global settlement layer um and looking at the open web as a combination of different components and pieces whether it's the application layer Identity or data or you data availability or so on so forth so how do you see modularity playing out in this multi-chain future um I think uh well right now I think we have more blockchains than applications running on them like more l1's and l2s than the apps which is kind of crazy but I think at the end of the day the networks that will stay active are the networks that have some specialization maybe speed uh maybe they're good for a certain app or maybe they have privacy built in maybe something else and in the end uh this this will be exactly the modularity we're looking for right so an app will be running uh part of the main part of the app may be running on polygon it may store funds on ethereum for for more security it may use secret for some privacy feature it may use some something else for something else and that will all play nicely for for building you know unbeatable and Unstoppable applications and making the US experience great so I see it that way I don't think we need uh 10 versions of kind of exactly the same functionality in the end they will either merge or or or most most will die out because it doesn't doesn't make sense fantastic Unstoppable applications Mariana 30 seconds uh yeah just to add here from my point of view modularity itself is uh is and it's an extremely great feature for all of us because it allows us to cooperate with each other instead of competing so every single team would be able to focus on its smaller part and bringing it to enhance all of the other team's efforts so that's that's a great thing and we need to figure out how to how to work through this awesome any last thoughts modularity cooperation you heard it here first thank you everyone thank you Denny wow look at everybody stacking that en con woo all right well look they even gave me a Podium um so with that we've got a very exciting keynote speech coming ahead Chris Donovan Chief Operating Officer of the near foundation will be presenting Clos versus open the case for an open web so please stack up that ncon and give it up for Chris Donovan ladies and gentlemen all right hi everybody how are we all doing enjoying neon so far I hope so I'm super excited to be up here today and thank you all for taking the time out of your very busy schedules and we're all very busy in web 3 to be here with us at ncon 2023 now for those of you who don't know me my name is Chris Donovan I am the COO at the near foundation and what I wanted to do today is to briefly make the case for an open web and why I think it is so vital today and also so urgently needed so the current web Paradigm we have today right it has revolutionized and it now dominates pretty much every single aspect of Our Lives from our social and financial activities how we travel and work to how we communicate and even just consume information particularly news and the power of these systems is unquestionable right and their influence is ubiquitous it's everywhere and of course with the recent remarkable advances in Ai and and actually built in part on the great work of our esteemed co-founder and CEO Ilia the power and ubiquity of these systems is only set to increase further but there's a problem a big problem in fact in my view and that despite all of these successes and the amazing things that this technology enables us all to do the current web Paradigm is fundamentally broken and why is that because today the web is closed it's built on closed permission systems and infrastructure and these systems have the effect of concentrating power and wealth data and governance in the hands of a very small number of people the controllers and operators of these platforms and we we as users we are the product and privacy is eroded and inequality grows so that's why the creation of an open web right which is what we're all here to do it has always been the near ecosystems North Star but what do we mean by open web right it's a term that gets thrown around a lot so let's try and let's try and break it down so in our view an open web is built on permissionless autonomous systems in infrastructure right without controllers or Gatekeepers of any kind where anyone anywhere can access and use these systems to create participate and be fairly rewarded for their ideas and effort and by extension and to me most importantly of all this type of infrastructure can actually create guarantees for privacy the data ownership and portability and censorship resistance amongst a whole bunch of other things right and in this digital age these qualities they are fundamental human rights now having said all of that I actually want to dive more into why we need an open web and I think to better understand that question let's come back to the current Paradigm for a minute let's think about the closed web sometimes also called web 2 and I mentioned earlier that despite all of the great progress the current closed Paradigm is fatally flawed because it's built on these closed permissioned systems and actually this has a bunch of quite negative and very impactful consequences that are really important for us to recognize so let's think about a few of those Gatekeepers as we all know the operators of these systems right they can control the rules of the game right how these platforms operate who can have access to them and of course they can also arbitrarily change the rules of the game whenever they like and these Ward Gardens that they create in order for users and developers and Founders to get access to them they're typically required to give up something usually it's their privacy it's also usually their data ownership and sometimes a bunch of other stuff as well and of course these issues when it comes to Gatekeepers it's not just just a purely online phenomenon right if if we consider things like the traditional Financial system for example you know that of course is something that has been operated on a permissioned gate kept closed basis for its entire history right and we've seen that accessibility and equality suffers as a result of that there's also extraction that happens with these Web Two Services right many of them as we know that Builders free isn't that fantastic but actually they demand tradeoffs and sacrifices that users developers and Founders are just often not aware of or they might not fully understand because there's no transparency but actually they have no choice but to accept because they want to use these Services they want access to these goods and these products but that means that actually these Services they're not free right again in this world we are the product and we give up a huge amount of value when we enter into that bargain one of the biggest things that we do actually is we give up our ability to truly own anything in the current digital Paradigm right at the moment in in the closed web 2 Paradigm it operates primarily on what's called a licensed based model so that means that you don't have true ownership of any of your digital lives all that you have is what's called a license this is like a bundle of contractual rights between you and the platform or the operator right and the platform operators typically would retain ownership and these licences as as you guys may may know not that you've probably read through all of them you know they have reams of terms and conditions they're extremely dense they're hard to follow the terms can be changed at any time um and you know without notice as well so the things that you think you own and the things that you think are yours in this Paradigm they're not really and I think this is probably one of the biggest issues of all right so these systems are fundamentally built to optimiz two things pure attention and I'll come back to what I mean by that in a minute and profit and that is at our expense again as as the users of these of these services and of course like we mentioned the operators of these platforms they are continuously updating the rules of the game in order to maximize these two things attention and profit and they're getting really really good at that they even understand how our brains work neurologically how we respond to stimula how they can make sure that they keep our eyeballs glued to these screens as much as possible and in fact they've become so good like I said that actually this closed web Paradigm it touches every aspect of our lives and the controllers and operators of these platforms they have become extraordinarily powerful and wealthy and have an inordinate amount of influence as a result and of course despite all the progress like I mentioned and despite the fact that you know this technology has unlocked a lot of wonderful things it is doing a huge amount of damage to us as individuals and actually also to the broader fabric of our societies so what I'd like to do now is go through a few examples of the negative impact of the open web right to try and provide a little bit more context because people often say to me they're like look Chris okay I understand all of that this is like the H 100th time you've chewed my ear off about the open web but honestly I don't really see why I should care right I just want to be able to use seamless products and services I want them to be powerful I want them to be easy and also I kind of think I trust that you know insert name of random web to Tech Giant will will do right by me right I I guess I kind of trust them enough it doesn't really bother me so let's dive into some examples I think in practice to try and make the case as to why we should care about this stuff so let's start with Kindle eBooks right I'm sure a lot of people in the audience have got an Amazon Kindle I do too right now these ebooks that you buy on on the Amazon store right and they appear on your Kindle you don't actually own them right they are licensed content like we were talking about earlier so what does that mean in practice that means that these books can just disappear from your right no notice to you no warning nothing they can just disappear because for example Amazon might have changed its licensing policies or maybe Amazon is in a dispute with a writer or a publishing house because they I don't know they disagree with the political views or social views of a particular author for example right and even more sinisterly the content of these books can be changed unilaterally without notice right so you could go back to reread one of the favorite your favorite paragraphs one of your favorite books and it could be be different to the last time that you read it and you wouldn't even necessarily know data breaches another big problem with this closed centralized Paradigm right is that these enormous organizations and platforms including both technological and traditional say like traditional financial institutions as we know they gather huge amounts of very sensitive personal data as part of how they police and Gat keep access to these Goods Services right and this creates enormous data breach risks and actually between March 21 and February 22 there were over 42 million records exposed by data breaches which is enormous and and that's just the tip of the iceberg right the you know we we see new new stories of of additional security lapses and breaches almost every single day it feels like and and these things seriously harm individuals right with identity theft and financial loss and all the rest it it can it can truly destroy people's lives and I'm also just on this topic going to take a very quick kind of sidebar right and just raise the topic of kyc AML and and sanctions checks which is a bit of a you know a bit of a boogeyman to the to the web through crypto Community right and by those by the way you know kyc is know your customer AML anti-money laundering and sanctions checks right and these are checks that that organizations do in order to verify the identity of your counterparty or maybe your customer right and the policy outcome of that process is to try and validate that your counterparty is legitimate and isn't a criminal trying to bring criminal proceeds um into the financial system and I think look that's a worthwhile an important policy outcome but of course the way that these processes are run at the moment is extraordinarily outdated and dangerous you have copies of passports and utility bills and bank statements flying around the internet and being stored very poorly and all that it does is expose users to risks privacy and security and I think you know one of the really important things to recognize is actually that in web 3 today we have technology to do this process better right things like zero knowledge proves where you can do these types of identity verifications without having to expose people's sensitive information and so that means you're getting not just the same policy outcomes but actually better ones right more enhanced protection not creating all of these risks another great example app stores right web to App Stores particularly the Apple Store Right famously High commission 30% so hard for projects even to get admitted right and of course Apple sets the rules of the game it decides which which apps which projects it wants to allow in it can arbitrarily change the rules and kick apps out you know we know metamask was was booted out for a brief period of time and then let back in a couple of weeks ago but I also you know the examples I just talked through they're quite specific right and I I wanted to take a step back and for us to think about the broader impact of this closed Paradigm right on on our society as a whole so for example right there are 1.7 billion adults are currently unbanked and as I said traditional Financial system it is the Paragon of closed permissioned approach inequality continues to Grow Again underpinned by this closed permissioned approach and if you look at this and there's plenty of other data on this the concentration of wealth and the levels of wealth inequality are actually the highest that they have ever been in in the history of records that we have right the previous time that we were even close to this level was on the eve of World War I and we know what happened after that and lastly and maybe most importantly polarization right so we talked about how these permission systems you know they optimize for Pure attention and by pure attention I mean that these platforms they don't care what kind of attention it is they don't care if it's attention to truthful content right or credible content they don't care if it's high quality attention they just want eyeballs on screens and the result of that is that these systems intentionally or not they have the effect of enhancing the spread of misinformation and therefore increasing social and political polarization and there's some great research on on this topic um that I'd recommend anyone with an interest in this to look at there's a great paper from MIT back in 2018 that that analyzed how false and truthful news stories spread on Twitter right and this this data demonstrated that actually false news stories are 70% more likely to be retweeted than true stories which is crazy when you think about it right and it actually takes true stories six times as long to re to reach 1500 people as it does for false stories to reach the same number of people and that's that kind of blows my mind to be honest right that there is an inbuilt bias to falsehood and misinformation right and we see the impact and the outcome of that every single day and this is a great example right where the median Democrat and the median Republican have become more divided and more polarized than at any point again in in the history of of these records so needless to say right the world does feel like we're at a bit of an inflection point and maybe even a precipice of sorts across many different areas and many many different dimensions as well right and the closed permission Paradigm has intentionally or not been playing an enormous part in either causing or amplifying these issues and this is a pretty pretty bleak list here right political and social polarization erosion of trust in everything geopolitical instability Etc right it's it's it's not a nice it's not a nice read and the trouble is at the moment governments and big corporations you know the only Paradigm they know is this closed permission Paradigm so when they think about how to to try and meet and overcome all of these challenges that we were just talking about they only know one way to do that right the closed web way and so this typically results results in increased control additional emissions and increased centralization and of course that's just a negative feedback loop it just further enhances and amplifies all of those issues that we were talking about and again right now the closed web like we said is extraordinarily dominant and the permission systems and infrastructure on which it relies extraordinarily dominant and actually set to become even more dominant right as AI is deployed in a closed web environment and this is happening right now and frankly the same should be said of blockchain right blockchain can exist in a lot of different ways both in an open and closed permissioned permissionless environment right so blockchain can be used to form the basis for example of a pervasive surveillance infrastructure right where every aspect of Our Lives is monitored and tracked maybe it's monitored and maintained by AI you know and that sounds a lot to me like a a dystopia right and I think that's a genuinely non-trivial possibility I agree this is all starting to sound a little bit Bleak right so what to do so right now it feels like you know the past state that we're in it doesn't feel sustainable right at least certainly not to me but looking forward there is a huge amount of optimism and promise but also we have similar risks and similar dangers but now we actually have the tools right in this room at this conference in this industry to do better and I actually think we have an obligation to do better in fact but we can we can with an open web right that is the corrective to all of these issues that we've just been talking through right and it's it's right here it's at our fingertips it's it's happening right now and as we said an open web it's built on permissionless autonomous systems so let's break down what we mean by those two terms right so starting with permissionless so by permissionless we mean that these systems can be used by anyone anywhere at any time right no one controls how they're accessed or used they operate on a peer-to-peer peer- to system or system to system basis and that's it anyone can use them and by autonomous we mean that the operation of these systems is internally consistent and predefined by a set of rules that operate in the same way for everybody and those rules will continue to operate in the same way consistently without any influence by external third parties right and that quality this autonomous it enables censorship resistance which is vital but but also true data ownership and portability like we were talking about earlier and again a quick little sidebar thinking about true property ownership right and property rights in general they're very special and unique because unlike just about any other type of legal right a property right you can enforce against the entire world against anybody it's a very powerful thing right whereas contractual relationships licenses which are a form of contractual relationship usually you can only enforce those against your contractual counterparty right so they're nowhere near as meaningful they're nowhere near as powerful now the other great thing about these open permissionless systems right is that they can be designed to incentivize something other than pure attention or profit right and we can Implement them in a way that enables contributors and users to be fairly rewarded for the value and the effort that they put in but we ALS also need to recognize and this is one of the biggest challenges I think that we've faced as an industry that we need to make sure that we give folks a reason to use this technology right we need to make the case effectively we need to match these Web Two services for convenience the user experience and for power and I think we're making great strides towards doing that but I think it's pretty clear right that the essential component here that underpins this open web vision and this optimistic view of the future is permissionless autonomous infrastructure just like the near ecosystems open web stack now IL is going to be discussing this later so I'm not going to steal his Thunder I would not dream of doing that to Ilia but what I will do instead is talk a little bit about how at the foundation we think about supporting an open web ecosystem right and you'll see here we think about three three critical areas or buckets um that we think all need to be functioning in Harmony and sustainably for this ecosystem and for an open web to become a reality right so Founders assets an ecosystem so let's start with Founders right these are the brilliant entrepreneurs and and the Risk Takers that are helping us to build the open web right and revolutionizing how they offer products and services to their users and their customers right and it is their dedication it is their Brilliance and their hard work that is helping to build the open web and actually solve real world problems like I said give people a reason to use this amazing technology and understand the value and the empowerment that it brings the second area is assets right we want Founders and and projects and Builders to come and generate new assets and new value in our ecosystem right and that will bring additional capital and additional backers and probably additional Founders and additional projects and users into the ecosystem right and this has the possibility of creating a a virtuous circle right that can enable Founders and Builders to create new projects and also to support the ongoing economic health and vibrancy of the ecosystem and and you know again with without all of these three pieces working together we're not going to be successful so now coming lastly to the ecosystem and in some ways right this is what underpins everything else that we're that we're doing right because the ecosystem it includes that open webstat that IL is going to talk about more right the permissionless autonomous infrastructure that we absolutely have to have right that makes everything within an open web Paradigm possible but of course it also consists of everyone here in this room and everyone else across the ecosystem this amazing vibrant ecosystem that we have and all of these enormously talented Founders and and Builders you know leveraging that technology and making use of those assets and that value flowing into the ecosystem to build new projects to bring value to their uses and ultimately to build an open web and so the ecosystem is where all of this stuff comes together right and that is why the foundation's mission has always been to support the ongoing growth and development of an autonomous and decentralized near ecosystem and therefore by extension an open web and you know at the foundation we are unequivocally laser focused and committed to bringing our considerable resources to bear in support of this open web mission right and we believe that together all of us here in this room not just us at the foundation but as an ecosystem and frankly as an industry we have an opportunity to make this open web Vision a reality and like I said earlier this is not just an an opportunity right I think it's also an obligation that we have to do this right to make this a reality so look on that note I wanted to thank you for listening and I wanted to to ask you to join me to step into and to help build and support an open web at this near year uh this year's ncon so thank you very much everybody for listening all right uh we we heard from the the audience that uh the Encon QR codes weren't being left up long enough so we're going to leave them up here we've made them less blurry and you can keep stacking up that and con so with that um we're moving on to uh our next panel and I'm going to need a slide here oh it's a break oh even better it's a break all right so uh get the stack the Enon enjoy enj a little bit of a break and we'll come back and uh hopefully I get a slide next time to tell me that that's uh that's what's happening appreciate it everybody n I n a a w oh yeah right he oh n yeah yeah yeah yeah oh please welcome back near foundations Abby Shake V nothing all right I'm back and uh we need people in the room so uh let's get everybody back we've got another incredible session coming uh we've got level up how Asia is driving web 3 gaming so ladies and gentlemen I'm sure we're all very excited for this session we've got Mark me who's the head of gaming in our business development team at the near Foundation moderating this session tell your friends tell everybody to get out of the uh the other places in the and and and come to join this session so we're really looking forward to it I'll welcome Mark to the stage right now give him a round of applause all right can everyone hear me today I I I I hope everyone's back from from their lunch so uh please come back but anyways uh hello everyone my name is Mark me I am a uh director of uh Business Development uh here at near foundation and I also lead the gaming sector and and uh work closely within the Asia side just because I live in Asia as well um and so we have a very exciting panel today and would love for you know everyone to maybe introduce themselves and why don't we start with uh Hannah at the end hi guys I'm Hannah I'm the marketing director at marble X so a brief intro on marble X marble X is a gaming blockchain Service Company having its headquarters in Korea's number one g gaming publisher called net marble so we mostly integrate our blockchain services to our own um published games but we're only integrating blockchains our blockchains to high quality games and that's what Marx does thanks okay hi um I'm Jay J hunai Lee and uh I'm the co-founder of the PEX gaming gaming is the the content driven Gamers Community uh initiated by the company called invent which is uh based in sou Korea and inven has been operating inven is the largest Gamers Community like Web Two Gamers community in Korea and at the same time we are the most influential game media in Korea too so we've been operating invent um past 18 years and uh the Kno hows and knowledges like you know that we have we acquired like past 18 years we want to plug that into web 3 space and politic politic gaming is all about that and politic gaming is a new gaming oriented uh social media that unifies web two and web 3 gaming contents and The Gamers all together in a single space lastly we have H Scott from uh hello everyone my name is Scott I'm a general manager of new Korea Hub uh we launched last year um around this time uh it's been a year now since we run uh Regional hubs of a New York Korea Hub and we are very focused on bringing a lot of uh Web Two gaming companies Enterprises um to AI a mass adoption and uh I'm glad to have our onboarding partners such as portex gaming and marlex so we are closely working with our partners you know making sure that you know they get brand awareness uh they get the cool marketing and then they get support what we need and then uh especially Korea Hub has a dep team so we actually do provide tech support to our partners uh I think that kind of differentiates uh from other chains that you know that's how we own board and work with our partners thank you thank you for that so yeah really excited because today I think we have various angles bring in kind of the the view of kind of the Asia Market specifically within gaming right we have Gam developers we have the game community and we have someone focus on developing the the you know Asia region right so you know today's topic is how is Asia driving web 3 gaming so so why don't we start with that why don't we start with you know what's the view on the current you know gaming market right within Asia and you know how has development kind of uh you know been driving so who wants to anyone Scott you want to talk a little bit more on just the Asia landscape apape and and and maybe kind of some background within how Asia has really been a leader within the you know Drive gaming Innovation yeah how many people here play games mobile games anything console PC yes so Korea started around 1990 uh with the PC games uh console games and then I think around 2010 uh after iPhone launched I think Mobile gaming really kicked off and uh some of the big names you know from Korean gaming companies are n marble um Nexon uh nail uh Crafton so I mean we do have a lot of you know um uh many of the RPG games kind of you create a hype and free toplay model and then this uh Korean gaming companies are unique because they're very open to web3 so Koreans are usually very fast adopting new technologies and try with the uh blockchain and then they actually around 2020 2021 they started adopting or creating their um platform form such as Marvel X um so I think um Korean gamings are very bold on web 3 and I truly believe that uh Mass adoption will come from the gaming so um I think we are way ahead of us actually us has a big companies like you know blizzard uh EA Sports but I think Korean gaming companies are more keen to uh try new things making sure uh we three gamings are are alive that that's very complete thank you for that Scott did uh Hannah or Jay want to talk a little bit about this okay I want to add in like few more points like being in the gaming industry for past 20 years like uh like I I have seen the histories like how it evolved so evaluating the entire Asian gaming market like outside of Korea that's beyond my knowledge but speaking of the Korean gaming Market industry Koreans like we made a quite significant like significant uh the contribution in the history of gaming and uh innovation of Korean like gaming like it can be divided into two different era uh in the in two in 2000s and 2010s in 2000s uh the there was this emergence of the Esports in Korea and uh Starcraft and Starcraft 2 were the huge part of this and the professional players like they have attained they have gained like celebrity status and uh the game matches like it were televised and the drawing more even more audiences and uh it just became like one of the entertainment contents beloved by the entire country and in 2000s there was a the emergence of peace online gaming as well so Korean uh developers started making world class games like lineage Ragnarok and maple story and going back to 2010s like uh the with the introduction of iPhone the mobile game like became very popular and the concept of free of free to play was introduced to the market and while tradition game developers and Gamers like didn't really like this change like Korean developers and Gamers like quickly adopted and embraced the mobile gaming market so major Korean like game studios like uh entered into the mobile gaming Market early on and made quite successful games and in 2010s like also the Koreans are one of the the Pioneers in gacha which has became a stable uh monetization mechanism in thousands of games now in 2020s I feel that Korea is once again at the Forefront of the web three gaming thank you for that I I think uh you definitely kind of went into more of the the next question that I was going to ask as well is you know how has Korea LED but maybe taking a step back in terms of overall Asia I I think you know gaming has uh always driven a lot of innovation and has attracted a lot of growing talent to build and develop within Asia you have the markets within Korea you have markets within Japan you have markets within China that has spent a lot of time to develop you know to these really strong Studios and other countries within the region also has a very strong retail market and users to play the games and that's why I think it's such an interesting and very big scope within a lot of the funds the gaming funds that are looking to develop and invest in it right and and so Hannah did you have anything else to add in terms of maybe either the Asia Market or even just specifically the Korea market I'll be a bit more General as these two have highlighted only Korea I'll be a bit more General on the whole of Asia so Japan uh started a new trend in console gaming with huge companies like Nintendo Sega and sunny um also brought a new trend to Arcade arcade gaming in the 70s and 80s um bringing big Mega hit games like Pac-Man and um Super Mario Brothers and stuff like that Korea has been um made gaming an actual Sports by bringing the birth of Esports gaming free to play games unlike Western countries um a new trend to mobile gamings that what's that's what we do in Marble Xs and met marble and such other things like that but I think think Asia's um growth it's you know it's not ending just here it's it's only starting now so I think everyone should uh keep uh looking forward to the APAC Region's gaming industry and you know look forward to that so so that's a great segue right uh we always say is it too late um obviously I think what Hannah is saying it's still early within gaming at least web 3 gaming and and that's something that I I actually truly do believe um we have so many good titles developing and we haven't really seen one that's a sustainable model to grow and develop yet so I think you know this is newcon we're here to talk about blockchain and crypto and and how that relates and so maybe let's segue from Gaming's General market to actually the web 3 side right and and you know maybe uh Scott could start you know what do you think in terms of you know where we are at in terms of the web 3 gaming and kind of how does Asia or Korea specifically kind of accelerate that yeah um I think it's very early um uh I talked to a lot of the CEOs from major gaming companies and they they they even though they have a lot of users conversion rate are usually from 10 to 20% so um the the mul problem is that you know uh General users or players of the we two gamings uh they have suchal barriers to enter into web3 Market because of you know login experience you know creating a wallet or transferring their digital assets uh working with the nfts so uh these are Big hardles even they experiencing it you know as they uh create web3 gaming so I think um there where that's where near uh kind of comes in uh we help them with the fast off and some of the easy onboarding experiences and we always tell them you know look uh it's very um near is a high throughput you know low cost and it's one of the best platforms to launch your game so uh I think it's been kind of proven uh to create a market and I think we are pushing more gaming companies you know with the Vex gaming now we have a big community now we have a good uh IPS so um I think uh uh slowly slowly I think we are adopting into web3 gaming so so I love this uh clearly Scott has done a lot of business development for near year in Korea since he kind of has a lot of good selling points on you know the pros here so maybe Hannah can you talk a little bit more on you know why do you think Korea has been able to accelerate more the web 3 gaming versus other markets and um obviously speak from within either the company you know your company or even just within the the industry itself um in Korea gaming is taken a lot more seriously compared to other regions over the world like for instance um I'm not sure you guys know what a PC bang means it's a facility that Koreans have it's a room it's it's basically an internet cafe but it's all over the place more focused on gaming it's normal for like a teenage boy to go spend time in these PC buns like for about like eight hours a day um not even talking to their girlfriend and that's one of the reasons they always get into a fight because they play too much games it's normal for teenage boys to wanting to take gaming as a real career and the governments um support that in Korea and that's why I think Korea has been um accelerating in gaming and also web Street gaming so so I think you had point right there which is a culture right I think culture historically seems like uh um the Korean entrepreneurs have been very willing in terms of to innovate very willing to take risk and try new things to see if they can make it and you can see this with kind of what Jay said earlier in terms of new business models with the freet to play more and and historically kind of what that's done right and and so I I find that to be very very interesting and maybe next we can step into more of like maybe the Korea Gaming Community right and and how that relates to to I guess to developers in terms of building the games right so so maybe Jay maybe you want to talk a little bit more about the uh Gaming Community so definitely like web three gaming like uh it has gained like interest and attention but compared to other sectors of the gaming industry like it is not as established but um given that like web3 Gaming Community is um I mean it's emerging and evolving in Korea but it's just the not there yet like but uh the and the dominant web3 Gaming Community is currently absent and just like any other countries like in Korean web gaming the community is fragmented and Scattered on Discord Twitter like telegrams so this where we want to kick in I mean Forex cing like we want to kick into that area and uh we want to make a breakthrough MH so so I think it's very very interesting kind of what what Vortex kind of is trying to achieve here I mean they're basically coming in you know we we have a few projects for example you know the top projects on near our building kind of these web 2.5 right basically I already have a platform with millions of users and onboarding them to web 3 and in a way that's you know what Vortex is doing right they're they're utilizing the parent company invent and and seemingly kind of providing a new experience new model and really onboarding them to be able to provide I guess more value and engagement to their users so um yeah Scott do you have anything you know to add within the kind of web 3 gaming community and within Asia or just Korea yeah um so um I think Jay explained it very well that it's uh it's kind of shame that we still using vcore uh as a community platform and um I mean Jay has experienced that inent is a is a one of the you know biggest gaming community in Korea and media uh they're actually they m is great diu if you look at invents you know the metrics it's it's it's amazing so I mean they're they're trying to figure out you know how they can gather all these scattered and siloed communities into one so the players or users uh can kind of you know uh make a social uh and then they can actually communicate within the one platform I think that's the beauty of protex Gaming and just um just to elaborate more I think the web3 Gaming Community uh should be the pillar uh and the core of our gaming because it's the whole point about this you know blockchain is is to communicate uh in a transparency manner so I think um uh Vortex gaming probably next year I'm very bold that you know they going to take the whole uh web3 Gaming Community in Korea awesome so talking about web 3 gaming Community I think it's only fair to actually talk about how does that really work right uh a lot of questions we always get is or ask as well is why does it need to be on the blockchain right like like what does it really add value um is it is it something that we're actually that we need right and obviously I would say I definitely put a lot of thought into this personally on how we can create value why it's valuable but I I think you know especially these Builders as well as Scott you know definitely I guess question why do you think you know how does blockchain fit and then why uh you know why would you utilize it and things like that Hannah can you yeah I think it's about the ownership and sharing the profits or Revenue uh uh shares with with the users I think um I used to play lineage uh uh by an soft and you know I think Korea loves playing RPG but um it's not you're not really owning your items it's it's companies it belongs to companies and you actually uh can trade this you know buy and sell this uh gaming items uh through uh Black Market with gray Market but it's all about the transparency where uh uh gaming companies actually can take some uh revenues uh by charging them uh commissions and they can actually bring that you know cleer area into you know a more brighter area and then you're actually uh telling your users that look it's items is yours and it's in your wallet I think it's all about giving back to users uh and and then uh being transparent with users so um I think that's a whole point why they should definitely adopt blockchain okay Hannah did you want to add anything yeah um I think gaming is the next Tipping Point for blockchain um Mass adoption just by sharing some of our kpis but before I go into that why don't you guys search up some of our games onto your app stores and then after you played it sometimes today why don't you come find me and we can talk about this so go to your app stores uh um let's search in meta my city which is one of our most recent games or you could do nouni crosswells n i n o k u n i and then we could talk again well I'll go through the kpis um yoi crossworlds it's a large MMO RPG based on Studio Dre Bri I'm sure most of you are familiar with that studio from Japan Studio G PR and level five's IP so we have achieved a lot of kpis just by integrating blockchain because we had achieved number one position in Google sales in Japan Korea and Taiwan after blockchain integration we achieved top 10 in Google sales in North America which is huge for a APAC company like us um A3 still alive it's a MMO RPG based on Battle Royale PVP comp content um after integrating blockchain we actually increased users about 62% and lastly for metaal my city which is our most recent product um it's a monopoly based board game metaverse game which is really fun to play it's one of my favorite we T we um achieved top Google sales in Taiwan Korea Thailand Indonesia most of APAC was blockchain integration so just by looking at our marvelous kpis you can see how blockchain and gaming are so compatible no uh thank you for those actual case set examples I wasn't wasn't actually sure that you're going to say that I was going to go more with the theoretical so J Jay do you have anything else to add on that yes like our I'm going to share my um opinion from the community's like perspectives perfect I mean obviously like I'm in the web business so I think the blockchain is a perfect technology for especially for games and my personal conviction goes like even beyond that like I believe like soon Gamers will not like differentiate uh from web two games and web three games and refer just you know refer to them just as a games like that that is my conviction and uh the traditional the problem right now in the market is that traditional Gamers like Web Two Gamers they rather like treat blockchain games as a investment vehicle not as a like you know the genuine like means of enjoyment that is the problem that we see like from the community angle but I think this is natural like looking back to the past like in 2000s like when PC online was booming in 2010s like mobile game was booming like there's always individuals with a negative view on like new developments so I think this is Perfectly Natural and like here we are like 2023 like hardly anyone has negative perception on games right especially mobile games like it just became the integral part of our everyday life so I think blockchain game like webd gaming is going through the exactly same process now and uh substantial number of Gamers right now uh has a negative perception on I mean the the who haven't even tried like web three games but they do have negative outlook on web three games so like improving such negative perception is a key and it's the mission of the vortex gaming like at the vortex gaming at a higher level like what we are trying to achieve is like we want to break down this psychological barriers like the The Gamers uh trying like web three games I think uh the the we like from the from our past experiences is like on the building successfully building the web 2 Gaming Community in Korea we believe the key to building like organic and sustainable Gaming Community like it lies in Contents and so at Vex gaming like we're going to be uh unifying web 2 and web 3 gaming contents and Gamers all together in a single space and we're going to be continuously exposing users to the web 3 game contents and we're going to be facilitating like communication between web two and web 3 users and we believe that will be uh instrumental like to achieve our goal okay thank you for that I think you hit on so many great points that you know in this past year of of looking within the gaming market and Industry and following web 3 that that you hit on right I think you know I would say at last nearon everyone is still talking you know the a huge gap between web 2 Gaming and web 3 gaming and now it's not really about that it's just generally about gaming right the market is so competitive what are you trying to do you're actually trying to create a game you know game developers are trying to create a game that people will play right and from there then it's more of the features the game play you know how things are gamified and and and and you know how blockchain fits into that and I think it's pretty exciting that Jay hit hit on a lot of points right one is the negative you know either connotation or The View of blockchain and how it's used but you know if we do it Tastefully if we if it makes sense then I think there's really a strong opportunity to really have that first sustainable game that everyone plays because they like the IP because they like the content they onboard easily and they play it and then they realize oh man you're already in web 3 right you're you're utilizing the chain and most of the people don't know it so I I do expect and you know hope to see something like that in the near future um maybe the last part you know since since this is newcon would love to for the projects themselves maybe to speak about kind of this their experiences in in terms of you know of near right near protocol near Foundation the near ecosystem I mean you know I I I know uh in terms of your guys' product development you guys are you know haven't really launched yet but could speak to a little background on on just your experiences and understanding of of of the tech or or the ecosystem and things like that maybe uh what we'll have Hannah want to start off with that um it's been such a pleasure to work with the near team um first of all near is one of the uh you know one of those webstory companies that has a real Mission not only integrating blockchain to a lot of projects they're really about um linking real life and blockchain which is one of Marvel X's um kpi and road map so that's why we're great Partners but um in addition among other web project now near Korea Hub has been amazing team to work with because they have a real interest in the APAC market and the Asian market they're very serious about linking the Western and the Eastern World in blockchain and it's been such a pleasure to just work with Scott and Mark and I see a few Korean Hub members here and it's been such a pleasure I second that all then then uh Scott did you want to maybe talk about more on you know we have a lot of Builders here at nearon um and maybe how Asian market can maybe work with them and kind of what the opportunities be you know uh you know if you guys joined a little bit later Scott leads our Korea Hub um obviously gaming is is not their only mandate and only focus but that is something that you know they they worked heavily on just mainly due to the Korean market so so Scott you know now that we have a little bit more people here I would love for you maybe talk a little bit more about maybe what the opportunities might be for you to kind of support and work with that yeah Korea is good at uh creating contents IPS if you look at Netflix you know we have a lot of Korean drama series you know movies um um and we have a great Builders um I think why Korea gaming is so strong not only nation Market but globally is that we have such strong Builders and uh on top of that I think um near provides such a a good you know uh strong technical feature such as fast TS met transactions and you know function call Keys uh utilizing this you know technical features I think um Korea should be really driving this web3 GL uh uh gaming in the global market um I'm I'm glad that Japanese is opening up their market and they have a lot of content and IP historically they've been very known uh for the good gamings and so when we match with their uh content and our Builders and um uh good companies like you know NE marble um Vortex gaming I think we can certainly create a a a lead and take the lead in uh with through gaming market so uh please uh come to the vortex gaming Boost they have a bus and then we're going to be around uh the bus area and then we would like to talk more about you know Korean gaming landscape how we can help you guys to you know sort of you know make an introduction to Korean market perfect okay uh I think our time's about up and uh why don't we do some last takeaways or if there's any last points you guys wanted to bring up um Hannah did you have anything else else to add for just as I mentioned um please look up our games talk to me if you're interested because it's no other like other games it's more of like a web 2 game if you play it it's fast it's you wouldn't see um all the blockchain aspects in the front and the uiux part it's more in the background so it's just like a real good quality game so please come off there you tried it yeah yeah so I think I would add uh additionally to kind of more of the retail The Gamers but also if you're a game Studio you know definitely should talk to henna as well you know for more understanding of the you know Korean market or kind of the opportunities with them as well right um Jay do you have any last words to yeah just come talk to us like at the ecosystem Booth will be there awesome well thank you for everyone's time I want to thank our panelists kind of for for you know coming up taking out talking and sharing a little bit more about Asia and thank you guys for sitting over here and uh welcome hopefully you guys had a big LUN and hope you guys enjoy the rest of the first day of newon thank you thank you oh wow it's uh it's filled up in here how's everybody feeling right now little midday lull I'm not hearing it let's try again how is everybody feeling right now all right a little uh gumaa to uh the near Korea team who was just out there uh very excited for our next session we've got Michael Casey who'll be speaking to us about why decentralization really truly matters who will own Us in the AI age I don't know I hope it's not the machines ladies and gentlemen welcome Michael Casey okay hi everyone uh I'm actually wearing two hats here um one hat is that of a co-author I'm writing a book with a guy called Frank mccort about how we badly desperately need to fix a broken internet and my other hat is one that you guys are probably more familiar with and that is is the chief content officer at coindesk I'm going to start with that hat on the second one because I'm going to tell you about the the year that we have had uh at coindesk uh it's been quite a ride so basically last Thursday a certain person whose name I really just don't want to mention anymore uh was convicted of seven uh charges of Fraud and on that day it was in fact the one-year anniversary of the story that Ian Alis and my colleague uh produced uh uh about the alamat balance sheet which led to the unraveling of FTX and a wild year for Coes and then we have Sam bankman FR I'm sorry I did have to mention Voldemort's name eventually um found guilty seven counts so it's been a great on that level fantastic year for coindesk three Awards we won from this last month we got the lobe Award right that is the Pulitzer of business journalism this is actually the proudest moment of my journalism career I've never been involved in a in a story that has had so much impact but it's also been a a difficult year a very difficult year from a commercial perspective because the collapsing of the FTX Empire was obviously commensurate with crypto winter and a brutal one and marketing budgets got slashed and sponsors no longer wanted to come to uh consensus because our us audience was no longer accessible because there hadd been a regulatory backlash against America uh and crypto so coindesk has really had a difficult time we've had I this is public knowledge we've had two rounds of layoffs uh and the company is uh going through a very protracted deal process I can't talk much more about that other other than just say that it looks quite likely that finally this deal will go through but all of that has added massive amounts of uncertainty to what we do but I'm also going to say that um you know coindesk is not alone as a high quality high integrity news organization a that is struggling these days to pay for itself digital media is stuck in a game of whack-a-mole we we we spend our time trying to keep up through search engine optimization uh you know attention farming through social media and all of this is in the service of an algorithm it's a game of whack-a-mole we're just like the rules change trying to figure out what the what the audiences uh latest Search terms are what what's what's moving what isn't this is really no way to do journalism how do you focus on what the story of the day is it's meant that as as a media organization we are no longer serving just uh two masters but three previously it was our audience obviously primarily we care about our readers and our viewers if you're a TV operation but we do have to service the ad guys we got to make sure that there's uh you know commercial operations that to help def fun things but really we're also serving this third thing this algorithm for Twitter for Facebook for for for Google whichever it is of the intermediating platforms that's sitting between us and our audience and I've chosen a black image because of course as we all know those algorithms are black boxes we do not know how they are structured um this is this has become a major problem uh I would argue that it is an existential threat in reality to to Quality journalism and I would go so far as to say that that in itself means that this is an existential threat to democracy I I first sort of realized how serious this was when uh BuzzFeed came out with a story in 2016 in the middle of the US elections uh there was a a team of Macedonian teenagers and they they had a website and they were just running stories like this one government of Kenya has released Obama's authentic birth certificate they also had a story saying that Pope Francis had endorsed Donald Trump uh they were then Landing the links to those stories into a Facebook group uh of clearly conservative people for whom this was an exciting story to read and driving an enormous amount of Engagement around that all of them clicking on the site and they were making good money from programmatic ads that they were running on the site all of this was really connected to obviously to the to the way that Facebook's algorithm helps to sort of curate uh uh attention to make sure that people are engaged that they're getting likes and all of that feedback loop that they like to build to get everybody engaged and sort of keep their own advertisers happy but what it what I realized is that oh my God and I was at just had just left the Wall Street Journal at the time and you know we had layers of editors above the journalist and the editor and the subedit the editor-in-chief we had lawyers we had a whole Machinery of people we sent people off into war zones at high risk all so that we could get the facts straight it was the infrastructure that we built as a news organization to make sure that the truth was something that we could try our hardest to maintain and we were being beaten at this game by a bunch of guys who were just making up at no cost of themselves I I just think this is an incredibly Stark problem so this algorithmic this algorithmic concept that we're grappling with here it's part code right you guys are all most of you are developers you know ins and outs of code but it's part human biology right because what that curation algorithm is constantly learning for itself is what exactly it is that triggers our adrenal glands to release dopamine right get a hit when we get a like get a follow get a get a new friend whatever it is all that is an algorithm tapping into our brains working with our adrenaline gland to keep us involved part human part machine um there's a woman called Anna LM who is a psychiatrist who spent most of her career studying the impact of or the role rather of dopamine in drug addiction and she says that social media is a bigger more addictive drug than heroin she refers to the phones in our pockets as those uh digital hyp hypmic needles um the impact of this is profound since 2007 when the iPhone was first released suicide rates for the age of uh people from the age of 10 to 24 has risen 62% um teenage girls reported last year that or 30% of them that they had seriously considered suicide di more than 50% of that same cohort teenage High schill girls say that they have persistent feelings of sadness and uh depression this is a system the cyber bullying the body shaming this is what the algorithm is producing it's also as by the way uh the two of us didn't actually realize that we were having the same the same event here Chris's uh Speech did a lot of stuff that I was talking about this polarization that you'll see but ultimately our political system is is is trapped by this so you know if if you're a politician you're a brand and you've got to play to social media that's how you get attention that's how you get votes so we get you know AOC with 13.2 million followers and she's obviously a a fairly hard uncompromising Progressive left person and then you get nut jobs like you know marjerie Taylor green who you know is a QQ and unbeliever and she has $2.8 million mlion follows which is pretty good because she was actually banned from Twitter for for two years right so and here's Perl Mitt Romney ran for president the governor of of uh of a state was was was a mayor was was you know has a huge long history of uh of polit of politics and is one of the very few uh middle- of the road compromising Republicans uh in Congress and he's only got 1.9 less than margerie Taylor green so the system is driving us into these polarized differences um this this system we we badly need to fix this thing guys but you know what it's been incredibly profitable for the companies the platforms that drive it so if you if you include Nvidia which I think is relevant since they sort of pretty much drive the um uh the chips Drive a lot of the llms that are part of this issue right now the market cap of these companies adds up to more than10 trillion right that is um in GDP terms the third biggest country in the world uh the profit of course also is reflected in their um their sort of monopolistic practices so Google as we know right it is on 75% of all the world's smartphones uh of course being the other one and is really probably no coincidence that they both charge exactly the same 30% fee for developers to develop on those right Google and Facebook have more than 50% of all of the world's digital advertising just think about that um Google of course controls search Google has uh dominates navigation Google is in home management uh systems our Smart Homes it is it it leads on video streaming right it is everywhere this is I mean the robber barons at the turn of the century had nothing on what these guys have and think about Amazon right Amazon is both the dominant e-commerce platform it also you know is controls our web hosting and it is a retailer on its own right so imagine if you a pizza joint and there are two pizza joints in town and you're the one that doesn't have a telephone those guys have got the telephone and you have to rely on them to take your orders for you and there's no record of when the orders come through right can you trust that the same pacher joint is not going to like Fill Their Own orders for yours right this is this is a literally a a broken system of of of Commerce so look we got to fix this but like what is the problem right one of the biggest problems is that we just don't have much awareness so the book that Frank and I are writing is inspired by this one common sense um this was written by Thomas Payne was under a sudum at the time or an anonymous publication and it basically was the most influential book in history came out 1776 let people know that there was something that they had to see and could no longer unsee which was the broken state of the British Monarchy and what it meant for for the American colonists of course we had the revolution after that the Declaration of Independence and so forth we need people everywhere to understand that this is a huge issue that the data that these machines control that their right to that is a human right just as these guys back then were talking about the enlightenment you know and we're at a Crossroads now because we could if we change the system we give people control over the over their data control over their lives decentralize the structure of the web the the kind of economy that we could create out of this the the the open data for for medical research the incredible new business business models that emerge out of that we have a huge opportunity ahead of us but as Chris was saying we also have ai coming and if this is where things are going to go with the same web two companies controlling that data then God help us right so what can you guys do well I think people who are working on open web systems can do more than anybody a lot of you are working on the infrastructure and that's really important uh the the underlying fix is very complicated Gams and Building Bridges and making sure all this stuff is works and it's secure but you really need we need people to be involved in this we need people to build the killer app that allows people to understand that there is an alternative to the network effect drug that they have on Facebook or or Twitter or wherever we've got to change the way people think so build something beautiful and attractive and look come and look up the project Liberty which is what Frank mccort's organization is all about it's a it's an open system it's a it's a it's a a not for-profit Arrangement it's it's all about open source software they are inviting people to come and build on that so so please get involved we need to change this like we need a revolution so let's go and start one all right so hit me up and I can talk to you more about it and I'm you still got a little bit more of me unfortunately but uh I'm going to invite Chris Donovan out on the stage to join me of course you may have heard from earlier on the COO of the the foundation and we are going to talk about uh everybody's favorite topic regulation good to see you Michael regulation let's do it all right people are going to think we coordinated beforehand with our talk it is it is kind of interesting I was sitting there watching your talk and thinking wow in many respects the book I'm writing it seemed like you were just s of yeah you must have been reading the manuscript you thought I'd ni your manuscript I did I thought that somehow but as you can tell we're both from the same part of the world uh and you know Aussie's in our blood there is a certain convict you know criminality so yeah my suspicions are running pretty high yeah all right so look you're you uh were the GC at near found at near Foundation you um and now the COO you um that's right were a GC at outli Adventures you have been involved in the legal side of things for quite some time yeah and as I said at opening of my presentation it's been quite a year in terms of that regulation one one man in particular has featured heavily Gary Gensler um I I have a certain connection to Gary I was at MIT media lab where he and I were both part the digital currency Initiative for a couple years and I used to talk to Gary um you know once a once a week basically and he was never nearly as strident in this position that he's taking now at the SEC but we would argue um and my point was always look Gary if everything's a security then how on Earth are we going to allow for people collectively to participate in these systems we want to have an open web and one that doesn't have these Gatekeepers and he was always very opposed to to Gatekeepers as a concept and Regulatory capture and rent seeking he'd used these words about and I said how on Earth are we going to uh to to create recile that yeah you're going to have all these barriers in place so I mean how do we get that message across how do we turn this conversation away from a very narrow Financial one to know we need to do this The Regulators would kill the dream that you and I are talking about here what are we left with well I think that's a very good question and it's um it's a serious problem you know I think our view at the foundation is that you know we want for the for the industry and for the open web to be successful we need fair and proportionate regulation right there's there's no question about that I I think you know and many and I would say most of the people in the industry are also clamoring to have that Clarity right we're not all running around being scoff laws trying to break the law and that actually is one of the most disappointing elements of how Mr gensa presents the argument is if our industry is just for the criminals and you know that's that and and we get written off so I think one of the things that we need to do is is to become quite honest behave a little bit better as an industry set better examples that you're right it's been a big year don't steal your customers funds ideally don't do that right don't be an out andout criminal that would be that would be great and like I said it's unfortunate because you know a small number of of individuals that have caused a huge amount of of of damage and harm to people have come to paint our entire industry with a very broad brush or at least allowed individuals or Regulators or lawmakers who maybe have these suspicions maybe they have their vested interest whatever it is to to essentially jump on that bag W and say yeah look you know you're right it is just for it is just for Crime it is just for people running around trying to do naughty things when actually as as you and I have been talking about and as we all in this room know it is about so much more than that and the financial use case is one part of what web 3 represents and I think we do need um you know true decentralized permission as Financial infrastructure to be part of this open web but it's also not the only reason why we're here right and the giant Casino of web 3 is you know it's damaging and limiting the perception of what we as an industry capable of so I think education and frankly the work that we are doing here in you know in the near ecosystem and across the industry genuine use cases genuine users showing people why there is value for them in the stuff that they do every day with this technology right because ultimately this is a political question right I mean it has been crypto regulation has become highly politicized and well in the US in particular in the US in particular but I mean it is it's it's Laden with this and therefore getting through that and being able to to reach people to understand the value I think is is is critical um I mean just just to pick on that the problems therefore with the community itself or the industry it does seem that to me that sort of uh some of the problems with the tribalism the the sort of the desire to drive tokens higher and my token not yours um contributes to this right it contributes to this kind of mania that I think feeds feeds bad behavior so how do you guys view that because clearly you know the vision behind the open web the the stack that you're building that is really trying to look at the multi-chain solution and on interoperability you know how how are you approaching that problem in particular the sort of this tribalist yeah look I think it's it's a it's a big problem as you say it kind of it's a scourge of our industry in a way right and we've we've grown up fighting each other and actually you know we're still there's still such early days right and we have so much that we need to do and frankly we're fighting such a big battle against against much more organized well better funded more influential opponents that I think the infighting is um an utter waste of time right and I think it it distracts us from the mission if we were all working together and sharing these goals and I think you know many other ecosystems would also agree that this is the future that we want we don't want the dystopian surveillance State future um I think we would be much more powerful as an industry I I accept that it can be hard sometimes to put aside differences or at least perceive potential competition but again what's the point in fighting over the tiniest slice of the tiniest Pie when actually we could be building something bigger and sharing it together right and I think that's how we as an ecosystem think about this right in our technology stack that ier is going to talk about straight off to this I think is all about putting interruptibility at the heart of everything right so we want we want uh Founders and projects and and applications in every ecosystem to come and and and see how how they can leverage different bits of this modular stack that is kind of the heart of of the near ecosystems technology and and I think productizing interoperability will help eliminate that tribalism because people will realize there's no need to be scared of each other but we can we can share and we can grow together and still serve that broader mission of avoiding as you put it the dystopian you know surveillance state right um you know so let's just look at this from the perspective of of government then right I mean Europe in particular um H has taken I think a more aggressive and sort of constructive view of the ver the real problems uh around this this structure of the internet and threats to privacy and so forth um but at the same time when you use terms like you know an open permissionless architecture you know permissionless almost runs counter to bank secrecy act kyc all these things that are ingrained in the way that our financial system is is structured so given that dichotomy you know how are you approaching conversations with you know Regulators either here or in the US how do you get them to sort of embrace this idea of an open permissionless architecture well it's it's not always easy especially in the US I mean there are plenty of people who want to have that conversation but I think like we were touching on earlier it's it's become very politicized in the US not so much in in other parts of the world um but you're right that the idea of permission systems um and no intermediation at all is literally the polar opposite of how the regulatory state has functioned pretty much since its Inception right and and that was because at that time when these systems were being brought about they did not have the the technological infrastructure ability to do it any other way they had no choice right and and the key thing is that now we do have a choice and actually part of convincing lawmakers and Regulators that they should embrace this stuff is to help them understand the benefits to them as as governments right and I think one argument that i' I've found sometimes helps to to get a bit of traction is you think about how much money governments spend every year maintaining trust trust in all of the institutions of government trust in infrastructure Public Service all of this kind of stuff right it's it's it's an enormous amount of money it's a huge amount of GDP I don't have the the stats off the top of my head but it's it's it's it's huge and actually this technology can help reduce that burden for example and that's just one more powerful tangible use case for governments to think well actually I don't necessarily need to be scared about thinking about this new paradigm actually maybe it allows me to do you know do the things that I want to do run the country effectively provide for my citizens provide high quality public service and infrastructure more efficiently and more effectively and Empower my citizens to do the same thing right and we were having a conversation before talking about how you know natural open market competition forces hopefully will also Drive some some governments to realize that there are massive economic advantages to embracing this technology right and there are some jurisdictions globally you can think about places like for example Singapore Switzerland is another one that have completely embraced this technology right and they've managed to at least take some steps on the path of creating some Frameworks that are a little bit more open and sensitive to the unique features of the technology right not trying to remove them or treat them as bugs but actually lean into them and embrace them you know actually uh hold up those unique features and and these jurisdictions have been benefiting as a result Dubai would be would be another one right so I think some of this will happen naturally right because we're a mobile Bunch web 3 we we move around the world a lot we're happy to go where governments and Regulators are willing to sit down and have proper conversations with us do is it also incumbered upon the industry to think through whatever applications Solutions they're building that can be sort of friendlier to the needs of government and and and I think one of the ways to I would I would frame this is that you know part of the ethos in the early days of of Bitcoin of course emerge out of the cipher Punk tradition of you know just zero compromise on things like privacy um and I think that I'm not suggesting at all that that's not a ruthal position to take but I I figured like when we think through say coid and there was um an opportunity to actually you know have a zero knowledge proof kind of structure for how we would check whether somebody had had a vaccine or not um I felt like the community's just it got in its own way there was a real opportunity there to work with governments try to figure out a way to have a a a a private and yet constructive Data Tracking System that would have our cake and eat it too yeah uh but ultimately the fear of Big Brother the idea that you know IBM and others were just stepping in and providing these Solutions anyway I I felt like the community just went nah we don't want to be part of this this is all this is all too spooky um and I think there was possibly a missed opportunity I don't know if you need I well I would definitely agree I mean I was in the UK at the time of Co and and the NHS is still is literally still using fax machines to send around information right and I'm I'm not joking I think they have like the last five fax machines in the whole country and they use them every single day which is mindblowing but I you're right I think there is definitely I mean and it's ironic given that we're trying to build this technology that kind of producti trust right and guarantees trust there is not a lot of trust in the industry towards government either and I think part of that is because of how certain governments and Regulators have been behaving towards our space there's definitely a sense if we bring it back to the US that you know Chens is not acting in good faith right he's not he's not setting up and presenting the position reasonably or fairly like I said when not all scoff laws like I said the system in the US is not fit for purpose for this technology despite the fact that he seems to think that it is or at least he presents it to be you know so for us as an industry to me it's about figuring out a how we can try and rebuild that trust and like I said there are some parts of the world where that seems like it's at least a possibility but I think we also need to accept perhaps that at least around the edges we might need to make some compromises initially right and we need to decide where we make those compromises and where we don't right and you know I was talking before about you know permissionless open infrastructure to me that's a compromise we we can't ever make right because that is the core that is the technologic IC platform for everything else that follows but there might be other areas where we feel that yes it is not the absolute perfect cyberpunk um manifestation of a particular right program or whatever but maybe it's it's an important First Step because we need to start somewhere and we need to rebuild that trust so you mentioned earlier um you know Dubai and the idea that you know this is a borderless technology you can you can go anywhere so in the light of that I mean how are you viewing the what some people see it's almost like a competition amongst different jurisdictions right now where you got you mentioned Dubai you know Europe has got the the MAA regulatory framework Japan is even doing things Hong Kong Australia Australia Australia various different you know flavors of it the UK seems to be going back and forth I'm not quite sure where they stand right now but oh that's that's classic UK but um but the US sort of way way behind and and so are we indeed in this world where we're sort of Regulation shopping and is that something to the industry's advantage I mean how do you how do you approach that aspect of thing I mean I think I mean regulatory shopping makes it sound almost cheap I guess and I don't think that it it is I think we have to make the best of what we've got right and and you know I do think that the way that the US has been behaving the last two or three years towards our space is uh cutting off its nose despite its face in many ways right and it is a unique political feature of the environment in the country for all the reasons that you were talking about before um but my view would be why shouldn't we take advantage as of of opportunities that are presenting themselves in other parts of the world why shouldn't we you know one of the things that the foundation is doing is working with governments and Regulators in some of those jurisdictions to actually create proof of concept things like sandboxes and and um safe harbors and stuff that we can then take to the us and we can take maybe to the UK if it ever makes up its mind and say look guys this stuff does work and actually it does bring demonstrable benefits and again one of the things that we need to do as an industry as an ecosystem is really good at shouting about what we are good at and like what is the value of this stuff it is not just the giant casino right I just got to make a point is I see G clay down in the front he's going he's going to hit me afterwards for not mentioning Bermuda as as one of the jurisdiction that's been out and my my good friend David Bert the premier who's been driving this uh very sort of innovative approach to these things and I know you guys are looking at as well so yeah I mean it really is interesting seeing all of these different jurisdictions uh wake up and see I'm almost like seizing the opportunity that the US is up I have a question for you though I mean have you caught up with with Gary GZA lately and how how how has that changed since your he days at ml it's really been tough um yeah I'll tell you I mean I don't know I I don't these I wouldn't have answered these sorts of questions a while ago because I always trying to was trying to maintain the relationship but it just doesn't work anymore so I I happily talk about it um yeah look I figured when Gary came into office that uh this was it Coes was going to get the first interview we were going to get the you know he was going to come and keynote consensus and everything else um and he didn't answer my calls didn't didn't respond every single request we have was a know finally two years later Nick day who was the best policy reporter covering crypto Bar None anywhere in the world um finally got an interview with Gary on coind Des TV um it has seemed to me that in itself was just completely deliberate like there was just he saw no upside in being associated with a crypto publication yeah it was it just it just occurred to me that you know somebody said to me look there's there's MIT Gary and then there's Washington Gary and they are two different animals and so it felt like this was a very calculated political decision to uh associate himself with the folks who were attacking this industry and therefore to disassociate him himself with anybody else who'd been part of it before so no haven't had any speak at consensus haven't had any interview since that one um we don't really talk much anymore right well I'm sorry to hear that but um he genely a nice guy when he's out of Washington I but I think it's it's it's also a shame that that's the position that the industry is in and it shouldn't be in my opinion it shouldn't be a political question right it shouldn't be something that's divisive politically because we should all want an open permissionless Future truly including governments and and everybody else including whatever side of the aisle you happen to be sitting on and and so I think you know one of one of the other jobs we have as a as an industry is to um feel at home with a fly of course Aussies we we go the I need my hat with the corks um you know I think we we also need to try and help find Common Ground politically and to find use cases and and and demonstrations of value that can help unite people politically too right and again that's a huge it's a huge challenge I don't and honestly I I don't know what the answer to that is do you think the trial of Voldemort um is actually something that will help in this that like you know it's Cath Arc it gets it all forgotten about and also an opportunity for this industry to learn from its ownace well I think I think it's definitely that I think it it also like we said we need less people stealing customer funds and and actually focusing on bringing value to to their uses and building legitimate um sustainable businesses and obviously people who are you know doing criminal things should be punished right absolutely unequivocally and I think again the whole industry is United as as being you know in that view and I think that now that we've had a at least initial conclusion to everything and perhaps it can be be put behind us I do think it is an opportunity for us to show how we can do better as an industry um and also how we can unite like you said across all of these kind of tribal boundaries to actually focus on the stuff that's that's really important um running short on time so just maybe just one sort of final message to these what is the one thing that you would ask people to do in support of a constructive you know lobbying uh you know action for change to regulation that's a good good question I wish you'd told me before that you were going to so I could have have to think something always tell the one thing yeah yeah well I so I think um to me it would be try and maintain hope don't lose trust that there is a constructive path we don't have to write off interactions with lawmakers and Regulators period just because there are some out there who are making our lives very difficult as an industry um there are many others who are genuinely curious genuinely believe in the technology are doing their best to try and bring it to the full from a policy perspective trying to make things happen um so I think yeah don't lose stay optimistic they're human beings they humans too like lawyers as well yeah I mean that I think that speaks a little bit to what you're saying like this tribalism all you know being able to actually step back and see that there's probably folks with with good intentions and that that that can definitely uh you know that can be used in some way to move this thing forward okay well thank you so much for Round of Applause for Chris hovan everyone thanks very much everybody and I think we've got the amazing up next thanks very much everybody please welcome our MC to the stage near foundations David Morrison the key to success is developers Founders Builders developers Founders Builders developers Founders Builders welcome to nearon 2023 all right okay gosh enough of this right it is my huge pleas pleasure to Welcome to the stage one of the most incredible Founders I have ever met and indeed the founder of Nea protocol itself the CEO of the Nia foundation and the biggest Alpha leak in the room this week so please after me put your hands together for Ilia poin this is thank you hello hello it's great to be here third nearon amazing really good to see everyone thank you for the all the people who are working to put this together it's an incredible amount of work going in to do this so I want to welcome and thank everyone who has been involved in doing this yeah let's do it let's get some energy I mean we just saw you know a web three Steve Balmer all right so so I want to talk about the open web Vision the kind of near and uh what is open web right I I frequently get asked about what is the near Vision right why are we doing this and the core idea always been to bring the open web in True Form that we can imagine to give everyone control of their data assets and power of governance and to be clear the open web Is Not A New Concept it's not a web 3 concept it's existed before it started the web started as open it started as a way you know of various protocols communicating to each other and everybody participating in it but the kind of Technology wave the uh that's you know brought social media and search engines and kind of all of these companies it leads to monopolization it leads to centralizing control it leads to taking the data that you put in and using it to kind of as a product and monetizing that product it makes users to be consumers as Chris mentioned in his previous talk and so the Innovation that blockchain brought the new form of ownership the way to not require any single party to be a representative of your ownership but relying on the decentralized ledgers on decentralized set of Technologies is what changing the wave right it's what bringing kind of back the original ideal of open web it's also something that didn't exist before in the world period even kind of from Don of like the money the um kind of you know ownership of real estate ownership of companies everything was all always defined by somebody else right there was somebody else who needed who was ensuring and uh recording this and you relied on that as a consumer or business and now we have something that's different that allows to have kind of this common ownership to have the participants themselves to ensure that their records are kept in a fair way and that's what really kind of the vision we established but this is not just a vision for near this is a for the whole Space we are really trying to bring this Vision forward and make it accessible and usable but it's also important to understand that as individual user as individual founder you're not kind of choosing your apps because of this Vision you're not choosing day-to-day to use you know applications based on what values they provide you choose them based on functionality based on kind of what you can receive from them and then you complain when they leak your data again and so it's important to understand that the first and foremost it's about showcasing what benefits and value that open web creates for Developers for Founders and for users as a Founder you choose something that you can use to address a bigger Market to create a more liquid uh ecosystem for yourself to have have cheaper transaction fees not just web 3 transaction fees but broader as you do in financial operations to not pay a bunch of middlemen a high transaction fee and so this as well as when you're starting a new company how can you bootstrap your user base how can you connect to more people quick quicker that's what open web that's what web3 is all about it's about actually providing New Primitives as well as economic better Economic Opportunity and a way to build businesses differently in such a way that they are better businesses that provide better uh kind of experience to the end user and in turn create bigger economy and so we want to be the ecosystem that is the best place for founder to build this is a place for you to come and actually leverage this technology leverage the community bring all this together and really build successful open web companies which are truly better as a product for the user which are truly easier for you to build and which are at the end benefit and move us towards this open web Vision instead of kind of going into a very dark mirror episode uh State now the other important part to Define is what is near ecosystem because it all starts with technology it's all started with technology but at the end it's not just technology technology is a piece of it it's a part that enables it it's kind of the building block but at the same time it's about the public goods the founders the community here the principles that we follow when we build this right in blockchain the principle of immutability the principle of um kind of user having control over applications they use is something that with instilling and showing why it's better way to do things than kind of traditional way right the application that is immutable or is owned by the users of this application is better application you can rely on when you build your kind of layer on top because it's not going to change under you it's not going to go out of business it's not going to disappear right there's examples in web 3 where a business that's built by few people in meta metaphorical garage are being used for billions of dollars of value and been multiple billion dollar businesses are built on top of it right this is impossible to imagine in traditional web where you know you will expect a kind of a thousands of people company to be able to do something like this and and have enough reliability that they're not going to go out of business tomorrow and that's kind of the principles that we want to instill to build this uh kind of applications in this new way now important to mention is also the evolution of Technology the blockchain kind of introduced New Primitives but zero knowledge technology is introducing something new as well blockchain meant we need hundreds of servers thousands tens of thousands of servers around the world that revalidate the same work that have billions of dollars at stake for security to make sure that nobody is at foul play Zero knowledge brings something new where you can have one single server that runs compute and is with this kind of proof can ensure that the computation that was done is correct that was not manipulated and cannot be changed later and that is something that's introducing again new primitive it's something where where if before you needed you we were expecting blockchains to scale to millions of transactions now we can have lots of sub kind of servers running specific applications and proving their kind of uh execution to everybody else without needing to actually synchronize a whole uh transaction on one blockchain it is something new there will be talks about this throughout this conference but kind of principally speaking what this means is is that the blockchains are becoming more and more similar to traditional infrastructure where as a user you don't actually care as much on which blockchain application runs because if the security is Unified if everybody like proves what they've done with a zero knowledge proof you don't need to kind of have like expectation that it's on this blockchain that blockchain and you can leverage kind of this unified security liquidity you know State across all of the blockchains that you know are supported in this way and because of this what's becomes even more important is user experience it's a way to interact with applications is a way to engage users and shortly after last nearon we started working on this we realized that this is coming and we realized that we need to give more instruments more tools as well as New Concept to developers and Founders to build in this new way where blockchains are becoming more unified and that's when we introduced blockchain operating system um kind of in February uh this year and blockchain operating system is really a combination of layers right it's you know similar to other Stacks uh kind of if you're familiar with internet stack it pro it builds on top of each other right it starts with blockchain protocols it goes into a data layer where you know all the data lives and I'll talk about that goes into identity which is extremely important it's what we link the kind of security and ownership too and it goes to applications which are really driving the value and actually in front of the users so through kind of this year near became the home for top consumer applications it is because we have the easiest to use blockchain it is because it scales it works of the shelf and the biggest applications in web 3 consumer applications in web 3 sweatcoin and Kai Ching have chosen to build on near and leverage near technology this kind of is a proof point to the vision we're building these users who are using sweat and Kai Ching they don't use it because it's blockchain they don't use it because it's open web they use it because they get the value of it they use it because in case of Kai chain they're able to SL kind of reduce their transaction costs from VB 2 from stripe to you know 100s of what they pay there it allows kind of to Leverage technology to really bring value to both their users to have the economy around their own kind of user base as well to themselves to kind of create you know and and capture partion of this economy and and don't have to pay ton of fees and importantly none of their users need to install extensions figure out seed phrases and kind of engage with the standard crypto interactions it smooth experience that every can use and this is a and this is the products that are going to be driving the adoption in in uh web 3 and bring people into open web another example as we've been building out the blockchain up system is a dabdab they're uh launching soon uh and this is an example of kind of this multi-chain chain abstraction idea that you can have one application that is open into all the users and it has all the blockchains the blockchains is just an infrastructure it's not you know you don't think of like oh is this Facebook page served from uh Google or Amazon or their own data center or if this Netflix movie being uh right now streamed from this CDN or that CDN and similar here you can just use applications across all of the ecosystems and you can access everything from one place and the important part is every single piece of the application built here is built through decentralized front ends through application front ends this is where you can actually go and open the source code you can inspect how they build you can see how much usage they get you can actually Fork it and create your own application this creates a new programmable environment for developers to build applications that span across blockchains that abstract the blockchain details and actually offer Direct Value to the user and so I invite for those who haven't seen it near. org you can uh explore applications and you can always check out in developer tab how is I built identity we've invested a lot in how do we make not just cryptographic identity you know the blockchain accounts near has pioneered account abstraction from uh the main net and beyond that how do we make it easy to unboard new users right ask has been we just want to log in users with zemil and so we built something that is using your phone cryptography allows to sign in through email set up cryptography on your phone have an email recovery through multi-party computation through kind of decentralized custody and offer a smooth experience that users are familiar with and it's actually faster than web 2 because you don't need to come up with a password or like try to find where it is it then allows you to use gasless transactions right away and pretty much un boards you into web3 without needing to think about all the details that usually you know as a three person you probably think about it's like where do I custody my keys where is seat phrase go what is a zerox address um how do I pull it up there's more coming on Fast toss but there's also talk in more detail on this on the other side we also it's realize it's important to have compliance it's important to have identity verification there is value in uh kind of having access to accounts that are kind of verified and so we partnered this uh fractal on idos offering that as well as a primitive to all the blockchain operating system developers now the next step of the fast off is introducing something what we call account aggregation now that you have one account on near that you signed up extremely easily you can actually use this account similarly how would use you know coinbase a binance account on multiple chains the way it's done is the near valat set itself becomes a decentralized multiparty computation signer for transactions on other chains but what it practically means for the user you sign up once and now you can use applications everywhere without needing to switch netw Works without needing to use Bridges and deposit funds and so if you remember dab dab right now you still need to switch network if you use application on different chain but with account aggregation this will get all abstracted this goes to the next step of the chain abstraction thesis where users will know less and less about the blockchain applications is running on or it maybe running on multiple and more about the experience they're getting the value they're getting from it and so so any near account or smart contract will become enabled to Z it also means you can build multi-chain applications really easily on near because they can just sign transactions in other chains we've invested in data data layer is extremely important blockchain is not optimized for reads it's not designed to be kind of a way to like access it in various ways that developers really want and so beyond rpcs kind of indexing framework we introduced query API it's a way it's a protocol to Define how you want data to be indexed from the blockchain and then anyone in theory will be able to run kind of nodes that follow this protocol and and offer this data and what this means is you can have custom complex queries aggregating data from the blockchain stored uh in kind of databases of the providers and access them and this is extremely important if you have if you want to have reactive applications if you want to have something that shows you analytics over time if you want to have something that is more complex that what transactions are on a blockchain we also partners with herbit herbit is kind of a new also operating system for the new uh age and it's a place to store personal data it's ways to peer-to-peer interactions and groups it's a place to also have our kind of blockchain operating system front ends which are just centralized being accessible across all of the servers they have and finally in cero for those who haven't tried it uh the near conon chat runs on calimero which is a private Shard of kind of uh technology for near which allows to run the kind of applications that are don't need or can store their data in the public chain and also have you know faster performance not pay for gas fees Etc and so nearon chat runs on that kind of powered by this technology while the front end is powered by the application stack but it's comes with unified identity unified kind of application such that as a user you don't actually need to know that it runs on the different uh servers for example you have just an application you log in with your kind of near account and you start using it finally protocol right the blockchain the kind of Technology we started with near has been fast transaction execution it's extremely cheap data availability it's fast and kind of secure settlement and so today we want to announce near data availability this is something that leverages existing near technology the fact that near is 8,000 times cheaper to store data than etherium and we have and we have a number of First users already signed up myara by starnet fluent Caldera movement Labs Dimension and withar to start leveraging this uh kind of as it uh launching their layer TOs and again within a bigger Vision all of the Slayer twos now provide new functionality they have their own Focus but for the user you have this unified experience you have this unified um kind of abstracted uh access and you can start kind of interacting with this and benefiting from the cheaper transaction fees that near provides now the other announcement we have today is partnership with polygon on building ZK vasm polygon has become a zero knowledge experts they have build an amazing piece of technology that provides kind of Prov infrastructure and they continue innovating on it on our side we have spent tremendous resources in building web assembly to allow developers to use common programming languages rust JavaScript C++ anything you can run because web assembly is something that's available on every phone on every laptop on every device we assembly is also used by lots and lots of companies and Enterprises on Edge computation this partnership allows to bring these two parts together and introduce something that as I said is changing how the computation is done where before you needed lots of servers to replicate the compute lots of servers to ensure that every everyone follows the rules now you can just run it on edge on a your personal server or on uh kind of a shared set of computers and generate a proof that everybody can verify extremely cheaply for any amount of computation to ver to kind of ensure that uh the computation is done the web assembly we have built on near is one of the easiest virtual machines for blockchain that exists it's pretty much a very simple service oriented with a with a database and by doing this this kind of opens up a new way not just for blockchains but also Beyond to verify compute for us it allows to have kind of continuous scaling of the blockchain of near it allows to have proofs for each individual Shard which we can Aggregate and not need to reverifying the proofs instead of redoing all the computation it also allows people in layer 2 space to launch their own web assembly zero knowledge rollups and importantly it we're coming closer and closer with the theum ecosystem through these two parts and really kind of removing this current maximalism and really focusing on the value to the user this chain abstraction idea is really about that although technology matters although technology provides New Primitives the kind of this fight you know sometimes in web three that happens is not productive we expand and offer two ethereum developers two rollups to everyone in in web 3 different benefits at different levels of our stack we're the home for best web three consumer experiences on boarding millions of users who now have access to Applications not just on near but on other blockchains through account obstruction so if you take take one thing away from all my talk or from this conference for that matter is that the near is entry point to the development web it's for Developers for Founders and for users it brings a value that we all Aspire for while also solving very immediate problems for everyone thank you all right okay hey hello one two okay um look if you miss Steve he's gone he's finished um how amazing was that yeah all right brilliant uh listen mate I don't know who you think you are but there's other people on this stage um right we have a a really quick 15minute break if you want to grab your anong get up scan the QR code uh get stacking and get buying all the amazing swag and things um and I will see you back here in about 15 minutes where we will continue neon 2023 thank you very much what I I want so so long why you keeping me waiting all I want all I want why you keeping me waiting just just he n feel we oh w please welcome our MC to the stage near foundations Marcus hio hey hey hey good afternoon everybody thank you all so much for joining us this year at ncon 2023 hope you're all having a great time I hope you're all making amazing connections finding what you came here for and extracting incredible value uh we have some incredibly exciting talks today um you know couple of more action-packed days uh I hope you checked out the other two venues as well they're amazing we have the hacker HQ and the community HQ that are pretty close together some amazing things happening over there um but nonetheless I'm uh very excited to introduce our next topic uh mean is going to be talking about uh the secret to 1 billion users on web 3 keynote by Cosmos aian please welcome him on stage read it unlock it watch it it number one it it it itl it it it it the party and all they want ising I'm in withing and know every can we do it again hello unlock it play it watch it learn it shop it earn it number one my name is Neuron from Cosmos the company behind Kai Kai and King first of all congratulations all of us all of us near ecosystem members deserve congratulations you should be very proud because two out of top five most popular blockchain apps are built on near woo kaii and sweat represent 50 over 50% of all active wallets monthly active wallets out of top five blockchain apps over 70% of all daily active wallets are built on near but so right now King has seven 00,000 daily active wallets 2 million monthly active wallets our next Milestone is 10 million M monthly active wallets but the real goal the real objective for all of us here is 1 billion web free users we are still very very far from that but don't worry you're very lucky because you in this room and I'm and I'm about to share with you the secret recipe for one billion web free users are you ready wooo stop talking start building that's the secret recipe we all should apply stop stop talking about web free start building based on web free principles stop talking about crypto prices start building products that are Priceless for users regular people don't care about web 2 web 3 web 5 or web 10 all they care about is value they can get and at Cosmos we are focused on free values safe earn and own safe earn and own our mission is to help users save time and money earn Awards rewards and own your day data safe you might have seen this headline from Tech Ranch saying Cosmos ditches tripe to adopt new crypto solution what is it about it's about Visa Mastercard and stripe stealing from us every day from all of us every time you pay with your card every time you pay online they steal 2% from you on top of that stripe charges a payment fee every time you make an online transaction it's a lot of money if you buy one coffee a day just one coffee a day in a year you will spend $170 on Payment Processing fees just one coffee a day imagine how much all of us pay in payment processing fees every payment transaction every online transaction these guys keep stealing from us that's why we launch payment solution King based on based on near which decreases the payment fees to just few cents earn people should benefit from the ecosystem they help to create Google Facebook Tik Tok they collect our data they take advantage of our data in return we get to use these product for free and that used to be enough it's no longer enough users expect that they will get some of these benefits and this is what K is about every interaction every engagement with our product results in rewards to our users our users get rewarded because they help us to create better product and better ecosystem for everyone own own your data on your privacy gdpr is not enough it's nice to have but the reality is that it creates standards for good actors but gives absolutely no protection when it comes to bad guys the reality is your data is safe only when it stays on your phone and this is what we are working on we're working on a solution that will combine Edge Computing with blockchain to give all of us real privacy and real data protection with Edge Computing our data will stay on our and with blockchain we'll be able to ensure that only the authorized parties have access to our data and we'll be able to revoke this access whenever we want to the biggest challenge here how to decompress the algorithm the model that right now weighs 20 gabt down to just 50 kilobytes if any of you is working on the on this challenge please come by and let's talk about this so you've been working for months sometimes for years on your amazing products result you have no users no website visitors pretty much nobody cares it doesn't necessarily mean that your product is bad doesn't mean that your product sucks sometimes it just means that you didn't have the opportunity to tell your story and this is what we want to give you we want to give you the opportunity to tell your story to share your product with thousands of users if you scan this QR code you can you can apply and get listed on Kai as part of our wallet so thank you thank you so much midon for coming up and presenting that uh next up I'm proud to uh announce that we'll be hearing an awesome pan panel uh moderated by Lindsay Crawford of proximity more infro won't save us why we need consumer crypto sorryy good afternoon everyone thank you all for coming to this very insightful Consumer Panel we're about to have um with me today I have Ian T Taylor who runs UK's digital asset arm I have Jess holgrave who um is the CEO of wallet connect Miron who is the co-founder and CEO of open AI who just heard spoke speak and we have Ole who is uh the co-founder and CEO of sweat economy so I think to start things off uh historically in previous Cycles infrastructure has been um very much being built but without a consumer angle for onboarding um and figuring out how to solve that issue uh within web 3 has been a constant struggle and so hoping for the wave ahead for us to be able to um conquer the issue of onboarding consumers into web 3 and so we'll dive into some discussions around that today first question for you all um why do you think consumer adoption hasn't taken off within web three should I kick off see I'm next to you Lindsay if that's okay and then let my fellow panelists have a step um for me I'll distill it into maybe two or three uh short answers and working um for crypto UK which is the UK shade Association that represents 160 firms trying to to navigate a new regulatory environment is for the I guess for the retail space um and the institutional space there needs to be a framework to operate we see a lot of harms people getting ripped off a lot of fake websites we were just talking before and then there's elicit finance and then there's uh Market Integrity all of these aspects um for some folks to come in and start dabbling around that needs to be addressed the previous panels have spoken about that so I won't bore bore the folks too much about the regulation but then there's the ux um and the ease of using an application I mean I remember going to the government back in 2019 and shown them how to connect a wallet to defi protocol and you know it can be clunky for those people that don't operate within the ecosystem that frequently things are getting much better and as IL was just describing um on the previous presentation there's a lot of effort and resource been put in to make applications more more easy for those folks that perhaps don't have a technical background to use so that's that's just two as a start of for 10 and I see what other folks think should I go next I think there are two the the entire web free industry didn't take off because there are too many scammers and too few Builders I just showed my secret recipe for web free adoption stop talking start building and I think it even comes down to the title of today's panel which I don't agree with I don't think we need more consumer crypto and I think we should stop using the term crypto because for regular guy it means scum instead we should instead we should be talking about open web and web free um I think that for me there's a couple of things every time we're building something within web 3 We Exist within this triangle that many of you are familiar with of like nice user experiences security and decentralization and that means we're all forced to make compromises and tradeoffs in order to uh to deliver what we want to be building um I remember in 2017 building an oor login for an an mft site that we were building and getting so much hatred as a result um you know you're not decentralized enough you're not decentralized enough and the answer was no it was not decentralized but it was a way that we wanted to start kicking off adoption and constantly and we've seen this throughout the last few years with respect to uh consumers interacting with this technology is that tradeoff and we've definitely made that triangle smaller but it still exists um and so I think that's number one and for me number two is that we're we still have too many people coming up with cool ideas but that aren't solving interesting things and are not delivering real value for n consumers um they're not providing real world use cases they're not providing engaging experiences the gaming uh kind of segment is a good example here where throwing some nfts into a game probably is not going to be the answer for most Gamers on creating a really nice experience actually we should be asking ourselves how do we create better game Loops using this technology to do something that we've not been able to do before so I think part of the issue here is also how we build products and who we're building them for um and a lack of focus on building things that end consumers actually want I agree with that um but I would go one level down and I would say that uh the reason why we don't have mass adoption is because the definition of success for people building by and large is tvl and if you're focusing on tvl even if you have the best intentions and you're potentially starting with a mass Market product once you are actually confronted with the need to prove your product Market fit it is heck of a lot easier to go after 10 whales because you can actually spend time talking to them and all of a sudden you have more tvl than 10 million users will bring to you because they're not whales they're Minos and we know that this is true because that's how internet became a mass Market phenomenon until 96 97 internet Founders were using you know weird set of different success metrics and different definitions what matters Yahoo had a interesting metric which was like earnings per square inch on the landing page or something like that and until everyone agreed that active users is the currency of success until VC started focusing on funding businesses going for active users we did not see Google's Facebooks being invented Founders need to think that they need to deliver Mass scale products and then they will be thinking about problems that are uni uh unified or not unique to a tiny group of whales but to billions of people living around the world So my answer would be let just define success as active users and run with it for a number of years and I can guarantee you we're going to have email we're going to have Facebook and we're going to have Google really really quickly build I would define success even differently to make money um yes but then again you go back to the Internet history and we share some of the investors uh with uh Facebook and the story that they told us is yes making money is extremely important but it's a phase thing first you deliver the product that satisfies genuine need then you acquire a lot of users and then on this huge set of users you actually test dozens and dozens of mization hypothesis and then you start making money so if you're starting to think about making money too early you're going to have a cottage industry which is pretty much what we have right now because tvl is almost like that yeah but the the question is how do you think about making money if you are thinking about scamming people or you are thinking about building a sustainable business model right because I think the problem that we have in this room and in the the crypto industry is that people don't think about building sustainable business models and then pretty they don't pretty much don't exist right apart from us of of course yeah no uh I I I would not disagree with that but I remember as a European founder I can tell you that one of the biggest issues that we had in initial conversations with American VCS when we presented our monetization strategy and these are the tests we're going to run their eyes would glaze over and they would just kind of go look guys whatever you think your monetization is going to be is irrelevant at the moment you need to show that you have users that are gagging for you that are talking about you that are satisfying the need that they have even if you don't make money but you demonstrate that users love you then it is just a question of fundraising for the next phase which is why we have preed seed a b Etc you know precede is all about the team and hope that you will get your MV P seed is when you have your nvp and you're starting to prove your product Market fit a is when you have your product Market fit and you're starting to scale so you raise money for the next phase and after a you really going hell for leather for monetization Because unless you find that answer you're not going to have B and you're going to be dead so it's you know can but product Market fit and users active users comes before money in sequencing not in you know in importance on that note what does the industry have to do differently this time around to make consumer stick and to onboard consumers so can you repeat the question what does the industry need to do this time around this wave to make sure that it's sticky for consumers to be able to onboard them that we haven't been doing historically well don't defraud them number one I guess it's very to topical but um yeah so let's hope we're moving out of the the the down cycle and back into an upcycle um yeah a bit be better maybe this has been a ShakeOut we've seen that back in the late 90s and early 2020s with the Doom bubble that that might bring you know more users in with more with better use cases I guess there's been a proliferation of things as Jess said that weren't really solving a problem um I mean you know what I do at KPMG we look at companies that building new products and they're looking to go to market and what are the killer applications right now you can divide these up into different you know product services so I suppose you know money digitization of money whether that's private stable Co instruments digitizing deposits at Banks you know these are Big use cases and I was thinking some of the questions that we were talking about before you know what's the benefit and the use case that this brings well within the world of financial Market infrastructure you can be faster cheaper get to more people increase liquidity greater markets the technology doesn't sleep you know operates automatically 24/7 um but some of the real use cases when we I talk to government is around providing you know direct humanitarian Aid to where it's needed which doesn't cost any money um and is a much better way to to get to get the the value where it's needed straight away and I think this time round that's that's what what is what I'm seeing is happening some real use cases to provide value to society great what about you Jess um I think we've got to stop thinking that the vast majority of people are interested in crypto um or that they're interested in things like privacy which we all care a lot about I know but actually the vast majority everyone is just in privacy actually that I wouldn't agree go ahead no no I think Prett everyone if I ask my dad or I know my auntie they would also care about privacy right they would talk about this in differently use different vocabulary but they do care about privacy and then when you ask they don't care about web free open web crypto they don't know these terms right but we shouldn't talk to them in these terms because they don't understand this language I carry on um when you then ask people who who tell you that they care about privacy whether they regularly make gdpr requests for people to remove their data how many of them say yes because the a lot of people say that they care about things but their behavior doesn't indicate that they do so let me just finish before interrupting again um what we have to do is stop assuming that people care about crypto and care about the things that we care about because their actions despite what they might say don't indicate that they do so what we have to do is we have to build things that they care about and that bring them value we have to stop telling them that it's crypto we have to build things that they enjoy doing whether it's a game or whether it's something that brings them Financial value or social value or health value and it's a technology that enables those things it's not something that's philosophical that's going to drive adoption beautifully said I I can reconcile your positions very easily um people do care when you ask them about privacy but they're not prepared to jump through additional hoops and have more complex life because of that I mean present company probably excluded because you know you guys probably have multiple ledgers for different entities private you know can the the upsc that you are used to is not something that an average user will be be able to deal with they value their privacy but straight after that conversation they're going to go to Gmail and send a message they're going to go to Facebook and they're going to make a post why because these are the things that they know and these are the things that are the easiest to use so in order for us to be able to get this conscious private you know privacy conscious user to engage with us our ux with privacy needs to be better than Facebook needs to be better than Google only then these values are going to start actually materializing into consumption habit uh coming back to your original question um I think what we need to do differently and there's whole raft of things but one thing that really fascinates me when I talk to VCS and you know kind investors they are investing in an ecosystem like oh I'm investing into Cosmos or I'm I'm investing into near or I'm investing into polygon and I'm like you know can have you seen VCS investing into companies build on AWS I mean that's you know you don't even think this way why are we actually removing our ability to look at the higher level at the projects and the founders vision and ability to build for US market rather than starting from the you know inside out with the technology they using in you know to power that use case it's very very strange because then what would happen and actually this reminds me in early days of Internet you know some of you might remember I'm showing my age but you know there were VCS that were saying we're investing into internet right I mean have you heard anybody saying that my thesis is investing into internet they are investing into direct to Consumer products or SAS but then they go into more Niche but it's all about the end product and the problem that these Founders are solving rather than the you know the chain that this product is built on and then as far as envisioning how consumers will actually use these different applications um how do you think or see uh everyday consumers using these applications within web 3 what does that look like to you it's it's a billion dollar question you're like do you have an idea for Facebook um how do I Envision it I think that for me it's less about particular idea I mean of course I love sweat economy but let's just not do Shilling here um I think it's a way of thinking right so if you going after the next billion people what are the characteristic of this or audience first it is going to be on the mobile it's not going to be on the web these people don't have laptops these people don't have desktops if given a choice they're not going to use mobile web they would prefer native app and I think that we have not seen massive shift in the whole web 3 space towards leading with mobile it's quite curious actually that you know the three biggest projects on NE are mobile Centric you know we are mobile only Kai ching and kmos is mobile only play Amber is mobile only there is something there there is a signal that you can start seeing so first it's mobile second it is millions and millions of people with tiny little balances and that requires completely different way of thinking and approaching product than if you're building for 10 whales you know the Hoops that you can put through that they need to jump in terms of onboarding are completely different you know whale with few million dollars to invest and with a high apy hanging there they'll go through you know kind of whatever barrier is there the average user God I mean you give them like three steps they already bail it needs to be one or two so I think that this is you know kind of this is what we need to be really kind of focusing on mobile and thinking large scale low value and just from the wallet connect side what are you seeing as ways people will interact with wallets and just Assets in General on chain I mean I think the mobile point is is the most valid we we we've just released all our modal um all our modal sdks in in Mobile native and we're seeing a lot of great traction there um because people do want these things that that Interac ING with on their on a daily basis right that's how we carry around um things I think we're also thinking um you know whilst we live in this global economy and crypto is very Global the way that crypto adoption takes place actually differs a lot geographically um and uh I think sometimes what we see in Europe and and in the US in terms of people building is building for my generation um which is probably not the right generation to build for we should be building for the Next Generation for what they want um we should be building for actually places where the infrastructure that they have today is not working for them um I come from a payments background and everyone talks about crypto payments as being a killer use case and the reality is like yes it is of course but in a lot of places we have faster payments and they deliver a pretty amazing end user experience now when you go to some markets that don't have faster payments infrastructure crypto is really the killer use case there in the payment sense and so we should be thinking differently about where this adoption comes from which is from a different generation different Geographic places where um what we have today isn't isn't good as well great Ian what about you as far as uh KPMG and hurdles that you're seeing in ways where perhaps consumers your team is able to help consumers become more aware of from the legal side and the risk side what they might run into on these applications to get consumers on boarded easier well I can tell you that I have many arguments with our risk team when we're on boarding folks that operate in the in the crypto space that Within These these big corporate firms there's a lot of lack of understanding as to you know what what a project is what the the risk of working with that project is um It's Kind kind of has been seen as binary but I mean to look at the question it's not really something that that I work on too much but you know having lived through the birth of the internet also show showed my age thinking from my own personal experience of you know even understanding how public private cryptography works I'm still abstra abstracted away from bit caring about whether my credit card payment is safe and goes through because it's easy and it's quick so I always come back to we just want people just most people just want things to be frictionless and so I see we're at a sort of an infrastructure building stage where in the last few years we've moved from these clunky on board you know or connecting a wallet or on boarding into an application whatever that may centralized application or decentralized application and I mean the promise of you know the open web is is clear as messages have been already mentioned but for me as a user that that's that that's where I think I see you get the the billion users take the friction out make it easy and I think that's what the guys here at n are trying to do and Myron as far as real world crypto examples for Consumer what have you been seeing trending so the how to answer this question so I don't I think it's wrong to think about building web free project as a completely different monkey right it's uh because people don't think like this it's not they wake up and they say oh I have a problem I will look for a web Free Solution right it doesn't work like that so I think we need to build solve normal problems and just apply web free principles and this is what we are trying to do at Cosmos instead of building web free products and features a apply web free principles to normal problems yeah I I totally agree with that I think that this is just an enabler of good product development because some problems cannot be solved without using blockchain and web three yeah and the principles are simple make sure people own their data that we care about privacy make sure people benefit from the ecosystem they help to create and make sure that instead of ripping them off like stripe MasterCard and Visa are ripping us off with payments you decrease the the prices for consumers you give it back to them and I think if we and if if we even if you build a new Facebook by based on these principles it could be successful does anyone have anything to add to that we have about 50 seconds left here yeah I think that the most exciting use cases in 10 years years looking back probably are still not around but I think what they will be around is um making existing assets more liquid and this is what we see quite a lot of happening right now but what's most exciting for me is actually creating new assets you know like we are tokenizing physical activity physical activity as an asset does not exist it could not exist outside of web 3 space because you actually in order to make it into acid and liquid it needs to go on chain and you know I bet you that we're going to see more and more those user cases where actually assets that we haven't dreamt of or we haven't thought about as valuable will start popping up left right and Center just some time perfect timing well thank you everyone so much for coming to this Consumer Panel I hope it was enlightening for the the time ahead um and thank you all so much thank thank youo ladies and gentlemen Elon we know you're a massive fan of near but uh take two seconds just go please move your red Tesla out front we are incredibly lucky to learn about uh the importance of consumer adoption from undoubtedly some of the greatest Minds in the web 3 space uh but next up I would love to introduce our session uh time to rage quit web 2 why you should build game uh web 3 games hosted by Mark me let's give it up for them everybody uh you're at the end yeah all right hello everyone my name is Mark me and uh I'm a uh part of the BD team here a director at the BD team lead kind of gaming um I was here on earlier talking about more of Korea Asia gaming as well and now today we'll talk more about you know other game developers opportunities here within the near ecosystem now the topic is is time to rage quit web 2 why you should build a web 3 game and um why don't we let our great talented guys over here introduce themselves I we start at the end with Julian yeah thank you Mark and thank you everyone for being here I'm Julian I've been in the crypto space for almost seven years now building the different um different companies and right now I'm a producer in city of a star and gazer and our Flagship game is time breachers which is available today the have store so you can try it out uh it's a Forex M RPG that uh uh that low is like the space in time has been like Crush together and you can explore SpaceTime and build your characters characters that you can build with uh artifacts that can be nfts uh so this is where the blockchain comes in and you can evolve your nfts they have a life cycle uh they can become something that's really part of you and that you can you can own so this is it for me thank you Mark awesome yeah so uh star chain gazer and uh we definitely learn more about that project later uh next up Hugo from play Amber cool hi everyone I'm Hugo from play Amber uh so we're a or we a fully web to mobile game studio and that's what we've done for years and years um about a couple of years ago year and a half ago we wanted to make the the the switch to web 3 um and currently we're building a web 3 STK think of it like a Loyalty Rewards um platform which means web to users kind of get rewarded for their gameplay so for so sorry for so long people have kind of watched ads and been monetized but never got anything back for it uh now our SDK effectively gives back to the users so they can buy stuff like nfts or gift CS all right thank you for that last we have Tong from Visa digital and let him talk a little bit more about himself as well kind of the background of the project yes I'm Tong and I've been in the games industry for more than 15 years uh in fact I was one of the very early let's say evangelists for free toplay in Europe um and this reminds me currently also when looking at web 3 um that it feels very similar to 15 years ago and uh what we are working on is uh a fashion game so it's a nextg fashion game that has uh let's original roots in VB 2 but has also a three component uh for uh loyalty but also mechanism in order to give ownersh ship back to the users um and yeah I'm very excited uh to be here on the panel awesome so I think you know here we have various genres of games as well as different stages in where they've built you know some already having a web two platforms that's live and I think it's at its core uh to the topic of blockchain you know why don't we start you know what's your guys's view in terms of why blockchain right and uh what's the reasons for you know kind of how blockchain would fit within the game mechanic um why don't we start with Julian since he's kind of the furthest over here yeah of course thanks Mark um as you may all know I'm like the the web one has been the the one the the web the web for the read web two is read and write and for me web three is really the web of ownership and Community creation this is this is where we uh we need to go in terms of of Gamers uh where you want to be part of the creation of your game you don't want the studio to be uh fully responsible for making the game you want to uh\n\n[NEAR-pedia: text truncated at storage limit; the source document continues]","transcript_synced_at":"2026-11-03T06:21:33.036Z","segments":[{"start_seconds":808,"text":"see please take your seats and Silence","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=808s"},{"start_seconds":837,"text":"Yourself","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=837s"},{"start_seconds":853,"text":"please welcome our MC to the stage near foundations Jack","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=853s"},{"start_seconds":867,"text":"Coler hello everyone and welcome to nion 2023 come","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=867s"},{"start_seconds":874,"text":"on yeah right what a show we've got in store for you over the next three days","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=874s"},{"start_seconds":882,"text":"um as you all know the sort of motto for the next three days will be how we're stepping into an open web which is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=882s"},{"start_seconds":889,"text":"really where we're trying to give people control of their data privacy and power of governance something that we all here","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=889s"},{"start_seconds":896,"text":"believe in uh deeply and so yeah all the talks all of the the show that we've got for you is centered around that um and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=896s"},{"start_seconds":905,"text":"this year it's even bigger than ever can you believe we've sold almost 3,000 tickets hey how good is that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=905s"},{"start_seconds":912,"text":"that's our biggest event to date and obviously we're in the third year here at neon last year you remember the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=912s"},{"start_seconds":920,"text":"warehouse on the waterfront yeah with where the roof collapsed you remember that it was great luckily we' got some proper roofs in here today uh but that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=920s"},{"start_seconds":927,"text":"that was epic right it was epic but what I can tell you what I can tell you is that this year it's going to be","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=927s"},{"start_seconds":937,"text":"ionic iconic right okay so we start the show off here this is ncon","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=937s"},{"start_seconds":943,"text":"HQ this is really where you know you'll be able to interact with all of our amazing ecosystem projects with the ecosystem booths you'll be able to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=943s"},{"start_seconds":952,"text":"experience the blockchain operating system for yourself at the blockchain operating system area learn all about the open web stack","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=952s"},{"start_seconds":959,"text":"uh you'll also be able to experience lots of the different chill zones we've got we've got the proximity Lounge upstairs um and the NDC Lounge um but I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=959s"},{"start_seconds":968,"text":"guess most importantly on this stage on this stage throughout the three days we will be dropping some mad Alpha there's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=968s"},{"start_seconds":977,"text":"going to be some amazing announcements we can't really give any of the game away today um but what I can say is at two o'clock or around about that time do","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=977s"},{"start_seconds":986,"text":"not miss il aukin on this stage with one massive announcement all right um so that's happening right here um and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=986s"},{"start_seconds":994,"text":"alongside that there's we've got so many Fantastic speakers from across the near ecosystem but also from outside the near ecosystem where we going to bring in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=994s"},{"start_seconds":1001,"text":"voices anyone who's really interested in an open web um and you'll see some incredible speakers um right here so this is neon","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1001s"},{"start_seconds":1009,"text":"HQ um we also have our second venue which is our hacker HQ up at arazan that's really where all the buildings","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1009s"},{"start_seconds":1016,"text":"happening that's home to our 48 our in real life hackathon with over $140,000 in prizes to be won through the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1016s"},{"start_seconds":1025,"text":"bounties right $140,000 and they're hacking right now over there um and on this stage on Friday uh we'll be doing the judging for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1025s"},{"start_seconds":1033,"text":"that with some incredible judges uh as well so that's not to be missed so two venues um we also have the third venue","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1033s"},{"start_seconds":1041,"text":"which is our community HQ um and that is near near the hacker HQ um and in there we're holding our Founders Forum today","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1041s"},{"start_seconds":1048,"text":"which is mainly from our near Horizon programs uh first cohort getting together um and really learning from each other um and sort of seeing how we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1048s"},{"start_seconds":1056,"text":"can best support projects growing in our ecosystem um and alongside that it will be a good place for anyone to be able to chill get a drink meet other people from","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1056s"},{"start_seconds":1063,"text":"the community um but also with our friends at refraction there's been some incredible artwork uh from from them and people across the community which you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1063s"},{"start_seconds":1071,"text":"can also enjoy which I think is fantastic so there're the venues um but one thing that is also new this year and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1071s"},{"start_seconds":1079,"text":"you might have noticed this when you uh had your ticket and you scanned it in uh to get your passes this morning that is uh your first experience into what we've","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1079s"},{"start_seconds":1087,"text":"called our neon app that's your full neon event app and in there you'll see all of the agendas and the schedules uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1087s"},{"start_seconds":1096,"text":"the walkthroughs any any help you might need you can do through that app but most importantly we have launched our","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1096s"},{"start_seconds":1103,"text":"Encon event token for this event only uh and you'd have all received 100 Con in your app just from walking through the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1103s"},{"start_seconds":1110,"text":"door easy as that um and with the with Encon you can purchase um some swag and the swag store out here uh you can","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1110s"},{"start_seconds":1118,"text":"purchase fantastic food and drink from across the venues um and you can also you know make some petty bets between your mates uh David Morrison's already","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1118s"},{"start_seconds":1126,"text":"lost 50 Enon to me unfortunately for him he won't be getting any swag this this week um but one thing you can do is earn Encon throughout experiences through the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1126s"},{"start_seconds":1135,"text":"event so from watching uh fantastic talks as proof of watch uh from experiencing the ecosystem partner booths who will have their own quests","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1135s"},{"start_seconds":1143,"text":"that you can complete to earn Encon um and what I can say is that um the people that earn the most uh Encon over the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1143s"},{"start_seconds":1151,"text":"next three days will win a free trip to ncon 2024 so make sure that's it make","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1151s"},{"start_seconds":1159,"text":"sure you're out there scanning the QR codes and collecting all that all the Enon that you can right so enough of me I really hope","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1159s"},{"start_seconds":1168,"text":"you enjoy the next uh three days I know I will um but what I'm going to do now is hand over to a very special guest","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1168s"},{"start_seconds":1176,"text":"I've just seen them backstage um and I'm not going to introduce them um I'm just going to leave it to a little video so enjoy the next few days everyone thank","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1176s"},{"start_seconds":1192,"text":"you if it's called a stable coin and its point is to be stable someone could look at us and say this product did nothing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1192s"},{"start_seconds":1199,"text":"South Korean Crypt fugitive Tuan has been sentenced to four months in prison a cryptocurrency entrepreneur has been","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1199s"},{"start_seconds":1206,"text":"arrested in Montenegro thank you guys FDX founder Sam bman freed arrested in the Bahamas set to face a judge this morning three arrows Capital three","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1206s"},{"start_seconds":1214,"text":"arrows Capital three arrows Capital the now bankrupt hedge fund was borrowing billions well how did a major crypto lender go from managing billions in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1214s"},{"start_seconds":1223,"text":"assets to filing for bankruptcy I would not touch crypto in a million years this is one of the largest bubbles Bitcoin is worthless artificial gold it's over it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1223s"},{"start_seconds":1232,"text":"over it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1232s"},{"start_seconds":1242,"text":"over near protocol near protocol what be near protocol near protocol has rocketed to 3 million monthly active wallets","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1242s"},{"start_seconds":1250,"text":"making it one of the most used blockchains in the world so what's the answer so what's the answer","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1250s"},{"start_seconds":1258,"text":"what's the answer what's the answer the key to success is developers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1258s"},{"start_seconds":1266,"text":"developers developers developers developers developers developers developers developers developers developers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1266s"},{"start_seconds":1284,"text":"develop developers Builders founders developers Builders Founders developers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1284s"},{"start_seconds":1292,"text":"Builders Founders developers Builders Founders in nearon","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1292s"},{"start_seconds":1317,"text":"2023","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1317s"},{"start_seconds":1371,"text":"Abby Shake vathan please welcome our MC to the stage near Foundation Abby ship sh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1371s"},{"start_seconds":1383,"text":"vathan good morning everybody how's everybody doing this morning wo I want to hear a little more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1383s"},{"start_seconds":1390,"text":"energy here how is everybody doing this morning W welcome to NC con it is my","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1390s"},{"start_seconds":1398,"text":"distinct pleasure to welcome up our first panel before that I'm Abby shik vadan senior councel at near foundation","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1398s"},{"start_seconds":1405,"text":"and it's my first ncon so uh I'm very psyched to be here with everyone this morning we've got our first panel defi","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1405s"},{"start_seconds":1413,"text":"on-ramps how to build a better multi-chain experience moderating this panel is Felix mcart from Greenfield so I'd like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1413s"},{"start_seconds":1422,"text":"to welcome him up and uh let's get this party","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1422s"},{"start_seconds":1436,"text":"started","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1436s"},{"start_seconds":1449,"text":"hello everyone good morning I'm super excited to be talking today about the defi on Rams how to build a better multi training experience with this wonderful","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1449s"},{"start_seconds":1457,"text":"panel here uh to my right we have Josh Lee he's the co-founder oos mes uh an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1457s"},{"start_seconds":1464,"text":"interchain uh liquidity Hub and also Kepler which is a wallet for the cosmos ecosystem then we have uh uh we have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1464s"},{"start_seconds":1472,"text":"Jess holgrave who is the CEO of wallet connect basically uh building uh a solution to connect all types of wallets","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1472s"},{"start_seconds":1480,"text":"to to daps and we have Carson Brown who is a senior protocol manager at gaunlet and they are largely advising","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1480s"},{"start_seconds":1489,"text":"protocols on on risk management and also uh on on certain multichain issues so yeah we have we have an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1489s"},{"start_seconds":1497,"text":"ecosystem of various blockchains across several layers emerging and that means we get more scale we get more diversity","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1497s"},{"start_seconds":1505,"text":"and and specialization as well U but that also means much more complexity which can potentially overwhelm users","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1505s"},{"start_seconds":1513,"text":"and also lead them to tap uh into security pitfalls so uh which means we need to be","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1513s"},{"start_seconds":1520,"text":"really thoughtful about designing user experience and Abstract complex complexity for for end users so uh yeah","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1520s"},{"start_seconds":1529,"text":"I want to start out with how how it how does it in your mind look like to have a great multichain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1529s"},{"start_seconds":1537,"text":"ux start maybe do you want to start Josh um yeah uh I think from my perspective I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1537s"},{"start_seconds":1546,"text":"think it is inevitable that all of crypto is going to go multi-chain uh the path there is I think fairly evident and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1546s"},{"start_seconds":1553,"text":"we've seen the industry sort of go that way the part that we haven't figured out is how do we sort of create interoperability at the user layer","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1553s"},{"start_seconds":1562,"text":"rather than the technical layer uh and yeah I'd like to kind of open up with that and see what you guys have to think about that as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1562s"},{"start_seconds":1570,"text":"well so at at wallet connect um we have built in a deliberately chain agnostic way from the very beginning and wallet","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1570s"},{"start_seconds":1579,"text":"connect started as a protocol to connect daps and wallets um and allow authen sign messages basically um that's that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1579s"},{"start_seconds":1588,"text":"exist offchain but allow allow that connection and so the the motivator for that for our founder Pedro back in 2018","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1588s"},{"start_seconds":1595,"text":"was to create better end user experiences um it's that QR code that many of you might be familiar with when","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1595s"},{"start_seconds":1603,"text":"you're logging into an app how do I use a mobile wallet on a desktop application um and over the last five years that's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1603s"},{"start_seconds":1610,"text":"something that the team has really worked endlessly to try and improve whether that be um implementing different Frameworks so we have mobile","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1610s"},{"start_seconds":1618,"text":"native now and other ways so I think it's really um it's for me it's all about that end user experience there's a lot of very exciting things that happen","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1618s"},{"start_seconds":1627,"text":"at the technical layer but in order for uh Defi and that's the topic of this panel but in order for crypto to uh to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1627s"},{"start_seconds":1635,"text":"continue to expand and bring in people other than the sort of the the the early Geeks that we all identify would that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1635s"},{"start_seconds":1642,"text":"get really excited about this how do we create end user experiences that feel safe that feel familiar um and that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1642s"},{"start_seconds":1650,"text":"ultimately deliver real value to those end users yeah I think that's a great point and when I think of you know user","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1650s"},{"start_seconds":1657,"text":"experience uh across multiple chains I think one of the things I try to think about is like consistency and expectations I think um one of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1657s"},{"start_seconds":1666,"text":"barriers right now is generally when going to a new chain it comes with a new learning curve um and I think bringing that barrier down really improves the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1666s"},{"start_seconds":1674,"text":"user experience um because generally you're going to another chain to achieve some type of goal and so either it Aus skates that cross chain experience or if","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1674s"},{"start_seconds":1683,"text":"you're intentionally going to another chain kind of reducing that level of a learning curve so you can get closer to accomplishing your goal faster yeah so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1683s"},{"start_seconds":1691,"text":"how much does the user actually know or need to know in order to use multiple chains and like how how can we cater to different types of user personas like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1691s"},{"start_seconds":1700,"text":"are are there users that want to kind of max out on like the potential of different chains and probably others that I I I think realistically the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1700s"},{"start_seconds":1709,"text":"challenge here is like um just the different standards of different ecosystem right like for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1709s"},{"start_seconds":1716,"text":"example name services are different based on which layer one service that you use you know how end points work in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1716s"},{"start_seconds":1723,"text":"the background are all very different um and it's hard to know how far a user will go right like you can abstract a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1723s"},{"start_seconds":1730,"text":"lot of these things up front and then later once they become an advanced user who wants to do something and realize because I'm locked in into a standard","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1730s"},{"start_seconds":1738,"text":"which in the very beginning helped me onboard way easier but later realized this is completely incompatible with the rest of the crypto ecosystem then you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1738s"},{"start_seconds":1747,"text":"know you sort of stuck in this you know Loop where the benefit that you got early on for onboarding cost you the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1747s"},{"start_seconds":1754,"text":"opportunities of um expanding into kind of other standards and things like that so you know there is this benefit of ux","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1754s"},{"start_seconds":1762,"text":"but it also comes typically at the cost of compatibility standardization um and yeah it's it's always kind of a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1762s"},{"start_seconds":1770,"text":"careful balance when you're trying to design user-facing systems with kind of the blockchain with all of its","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1770s"},{"start_seconds":1777,"text":"decentralized like technical development um specification and things like that you know you no longer have someone to call and say hey this isn't working for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1777s"},{"start_seconds":1786,"text":"us can we change this standard because you know that could take years to to you know actually happen so um yeah it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1786s"},{"start_seconds":1794,"text":"always a very hard balance from our experiences I think you bring up a really interesting point there around","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1794s"},{"start_seconds":1801,"text":"standards which is um something that I think at the moment individual ecosystems are very good at but as an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1801s"},{"start_seconds":1808,"text":"overall ecosystem we're not um we've been working a lot on the Chain agnostic improval uh Improvement uh um proposals","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1808s"},{"start_seconds":1818,"text":"sorry I can't speak yet this morning need more coffee um and those are really designed to work in a cross ecosystem","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1818s"},{"start_seconds":1825,"text":"way so how do we take standards that we identify working really really well in a single in ecosystem and ex make those","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1825s"},{"start_seconds":1834,"text":"extensible so that other ecosystems can start to adopt them um and naturally within ecosystems there's a um you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1834s"},{"start_seconds":1843,"text":"that are interests aligned to create a lot of a lot of compatibility or do you want to hold your users within your","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1843s"},{"start_seconds":1850,"text":"ecosystem and keep them there and I think that that's something that a lot of layer ones layer twos are really wrestling with right now but I really","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1850s"},{"start_seconds":1858,"text":"believe that we we are going to have this multi-chain future and if we want to deliver better end user experiences","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1858s"},{"start_seconds":1865,"text":"having these shared standards that exist um across the ecosystem I think will will benefit us all um but they're very","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1865s"},{"start_seconds":1873,"text":"very hard to do if you're in sort of making standards proposals in a single ecosystem where there's a lot of alignment we already know that that is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1873s"},{"start_seconds":1881,"text":"hard to implement um and doing that on a chain agnostic basis um is is even harder but I think it's going to be","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1881s"},{"start_seconds":1889,"text":"really essential to the growth of the ecosystem MH and I think also tapping into some of that question you asked","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1889s"},{"start_seconds":1896,"text":"about personas I think it depends on the user also depends on the type of application the user is hoping to use I think if you have an experienced user","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1896s"},{"start_seconds":1905,"text":"who's trying to do something in defi as they're bridging over you know they're going to care about the liquidity depth of whatever token they're getting on the other side they're going to care about","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1905s"},{"start_seconds":1912,"text":"if they need gas tokens and also care about the reach of whatever token they end up getting whether um it has a lot of use cases and a lot of different","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1912s"},{"start_seconds":1920,"text":"protocols on the flip side if you have a maybe relatively inexperienced user and they're interested in some type of gaming application all this stuff","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1920s"},{"start_seconds":1928,"text":"doesn't really matter to them and so it's kind of all about catering the multi-chain experience to the use case and the experience of the user I think","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1928s"},{"start_seconds":1937,"text":"that's why we're starting to see um you know different Bridges and different kind of multi-chain adapters built into","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1937s"},{"start_seconds":1944,"text":"the applications themselves because it's really hard kind of give that control off to another uh a different you know Bridge","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1944s"},{"start_seconds":1952,"text":"provider yeah Bridges is definitely an interesting topic a very important topic I want to touch on that a little bit later again um but first maybe uh Jess","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1952s"},{"start_seconds":1961,"text":"do you want to share a little bit more about the work wallet connect is doing in standardization since you brought the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1961s"},{"start_seconds":1968,"text":"point up as well yeah so I I think um one of the one of our core philosophies is to be fully chain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1968s"},{"start_seconds":1976,"text":"agnostic and um in a in a world where there are more and more chains and more variety of chains that becomes","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1976s"},{"start_seconds":1983,"text":"increasingly hard for us um but it's something that we that we still really en Endeavor to do and so at the protocol","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1983s"},{"start_seconds":1990,"text":"layer um that is built with such um low opinionated uh kind of technology that it it can be built on and compatible","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1990s"},{"start_seconds":1999,"text":"with any chain the higher up you get in our stack of sdks the the more opinionated they become and the less generalizable they come but we are we're","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=1999s"},{"start_seconds":2008,"text":"starting to expand those from a standards perspective wallet connect has always been um very focused on the evm","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2008s"},{"start_seconds":2015,"text":"ecosystem and building standards there but it was a couple of years ago that we really started with the cips and I think","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2015s"},{"start_seconds":2022,"text":"we're up to some 130 140 different proposals with that right now um and more and more chains are starting to get","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2022s"},{"start_seconds":2031,"text":"involved with it that I think is going to be um going to be a helpful for us to to build great end user experiences at","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2031s"},{"start_seconds":2039,"text":"that intersection between apps and wallets um but also just for for end users um so you can imagine um sign in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2039s"},{"start_seconds":2047,"text":"with ethereum that people are talking about uh there's a proposal under CIP right now for sign in with X so the idea","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2047s"},{"start_seconds":2054,"text":"would be that there is a shared standard across across ecosystems for that um and there are many many of those being proposed and and I think we're really","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2054s"},{"start_seconds":2063,"text":"excited to see the growth of that um that community and and and those those proposals coming through um part of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2063s"},{"start_seconds":2070,"text":"challenge is is how you actually get those implemented right and so that there are some great proposals out there um but delivering really amazing end","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2070s"},{"start_seconds":2079,"text":"user experiences depends on the cooperation of those chains um we are we've been incredibly lucky over the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2079s"},{"start_seconds":2087,"text":"last few years to work really um broadly across different chains different wallets and different applications and so um you know it's a lot of the team at","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2087s"},{"start_seconds":2096,"text":"wallet connector really focused on on driving those forwards but I think um you know I would encourage chains","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2096s"},{"start_seconds":2103,"text":"Builders to take a look at those too um because I think that that's really going to deliver the end user experience which","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2103s"},{"start_seconds":2110,"text":"to Carson's point is going to really vary as to what they want out of these products um how experienced they are","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2110s"},{"start_seconds":2118,"text":"what their tolerance for risk is what their tolerance for fees are um and that's one of the things that excites me","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2118s"},{"start_seconds":2126,"text":"about the ecosystem right now as we're starting to see that variety and we're starting to see applications that are catered For more experienced users for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2126s"},{"start_seconds":2135,"text":"Less experienced users um and I think as defi continues to grow and also becomes more embedded in other applications","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2135s"},{"start_seconds":2144,"text":"whether it's gaming or other things um they'll have different needs there as well um and so defining those standards","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2144s"},{"start_seconds":2151,"text":"really clearly is going to be um is going to be important mhm","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2151s"},{"start_seconds":2158,"text":"do the others have any points on on standardization maybe also like how to integrate that in in capital wallet yeah uh I think from my perspective it's kind","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2158s"},{"start_seconds":2166,"text":"of a you know I I always bring up two sides of everything but there's also this like incentive issue where you know you could sort of have someone standardize something but you know why","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2166s"},{"start_seconds":2175,"text":"should someone actually use this standard so kind of the other flip side of this is like I think there is a very","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2175s"},{"start_seconds":2182,"text":"Market driven strategic way of things being standardized right like as evm gets used in more rollups uh layer twos","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2182s"},{"start_seconds":2190,"text":"things like that we have seen kind of you know a lot of the evm standards gets uh ported over to other chains as well even if in the lack of like a clear","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2190s"},{"start_seconds":2199,"text":"standard of how to do it so I think there is there definitely needs to be some sort of like balance of we're not","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2199s"},{"start_seconds":2206,"text":"overp specifying things and leaving room for just kind of you know users and markets and incentives to play out right","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2206s"},{"start_seconds":2214,"text":"uh we're going to see different potentially conflicting standards and we're not going to have someone to say hey which is the right decision here at","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2214s"},{"start_seconds":2222,"text":"the end of the day it is it could end up in a competition it could be a little bit messy but hopefully at the end of this you see kind of a more organic","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2222s"},{"start_seconds":2230,"text":"standard emerge uh you know alongside kind of some level of you know let's let's at least agree to you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2230s"},{"start_seconds":2239,"text":"standardize on few fairly non-controversial things as well so yeah","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2239s"},{"start_seconds":2246,"text":"yeah in my head I keep going back to a not not a blockchain comparison but thinking about uh iPhone ports and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2246s"},{"start_seconds":2254,"text":"thinking about kind of the debate going on with USBC and lightning ports and it's a balance of innovation you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2254s"},{"start_seconds":2262,"text":"Apple says oh man we shouldn't use USBC we want to use build better and better plugs um and then there's kind of like the Builder point of view it's like well","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2262s"},{"start_seconds":2270,"text":"we need to standardize this so that Builders and you can have an ecosystem where other people can tap into this I think it's kind of the same same thing here where like standardization will","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2270s"},{"start_seconds":2278,"text":"help the builders because they can have um they can come into a new ecosystem with an expectation how their applications might fit into it um and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2278s"},{"start_seconds":2287,"text":"then there's the Innovation side of it where it's like well what if I want to build something that doesn't necessarily fit into this standard um so I think it's all about kind of balancing it and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2287s"},{"start_seconds":2296,"text":"and we see these kind of these discussions play out in you know multiple Industries like like plugs so yeah yeah definitely I guess I mean like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2296s"},{"start_seconds":2305,"text":"you touched also about like the evm how I guess that has emerged as like the standard and a bunch of other virtual machines have maybe advantages but so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2305s"},{"start_seconds":2313,"text":"far like still most activities on evm chains but yeah there's like we'll see how this how this plays out yeah and and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2313s"},{"start_seconds":2321,"text":"the thing is I think there are plenty of people who would say the standards currently implemented on the evm site isn't perfect but it's like all right","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2321s"},{"start_seconds":2329,"text":"it's you know it's adopted everywhere at this point that it's too hard to kind of rewind these changes then just sort of go with it and you know improve it from","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2329s"},{"start_seconds":2338,"text":"there on kind of thing right so yeah yeah I guess often it's something that that's that's good enough that then gets","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2338s"},{"start_seconds":2347,"text":"adopted widely but um I guess like how can how can wallets actually simplify the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2347s"},{"start_seconds":2355,"text":"experience for users like given that you have in some some ways you have standardization but then uh in other ways you you don't and you need to maybe","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2355s"},{"start_seconds":2364,"text":"shift between different chains and uh um also you need to bridge like we we're going to talk about the risks in in a bit regarding that as well but um yeah","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2364s"},{"start_seconds":2373,"text":"how how does a wallet make it easy for users to just interact with chains yeah I think one of the largest changes that we implemented where you know cwos is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2373s"},{"start_seconds":2382,"text":"fairly multi-chain and you know we do see kind of crypto ecosystems outside of cwos as well going to this multi-chain direction and one fairly major paradigm","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2382s"},{"start_seconds":2391,"text":"shift that we had to implement was remove the notion of kind of a token being in one blockchain and what I mean","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2391s"},{"start_seconds":2399,"text":"by that is now you can have eth on every other chain in basically all of crypto so how do you show that right like so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2399s"},{"start_seconds":2408,"text":"previously you know you would only assume that eth only existed on the ethereum main net but now it's sort of everywhere so I think one of the first","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2408s"},{"start_seconds":2416,"text":"things that we did was you know previously you had to exp explicitly set which network you're active on as a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2416s"},{"start_seconds":2423,"text":"wallet right so me as you know know 0x 1 2 3 4 uh and interacting with ethereum","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2423s"},{"start_seconds":2431,"text":"main net if I want to do it on polygon now I have to switch this thing uh whereas now you know it's sort of the norm that you may have an application","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2431s"},{"start_seconds":2439,"text":"that has a transaction that's getting sent out on ethereum also on polygon and the fact that you would have to switch every single time uh would just be a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2439s"},{"start_seconds":2448,"text":"massive pain so uh trying to kind of remove the you know idea of connecting to a specific chain and building inter","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2448s"},{"start_seconds":2456,"text":"action points more focused on what is the user trying to do and typically you know in the current market that has a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2456s"},{"start_seconds":2463,"text":"lot to do with what token am I trying to move you know what nfts am I trying to buy so kind of putting you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2463s"},{"start_seconds":2471,"text":"previously I think in the hierarchy of how ux was like information was shown chains were sort of the first thing that you had to select I think now we're kind","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2471s"},{"start_seconds":2480,"text":"of reassessing and realizing hey chains are sort of something that's underneath the token the asset the contract more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2480s"},{"start_seconds":2487,"text":"contextual to that rather than you know I would like to on ethereum interact with this token now you're sort of going into this Paradigm of I would like to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2487s"},{"start_seconds":2496,"text":"move this token from ethereum kind of thing so I think that would be kind of the role that wallets have and then","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2496s"},{"start_seconds":2503,"text":"ultimately you know one issue that we have with bridging is there are so many different Bridges and sometimes it's hard to know what's safe what's not you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2503s"},{"start_seconds":2510,"text":"know what's fast what's cheap and yeah it that's you know that's kind of TBD for from our perspective because you know we may push to a very cheap and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2510s"},{"start_seconds":2519,"text":"fast bridge and later realize it was unsafe and then you know it wasn't the cost of it wasn't very apparent when we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2519s"},{"start_seconds":2527,"text":"were pushing users to it but it could pay off you know it could be a big price to pay at a later point when that bridge gets hacked or something right so um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2527s"},{"start_seconds":2537,"text":"from our perspective you know we're not always trying to push the user to what seems to be the easiest cheapest fastest","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2537s"},{"start_seconds":2543,"text":"solution but also have to be this like moderator of hey you know we do have more technical depth than the average","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2543s"},{"start_seconds":2550,"text":"user and there are opinionated decisions that we make in terms of which you know service Bridge providers that we push","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2550s"},{"start_seconds":2559,"text":"towards because there is this risk that you know the average user may not know about right and even if that means at","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2559s"},{"start_seconds":2566,"text":"the cost of you know slightly more time for that bridge you know bridging to happen or slightly higher transaction","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2566s"},{"start_seconds":2573,"text":"cost so yeah I I think that's that's one of those more opinionated decision that each wallet can you know independently","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2573s"},{"start_seconds":2580,"text":"make based on their assessment um rather than kind of this one size fits all for you know all ecosystem all wallets all","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2580s"},{"start_seconds":2589,"text":"dabs kind of thing I think that's also where we have to do more to help end users to understand those decisions and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2589s"},{"start_seconds":2596,"text":"explain what we're doing and why um so you know giving people optionality but highlighting the risks or um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2596s"},{"start_seconds":2605,"text":"demonstrating like this is why this is the recommended Bridge there are these other Alternatives but they come with a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2605s"},{"start_seconds":2612,"text":"user kind of Bier beware uh narrative because I think especially as we bring more people onto these platforms those","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2612s"},{"start_seconds":2620,"text":"are the people who are going to see oh this is just lower fees I should go there when maybe the liquidity isn't there maybe there other risks as you say","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2620s"},{"start_seconds":2628,"text":"so I think that we have uh in all those user experiences those user interfaces that we're creating we also have an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2628s"},{"start_seconds":2636,"text":"obligation to help pass on that knowledge and and educate our users um around why these decisions are made for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2636s"},{"start_seconds":2645,"text":"them and or why those recommendations are made for them um because that ultimately gives them uh more freedom","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2645s"},{"start_seconds":2652,"text":"overall helps keep them safe um and gives them more control which is what we're all here to do um but we want to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2652s"},{"start_seconds":2659,"text":"do that in a way that's not just off you go and good luck but actually like let me help you get to that States um yeah I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2659s"},{"start_seconds":2668,"text":"think both of you nailed this question I don't have a ton to add I would just tie it back to what I had said I think to the first question about learning curves","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2668s"},{"start_seconds":2677,"text":"and I think with you know when you're using a wallet that is going across multiple Chains It's really just about abstracting away some of that learning","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2677s"},{"start_seconds":2685,"text":"curve when you go to a new ecosystem uh and make sure that you can essentially have the same kind of smooth interface and basically have that learning curve","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2685s"},{"start_seconds":2693,"text":"be built into the wallet instead of uh for the ecosystem itself yeah and what are the types of risks you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2693s"},{"start_seconds":2701,"text":"would watch out for when analyzing Bridges or generally also advising clients in protocols what what types of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2701s"},{"start_seconds":2708,"text":"bridges to to implement I guess like regarding standardization there's this other point where you have like multiple different derivative tokens of different","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2708s"},{"start_seconds":2717,"text":"Bridges then that can also be confusing in the end for for for for users that might not be inherently super risky by","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2717s"},{"start_seconds":2724,"text":"themselves but I guess H yeah I think one of the things we're seeing right now is these bridged assets are coming with","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2724s"},{"start_seconds":2733,"text":"an additional cost associated with them generally that's in liquidity depth but as well as just kind of um how willing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2733s"},{"start_seconds":2740,"text":"users are to hold them when these Bridge tokens are in protocols they're generally uh at a higher cost as well","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2740s"},{"start_seconds":2747,"text":"just because you know unfortunate as it is you know Bridges have been one of the largest uh you know hacking destinations","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2747s"},{"start_seconds":2757,"text":"and because of that these bridged assets are viewed as riskier assets um so I think one of the things that we've been noticing is just kind of like how that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2757s"},{"start_seconds":2765,"text":"risk is being transitioned over to the users and it's something that users need to be aware of as they're using bridged","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2765s"},{"start_seconds":2772,"text":"Assets in whatever dii protocol they're uh interested in I think the other part of it would also be just being able to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2772s"},{"start_seconds":2780,"text":"uh count on this liquidity I think as liquidity spreads out across multiple different chains um you know one of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2780s"},{"start_seconds":2787,"text":"things at Gauntlet that we look at when setting almost all parameters is liquidity depth and we're almost always looking at that as liquidity depth on a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2787s"},{"start_seconds":2795,"text":"single chain just because we can't really count on uh you know the liquidity on another chain to be available in time for different Atomic","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2795s"},{"start_seconds":2803,"text":"transactions that are generally used um in liquidations or Arbitrage so I think as that experience improves and that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2803s"},{"start_seconds":2810,"text":"bridge uh speed comes down and becomes more trusted it also just expands the amount of liquidity that's available and actually makes the user experience for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2810s"},{"start_seconds":2819,"text":"all dii applications a lot smoother for users because you're able to tap into so much more liquidity I guess the the point you're","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2819s"},{"start_seconds":2828,"text":"touching upon that you need to see uh liquidity on individual Chains It's like a more General kind of trend or concept","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2828s"},{"start_seconds":2835,"text":"that like of uh asynchronicity ac across several chains versus on one unified State machine like is do you think this that's something we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2835s"},{"start_seconds":2844,"text":"need to get used to to work with is synchronous environments yeah I think uh it's inevitable that you know today Unis","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2844s"},{"start_seconds":2852,"text":"swap exists on you know multiple different chains and the price that you get to you know swap from token A to B","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2852s"},{"start_seconds":2860,"text":"will be different from point you know chain a chain B chain C etc etc and you know the whole idea of flash loads right","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2860s"},{"start_seconds":2868,"text":"only exist when you have this kind of synchronous environment where you're able to uh interact with multiple applications","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2868s"},{"start_seconds":2876,"text":"within the same transaction but I think you know as you approach this multi-chain thing where you know it takes more than one transactions for an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2876s"},{"start_seconds":2884,"text":"interaction from one chain to be um finalized on another chain uh I think we're kind of going back and saying all","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2884s"},{"start_seconds":2891,"text":"right what are some of these multi-application interactions that traditionally have worked in the world where you know defi only existed on just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2891s"},{"start_seconds":2901,"text":"ethereum versus today when the same applications exist on Multi multiple things right so it definitely raises the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2901s"},{"start_seconds":2908,"text":"complexity of calculations that you have to do kind of risk factors that you have to put into where you know a simple Arbitrage that worked in a synchronous","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2908s"},{"start_seconds":2916,"text":"environment may be far more risky in this like asynchronous multi-chain environment and um yeah at the end of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2916s"},{"start_seconds":2925,"text":"the day I don't know if the average user should even know that uh but hopefully we will have kind of you know more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2925s"},{"start_seconds":2933,"text":"expert kind of you know institutions and Enterprise have focused around that and kind of solving that where the user doesn't have to figure that out there is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2933s"},{"start_seconds":2941,"text":"a separate kind of dedicated entity uh figuring out figuring that out in the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2941s"},{"start_seconds":2948,"text":"background I think the other thing with asynchronous environments that we think about you know it's like oracles for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2948s"},{"start_seconds":2955,"text":"example oracles are pretty core to a lot of applications we see right now and if the we say like heartbeat of these","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2955s"},{"start_seconds":2963,"text":"different chains are kind of at a different pace and one Oracle update goes through before another one that presents potentially you know uh a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2963s"},{"start_seconds":2972,"text":"vector for like an economic attack so that's like another kind of thing to be cognizant of as these you know different ecosystems operate at kind of different","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2972s"},{"start_seconds":2980,"text":"speeds is kind of making sure uh that these cross-chain applications are synchronized as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2980s"},{"start_seconds":2988,"text":"well yeah so I guess users can move across Bridges you also already touched upon like having several insensi of the same application across different chains","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2988s"},{"start_seconds":2997,"text":"like should dabs build multichain also being connected in some way or is it okay to expect from users","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=2997s"},{"start_seconds":3006,"text":"that they move to the the native chain where a specific dab is based on yeah I think in the future uh so you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3006s"},{"start_seconds":3014,"text":"there's the whole meme of like fat protocol thesis where the protocol captures all the value I think we're kind of seeing a little bit of a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3014s"},{"start_seconds":3022,"text":"transformation from the fat protocol thesis to like fat application thesis where people are saying hey it's the good apps that capture value eventually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3022s"},{"start_seconds":3030,"text":"I think it's even going to move further away to this like other layer of like fat interface thesis we're already seeing this play out when Unis swap","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3030s"},{"start_seconds":3038,"text":"turned on you know taker fees on their front end right like so it's like the order flow that Unis swap gets from app.","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3038s"},{"start_seconds":3045,"text":"Unis swap. org is massive and that's where kind of the value capture is so uh eventually I do think that interfaces of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3045s"},{"start_seconds":3053,"text":"applications uh figure figing out the multi-chain story faster and better will eventually kind of pay off at the end of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3053s"},{"start_seconds":3061,"text":"the day when the rest of crypto becomes even more intertwined than it is today and yeah and then you know it will","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3061s"},{"start_seconds":3070,"text":"definitely go through a cycle of kind of ups and downs right where you know you see an interface that optimizes for you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3070s"},{"start_seconds":3076,"text":"know low fees and speed but then maybe it just blows up when a giant Bridge hack happens so uh you know there's that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3076s"},{"start_seconds":3084,"text":"upcycle of some something cheap and fast uh grows really quickly but also just blows up very quickly and we'll just definitely see this kind of cycle where","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3084s"},{"start_seconds":3093,"text":"hopefully we'll just find this fairly good equilibrium of you know cost uh ux","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3093s"},{"start_seconds":3100,"text":"efficiency speed uh Etc no I I I completely agree I think","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3100s"},{"start_seconds":3107,"text":"that um the more and more users come into this space um the likelihood is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3107s"},{"start_seconds":3115,"text":"that a lot of those users and probably a majority are much less sophisticated than the users that we have today right the earlier adopters that are in there","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3115s"},{"start_seconds":3124,"text":"that are really excited about this um have a a different approach to using applications than those who follow later","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3124s"},{"start_seconds":3131,"text":"who typically are here for a very specific reason that you know there's value um and so it's not just about","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3131s"},{"start_seconds":3139,"text":"let's build something cool and hey I and I as the early adopter want to take some risk and play with it and see what happens","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3139s"},{"start_seconds":3146,"text":"um the later wave of users that we bring into this ecosystem are going to be much more demanding in terms of what they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3146s"},{"start_seconds":3152,"text":"want as a user experience um the safety that they expect um and so being able as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3152s"},{"start_seconds":3160,"text":"you say to build for that mass adoption um and solve those problems in a way that shows real value to those end users","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3160s"},{"start_seconds":3169,"text":"it's not just about demonstrating Cool Tech it's about saying hey this is something that is going to going to create create real value for you um that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3169s"},{"start_seconds":3178,"text":"I think is is exactly where the value is going to sit yeah and I think right now talking about daps and whether or not they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3178s"},{"start_seconds":3185,"text":"should be built multi-chain I think right now we kind of see this fall into two categories you see you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3185s"},{"start_seconds":3192,"text":"applications that are deployed isolated on single chains but across multiple so multiple isolated applications on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3192s"},{"start_seconds":3199,"text":"multiple chains or a kind of single application that is built multi-chain um as a feature and I think right now we do","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3199s"},{"start_seconds":3207,"text":"see multi-chain as a feature not necessarily something that people assume to be built into applications so right","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3207s"},{"start_seconds":3213,"text":"now uh if you're a d Builder considering whether or not to build multi-chain I think that's something to kind of be cognizant of is is multi-chain one of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3213s"},{"start_seconds":3222,"text":"the core features of what I am building because I think right now that is how it's perceived I think eventually we will transition away from that where um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3222s"},{"start_seconds":3230,"text":"multi-chain becomes kind of an assumed feature instead of something that is viewed as a feature um but I think as we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3230s"},{"start_seconds":3240,"text":"are right now that's just not necessarily the case so our time is up thanks a lot that was super interesting I guess if anybody","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3240s"},{"start_seconds":3248,"text":"from the audience has has any further questions you can find us around at the conference yeah thanks a lot awesome","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3248s"},{"start_seconds":3257,"text":"thank you guys thank you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3257s"},{"start_seconds":3264,"text":"everyone","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3264s"},{"start_seconds":3288,"text":"all right has everybody doing one more time give it up for our last panel defi is near I don't know how many","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3288s"},{"start_seconds":3297,"text":"times I'm going to say something is near today um just a reminder we've got the Encon app so just keep an eye out on the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3297s"},{"start_seconds":3306,"text":"screen for QR codes for various rewards as the day progresses we're now going to move on to our second panel the interop","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3306s"},{"start_seconds":3314,"text":"future moderating this panel is Danny asorio from meta web Ventures give it up for her","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3314s"},{"start_seconds":3324,"text":"please hello hello welcome everyone to the interrupt future um I'm Danny from","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3324s"},{"start_seconds":3332,"text":"Metabo adventur and I'd like to introduce our wonderful panel today we have uh Jason ma from Axel Alex","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3332s"},{"start_seconds":3340,"text":"shevchenko from Aurora Labs Mariano sereni from a16z and Alex zon from Secret Labs thank you everyone for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3340s"},{"start_seconds":3349,"text":"joining us today um I would love to kick off today by having you introduce yourself yourself um and what you do","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3349s"},{"start_seconds":3358,"text":"that relates to interoperability so Alex kick us off uh my name is Alex idon I'm CEO of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3358s"},{"start_seconds":3366,"text":"secret Labs uh the developer of secret network uh I joined quite recently my pastes in other blockchain projects like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3366s"},{"start_seconds":3374,"text":"lar one privacy coin called beam and and a new kind of deck so I'm relatively new","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3374s"},{"start_seconds":3381,"text":"to this project now in terms of uh what secret network is all about it's all about confidential Computing so it is a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3381s"},{"start_seconds":3390,"text":"blockchain where everything is done on chain but the information is not visible to anyone and in terms of interop we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3390s"},{"start_seconds":3398,"text":"feel that privacy confidentiality is something is a feature that is needed on every blockchain out there and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3398s"},{"start_seconds":3407,"text":"there are lots of apps that can be enhanced and even made possible and privacy available so a large part of our","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3407s"},{"start_seconds":3414,"text":"2024 road map is about exporting our confidentiality features and for that we're using","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3414s"},{"start_seconds":3421,"text":"interoperability working with axillar uh we're also planning um to work with octopus to enable interoperability","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3421s"},{"start_seconds":3430,"text":"between us and uh the near ecosystem and we'll be looking into more ecosystems so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3430s"},{"start_seconds":3437,"text":"for me interop is key for the success of secret Network and for actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3437s"},{"start_seconds":3444,"text":"delivering the much needed confidential Computing everywhere it may be of use wonderful wonderful","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3444s"},{"start_seconds":3453,"text":"Marano hey everyone my name is Mariana sente I'm an investment partner at a16z and I focus on investing in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3453s"},{"start_seconds":3460,"text":"infrastructure and defi projects my background is as an engineer and engineering manager at Chia blockchain where I built a lot of the consensus","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3460s"},{"start_seconds":3469,"text":"full node and cryptography code base and I I've also focused heavily on like clients and with regards to inop I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3469s"},{"start_seconds":3476,"text":"really think the main three problems that we need to solve in the blockchain industry to take it to the next level are scalability introp and privacy and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3476s"},{"start_seconds":3485,"text":"we've already kind of solved scalability to a certain extent we've invested heavily in privacy and there's a lot of new Solutions but inop is still I think","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3485s"},{"start_seconds":3493,"text":"really early stage and it's something we really need to focus on immediately to uh to reach the true potential of blockchain so I'm really excited about a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3493s"},{"start_seconds":3502,"text":"lot of interop solutions that are being developed and especially with things like l2s um I think introp is an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3502s"},{"start_seconds":3509,"text":"interesting is an interesting thing to invest in I'm Alex shenko uh I'm the CEO of Aurora Labs the main developer of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3509s"},{"start_seconds":3518,"text":"Aurora protocol and different products that are inside of the near and Aurora ecosystem um and uh we are working on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3518s"},{"start_seconds":3525,"text":"the Forefront for the interoperability future for all of us we launched Rainbow Bridge uh this is the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3525s"},{"start_seconds":3533,"text":"bridge fully trust less and um um permissionless bridge in between ethereum and near it has been in operation uh for more than 2 and a half","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3533s"},{"start_seconds":3541,"text":"years by now and the latest contribution into the oper interoperability from our site is Aurora Cloud this is the our","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3541s"},{"start_seconds":3550,"text":"stack for launching your own chains similar to the L2 Stacks um and the cool thing about it is that all of these","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3550s"},{"start_seconds":3558,"text":"networks that you are able to launch on top of the near protocol are interoperable with each other and they are able to cross call each other","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3558s"},{"start_seconds":3566,"text":"hey everyone I'm Jason I lead defi at Axel Axel is a leading decentralized full stack inability solution in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3566s"},{"start_seconds":3573,"text":"addition to asset transfers Axel also has something known as message passing which is ability to pass any payload and call contracts across the 53 blockchains","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3573s"},{"start_seconds":3582,"text":"we currently support axler has a rapidly growing ecosystem of over 100 projects building out you know chain agostic applications ranging from you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3582s"},{"start_seconds":3591,"text":"cross-chain swaps cross-chain lending uh Asset Management platform forms nft bridging and so on fantastic so there's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3591s"},{"start_seconds":3599,"text":"a ton of momentum behind scaling Solutions right now in the web 3 space we think it's about to enter really like a camerun phase an explosion of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3599s"},{"start_seconds":3607,"text":"optionality you've seen everything ranging from l2s to rollups to l3s to advances in ZK technology um and this is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3607s"},{"start_seconds":3616,"text":"exploding into a really fragmented and complex ecosystem so my question to you is how are all these chains and layers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3616s"},{"start_seconds":3624,"text":"um connecting to ethereum and other layer ones going to enable and preserve","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3624s"},{"start_seconds":3633,"text":"interoperability well I think there's various ways to do it it depends on the system um so what we think of when we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3633s"},{"start_seconds":3640,"text":"say interoperability is Bridges but there's more than just Bridges there's things like shared sequencers for example if you have multiple rollups or","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3640s"},{"start_seconds":3647,"text":"multiple l2s they can communicate by sharing a sequencer uh you have things like sharded systems like near where the interoperability IL is handled for you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3647s"},{"start_seconds":3655,"text":"you have things like IBC on Cosmos that also handles interoperability and then there's Atomic swaps so swapping an asset on one chain for an asset on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3655s"},{"start_seconds":3664,"text":"another chain immediately um and finally there's Bridges as well and there's many different categories of bridges which we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3664s"},{"start_seconds":3672,"text":"can get into but I think a combination of all these Solutions is necessary and I really think that we need abstractions","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3672s"},{"start_seconds":3680,"text":"on top of all these all these things and all these blockchains because a developer is not going to be able to reason about a 100 different blockchains","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3680s"},{"start_seconds":3689,"text":"integrate with each of them know the security properties the performance properties what they want is one API one SDK that handles everything for them and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3689s"},{"start_seconds":3696,"text":"they just assume that it has the performance and the security that they need fantastic and when we talk about this when we talk about moving things in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3696s"},{"start_seconds":3705,"text":"between chains whether through Bridges or shared sequencers or um all these different Alternatives um are we talking","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3705s"},{"start_seconds":3712,"text":"about moving assets moving moving messages and data what what exactly do you think are the the most important pces that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3712s"},{"start_seconds":3720,"text":"require um that need to be moved in order for interoperability to become a reality um in my view it must be generic","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3720s"},{"start_seconds":3729,"text":"so it must include everything starting with assets uh but also functionality so secret is is a great example so we have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3729s"},{"start_seconds":3737,"text":"This Confidential Computing where you can pass say encrypted data to a contract and perform some computations on that and then get the results back","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3737s"},{"start_seconds":3746,"text":"without anyone seeing what went in u the computation and this is basically a functionality that requires General","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3746s"},{"start_seconds":3754,"text":"message passing I think what Axor is doing and I think others will are or will follow suit we need really very","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3754s"},{"start_seconds":3761,"text":"easy to use and kind of transparent communication layer because we cannot expect developers from one blockchain to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3761s"},{"start_seconds":3768,"text":"understand the technology of all the other blockchains or you know be a developer on multiple in multiple ecosystems so those bridges need to work","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3768s"},{"start_seconds":3778,"text":"as best as possible and as seamless as possible to enable this you know interven future where you get your","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3778s"},{"start_seconds":3786,"text":"functionality from from different pieces and you just build this puzzle together for the best user experience that's a really good point and both you and Mariano have now talked about bridges","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3786s"},{"start_seconds":3795,"text":"and sequencers and um why don't we go ahead and start defining what a bridge is if you know Alex or Jason you want to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3795s"},{"start_seconds":3802,"text":"tell us through you know talk us through that yeah I mean I think we're at still you know in the early days of inability","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3802s"},{"start_seconds":3809,"text":"where we just call everything a bridge and I think this is really like where we came from right and it hasn't been that long I would say even like a year ago what we started was you know we had like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3809s"},{"start_seconds":3818,"text":"five maybe 10 blockchains and when people thought about inability it was purely asset transfers right where you would you know lock an asset on Source","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3818s"},{"start_seconds":3826,"text":"chain m r version of it but from the user's point of view you know they have moved one token to another chain and that's what we associate everything with bridging","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3826s"},{"start_seconds":3834,"text":"message passing is a relatively new technology that came out in the last year and most people don't truly understand what the implications of that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3834s"},{"start_seconds":3841,"text":"is right message passing as I mentioned earlier is the ability to pass any payload to call contracts across These Chains a very simple way to think about","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3841s"},{"start_seconds":3849,"text":"it is rather than just moving an asset from one chain to another now you can pass instructions you can combine functions into one and you can do things","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3849s"},{"start_seconds":3857,"text":"now like one click cross chain swaps or cross chain staking where you're combining multiple swaps with the bridging transaction with the staking","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3857s"},{"start_seconds":3864,"text":"transaction all into one why is that important that's important because today like if you look at who's actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3864s"},{"start_seconds":3872,"text":"moving across chains and doing a lot of these very complex defi uh application it's these power users right my parents","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3872s"},{"start_seconds":3880,"text":"will never be able to do that for them to participate in Defi and really Drive adoption for the next billion people we need to abstract away the complexities","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3880s"},{"start_seconds":3887,"text":"of that and I think message passing the ability to pass this these kind of payloads across is absolutely essential to achieving that okay and speaking","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3887s"},{"start_seconds":3896,"text":"about abstracting away complexities would you say that the term bridge is actually a misnomer yes I would say so I think like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3896s"},{"start_seconds":3904,"text":"what I think of bridging as always just asset transfer particularly involving wrapped assets I think as we mature as an industry we need to separate between","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3904s"},{"start_seconds":3912,"text":"bridging and message passing but ideally we have a better way of even just denominating it so the average person can understand","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3912s"},{"start_seconds":3918,"text":"it I I thought about that a lot well uh okay so that takes us to a really interesting sort of um sort of segment which is why do we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3918s"},{"start_seconds":3928,"text":"need to bridge into all these things like why can't we just use a base layer and operate like what what are the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3928s"},{"start_seconds":3936,"text":"things we talked about searching for privacy we talked about searching for scalability we talked about you know the the modularity um proliferation that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3936s"},{"start_seconds":3945,"text":"that's been happening in the ecosystem so what do you guys feel are some of like the really core reasons for why we need to be using additional layers on on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3945s"},{"start_seconds":3954,"text":"top of our technology today well from my point of view the blockchain is all about the decentralization right so it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3954s"},{"start_seconds":3962,"text":"is hard to imagine a single layer that is going to centralize all of the blockchain activity it doesn't make any","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3962s"},{"start_seconds":3969,"text":"sense right so from that standpoint the fact that there are many different L1 blockchains like ethereum near Bitcoin","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3969s"},{"start_seconds":3977,"text":"um it actually contributes into the robustness um um of the blockchain space","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3977s"},{"start_seconds":3985,"text":"and because of this we need to have also many different ways how we can bridge the gap in between these Solutions because blockchains intrinsically they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3985s"},{"start_seconds":3993,"text":"are built as a thin in its own it is a Sandbox usually you don't have a way to go outside of the blockchain um and you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=3993s"},{"start_seconds":4003,"text":"need to to have specialized solutions for this like oracles or the uh before mentioned Bridges and message passing um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4003s"},{"start_seconds":4011,"text":"so so we need to have this in order to to enable this interoperability just because from the standpoint of the ordinary users and I'm very very with","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4011s"},{"start_seconds":4020,"text":"with Jason here uh that the internet itself though it is a decentralized","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4020s"},{"start_seconds":4027,"text":"thing with lots of different servers running on different continents is viewed by us as a monolithic structure","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4027s"},{"start_seconds":4036,"text":"as an ordinary users right I can pop up the Amazon website which is hosted on the US service I can I can then and go","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4036s"},{"start_seconds":4044,"text":"to the Alibaba website that is hosted on the Chinese servers and there is no difference for me as a user it needs to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4044s"},{"start_seconds":4051,"text":"be simless so the interoperability Solutions are extremely crucial to make the decentralized world of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4051s"},{"start_seconds":4058,"text":"blockchain very convenient to use awesome awesome and actually um Mariano I imagine you're doing a lot of research","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4058s"},{"start_seconds":4066,"text":"on this specific category and I was hoping you could maybe tell us a little bit about the categories and tradeoffs between the different interoperability","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4066s"},{"start_seconds":4073,"text":"Solutions um yes so first of all I would say within ridges there's many different","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4073s"},{"start_seconds":4080,"text":"categories I would classify them uh through the security properties there's L2 to L1 Bridges which rely on the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4080s"},{"start_seconds":4088,"text":"security of the L1 so they're much lower risk there's light client Bridges like um near uh Rainbow Bridge which also are","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4088s"},{"start_seconds":4098,"text":"really secure because they don't rely on a trusted party or a trusted groups of party uh trusted group of parties to verify the bridge and then there's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4098s"},{"start_seconds":4106,"text":"finally the third category which is a multi Bridge or a bridge that relies on a small set of parties to to transfer","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4106s"},{"start_seconds":4113,"text":"assets so I would think that these different categories of bridges um are applicable to different scenarios and different types of blockchains and it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4113s"},{"start_seconds":4122,"text":"would be great to get as secure as you can if you can make an L2 that's the most secure way to bridge an asset um there's also different types of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4122s"},{"start_seconds":4130,"text":"interoperability Solutions like um shared sequence ERS which are only applicable to certain types of systems","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4130s"},{"start_seconds":4137,"text":"where um where these blockchains can basically merge together and work together so these are not applicable for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4137s"},{"start_seconds":4145,"text":"everything um and then there's message passing which I kind of I kind of consider that in the briding category as well um but it really depends on which","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4145s"},{"start_seconds":4153,"text":"types of systems you're dealing with for example IBC is only possible with Cosmos or Cosmos like chains which integrate that protocol it's not really possible","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4153s"},{"start_seconds":4162,"text":"with something like ethereum at this point so the type of interoperability solution is highly tied to the blockchain that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4162s"},{"start_seconds":4169,"text":"you're bridging uh and there is no one-side fitzall unfortunately so you talked a lot about um sequencers and right now it's my understanding that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4169s"},{"start_seconds":4176,"text":"basically each L1 runs its own sequencer do you think there's a future where those might be shared sequencers between","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4176s"},{"start_seconds":4184,"text":"l2s it's possible and it's especially possible if the things that you're sequencing are very similar for example","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4184s"},{"start_seconds":4191,"text":"if you're doing evm l2s that all have the same ebm structure and all follow a certain protocol that is mandated by the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4191s"},{"start_seconds":4199,"text":"Shar sequencer protocol then it's definitely possible to do a shared sequencer you can't however do something like share a sequencer between an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4199s"},{"start_seconds":4206,"text":"ethereum L2 and something like salana because those systems are completely different so there you would need a different kind of solution okay cool","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4206s"},{"start_seconds":4214,"text":"cool and um moving into like a Spicer topic you talked about security so defi hacks right a lot of bridges involved in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4214s"},{"start_seconds":4222,"text":"this um what what's really happening and how can consumers sort of think about their Bridge selection uh as paired with security","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4222s"},{"start_seconds":4231,"text":"models I can I can take that one so you know I feel very strongly when it comes to security Bridges right it's obviously","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4231s"},{"start_seconds":4238,"text":"a topic that everyone always talks about but I just want to say that it is not up to the average user to be cross-chain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4238s"},{"start_seconds":4245,"text":"infrastructure experts and to be able to make the right choice so they don't lose all their money because something happened out of their control it's kind of crazy right that I have to make that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4245s"},{"start_seconds":4252,"text":"choice I don't know anything thing about how it's built inside like but it's it's the the choice everyone has to make dayto day totally I think as the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4252s"},{"start_seconds":4260,"text":"industry grows Builders have to take more of a responsibility to make sure they're using the most secure solution","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4260s"},{"start_seconds":4267,"text":"and us as cross infrastructure Builders have to be better to be more transparent and help educate the industry on what","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4267s"},{"start_seconds":4274,"text":"are the risk and what are the trade-offs so you know with that said you know from an Axor standpoint we've always been really proud that we have committed","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4274s"},{"start_seconds":4282,"text":"ourselves to building a truly decentralized cross chain infrastructure solution Axel uses proof of stake security because we're uh Cosmos chain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4282s"},{"start_seconds":4290,"text":"ourselves and we built it like that because we believe delegated proof of stake has been battle tested it's been around for a long time and on our block","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4290s"},{"start_seconds":4298,"text":"Explorer Axor scan you can see who exactly our validators are the stake that they have and their performance status right and it's because of these","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4298s"},{"start_seconds":4305,"text":"properties that when Unis swap Foundation did a very thorough Crossing assessment where the technical committee actually went through the code of every","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4305s"},{"start_seconds":4313,"text":"solution they realized that most of the bridges out there I think they interviewed six or eight bridges only axle and Wormhole","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4313s"},{"start_seconds":4320,"text":"were decentralized and secure enough for cross chain development a lot of what we found with other uh industry providers was that you know when you look under","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4320s"},{"start_seconds":4328,"text":"the hood a lot of things isn't as described and there were all kinds of security red flags and I think like you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4328s"},{"start_seconds":4335,"text":"know we it was okay because back even a year ago industry was moving so quick people just needed something that worked right whether it's brid our asset","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4335s"},{"start_seconds":4343,"text":"transfers and we you know really sacrifice security for convenience for Speed and we've seen where that got us","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4343s"},{"start_seconds":4351,"text":"one implosion after the other well I mean I think there's different philosophies on on like how people design an architecture for a bridge and like you know what they think they're","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4351s"},{"start_seconds":4360,"text":"prioritizing last year there was a lot of talk about like an optimistic design um you know since then the narrative has evolved maybe like Alex maybe you want","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4360s"},{"start_seconds":4369,"text":"to tell us like really quickly 30 seconds or so what was your thought process behind the design design and architecture of what you guys built for interoperability and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4369s"},{"start_seconds":4377,"text":"bridging so we were we were we were looking for General message passing eventually so so we needed a way for an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4377s"},{"start_seconds":4385,"text":"evm contract to be able to call a contract on secret and and and vice versa so uh it's not about bridging we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4385s"},{"start_seconds":4394,"text":"had and we still have Bridge the classic Bridge the asset transfer Bridges to and from and it's very well developed inside","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4394s"},{"start_seconds":4402,"text":"Cosmos but but we were looking for for for this for for True interoperability by the way I think in 5 years when we talk about those initial Bridges they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4402s"},{"start_seconds":4410,"text":"will appear as like antiqu very unwieldy and very simple machines just passing assets and this is to me it's just a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4410s"},{"start_seconds":4418,"text":"small part of of of of interoperability it's it's just passing value right we need to pass stuff we need to pass to to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4418s"},{"start_seconds":4426,"text":"call um you know contracts do to do real interoperability as it exists in Computing in other places","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4426s"},{"start_seconds":4434,"text":"so you know we looked at the technology that was available and we went through uh an integration process that was not","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4434s"},{"start_seconds":4441,"text":"very simple but you know we succeeded and it's working now and uh we're quite happy so we we are also looking at","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4441s"},{"start_seconds":4449,"text":"expanding to other places as I mentioned with octopus going to to near by upgrading our IBC","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4449s"},{"start_seconds":4457,"text":"infrastructure um preferably though uh I'd love to work with the single","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4457s"},{"start_seconds":4464,"text":"provider because Integrations are difficult and you know developing this trust and and build building the feature","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4464s"},{"start_seconds":4472,"text":"set together uh is a good way to go especially for for specific use cases uh maybe we'll have two two or three but uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4472s"},{"start_seconds":4481,"text":"like there should be one that is uh the most trusted cuz again the Integrations are still not a very they're complex","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4481s"},{"start_seconds":4488,"text":"complex things right investing multiple multiple times doesn't make make much sense it's much better to invest this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4488s"},{"start_seconds":4495,"text":"energy into you know improving or fixing whatever is missing with the existing ones great Alex sha do you want to tell us a little bit about your architecture","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4495s"},{"start_seconds":4503,"text":"and thought process um yeah well first of all I would like to mention to everybody that security is a pretty complex topic","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4503s"},{"start_seconds":4512,"text":"and it is it should be viewed as a multi-layered cake there is no such thing as just a single secure approach","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4512s"},{"start_seconds":4520,"text":"to do things you need to you need to put barriers for for hackers and potential frosters um not to exploit your system","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4520s"},{"start_seconds":4530,"text":"right and you obviously start with a proper architecture and the architecture of the Rainbow Bridge is is a pretty complex one this is not like for Average","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4530s"},{"start_seconds":4539,"text":"Joe even to understand it uh not talking about the implementing like but in short version the like lli of a theum is developed as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4539s"},{"start_seconds":4548,"text":"a near smart contract so this you literally have a node of ethereum on near that is working in every 12 second","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4548s"},{"start_seconds":4556,"text":"that is synchronized to the ethereum blockchain and because of this this node being inside of near we are able to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4556s"},{"start_seconds":4564,"text":"validate transactions that are happening on ethereum but there is also a near light client operated as a smart contract on ethereum so ethereum can do","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4564s"},{"start_seconds":4572,"text":"absolutely the same thing and now these like clients are not very simple to build but besides that once you once you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4572s"},{"start_seconds":4580,"text":"develop the architecture that seems as a proper one and U it kind of addresses your security concerns now you need to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4580s"},{"start_seconds":4588,"text":"assess the implementation itself there need to you there need to be rigorous internal procedures for testing integration testing you know reviews and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4588s"},{"start_seconds":4596,"text":"stuff like that and later on you are going to a third party security auditing company that must be also auditing this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4596s"},{"start_seconds":4603,"text":"and uh this thing is pretty expensive especially if you would like to invite uh really professionals to to take care","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4603s"},{"start_seconds":4611,"text":"of your solution but but this is not the end once you launch Your solution even if it is secur audited you need to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4611s"},{"start_seconds":4618,"text":"install the proper maintenance and proper monitoring procedures around it to be able to act quickly because in case there is an active attack that is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4618s"},{"start_seconds":4626,"text":"happening you most probably need to do something really really fast and I'm super proud about the Rainbow Bridge team because the major attacks that were","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4626s"},{"start_seconds":4636,"text":"on the Rainbow Bridge they were all automatically stopped within seconds by the automated systems that are monitor","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4636s"},{"start_seconds":4643,"text":"in the uh the Rainbow Bridge um state right and at the moment when humans were able to jump on the War Room call and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4643s"},{"start_seconds":4652,"text":"figure out what to do I mean everything was already done we just needed to analyze the locks and understand what is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4652s"},{"start_seconds":4659,"text":"what actually was happening and that's it but but the final frontier or final two Frontiers here are the bug Bounty","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4659s"},{"start_seconds":4669,"text":"programs sometimes the rub bugs right this is like we are all humans AI is not yet at the stage when it is right in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4669s"},{"start_seconds":4677,"text":"secure a BRI permissionless and trustless generic Bridges code right so we would need to get there um and uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4677s"},{"start_seconds":4686,"text":"there needs to be this bu bounties uh that are there and the Rainbow Bridge was paying out the second biggest bug","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4686s"},{"start_seconds":4694,"text":"Bounty and I'm extremely proud for this because uh though it was a 6 million Buck Bounty for a hacker uh this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4694s"},{"start_seconds":4703,"text":"solution protected more than 500 million of user assets and because of it because of it being in place um uh these users","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4703s"},{"start_seconds":4711,"text":"are whole and in a proper way and maybe in the future there will be some insurance companies that will be able to Ure such things uh but unfortunately it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4711s"},{"start_seconds":4721,"text":"is a little bit too much at at this point so um in case you're interested in any of these topics uh they are actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4721s"},{"start_seconds":4728,"text":"presented on this conference um and for example Mitchell from immuni um is going to be here Dimitri bodoran from hacken","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4728s"},{"start_seconds":4737,"text":"immuni and hacken are both The Bu Bounty platforms they they given their talks here too so complicated things uh not","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4737s"},{"start_seconds":4746,"text":"for Average Joe uh but but any Builder who understands that he his smart","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4746s"},{"start_seconds":4753,"text":"contracts are going to um be the home for large amount of assets or critical","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4753s"},{"start_seconds":4761,"text":"data uh they need to understand all of the implications and need to make the proper measures yeah that's a very good point which I think you know when we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4761s"},{"start_seconds":4768,"text":"talk about um safety in architecture and design that naturally takes us to standards and Mariano you know you mentioned you guys are investors in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4768s"},{"start_seconds":4777,"text":"layer zero there was an announcement a few weeks ago and then a reaction on crypto Twitter from the community about","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4777s"},{"start_seconds":4783,"text":"cross chain standards so like uh X you know erc20 um do you want to talk a little bit about you know what was announced","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4783s"},{"start_seconds":4791,"text":"and what was proposed and and sort of maybe what are some of the implications of trade-offs about that sure yeah so when you bridge assets or Bridge","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4791s"},{"start_seconds":4800,"text":"messages between chains let's say for example you want to bridge ethereum to Solana um you can wrap your token in a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4800s"},{"start_seconds":4808,"text":"wrapped Bridge token so for example you can have a layer zero wrapped eth on Solana you can have an axillar wrapped eth or a wormhole wrapped eth so you end","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4808s"},{"start_seconds":4817,"text":"up in a system where where there's a lot of different competing tokens that don't necessarily interoperate with each other right there's not like one e token on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4817s"},{"start_seconds":4824,"text":"salana there's different types so that is not optimal it creates problems with liquidity fragmentation creates","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4824s"},{"start_seconds":4831,"text":"confusion for users user experience Etc so there are some talks of creating some standards where you have a kind of meta","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4831s"},{"start_seconds":4838,"text":"bridge where like five or six Bridges can be combined into one meta bridge and any of those inner Bridges can be used to create the same token on the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4838s"},{"start_seconds":4846,"text":"destination chain there's a standard called X erc20 or EIP 7281 um which would do something like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4846s"},{"start_seconds":4854,"text":"this and they can set rate limits so they can say for example each Bridge has a max wrapped asset of $100 million or","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4854s"},{"start_seconds":4861,"text":"something like that that could be really good for inoperability on the destination chain but it does create risks for example you now need someone","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4861s"},{"start_seconds":4870,"text":"to manage that contract to say which bridges are allowed which Bridges have which amount of um limits uh so there's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4870s"},{"start_seconds":4877,"text":"a risk of hacks there it's a completely new risk layer that you're adding you also have problems with the least secure Bridge being able to cause security","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4877s"},{"start_seconds":4885,"text":"issues for the rest of them if one of those five Bridges gets hacked the whole meta Bridge suffers and everyone else suffers so if you're a user that wants","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4885s"},{"start_seconds":4892,"text":"to wants to secure your assets with only the most secure Bridge you would be harmed with this meta Bridge system so I think standards are an interesting","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4892s"},{"start_seconds":4901,"text":"approach that we need to look into but I'm not really convinced by them yet and there's certainly trade-offs if you yeah yeah Jason you had some strong thoughts","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4901s"},{"start_seconds":4909,"text":"about that yeah I mean I Echo what Mariano said I I think it sounds great in theory I know Axel actually has","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4909s"},{"start_seconds":4916,"text":"recently uh passed had the support of Lio to deploy stake eth and Cosmos and it was designed as a multi Bridge Approach where initially it launched","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4916s"},{"start_seconds":4925,"text":"just with Axel but we will then add Wormhole and additional Bridges later on and as we know we're looking at designing this and we're building this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4925s"},{"start_seconds":4934,"text":"we realize there's all kinds of additional tradeoffs right having multiple Bridges as Mara says you then take on additional security risk of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4934s"},{"start_seconds":4942,"text":"other Bridges as well but then bridges are very complex uh infrastructure where you also have to think about like things","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4942s"},{"start_seconds":4948,"text":"like relaying so what happens when you send two messages and one of the Rel layers of a bridge fails that could potentially disrupt the entire","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4948s"},{"start_seconds":4956,"text":"application and create a very confusing user experience right not to mention there's additional tradeoffs like users then have to pay additional gas based on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4956s"},{"start_seconds":4964,"text":"because you're now sending multiple messages so I think like the design the multi bridge design is is interesting but it's still very much much in his","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4964s"},{"start_seconds":4972,"text":"early days and comes with lots of trade-offs so I think we'll uh see how this right uh okay cool so as we start to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4972s"},{"start_seconds":4981,"text":"wrap up this panel I did want to quickly touch on modularity uh and the broader Trend that we're seeing about you know ethereum as this global settlement layer","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4981s"},{"start_seconds":4990,"text":"um and looking at the open web as a combination of different components and pieces whether it's the application","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4990s"},{"start_seconds":4998,"text":"layer Identity or data or you data availability or so on so forth so how do you see modularity playing out in this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=4998s"},{"start_seconds":5006,"text":"multi-chain future um I think uh well right now I think we have more blockchains than","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5006s"},{"start_seconds":5014,"text":"applications running on them like more l1's and l2s than the apps which is kind of crazy but I think at the end of the day the networks that will stay active","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5014s"},{"start_seconds":5023,"text":"are the networks that have some specialization maybe speed uh maybe","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5023s"},{"start_seconds":5030,"text":"they're good for a certain app or maybe they have privacy built in maybe something else and in the end uh this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5030s"},{"start_seconds":5038,"text":"this will be exactly the modularity we're looking for right so an app will be running uh part of the main part of the app may be running on polygon it may","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5038s"},{"start_seconds":5046,"text":"store funds on ethereum for for more security it may use secret for some privacy feature it may use some something else for something else and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5046s"},{"start_seconds":5054,"text":"that will all play nicely for for building you know unbeatable and Unstoppable applications and making the US experience great so I see it that way","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5054s"},{"start_seconds":5063,"text":"I don't think we need uh 10 versions of kind of exactly the same functionality","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5063s"},{"start_seconds":5070,"text":"in the end they will either merge or or or most most will die out because it doesn't doesn't make sense fantastic","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5070s"},{"start_seconds":5078,"text":"Unstoppable applications Mariana 30 seconds uh yeah just to add here from my point of view modularity itself is uh is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5078s"},{"start_seconds":5086,"text":"and it's an extremely great feature for all of us because it allows us to cooperate with each other instead of competing so every single team would be able to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5086s"},{"start_seconds":5095,"text":"focus on its smaller part and bringing it to enhance all of the other team's efforts so that's that's a great thing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5095s"},{"start_seconds":5102,"text":"and we need to figure out how to how to work through this awesome any last","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5102s"},{"start_seconds":5110,"text":"thoughts modularity cooperation you heard it here first thank you everyone thank you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5110s"},{"start_seconds":5121,"text":"Denny","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5121s"},{"start_seconds":5194,"text":"wow look at everybody stacking that en con woo all right well look they even gave","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5194s"},{"start_seconds":5201,"text":"me a Podium um so with that we've got a very exciting keynote","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5201s"},{"start_seconds":5209,"text":"speech coming ahead Chris Donovan Chief Operating Officer of the near foundation will be presenting","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5209s"},{"start_seconds":5217,"text":"Clos versus open the case for an open web so please stack up that ncon and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5217s"},{"start_seconds":5223,"text":"give it up for Chris Donovan ladies and gentlemen all","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5223s"},{"start_seconds":5234,"text":"right hi everybody how are we all doing enjoying neon so far I hope","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5234s"},{"start_seconds":5244,"text":"so I'm super excited to be up here today and thank you all for taking the time out of your very busy schedules and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5244s"},{"start_seconds":5251,"text":"we're all very busy in web 3 to be here with us at ncon 2023 now for those of you who don't know me my name is Chris Donovan I am the COO","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5251s"},{"start_seconds":5261,"text":"at the near foundation and what I wanted to do today is to briefly make the case for an open web and why I think it is so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5261s"},{"start_seconds":5270,"text":"vital today and also so urgently needed so the current web Paradigm we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5270s"},{"start_seconds":5278,"text":"have today right it has revolutionized and it now dominates pretty much every single aspect of Our Lives from our","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5278s"},{"start_seconds":5287,"text":"social and financial activities how we travel and work to how we communicate and even just consume information particularly","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5287s"},{"start_seconds":5295,"text":"news and the power of these systems is unquestionable right and their influence is ubiquitous it's everywhere and of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5295s"},{"start_seconds":5304,"text":"course with the recent remarkable advances in Ai and and actually built in part on the great work of our esteemed","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5304s"},{"start_seconds":5311,"text":"co-founder and CEO Ilia the power and ubiquity of these systems is only set to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5311s"},{"start_seconds":5317,"text":"increase further but there's a problem a big problem in fact in my view and that despite all of these","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5317s"},{"start_seconds":5325,"text":"successes and the amazing things that this technology enables us all to do the current web Paradigm is fundamentally","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5325s"},{"start_seconds":5334,"text":"broken and why is that because today the web is closed it's built on closed","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5334s"},{"start_seconds":5343,"text":"permission systems and infrastructure and these systems have the effect of concentrating power and wealth data and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5343s"},{"start_seconds":5352,"text":"governance in the hands of a very small number of people the controllers and operators of these platforms and we we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5352s"},{"start_seconds":5359,"text":"as users we are the product and privacy is eroded and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5359s"},{"start_seconds":5366,"text":"inequality grows so that's why the creation of an open web right which is what we're all","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5366s"},{"start_seconds":5375,"text":"here to do it has always been the near ecosystems North Star but what do we mean by open web","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5375s"},{"start_seconds":5384,"text":"right it's a term that gets thrown around a lot so let's try and let's try and break it down so in our view an open","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5384s"},{"start_seconds":5391,"text":"web is built on permissionless autonomous systems in infrastructure right without controllers or Gatekeepers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5391s"},{"start_seconds":5399,"text":"of any kind where anyone anywhere can access and use these systems to create","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5399s"},{"start_seconds":5407,"text":"participate and be fairly rewarded for their ideas and effort and by extension and to me most","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5407s"},{"start_seconds":5415,"text":"importantly of all this type of infrastructure can actually create guarantees for privacy the data","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5415s"},{"start_seconds":5422,"text":"ownership and portability and censorship resistance amongst a whole bunch of other things right and in this digital","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5422s"},{"start_seconds":5429,"text":"age these qualities they are fundamental human rights now having said all of that I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5429s"},{"start_seconds":5438,"text":"actually want to dive more into why we need an open web and I think to better understand that question let's come back","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5438s"},{"start_seconds":5446,"text":"to the current Paradigm for a minute let's think about the closed web sometimes also called web","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5446s"},{"start_seconds":5453,"text":"2 and I mentioned earlier that despite all of the great progress the current closed Paradigm is fatally flawed","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5453s"},{"start_seconds":5460,"text":"because it's built on these closed permissioned systems and actually this has a bunch of quite negative and very","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5460s"},{"start_seconds":5468,"text":"impactful consequences that are really important for us to recognize so let's think about a few of those","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5468s"},{"start_seconds":5477,"text":"Gatekeepers as we all know the operators of these systems right they can control the rules of the game right how these","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5477s"},{"start_seconds":5484,"text":"platforms operate who can have access to them and of course they can also arbitrarily change the rules of the game","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5484s"},{"start_seconds":5491,"text":"whenever they like and these Ward Gardens that they create in order for users and developers and Founders to get access to them they're typically","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5491s"},{"start_seconds":5500,"text":"required to give up something usually it's their privacy it's also usually their data ownership and sometimes a bunch of other stuff as well and of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5500s"},{"start_seconds":5509,"text":"course these issues when it comes to Gatekeepers it's not just just a purely online phenomenon right if if we consider things like the traditional","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5509s"},{"start_seconds":5517,"text":"Financial system for example you know that of course is something that has been operated on a permissioned gate","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5517s"},{"start_seconds":5524,"text":"kept closed basis for its entire history right and we've seen that accessibility and equality suffers as a result of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5524s"},{"start_seconds":5534,"text":"that there's also extraction that happens with these Web Two Services right many of them as we know that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5534s"},{"start_seconds":5541,"text":"Builders free isn't that fantastic but actually they demand tradeoffs and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5541s"},{"start_seconds":5548,"text":"sacrifices that users developers and Founders are just often not aware of or they might not fully understand because","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5548s"},{"start_seconds":5555,"text":"there's no transparency but actually they have no choice but to accept because they want to use these Services they want access to these goods and these products but that means that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5555s"},{"start_seconds":5564,"text":"actually these Services they're not free right again in this world we are the product and we give up a huge amount of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5564s"},{"start_seconds":5571,"text":"value when we enter into that bargain one of the biggest things that we do actually is we give up our ability","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5571s"},{"start_seconds":5579,"text":"to truly own anything in the current digital Paradigm right at the moment in in the closed web 2 Paradigm it operates","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5579s"},{"start_seconds":5589,"text":"primarily on what's called a licensed based model so that means that you don't have true ownership of any of your digital lives all that you have is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5589s"},{"start_seconds":5598,"text":"what's called a license this is like a bundle of contractual rights between you and the platform or the operator right","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5598s"},{"start_seconds":5605,"text":"and the platform operators typically would retain ownership and these licences as as you guys may may know not that you've probably read through all of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5605s"},{"start_seconds":5613,"text":"them you know they have reams of terms and conditions they're extremely dense they're hard to follow the terms can be changed at any time um and you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5613s"},{"start_seconds":5623,"text":"without notice as well so the things that you think you own and the things that you think are yours in this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5623s"},{"start_seconds":5629,"text":"Paradigm they're not really and I think this is probably one of the biggest issues of all right so these","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5629s"},{"start_seconds":5636,"text":"systems are fundamentally built to optimiz two things pure attention and I'll come back","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5636s"},{"start_seconds":5643,"text":"to what I mean by that in a minute and profit and that is at our expense again as as the users of these of these","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5643s"},{"start_seconds":5651,"text":"services and of course like we mentioned the operators of these platforms they are continuously updating the rules of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5651s"},{"start_seconds":5661,"text":"the game in order to maximize these two things attention and profit and they're getting really really good at that they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5661s"},{"start_seconds":5669,"text":"even understand how our brains work neurologically how we respond to stimula how they can make sure that they keep our eyeballs glued to these screens as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5669s"},{"start_seconds":5677,"text":"much as possible and in fact they've become so good like I said that actually this closed web Paradigm it touches every aspect of our lives and the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5677s"},{"start_seconds":5686,"text":"controllers and operators of these platforms they have become extraordinarily powerful and wealthy and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5686s"},{"start_seconds":5693,"text":"have an inordinate amount of influence as a result and of course despite all the progress like I mentioned and despite","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5693s"},{"start_seconds":5701,"text":"the fact that you know this technology has unlocked a lot of wonderful things it is doing a huge amount of damage to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5701s"},{"start_seconds":5708,"text":"us as individuals and actually also to the broader fabric of our societies so what I'd like to do now is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5708s"},{"start_seconds":5716,"text":"go through a few examples of the negative impact of the open web right to try and provide a little bit more context because people often say to me","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5716s"},{"start_seconds":5723,"text":"they're like look Chris okay I understand all of that this is like the H 100th time you've chewed my ear off about the open web but honestly I don't","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5723s"},{"start_seconds":5732,"text":"really see why I should care right I just want to be able to use seamless products and services I want them to be powerful I want them to be easy and also","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5732s"},{"start_seconds":5741,"text":"I kind of think I trust that you know insert name of random web to Tech Giant will will do right by me right I I guess","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5741s"},{"start_seconds":5748,"text":"I kind of trust them enough it doesn't really bother me so let's dive into some examples I think in practice to try and make the case as to why we should care","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5748s"},{"start_seconds":5757,"text":"about this stuff so let's start with Kindle eBooks right I'm sure a lot of people in the audience have got an Amazon Kindle I do","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5757s"},{"start_seconds":5766,"text":"too right now these ebooks that you buy on on the Amazon store right and they appear on your Kindle you don't actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5766s"},{"start_seconds":5772,"text":"own them right they are licensed content like we were talking about earlier so what does that mean in practice that means that these books can just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5772s"},{"start_seconds":5780,"text":"disappear from your right no notice to you no warning nothing they can just disappear because for example Amazon might have changed","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5780s"},{"start_seconds":5787,"text":"its licensing policies or maybe Amazon is in a dispute with a writer or a publishing house because they I don't know they disagree with the political","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5787s"},{"start_seconds":5795,"text":"views or social views of a particular author for example right and even more sinisterly the content of these books","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5795s"},{"start_seconds":5803,"text":"can be changed unilaterally without notice right so you could go back to reread one of the favorite your favorite paragraphs one of your favorite books","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5803s"},{"start_seconds":5810,"text":"and it could be be different to the last time that you read it and you wouldn't even necessarily know data breaches another big problem","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5810s"},{"start_seconds":5820,"text":"with this closed centralized Paradigm right is that these enormous organizations and platforms including","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5820s"},{"start_seconds":5828,"text":"both technological and traditional say like traditional financial institutions as we know they gather huge amounts of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5828s"},{"start_seconds":5836,"text":"very sensitive personal data as part of how they police and Gat keep access to these Goods Services right and this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5836s"},{"start_seconds":5843,"text":"creates enormous data breach risks and actually between March 21 and February 22 there were over 42 million records","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5843s"},{"start_seconds":5852,"text":"exposed by data breaches which is enormous and and that's just the tip of the iceberg right the you know we we see new new stories of of additional","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5852s"},{"start_seconds":5860,"text":"security lapses and breaches almost every single day it feels like and and these things seriously harm individuals right with identity theft and financial","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5860s"},{"start_seconds":5868,"text":"loss and all the rest it it can it can truly destroy people's lives and I'm also just on this topic going to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5868s"},{"start_seconds":5875,"text":"take a very quick kind of sidebar right and just raise the topic of kyc AML and and sanctions checks which is a bit of a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5875s"},{"start_seconds":5884,"text":"you know a bit of a boogeyman to the to the web through crypto Community right and by those by the way you know kyc is know your customer AML anti-money","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5884s"},{"start_seconds":5891,"text":"laundering and sanctions checks right and these are checks that that organizations do in order to verify the identity of your counterparty or maybe","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5891s"},{"start_seconds":5900,"text":"your customer right and the policy outcome of that process is to try and validate that your counterparty is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5900s"},{"start_seconds":5908,"text":"legitimate and isn't a criminal trying to bring criminal proceeds um into the financial system and I think look that's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5908s"},{"start_seconds":5916,"text":"a worthwhile an important policy outcome but of course the way that these processes are run at the moment is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5916s"},{"start_seconds":5923,"text":"extraordinarily outdated and dangerous you have copies of passports and utility bills and bank statements flying around the internet and being stored very","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5923s"},{"start_seconds":5932,"text":"poorly and all that it does is expose users to risks privacy and security and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5932s"},{"start_seconds":5940,"text":"I think you know one of the really important things to recognize is actually that in web 3 today we have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5940s"},{"start_seconds":5947,"text":"technology to do this process better right things like zero knowledge proves where you can do these types of identity verifications without having to expose","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5947s"},{"start_seconds":5956,"text":"people's sensitive information and so that means you're getting not just the same policy outcomes but actually better","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5956s"},{"start_seconds":5963,"text":"ones right more enhanced protection not creating all of these risks another great","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5963s"},{"start_seconds":5971,"text":"example app stores right web to App Stores particularly the Apple Store Right famously High commission 30% so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5971s"},{"start_seconds":5978,"text":"hard for projects even to get admitted right and of course Apple sets the rules of the game it decides which which apps","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5978s"},{"start_seconds":5986,"text":"which projects it wants to allow in it can arbitrarily change the rules and kick apps out you know we know metamask was was booted out for a brief period of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5986s"},{"start_seconds":5994,"text":"time and then let back in a couple of weeks ago but I also you know the examples I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=5994s"},{"start_seconds":6002,"text":"just talked through they're quite specific right and I I wanted to take a step back and for us to think about the broader impact of this closed Paradigm","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6002s"},{"start_seconds":6012,"text":"right on on our society as a whole so for example right there are 1.7 billion adults are currently unbanked and as I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6012s"},{"start_seconds":6020,"text":"said traditional Financial system it is the Paragon of closed permissioned","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6020s"},{"start_seconds":6028,"text":"approach inequality continues to Grow Again underpinned by this closed","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6028s"},{"start_seconds":6035,"text":"permissioned approach and if you look at this and there's plenty of other data on this the concentration of wealth and the levels of wealth inequality are actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6035s"},{"start_seconds":6044,"text":"the highest that they have ever been in in the history of records that we have right the previous time that we were even close to this level was on the eve","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6044s"},{"start_seconds":6053,"text":"of World War I and we know what happened after that and lastly and maybe most","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6053s"},{"start_seconds":6062,"text":"importantly polarization right so we talked about how these permission systems you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6062s"},{"start_seconds":6069,"text":"they optimize for Pure attention and by pure attention I mean that these platforms they don't care what kind of attention it is they don't","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6069s"},{"start_seconds":6078,"text":"care if it's attention to truthful content right or credible content they don't care if it's high quality attention they just want eyeballs on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6078s"},{"start_seconds":6088,"text":"screens and the result of that is that these systems intentionally or not they have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6088s"},{"start_seconds":6095,"text":"the effect of enhancing the spread of misinformation and therefore increasing social and political polarization and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6095s"},{"start_seconds":6102,"text":"there's some great research on on this topic um that I'd recommend anyone with an interest in this to look at there's a great paper from MIT back in 2018 that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6102s"},{"start_seconds":6110,"text":"that analyzed how false and truthful news stories spread on Twitter right and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6110s"},{"start_seconds":6117,"text":"this this data demonstrated that actually false news stories are 70% more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6117s"},{"start_seconds":6124,"text":"likely to be retweeted than true stories which is crazy when you think about it right and it actually takes true stories","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6124s"},{"start_seconds":6133,"text":"six times as long to re to reach 1500 people as it does for false stories to reach the same number of people and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6133s"},{"start_seconds":6141,"text":"that's that kind of blows my mind to be honest right that there is an inbuilt bias to falsehood and misinformation right and we see the impact and the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6141s"},{"start_seconds":6150,"text":"outcome of that every single day and this is a great example right where the median Democrat and the median Republican have become more divided and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6150s"},{"start_seconds":6159,"text":"more polarized than at any point again in in the history of of these","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6159s"},{"start_seconds":6166,"text":"records so needless to say right the world does feel like we're at a bit of an inflection point and maybe even a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6166s"},{"start_seconds":6174,"text":"precipice of sorts across many different areas and many many different dimensions as well right and the closed permission","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6174s"},{"start_seconds":6182,"text":"Paradigm has intentionally or not been playing an enormous part in either causing or amplifying these issues and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6182s"},{"start_seconds":6192,"text":"this is a pretty pretty bleak list here right political and social polarization erosion of trust in everything geopolitical instability Etc right it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6192s"},{"start_seconds":6201,"text":"it's it's not a nice it's not a nice read and the trouble is at the moment governments and big corporations you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6201s"},{"start_seconds":6210,"text":"know the only Paradigm they know is this closed permission Paradigm so when they think about how to to try and meet and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6210s"},{"start_seconds":6218,"text":"overcome all of these challenges that we were just talking about they only know one way to do that right the closed web","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6218s"},{"start_seconds":6224,"text":"way and so this typically results results in increased control additional emissions and increased centralization","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6224s"},{"start_seconds":6233,"text":"and of course that's just a negative feedback loop it just further enhances and amplifies all of those issues that we were talking","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6233s"},{"start_seconds":6241,"text":"about and again right now the closed web like we said is extraordinarily dominant and the permission systems and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6241s"},{"start_seconds":6249,"text":"infrastructure on which it relies extraordinarily dominant and actually set to become even more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6249s"},{"start_seconds":6256,"text":"dominant right as AI is deployed in a closed web environment and this is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6256s"},{"start_seconds":6262,"text":"happening right now and frankly the same should be said of blockchain right","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6262s"},{"start_seconds":6269,"text":"blockchain can exist in a lot of different ways both in an open and closed permissioned permissionless","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6269s"},{"start_seconds":6276,"text":"environment right so blockchain can be used to form the basis for example of a pervasive surveillance infrastructure","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6276s"},{"start_seconds":6284,"text":"right where every aspect of Our Lives is monitored and tracked maybe it's monitored and maintained by AI you know and that sounds a lot to me like a a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6284s"},{"start_seconds":6293,"text":"dystopia right and I think that's a genuinely non-trivial possibility I agree this is all starting","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6293s"},{"start_seconds":6301,"text":"to sound a little bit Bleak right so what to do so right now it feels like you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6301s"},{"start_seconds":6308,"text":"the past state that we're in it doesn't feel sustainable right at least certainly not to me but looking forward there is a huge amount of optimism and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6308s"},{"start_seconds":6317,"text":"promise but also we have similar risks and similar dangers but now we actually have the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6317s"},{"start_seconds":6324,"text":"tools right in this room at this conference in this industry to do","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6324s"},{"start_seconds":6331,"text":"better and I actually think we have an obligation to do better in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6331s"},{"start_seconds":6337,"text":"fact but we can we can with an open web right that is the corrective to all of these issues that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6337s"},{"start_seconds":6346,"text":"we've just been talking through right and it's it's right here it's at our fingertips it's it's happening right now and as we said an open web it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6346s"},{"start_seconds":6355,"text":"built on permissionless autonomous systems so let's break down what we mean by those two terms right so starting","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6355s"},{"start_seconds":6364,"text":"with permissionless so by permissionless we mean that these systems can be used by anyone anywhere at any time right no one","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6364s"},{"start_seconds":6373,"text":"controls how they're accessed or used they operate on a peer-to-peer peer- to system or system to system basis and that's it anyone can use","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6373s"},{"start_seconds":6382,"text":"them and by autonomous we mean that the operation of these systems is internally consistent and predefined by a set of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6382s"},{"start_seconds":6390,"text":"rules that operate in the same way for everybody and those rules will continue to operate in the same way consistently","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6390s"},{"start_seconds":6398,"text":"without any influence by external third parties right and that quality this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6398s"},{"start_seconds":6405,"text":"autonomous it enables censorship resistance which is vital but but also true data ownership and portability like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6405s"},{"start_seconds":6413,"text":"we were talking about earlier and again a quick little sidebar thinking about true property ownership right and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6413s"},{"start_seconds":6422,"text":"property rights in general they're very special and unique because unlike just about any other type of legal right a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6422s"},{"start_seconds":6429,"text":"property right you can enforce against the entire world against anybody it's a very powerful thing right whereas contractual relationships licenses which","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6429s"},{"start_seconds":6438,"text":"are a form of contractual relationship usually you can only enforce those against your contractual counterparty right so they're nowhere near as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6438s"},{"start_seconds":6445,"text":"meaningful they're nowhere near as powerful now the other great thing about","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6445s"},{"start_seconds":6451,"text":"these open permissionless systems right is that they can be designed to incentivize something other than pure attention or profit right and we can","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6451s"},{"start_seconds":6460,"text":"Implement them in a way that enables contributors and users to be fairly rewarded for the value and the effort","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6460s"},{"start_seconds":6468,"text":"that they put in but we ALS also need to recognize and this is one of the biggest challenges I think that we've faced as an industry that we need to make sure","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6468s"},{"start_seconds":6476,"text":"that we give folks a reason to use this technology right we need to make the case effectively we need to match these","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6476s"},{"start_seconds":6484,"text":"Web Two services for convenience the user experience and for power and I think we're making great strides towards","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6484s"},{"start_seconds":6492,"text":"doing that but I think it's pretty clear right that the essential component here that underpins this open web vision","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6492s"},{"start_seconds":6501,"text":"and this optimistic view of the future is permissionless autonomous infrastructure just like the near","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6501s"},{"start_seconds":6510,"text":"ecosystems open web stack now IL is going to be discussing this later so I'm not going to steal his Thunder I would not dream of doing that to Ilia but what","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6510s"},{"start_seconds":6519,"text":"I will do instead is talk a little bit about how at the foundation we think about supporting an open web ecosystem","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6519s"},{"start_seconds":6528,"text":"right and you'll see here we think about three three critical areas or buckets um that we think all need to be functioning","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6528s"},{"start_seconds":6536,"text":"in Harmony and sustainably for this ecosystem and for an open web to become a reality right so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6536s"},{"start_seconds":6543,"text":"Founders assets an ecosystem so let's start with","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6543s"},{"start_seconds":6550,"text":"Founders right these are the brilliant entrepreneurs and and the Risk Takers that are helping us to build the open web right and revolutionizing how they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6550s"},{"start_seconds":6558,"text":"offer products and services to their users and their customers right and it is their dedication it is their Brilliance and their hard work that is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6558s"},{"start_seconds":6567,"text":"helping to build the open web and actually solve real world problems like I said give people a reason to use this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6567s"},{"start_seconds":6576,"text":"amazing technology and understand the value and the empowerment that it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6576s"},{"start_seconds":6583,"text":"brings the second area is assets right we want Founders and and projects and Builders to come and generate new assets","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6583s"},{"start_seconds":6592,"text":"and new value in our ecosystem right and that will bring additional capital and additional backers and probably","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6592s"},{"start_seconds":6601,"text":"additional Founders and additional projects and users into the ecosystem right and this has the possibility of creating a a virtuous circle right that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6601s"},{"start_seconds":6610,"text":"can enable Founders and Builders to create new projects and also to support the ongoing economic health and vibrancy of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6610s"},{"start_seconds":6618,"text":"ecosystem and and you know again with without all of these three pieces working together we're not going to be","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6618s"},{"start_seconds":6626,"text":"successful so now coming lastly to the ecosystem and in some ways right this is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6626s"},{"start_seconds":6634,"text":"what underpins everything else that we're that we're doing right because the ecosystem it includes that open webstat that IL is going to talk about more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6634s"},{"start_seconds":6642,"text":"right the permissionless autonomous infrastructure that we absolutely have to have right that makes everything within an open web Paradigm possible but","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6642s"},{"start_seconds":6652,"text":"of course it also consists of everyone here in this room and everyone else across the ecosystem this amazing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6652s"},{"start_seconds":6659,"text":"vibrant ecosystem that we have and all of these enormously talented Founders and and Builders you know leveraging that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6659s"},{"start_seconds":6668,"text":"technology and making use of those assets and that value flowing into the ecosystem to build new projects to bring","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6668s"},{"start_seconds":6674,"text":"value to their uses and ultimately to build an open web and so the ecosystem is where all of this stuff comes","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6674s"},{"start_seconds":6682,"text":"together right and that is why the foundation's mission has always been to support the ongoing growth and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6682s"},{"start_seconds":6690,"text":"development of an autonomous and decentralized near ecosystem and therefore by extension an open web and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6690s"},{"start_seconds":6699,"text":"you know at the foundation we are unequivocally laser focused and committed to bringing our considerable","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6699s"},{"start_seconds":6707,"text":"resources to bear in support of this open web mission right and we believe that together all of us here in this room not just us at","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6707s"},{"start_seconds":6714,"text":"the foundation but as an ecosystem and frankly as an industry we have an opportunity to make","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6714s"},{"start_seconds":6721,"text":"this open web Vision a reality and like I said earlier this is not just an an opportunity right I think it's also an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6721s"},{"start_seconds":6729,"text":"obligation that we have to do this right to make this a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6729s"},{"start_seconds":6735,"text":"reality so look on that note I wanted to thank you for listening and I wanted to to ask you to join me to step into and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6735s"},{"start_seconds":6744,"text":"to help build and support an open web at this near year uh this year's ncon so thank you very much everybody for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6744s"},{"start_seconds":6766,"text":"listening all right uh we we heard from the the audience that uh the Encon QR codes weren't being left up","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6766s"},{"start_seconds":6774,"text":"long enough so we're going to leave them up here we've made them less blurry and you can keep stacking up that and con","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6774s"},{"start_seconds":6782,"text":"so with that um we're moving on to uh our next panel and I'm going to need a slide","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6782s"},{"start_seconds":6791,"text":"here oh it's a break oh even better it's a break all right so uh get the stack the Enon enjoy enj a little bit of a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6791s"},{"start_seconds":6800,"text":"break and we'll come back and uh hopefully I get a slide next time to tell me that that's uh that's what's happening appreciate it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6800s"},{"start_seconds":6828,"text":"everybody","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=6828s"},{"start_seconds":7038,"text":"n","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7038s"},{"start_seconds":7188,"text":"I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7188s"},{"start_seconds":7248,"text":"n","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7248s"},{"start_seconds":7278,"text":"a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7278s"},{"start_seconds":7308,"text":"a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7308s"},{"start_seconds":7367,"text":"w","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7367s"},{"start_seconds":7427,"text":"oh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7427s"},{"start_seconds":7457,"text":"yeah","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7457s"},{"start_seconds":7697,"text":"right","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7697s"},{"start_seconds":7727,"text":"he","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7727s"},{"start_seconds":7757,"text":"oh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7757s"},{"start_seconds":7817,"text":"n","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7817s"},{"start_seconds":7937,"text":"yeah","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7937s"},{"start_seconds":7967,"text":"yeah","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=7967s"},{"start_seconds":8056,"text":"yeah","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8056s"},{"start_seconds":8086,"text":"yeah","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8086s"},{"start_seconds":8356,"text":"oh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8356s"},{"start_seconds":8690,"text":"please welcome back near foundations Abby Shake V","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8690s"},{"start_seconds":8699,"text":"nothing all right I'm back and uh we need people in the room so uh let's get everybody back we've got","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8699s"},{"start_seconds":8708,"text":"another incredible session coming uh we've got level up how Asia is driving web 3 gaming so ladies and gentlemen I'm","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8708s"},{"start_seconds":8717,"text":"sure we're all very excited for this session we've got Mark me who's the head of gaming in our business development team at the near Foundation moderating this session tell your friends tell","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8717s"},{"start_seconds":8727,"text":"everybody to get out of the uh the other places in the and and and come to join this session so we're really looking forward to it I'll welcome Mark to the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8727s"},{"start_seconds":8735,"text":"stage right now give him a round of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8735s"},{"start_seconds":8745,"text":"applause","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8745s"},{"start_seconds":8758,"text":"all right can everyone hear me today I I I I hope everyone's back from from their lunch so uh please come back but anyways","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8758s"},{"start_seconds":8766,"text":"uh hello everyone my name is Mark me I am a uh director of uh Business Development uh here at near foundation","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8766s"},{"start_seconds":8774,"text":"and I also lead the gaming sector and and uh work closely within the Asia side just because I live in Asia as well um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8774s"},{"start_seconds":8782,"text":"and so we have a very exciting panel today and would love for you know everyone to maybe introduce themselves","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8782s"},{"start_seconds":8788,"text":"and why don't we start with uh Hannah at the end hi guys I'm Hannah I'm the marketing director at marble X so a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8788s"},{"start_seconds":8797,"text":"brief intro on marble X marble X is a gaming blockchain Service Company having its headquarters in Korea's number one g","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8797s"},{"start_seconds":8806,"text":"gaming publisher called net marble so we mostly integrate our blockchain services","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8806s"},{"start_seconds":8813,"text":"to our own um published games but we're only integrating blockchains our","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8813s"},{"start_seconds":8820,"text":"blockchains to high quality games and that's what Marx does","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8820s"},{"start_seconds":8827,"text":"thanks okay hi um I'm Jay J hunai Lee and uh I'm the co-founder of the PEX","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8827s"},{"start_seconds":8835,"text":"gaming gaming is the the content driven Gamers Community uh initiated by the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8835s"},{"start_seconds":8842,"text":"company called invent which is uh based in sou Korea and inven has been operating inven is the largest Gamers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8842s"},{"start_seconds":8851,"text":"Community like Web Two Gamers community in Korea and at the same time we are the most influential game media in Korea too","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8851s"},{"start_seconds":8861,"text":"so we've been operating invent um past 18 years and uh the Kno hows and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8861s"},{"start_seconds":8867,"text":"knowledges like you know that we have we acquired like past 18 years we want to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8867s"},{"start_seconds":8874,"text":"plug that into web 3 space and politic politic gaming is all about that and politic gaming is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8874s"},{"start_seconds":8882,"text":"a new gaming oriented uh social media that unifies web two and web 3 gaming","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8882s"},{"start_seconds":8890,"text":"contents and The Gamers all together in a single space lastly we have H Scott from uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8890s"},{"start_seconds":8899,"text":"hello everyone my name is Scott I'm a general manager of new Korea Hub uh we launched last year um around this time","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8899s"},{"start_seconds":8906,"text":"uh it's been a year now since we run uh Regional hubs of a New York Korea Hub and we are very focused on bringing a lot of uh Web Two gaming companies","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8906s"},{"start_seconds":8915,"text":"Enterprises um to AI a mass adoption and uh I'm glad to have our onboarding partners such as portex gaming and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8915s"},{"start_seconds":8923,"text":"marlex so we are closely working with our partners you know making sure that you know they get brand awareness uh they get the cool marketing and then","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8923s"},{"start_seconds":8930,"text":"they get support what we need and then uh especially Korea Hub has a dep team so we actually do provide tech support to our partners uh I think that kind of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8930s"},{"start_seconds":8939,"text":"differentiates uh from other chains that you know that's how we own board and work with our partners thank you thank","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8939s"},{"start_seconds":8946,"text":"you for that so yeah really excited because today I think we have various angles bring in kind of the the view of kind of the Asia Market specifically","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8946s"},{"start_seconds":8954,"text":"within gaming right we have Gam developers we have the game community and we have someone focus on developing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8954s"},{"start_seconds":8961,"text":"the the you know Asia region right so you know today's topic is how is Asia driving web 3 gaming so so why don't we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8961s"},{"start_seconds":8968,"text":"start with that why don't we start with you know what's the view on the current you know gaming market right within Asia","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8968s"},{"start_seconds":8976,"text":"and you know how has development kind of uh you know been driving so who wants to anyone Scott you want to talk a little","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8976s"},{"start_seconds":8985,"text":"bit more on just the Asia landscape apape and and and maybe kind of some background within how Asia has really been a leader within the you know Drive gaming Innovation yeah how many people","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8985s"},{"start_seconds":8993,"text":"here play games mobile games anything console PC yes so Korea started around","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=8993s"},{"start_seconds":9001,"text":"1990 uh with the PC games uh console games and then I think around 2010 uh after iPhone launched I think Mobile","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9001s"},{"start_seconds":9009,"text":"gaming really kicked off and uh some of the big names you know from Korean gaming companies are n marble um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9009s"},{"start_seconds":9017,"text":"Nexon uh nail uh Crafton so I mean we do have a lot of you know um uh many of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9017s"},{"start_seconds":9025,"text":"RPG games kind of you create a hype and free toplay model and then this uh Korean gaming companies are unique","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9025s"},{"start_seconds":9032,"text":"because they're very open to web3 so Koreans are usually very fast adopting new technologies and try with the uh blockchain and then they actually around","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9032s"},{"start_seconds":9041,"text":"2020 2021 they started adopting or creating their um platform form such as Marvel X um so I think um Korean gamings","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9041s"},{"start_seconds":9050,"text":"are very bold on web 3 and I truly believe that uh Mass adoption will come from the gaming so um I think we are way","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9050s"},{"start_seconds":9060,"text":"ahead of us actually us has a big companies like you know blizzard uh EA Sports but I think Korean gaming companies are more keen to uh try new","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9060s"},{"start_seconds":9069,"text":"things making sure uh we three gamings are are alive that that's very complete thank you for that Scott did uh Hannah or Jay","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9069s"},{"start_seconds":9078,"text":"want to talk a little bit about this okay I want to add in like few more points like being in the gaming industry for past 20 years like uh like I I have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9078s"},{"start_seconds":9087,"text":"seen the histories like how it evolved so evaluating the entire Asian gaming market like outside of Korea that's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9087s"},{"start_seconds":9096,"text":"beyond my knowledge but speaking of the Korean gaming Market industry Koreans like we made a quite significant like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9096s"},{"start_seconds":9105,"text":"significant uh the contribution in the history of gaming and uh innovation of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9105s"},{"start_seconds":9112,"text":"Korean like gaming like it can be divided into two different","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9112s"},{"start_seconds":9117,"text":"era uh in the in two in 2000s and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9117s"},{"start_seconds":9123,"text":"2010s in 2000s uh the there was this emergence of the Esports in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9123s"},{"start_seconds":9131,"text":"Korea and uh Starcraft and Starcraft 2 were the huge part of this and the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9131s"},{"start_seconds":9139,"text":"professional players like they have attained they have gained like celebrity status and uh the game matches like it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9139s"},{"start_seconds":9148,"text":"were televised and the drawing more even more audiences and uh it just became like one","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9148s"},{"start_seconds":9156,"text":"of the entertainment contents beloved by the entire country and in 2000s there was a the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9156s"},{"start_seconds":9165,"text":"emergence of peace online gaming as well so Korean uh developers started making","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9165s"},{"start_seconds":9171,"text":"world class games like lineage Ragnarok and maple","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9171s"},{"start_seconds":9177,"text":"story and going back to 2010s like uh the with the introduction of iPhone the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9177s"},{"start_seconds":9185,"text":"mobile game like became very popular and the concept of free of free","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9185s"},{"start_seconds":9192,"text":"to play was introduced to the market and while tradition game developers and Gamers like didn't really like this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9192s"},{"start_seconds":9199,"text":"change like Korean developers and Gamers like quickly adopted and embraced the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9199s"},{"start_seconds":9206,"text":"mobile gaming market so major Korean like game studios like uh entered into","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9206s"},{"start_seconds":9214,"text":"the mobile gaming Market early on and made quite successful","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9214s"},{"start_seconds":9220,"text":"games and in 2010s like also the Koreans are one of the the Pioneers in gacha","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9220s"},{"start_seconds":9228,"text":"which has became a stable uh monetization mechanism in thousands of games now in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9228s"},{"start_seconds":9236,"text":"2020s I feel that Korea is once again at the Forefront of the web three","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9236s"},{"start_seconds":9243,"text":"gaming thank you for that I I think uh you definitely kind of went into more of the the next question that I was going to ask as well is you know how has Korea","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9243s"},{"start_seconds":9251,"text":"LED but maybe taking a step back in terms of overall Asia I I think you know gaming has uh always driven a lot of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9251s"},{"start_seconds":9260,"text":"innovation and has attracted a lot of growing talent to build and develop within Asia you have the markets within Korea you have markets within Japan you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9260s"},{"start_seconds":9267,"text":"have markets within China that has spent a lot of time to develop you know to these really strong Studios and other countries within the region also has a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9267s"},{"start_seconds":9276,"text":"very strong retail market and users to play the games and that's why I think it's such an interesting and very big scope within a lot of the funds the gaming funds that are looking to develop","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9276s"},{"start_seconds":9284,"text":"and invest in it right and and so Hannah did you have anything else to add in terms of maybe either the Asia Market or even just specifically the Korea market","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9284s"},{"start_seconds":9293,"text":"I'll be a bit more General as these two have highlighted only Korea I'll be a bit more General on the whole of Asia so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9293s"},{"start_seconds":9303,"text":"Japan uh started a new trend in console gaming with huge companies like Nintendo Sega and sunny um also brought a new","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9303s"},{"start_seconds":9312,"text":"trend to Arcade arcade gaming in the 70s and 80s um bringing big Mega hit games","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9312s"},{"start_seconds":9319,"text":"like Pac-Man and um Super Mario Brothers and stuff like that Korea has been um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9319s"},{"start_seconds":9327,"text":"made gaming an actual Sports by bringing the birth of Esports gaming free to play","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9327s"},{"start_seconds":9335,"text":"games unlike Western countries um a new trend to mobile gamings that what's that's what we do in Marble Xs and met","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9335s"},{"start_seconds":9342,"text":"marble and such other things like that but I think think Asia's um growth it's you know it's not ending just here it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9342s"},{"start_seconds":9352,"text":"it's only starting now so I think everyone should uh keep uh looking forward to the APAC Region's gaming","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9352s"},{"start_seconds":9360,"text":"industry and you know look forward to that so so that's a great segue right uh we always say is it too late um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9360s"},{"start_seconds":9367,"text":"obviously I think what Hannah is saying it's still early within gaming at least web 3 gaming and and that's something that I I actually truly do believe","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9367s"},{"start_seconds":9376,"text":"um we have so many good titles developing and we haven't really seen one that's a sustainable model to grow and develop yet so I think you know this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9376s"},{"start_seconds":9384,"text":"is newcon we're here to talk about blockchain and crypto and and how that relates and so maybe let's segue from Gaming's General market to actually the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9384s"},{"start_seconds":9392,"text":"web 3 side right and and you know maybe uh Scott could start you know what do you think in terms of you know where we are at in terms of the web 3 gaming and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9392s"},{"start_seconds":9400,"text":"kind of how does Asia or Korea specifically kind of accelerate that yeah um I think it's very early um uh I talked to a lot of the CEOs from","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9400s"},{"start_seconds":9409,"text":"major gaming companies and they they they even though they have a lot of users conversion rate are usually from 10 to 20% so um the the mul problem is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9409s"},{"start_seconds":9419,"text":"that you know uh General users or players of the we two gamings uh they have suchal barriers to enter into web3 Market because of you know login","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9419s"},{"start_seconds":9427,"text":"experience you know creating a wallet or transferring their digital assets uh working with the nfts so uh these are Big hardles even they experiencing it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9427s"},{"start_seconds":9436,"text":"you know as they uh create web3 gaming so I think um there where that's where near uh kind of comes in uh we help them","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9436s"},{"start_seconds":9444,"text":"with the fast off and some of the easy onboarding experiences and we always tell them you know look uh it's very um near is a high throughput you know low","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9444s"},{"start_seconds":9452,"text":"cost and it's one of the best platforms to launch your game so uh I think it's been kind of proven uh to create a market and I think we are pushing more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9452s"},{"start_seconds":9461,"text":"gaming companies you know with the Vex gaming now we have a big community now we have a good uh IPS so um I think uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9461s"},{"start_seconds":9470,"text":"uh slowly slowly I think we are adopting into web3 gaming so so I love this uh clearly Scott has done a lot of business","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9470s"},{"start_seconds":9478,"text":"development for near year in Korea since he kind of has a lot of good selling points on you know the pros here so maybe Hannah can you talk a little bit","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9478s"},{"start_seconds":9486,"text":"more on you know why do you think Korea has been able to accelerate more the web 3 gaming versus other markets and um obviously speak from within either the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9486s"},{"start_seconds":9495,"text":"company you know your company or even just within the the industry itself um in Korea gaming is taken a lot","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9495s"},{"start_seconds":9504,"text":"more seriously compared to other regions over the world like for instance um I'm not sure you guys know what a PC bang","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9504s"},{"start_seconds":9512,"text":"means it's a facility that Koreans have it's a room it's it's basically an internet cafe but it's all over the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9512s"},{"start_seconds":9520,"text":"place more focused on gaming it's normal for like a teenage boy to go spend time in these PC buns like for about like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9520s"},{"start_seconds":9529,"text":"eight hours a day um not even talking to their girlfriend and that's one of the reasons they always get into a fight","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9529s"},{"start_seconds":9537,"text":"because they play too much games it's normal for teenage boys to wanting to take gaming as a real career and the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9537s"},{"start_seconds":9545,"text":"governments um support that in Korea and that's why I think Korea has been um accelerating in gaming and also web","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9545s"},{"start_seconds":9553,"text":"Street gaming so so I think you had point right there which is a culture right I think culture historically seems","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9553s"},{"start_seconds":9559,"text":"like uh um the Korean entrepreneurs have been very willing in terms of to innovate very willing to take risk and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9559s"},{"start_seconds":9567,"text":"try new things to see if they can make it and you can see this with kind of what Jay said earlier in terms of new business models with the freet to play","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9567s"},{"start_seconds":9574,"text":"more and and historically kind of what that's done right and and so I I find that to be very very interesting and maybe next we can step into more of like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9574s"},{"start_seconds":9583,"text":"maybe the Korea Gaming Community right and and how that relates to to I guess to developers in terms of building the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9583s"},{"start_seconds":9590,"text":"games right so so maybe Jay maybe you want to talk a little bit more about the uh Gaming Community so definitely like web three","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9590s"},{"start_seconds":9598,"text":"gaming like uh it has gained like interest and attention but compared to other sectors of the gaming industry","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9598s"},{"start_seconds":9606,"text":"like it is not as established but um given that like web3","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9606s"},{"start_seconds":9613,"text":"Gaming Community is um I mean it's emerging and evolving in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9613s"},{"start_seconds":9619,"text":"Korea but it's just the not there yet like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9619s"},{"start_seconds":9624,"text":"but uh the and the dominant web3 Gaming Community is currently","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9624s"},{"start_seconds":9632,"text":"absent and just like any other countries like in Korean web gaming the community","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9632s"},{"start_seconds":9638,"text":"is fragmented and Scattered on Discord Twitter like telegrams so this where we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9638s"},{"start_seconds":9646,"text":"want to kick in I mean Forex cing like we want to kick into that area and uh we want to make a breakthrough MH so so I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9646s"},{"start_seconds":9655,"text":"think it's very very interesting kind of what what Vortex kind of is trying to achieve here I mean they're basically coming in you know we we have a few","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9655s"},{"start_seconds":9662,"text":"projects for example you know the top projects on near our building kind of these web 2.5 right basically I already have a platform with millions of users","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9662s"},{"start_seconds":9671,"text":"and onboarding them to web 3 and in a way that's you know what Vortex is doing right they're they're utilizing the parent company invent and and seemingly","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9671s"},{"start_seconds":9679,"text":"kind of providing a new experience new model and really onboarding them to be able to provide I guess more value and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9679s"},{"start_seconds":9686,"text":"engagement to their users so um yeah Scott do you have anything you know to add within the kind of web 3 gaming","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9686s"},{"start_seconds":9693,"text":"community and within Asia or just Korea yeah um so um I think Jay explained it very well that it's uh it's kind of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9693s"},{"start_seconds":9701,"text":"shame that we still using vcore uh as a community platform and um I mean Jay has experienced that inent is a is a one of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9701s"},{"start_seconds":9708,"text":"the you know biggest gaming community in Korea and media uh they're actually they m is great diu if you look at invents you know the metrics it's it's it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9708s"},{"start_seconds":9717,"text":"amazing so I mean they're they're trying to figure out you know how they can gather all these scattered and siloed","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9717s"},{"start_seconds":9724,"text":"communities into one so the players or users uh can kind of you know uh make a social uh and then they can actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9724s"},{"start_seconds":9731,"text":"communicate within the one platform I think that's the beauty of protex Gaming and just um just to elaborate more I think the web3 Gaming Community uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9731s"},{"start_seconds":9740,"text":"should be the pillar uh and the core of our gaming because it's the whole point about this you know blockchain is is to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9740s"},{"start_seconds":9746,"text":"communicate uh in a transparency manner so I think um uh Vortex gaming probably next year I'm very bold that you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9746s"},{"start_seconds":9755,"text":"they going to take the whole uh web3 Gaming Community in Korea awesome so talking about web 3 gaming Community I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9755s"},{"start_seconds":9764,"text":"think it's only fair to actually talk about how does that really work right uh a lot of questions we always get is or","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9764s"},{"start_seconds":9771,"text":"ask as well is why does it need to be on the blockchain right like like what does it really add value um is it is it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9771s"},{"start_seconds":9778,"text":"something that we're actually that we need right and obviously I would say I definitely put a lot of thought into this personally on how we can create","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9778s"},{"start_seconds":9786,"text":"value why it's valuable but I I think you know especially these Builders as well as Scott you know definitely I guess question why do you think you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9786s"},{"start_seconds":9795,"text":"how does blockchain fit and then why uh you know why would you utilize it and things like that Hannah can you yeah I think it's about the ownership and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9795s"},{"start_seconds":9802,"text":"sharing the profits or Revenue uh uh shares with with the users I think um I used to play lineage uh uh by an soft","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9802s"},{"start_seconds":9811,"text":"and you know I think Korea loves playing RPG but um it's not you're not really owning your items it's it's companies it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9811s"},{"start_seconds":9819,"text":"belongs to companies and you actually uh can trade this you know buy and sell this uh gaming items uh through uh Black","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9819s"},{"start_seconds":9826,"text":"Market with gray Market but it's all about the transparency where uh uh gaming companies actually can take some uh revenues uh by charging them uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9826s"},{"start_seconds":9835,"text":"commissions and they can actually bring that you know cleer area into you know a more brighter area and then you're actually uh telling your users that look","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9835s"},{"start_seconds":9844,"text":"it's items is yours and it's in your wallet I think it's all about giving back to users uh and and then uh being transparent with users so um I think","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9844s"},{"start_seconds":9853,"text":"that's a whole point why they should definitely adopt blockchain okay Hannah did you want to add anything yeah um I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9853s"},{"start_seconds":9862,"text":"think gaming is the next Tipping Point for blockchain um Mass adoption just by sharing some of our kpis but before I go","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9862s"},{"start_seconds":9871,"text":"into that why don't you guys search up some of our games onto your app stores and then after you played it sometimes","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9871s"},{"start_seconds":9879,"text":"today why don't you come find me and we can talk about this so go to your app stores uh um let's search in meta my","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9879s"},{"start_seconds":9888,"text":"city which is one of our most recent games or you could do nouni crosswells n","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9888s"},{"start_seconds":9895,"text":"i n o k u n i and then we could talk again well I'll go through the kpis um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9895s"},{"start_seconds":9902,"text":"yoi crossworlds it's a large MMO RPG based on Studio Dre Bri I'm sure most of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9902s"},{"start_seconds":9910,"text":"you are familiar with that studio from Japan Studio G PR and level five's IP so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9910s"},{"start_seconds":9918,"text":"we have achieved a lot of kpis just by integrating blockchain because we had achieved number one position in Google","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9918s"},{"start_seconds":9926,"text":"sales in Japan Korea and Taiwan after blockchain integration we achieved top 10 in Google sales in North America","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9926s"},{"start_seconds":9934,"text":"which is huge for a APAC company like us um A3 still alive it's a MMO RPG based","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9934s"},{"start_seconds":9942,"text":"on Battle Royale PVP comp content um after integrating blockchain we actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9942s"},{"start_seconds":9950,"text":"increased users about 62% and lastly for metaal my city which","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9950s"},{"start_seconds":9958,"text":"is our most recent product um it's a monopoly based board game metaverse game which is really fun to play it's one of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9958s"},{"start_seconds":9966,"text":"my favorite we T we um achieved top Google sales in Taiwan Korea Thailand","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9966s"},{"start_seconds":9975,"text":"Indonesia most of APAC was blockchain integration so just by looking at our marvelous kpis you can see how","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9975s"},{"start_seconds":9982,"text":"blockchain and gaming are so compatible no uh thank you for those actual case set examples I wasn't wasn't","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9982s"},{"start_seconds":9991,"text":"actually sure that you're going to say that I was going to go more with the theoretical so J Jay do you have anything else to add on that yes like our I'm going to share my um opinion","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=9991s"},{"start_seconds":10001,"text":"from the community's like perspectives perfect I mean obviously like I'm in the web business so I think the blockchain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10001s"},{"start_seconds":10009,"text":"is a perfect technology for especially for games and my personal conviction goes","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10009s"},{"start_seconds":10015,"text":"like even beyond that like I believe like soon Gamers will not like differentiate uh from web two games and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10015s"},{"start_seconds":10024,"text":"web three games and refer just you know refer to them just as a games like that that is my","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10024s"},{"start_seconds":10032,"text":"conviction and uh the traditional the problem right now in the market is that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10032s"},{"start_seconds":10038,"text":"traditional Gamers like Web Two Gamers they rather like treat blockchain games","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10038s"},{"start_seconds":10045,"text":"as a investment vehicle not as a like you know the genuine like means of enjoyment that is the problem that we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10045s"},{"start_seconds":10054,"text":"see like from the community angle but I think this is natural like looking back","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10054s"},{"start_seconds":10061,"text":"to the past like in 2000s like when PC online was booming in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10061s"},{"start_seconds":10068,"text":"2010s like mobile game was booming like there's always individuals with a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10068s"},{"start_seconds":10074,"text":"negative view on like new developments so I think this is Perfectly Natural and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10074s"},{"start_seconds":10082,"text":"like here we are like 2023 like hardly anyone has negative perception on games right especially","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10082s"},{"start_seconds":10090,"text":"mobile games like it just became the integral part of our everyday life so I think blockchain game like webd gaming","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10090s"},{"start_seconds":10099,"text":"is going through the exactly same process now and uh substantial number of Gamers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10099s"},{"start_seconds":10108,"text":"right now uh has a negative perception on I mean the the who haven't even tried","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10108s"},{"start_seconds":10115,"text":"like web three games but they do have negative outlook on web three games","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10115s"},{"start_seconds":10122,"text":"so like improving such negative perception is a key and it's the mission of the vortex","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10122s"},{"start_seconds":10130,"text":"gaming like at the vortex gaming at a higher level like what we are trying to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10130s"},{"start_seconds":10136,"text":"achieve is like we want to break down this psychological barriers like the The Gamers uh trying","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10136s"},{"start_seconds":10147,"text":"like web three games I think uh the the we like from the from our past","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10147s"},{"start_seconds":10154,"text":"experiences is like on the building successfully building the web 2 Gaming Community in Korea we believe the key to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10154s"},{"start_seconds":10162,"text":"building like organic and sustainable Gaming Community like it lies in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10162s"},{"start_seconds":10168,"text":"Contents and so at Vex gaming like we're going to be uh unifying web 2 and web 3","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10168s"},{"start_seconds":10176,"text":"gaming contents and Gamers all together in a single space and we're going to be continuously exposing users to the web 3","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10176s"},{"start_seconds":10184,"text":"game contents and we're going to be facilitating like communication between web two and web 3 users and we believe","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10184s"},{"start_seconds":10193,"text":"that will be uh instrumental like to achieve our goal okay thank you for that I think you hit on so many great points","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10193s"},{"start_seconds":10201,"text":"that you know in this past year of of looking within the gaming market and Industry and following web 3 that that you hit on right I think you know I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10201s"},{"start_seconds":10210,"text":"would say at last nearon everyone is still talking you know the a huge gap between web 2 Gaming and web 3 gaming","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10210s"},{"start_seconds":10217,"text":"and now it's not really about that it's just generally about gaming right the market is so competitive what are you trying to do you're actually trying to create a game you know game developers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10217s"},{"start_seconds":10225,"text":"are trying to create a game that people will play right and from there then it's more of the features the game play you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10225s"},{"start_seconds":10233,"text":"know how things are gamified and and and and you know how blockchain fits into that and I think it's pretty exciting that Jay hit hit on a lot of points","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10233s"},{"start_seconds":10241,"text":"right one is the negative you know either connotation or The View of blockchain and how it's used but you know if we do it Tastefully if we if it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10241s"},{"start_seconds":10248,"text":"makes sense then I think there's really a strong opportunity to really have that first sustainable game that everyone","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10248s"},{"start_seconds":10256,"text":"plays because they like the IP because they like the content they onboard easily and they play it and then they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10256s"},{"start_seconds":10263,"text":"realize oh man you're already in web 3 right you're you're utilizing the chain and most of the people don't know it so I I do expect and you know hope to see","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10263s"},{"start_seconds":10271,"text":"something like that in the near future um maybe the last part you know since since this is newcon would love to for the projects themselves maybe to speak","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10271s"},{"start_seconds":10279,"text":"about kind of this their experiences in in terms of you know of near right near protocol near Foundation the near","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10279s"},{"start_seconds":10286,"text":"ecosystem I mean you know I I I know uh in terms of your guys' product development you guys are you know haven't really launched yet but could","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10286s"},{"start_seconds":10294,"text":"speak to a little background on on just your experiences and understanding of of of the tech or or the ecosystem and things like that maybe uh what we'll","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10294s"},{"start_seconds":10301,"text":"have Hannah want to start off with that um it's been such a pleasure to work with the near team um first of all near","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10301s"},{"start_seconds":10308,"text":"is one of the uh you know one of those webstory companies that has a real Mission not only integrating blockchain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10308s"},{"start_seconds":10317,"text":"to a lot of projects they're really about um linking real life and blockchain which is one of Marvel X's um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10317s"},{"start_seconds":10326,"text":"kpi and road map so that's why we're great Partners but um in addition among other web project","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10326s"},{"start_seconds":10335,"text":"now near Korea Hub has been amazing team to work with because they have a real","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10335s"},{"start_seconds":10342,"text":"interest in the APAC market and the Asian market they're very serious about linking the Western and the Eastern","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10342s"},{"start_seconds":10349,"text":"World in blockchain and it's been such a pleasure to just work with Scott and Mark and I see a few Korean Hub members","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10349s"},{"start_seconds":10357,"text":"here and it's been such a pleasure I second","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10357s"},{"start_seconds":10363,"text":"that all then then uh Scott did you want to maybe talk about more on you know we have a lot of Builders here at nearon um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10363s"},{"start_seconds":10371,"text":"and maybe how Asian market can maybe work with them and kind of what the opportunities be you know uh you know if you guys","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10371s"},{"start_seconds":10379,"text":"joined a little bit later Scott leads our Korea Hub um obviously gaming is is not their only mandate and only focus","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10379s"},{"start_seconds":10387,"text":"but that is something that you know they they worked heavily on just mainly due to the Korean market so so Scott you know now that we have a little bit more people here I would love for you maybe","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10387s"},{"start_seconds":10394,"text":"talk a little bit more about maybe what the opportunities might be for you to kind of support and work with that yeah Korea is good at uh creating contents","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10394s"},{"start_seconds":10402,"text":"IPS if you look at Netflix you know we have a lot of Korean drama series you know movies um um and we have a great","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10402s"},{"start_seconds":10409,"text":"Builders um I think why Korea gaming is so strong not only nation Market but globally is that we have such strong","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10409s"},{"start_seconds":10416,"text":"Builders and uh on top of that I think um near provides such a a good you know uh strong technical feature such as fast","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10416s"},{"start_seconds":10424,"text":"TS met transactions and you know function call Keys uh utilizing this you know technical features I think um Korea","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10424s"},{"start_seconds":10431,"text":"should be really driving this web3 GL uh uh gaming in the global market um I'm I'm glad that Japanese is opening up","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10431s"},{"start_seconds":10439,"text":"their market and they have a lot of content and IP historically they've been very known uh for the good gamings and so when we match with their uh content","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10439s"},{"start_seconds":10448,"text":"and our Builders and um uh good companies like you know NE marble um Vortex gaming I think we can certainly create a a a lead and take the lead in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10448s"},{"start_seconds":10457,"text":"uh with through gaming market so uh please uh come to the vortex gaming Boost they have a bus and then we're going to be around uh the bus area and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10457s"},{"start_seconds":10466,"text":"then we would like to talk more about you know Korean gaming landscape how we can help you guys to you know sort of you know make an introduction to Korean","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10466s"},{"start_seconds":10473,"text":"market perfect okay uh I think our time's about up and uh why don't we do some last takeaways or if there's any last points you guys wanted to bring up","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10473s"},{"start_seconds":10482,"text":"um Hannah did you have anything else else to add for just as I mentioned um please look up our games talk to me if","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10482s"},{"start_seconds":10490,"text":"you're interested because it's no other like other games it's more of like a web 2 game if you play it it's fast it's you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10490s"},{"start_seconds":10498,"text":"wouldn't see um all the blockchain aspects in the front and the uiux part it's more in the background so it's just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10498s"},{"start_seconds":10506,"text":"like a real good quality game so please come off there you tried it yeah yeah so I think I would add uh additionally to kind of more of the retail The Gamers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10506s"},{"start_seconds":10514,"text":"but also if you're a game Studio you know definitely should talk to henna as well you know for more understanding of the you know Korean market or kind of the opportunities with them as well","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10514s"},{"start_seconds":10523,"text":"right um Jay do you have any last words to yeah just come talk to us like at the ecosystem Booth will be there awesome","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10523s"},{"start_seconds":10532,"text":"well thank you for everyone's time I want to thank our panelists kind of for for you know coming up taking out talking and sharing a little bit more about Asia and thank you guys for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10532s"},{"start_seconds":10541,"text":"sitting over here and uh welcome hopefully you guys had a big LUN and hope you guys enjoy the rest of the first day of newon thank you thank","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10541s"},{"start_seconds":10573,"text":"you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10573s"},{"start_seconds":10595,"text":"oh wow it's uh it's filled up in here how's everybody feeling right now little midday lull I'm not hearing it let's try","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10595s"},{"start_seconds":10603,"text":"again how is everybody feeling right now all right a little uh gumaa to uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10603s"},{"start_seconds":10611,"text":"the near Korea team who was just out there uh very excited for our next session we've got Michael Casey who'll","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10611s"},{"start_seconds":10619,"text":"be speaking to us about why decentralization really truly matters who will own Us in the AI age I don't","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10619s"},{"start_seconds":10626,"text":"know I hope it's not the machines ladies and gentlemen welcome Michael","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10626s"},{"start_seconds":10633,"text":"Casey","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10633s"},{"start_seconds":10639,"text":"okay hi everyone uh I'm actually wearing two hats here um one hat is that of a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10639s"},{"start_seconds":10646,"text":"co-author I'm writing a book with a guy called Frank mccort about how we badly desperately need to fix a broken internet and my other hat is one that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10646s"},{"start_seconds":10655,"text":"you guys are probably more familiar with and that is is the chief content officer at coindesk I'm going to start with that hat on the second one because I'm going","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10655s"},{"start_seconds":10663,"text":"to tell you about the the year that we have had uh at coindesk uh it's been quite a ride so basically last Thursday","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10663s"},{"start_seconds":10672,"text":"a certain person whose name I really just don't want to mention anymore uh was convicted of seven uh charges of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10672s"},{"start_seconds":10678,"text":"Fraud and on that day it was in fact the one-year anniversary of the story","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10678s"},{"start_seconds":10687,"text":"that Ian Alis and my colleague uh produced uh uh about the alamat balance sheet which led to the unraveling of FTX","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10687s"},{"start_seconds":10695,"text":"and a wild year for Coes and then we have Sam bankman FR I'm sorry I did have to mention Voldemort's name eventually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10695s"},{"start_seconds":10703,"text":"um found guilty seven counts so it's been a great on that level fantastic","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10703s"},{"start_seconds":10710,"text":"year for coindesk three Awards we won from this last month we got the lobe Award right that is the Pulitzer of business journalism this is actually the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10710s"},{"start_seconds":10719,"text":"proudest moment of my journalism career I've never been involved in a in a story that has had so much impact but it's also been a a difficult","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10719s"},{"start_seconds":10728,"text":"year a very difficult year from a commercial perspective because the collapsing of the FTX Empire was","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10728s"},{"start_seconds":10736,"text":"obviously commensurate with crypto winter and a brutal one and marketing budgets got slashed and sponsors no","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10736s"},{"start_seconds":10743,"text":"longer wanted to come to uh consensus because our us audience was no longer accessible because there hadd been a regulatory backlash against America uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10743s"},{"start_seconds":10752,"text":"and crypto so coindesk has really had a difficult time we've had I this is public knowledge we've had two rounds of layoffs uh and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10752s"},{"start_seconds":10761,"text":"the company is uh going through a very protracted deal process I can't talk much more about that other other than just say that it looks quite likely that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10761s"},{"start_seconds":10769,"text":"finally this deal will go through but all of that has added massive amounts of uncertainty to what we do but I'm also","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10769s"},{"start_seconds":10777,"text":"going to say that um you know coindesk is not alone as a high quality high integrity news organization a that is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10777s"},{"start_seconds":10784,"text":"struggling these days to pay for itself digital media is stuck in a game of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10784s"},{"start_seconds":10791,"text":"whack-a-mole we we we spend our time trying to keep up through search engine","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10791s"},{"start_seconds":10798,"text":"optimization uh you know attention farming through social media and all of this is in the service of an algorithm","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10798s"},{"start_seconds":10807,"text":"it's a game of whack-a-mole we're just like the rules change trying to figure out what the what the audiences uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10807s"},{"start_seconds":10814,"text":"latest Search terms are what what's what's moving what isn't this is really no way to do journalism how do you focus on what the story of the day is it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10814s"},{"start_seconds":10822,"text":"meant that as as a media organization we are no longer serving just uh two","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10822s"},{"start_seconds":10830,"text":"masters but three previously it was our audience obviously primarily we care about our readers and our viewers if you're a TV operation but we do have to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10830s"},{"start_seconds":10839,"text":"service the ad guys we got to make sure that there's uh you know commercial operations that to help def fun things but really we're also serving this third","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10839s"},{"start_seconds":10847,"text":"thing this algorithm for Twitter for Facebook for for for Google whichever it is of the intermediating platforms that's sitting between us and our","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10847s"},{"start_seconds":10855,"text":"audience and I've chosen a black image because of course as we all know those algorithms are black boxes we do not know how they are","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10855s"},{"start_seconds":10864,"text":"structured um this is this has become a major problem uh I would argue that it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10864s"},{"start_seconds":10870,"text":"is an existential threat in reality to to Quality journalism and I would go so far as to say that that in itself means","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10870s"},{"start_seconds":10878,"text":"that this is an existential threat to democracy I I first sort of realized how serious this was when uh BuzzFeed came","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10878s"},{"start_seconds":10888,"text":"out with a story in 2016 in the middle of the US elections uh there was a a team of Macedonian teenagers and they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10888s"},{"start_seconds":10895,"text":"they had a website and they were just running stories like this one government of Kenya has released Obama's authentic birth certificate they also had a story","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10895s"},{"start_seconds":10903,"text":"saying that Pope Francis had endorsed Donald Trump uh they were then Landing the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10903s"},{"start_seconds":10910,"text":"links to those stories into a Facebook group uh of clearly conservative people for whom this was an exciting story to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10910s"},{"start_seconds":10919,"text":"read and driving an enormous amount of Engagement around that all of them clicking on the site and they were","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10919s"},{"start_seconds":10927,"text":"making good money from programmatic ads that they were running on the site all of this was really connected to obviously to the to the way that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10927s"},{"start_seconds":10935,"text":"Facebook's algorithm helps to sort of curate uh uh attention to make sure that people are engaged that they're getting","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10935s"},{"start_seconds":10942,"text":"likes and all of that feedback loop that they like to build to get everybody engaged and sort of keep their own advertisers happy but what it what I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10942s"},{"start_seconds":10950,"text":"realized is that oh my God and I was at just had just left the Wall Street Journal at the time and you know we had","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10950s"},{"start_seconds":10958,"text":"layers of editors above the journalist and the editor and the subedit the editor-in-chief we had lawyers we had a whole Machinery of people we sent people","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10958s"},{"start_seconds":10967,"text":"off into war zones at high risk all so that we could get the facts straight it was the infrastructure that we built as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10967s"},{"start_seconds":10974,"text":"a news organization to make sure that the truth was something that we could try our hardest to maintain and we were being beaten at this game by a bunch of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10974s"},{"start_seconds":10983,"text":"guys who were just making up at no cost of themselves I I just think this is an incredibly Stark problem so this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10983s"},{"start_seconds":10993,"text":"algorithmic this algorithmic concept that we're grappling with here it's part code right you guys are all most of you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=10993s"},{"start_seconds":11002,"text":"are developers you know ins and outs of code but it's part human biology right because what that curation","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11002s"},{"start_seconds":11010,"text":"algorithm is constantly learning for itself is what exactly it is that triggers our adrenal glands to release","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11010s"},{"start_seconds":11019,"text":"dopamine right get a hit when we get a like get a follow get a get a new friend whatever it is all that is an algorithm","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11019s"},{"start_seconds":11026,"text":"tapping into our brains working with our adrenaline gland to keep us involved part human part","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11026s"},{"start_seconds":11033,"text":"machine um there's a woman called Anna LM who is a psychiatrist who spent most","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11033s"},{"start_seconds":11039,"text":"of her career studying the impact of or the role rather of dopamine in drug","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11039s"},{"start_seconds":11046,"text":"addiction and she says that social media is a bigger more addictive drug than heroin she refers to the phones in our","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11046s"},{"start_seconds":11054,"text":"pockets as those uh digital hyp hypmic needles um the impact of this is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11054s"},{"start_seconds":11063,"text":"profound since 2007 when the iPhone was first released suicide rates for the age of uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11063s"},{"start_seconds":11071,"text":"people from the age of 10 to 24 has risen 62% um teenage girls reported last year that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11071s"},{"start_seconds":11080,"text":"or 30% of them that they had seriously considered suicide di more than 50% of that same cohort teenage High schill","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11080s"},{"start_seconds":11089,"text":"girls say that they have persistent feelings of sadness and uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11089s"},{"start_seconds":11095,"text":"depression this is a system the cyber bullying the body shaming this is what","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11095s"},{"start_seconds":11103,"text":"the algorithm is producing it's also as by the way uh the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11103s"},{"start_seconds":11110,"text":"two of us didn't actually realize that we were having the same the same event here Chris's uh Speech did a lot of stuff that I was talking about this polarization that you'll see but","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11110s"},{"start_seconds":11119,"text":"ultimately our political system is is is trapped by this so you know if if you're a politician you're a brand and you've","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11119s"},{"start_seconds":11128,"text":"got to play to social media that's how you get attention that's how you get votes so we get you know AOC with 13.2 million followers and she's obviously a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11128s"},{"start_seconds":11137,"text":"a fairly hard uncompromising Progressive left person and then you get nut jobs like you know marjerie Taylor green who","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11137s"},{"start_seconds":11145,"text":"you know is a QQ and unbeliever and she has $2.8 million mlion follows which is pretty good because she was actually banned from Twitter for for two years","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11145s"},{"start_seconds":11153,"text":"right so and here's Perl Mitt Romney ran for president the governor of of uh of a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11153s"},{"start_seconds":11160,"text":"state was was was a mayor was was you know has a huge long history of uh of polit of politics and is one of the very","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11160s"},{"start_seconds":11168,"text":"few uh middle- of the road compromising Republicans uh in Congress and he's only","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11168s"},{"start_seconds":11175,"text":"got 1.9 less than margerie Taylor green so the system is driving us into these polarized","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11175s"},{"start_seconds":11181,"text":"differences um this this system we we badly need to fix this thing guys but","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11181s"},{"start_seconds":11189,"text":"you know what it's been incredibly profitable for the companies the platforms that drive it so if you if you include Nvidia which I think is relevant","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11189s"},{"start_seconds":11198,"text":"since they sort of pretty much drive the um uh the chips Drive a lot of the llms that are part of this issue right now","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11198s"},{"start_seconds":11207,"text":"the market cap of these companies adds up to more than10 trillion right that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11207s"},{"start_seconds":11213,"text":"is um in GDP terms the third biggest country in the world uh the profit of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11213s"},{"start_seconds":11220,"text":"course also is reflected in their um their sort of monopolistic practices so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11220s"},{"start_seconds":11226,"text":"Google as we know right it is on 75% of all the world's smartphones uh of course being the other one and is really","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11226s"},{"start_seconds":11234,"text":"probably no coincidence that they both charge exactly the same 30% fee for developers to develop on those right","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11234s"},{"start_seconds":11242,"text":"Google and Facebook have more than 50% of all of the world's digital","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11242s"},{"start_seconds":11248,"text":"advertising just think about that um Google of course controls search Google has uh dominates navigation Google is in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11248s"},{"start_seconds":11257,"text":"home management uh systems our Smart Homes it is it it leads on video streaming right it is everywhere this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11257s"},{"start_seconds":11265,"text":"is I mean the robber barons at the turn of the century had nothing on what these guys have and think about Amazon right","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11265s"},{"start_seconds":11273,"text":"Amazon is both the dominant e-commerce platform it also you know is controls our web hosting and it is a retailer on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11273s"},{"start_seconds":11282,"text":"its own right so imagine if you a pizza joint and there are two pizza joints in town and you're the one that doesn't have a telephone those guys have got the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11282s"},{"start_seconds":11289,"text":"telephone and you have to rely on them to take your orders for you and there's no record of when the orders come through right can you trust that the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11289s"},{"start_seconds":11298,"text":"same pacher joint is not going to like Fill Their Own orders for yours right this is this is a literally a a broken","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11298s"},{"start_seconds":11307,"text":"system of of of Commerce so look we got to fix this but like what is the problem right one of the biggest problems is that we just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11307s"},{"start_seconds":11315,"text":"don't have much awareness so the book that Frank and I are writing is inspired by this one common","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11315s"},{"start_seconds":11321,"text":"sense um this was written by Thomas Payne was under a sudum at the time or an anonymous publication and it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11321s"},{"start_seconds":11329,"text":"basically was the most influential book in history came out 1776 let people know that there was something that they had to see and could","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11329s"},{"start_seconds":11336,"text":"no longer unsee which was the broken state of the British Monarchy and what it meant for for the American colonists of course we had the revolution after","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11336s"},{"start_seconds":11344,"text":"that the Declaration of Independence and so forth we need people everywhere to understand that this is a huge issue","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11344s"},{"start_seconds":11352,"text":"that the data that these machines control that their right to that is a human right just as these guys back then were talking about the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11352s"},{"start_seconds":11360,"text":"enlightenment you know and we're at a Crossroads now because we could if we change the system we give people control","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11360s"},{"start_seconds":11368,"text":"over the over their data control over their lives decentralize the structure of the web the the kind of economy that we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11368s"},{"start_seconds":11377,"text":"could create out of this the the the open data for for medical research the incredible new business business models that emerge out of that we have a huge","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11377s"},{"start_seconds":11385,"text":"opportunity ahead of us but as Chris was saying we also have ai coming and if this is where things are going to go","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11385s"},{"start_seconds":11394,"text":"with the same web two companies controlling that data then God help us right so what can you guys do well I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11394s"},{"start_seconds":11402,"text":"think people who are working on open web systems can do more than anybody a lot of you are working on the infrastructure and that's really important uh the the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11402s"},{"start_seconds":11411,"text":"underlying fix is very complicated Gams and Building Bridges and making sure all this stuff is works and it's secure but you really need we need people to be","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11411s"},{"start_seconds":11419,"text":"involved in this we need people to build the killer app that allows people to understand that there is an alternative","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11419s"},{"start_seconds":11427,"text":"to the network effect drug that they have on Facebook or or Twitter or wherever we've got to change the way","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11427s"},{"start_seconds":11434,"text":"people think so build something beautiful and attractive and look come and look up the project Liberty which is what Frank mccort's organization is all","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11434s"},{"start_seconds":11441,"text":"about it's a it's an open system it's a it's a it's a a not for-profit Arrangement it's it's all about open source software they are inviting people","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11441s"},{"start_seconds":11449,"text":"to come and build on that so so please get involved we need to change this like we need a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11449s"},{"start_seconds":11456,"text":"revolution so let's go and start one all right so hit me up and I can talk to you more about","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11456s"},{"start_seconds":11466,"text":"it and I'm you still got a little bit more of me unfortunately but uh I'm going to invite Chris Donovan out on the stage to join","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11466s"},{"start_seconds":11474,"text":"me of course you may have heard from earlier on the COO of the the foundation and we are going to talk","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11474s"},{"start_seconds":11484,"text":"about uh everybody's favorite topic regulation good to see you Michael regulation let's do it all right people","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11484s"},{"start_seconds":11493,"text":"are going to think we coordinated beforehand with our talk it is it is kind of interesting I was sitting there watching your talk and thinking wow in many respects the book","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11493s"},{"start_seconds":11502,"text":"I'm writing it seemed like you were just s of yeah you must have been reading the manuscript you thought I'd ni your manuscript I did I thought that somehow but as you can tell we're both from the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11502s"},{"start_seconds":11511,"text":"same part of the world uh and you know Aussie's in our blood there is a certain convict you know criminality so yeah my","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11511s"},{"start_seconds":11519,"text":"suspicions are running pretty high yeah all right so look you're you uh were the GC at near found at near Foundation you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11519s"},{"start_seconds":11527,"text":"um and now the COO you um that's right were a GC at outli Adventures you have been involved in the legal side of things for quite some time yeah and as I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11527s"},{"start_seconds":11536,"text":"said at opening of my presentation it's been quite a year in terms of that regulation one one man in particular has featured heavily Gary Gensler um I I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11536s"},{"start_seconds":11546,"text":"have a certain connection to Gary I was at MIT media lab where he and I were both part the digital currency Initiative for a couple years and I used","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11546s"},{"start_seconds":11553,"text":"to talk to Gary um you know once a once a week basically and he was never nearly as strident in this position that he's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11553s"},{"start_seconds":11559,"text":"taking now at the SEC but we would argue um and my point was always look Gary if everything's a security then how on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11559s"},{"start_seconds":11568,"text":"Earth are we going to allow for people collectively to participate in these systems we want to have an open web and one that doesn't have these Gatekeepers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11568s"},{"start_seconds":11577,"text":"and he was always very opposed to to Gatekeepers as a concept and Regulatory capture and rent seeking he'd used these words about and I said how on Earth are","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11577s"},{"start_seconds":11586,"text":"we going to uh to to create recile that yeah you're going to have all these barriers in place so I mean how do we get that message across how do we turn","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11586s"},{"start_seconds":11594,"text":"this conversation away from a very narrow Financial one to know we need to do this The Regulators would kill the dream that you and I are talking about","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11594s"},{"start_seconds":11602,"text":"here what are we left with well I think that's a very good question and it's um it's a serious problem you know I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11602s"},{"start_seconds":11610,"text":"think our view at the foundation is that you know we want for the for the industry and for the open web to be successful we need","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11610s"},{"start_seconds":11618,"text":"fair and proportionate regulation right there's there's no question about that I I think you know and many and I would say most of the people in the industry are also clamoring to have that Clarity","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11618s"},{"start_seconds":11627,"text":"right we're not all running around being scoff laws trying to break the law and that actually is one of the most disappointing elements of how Mr gensa","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11627s"},{"start_seconds":11635,"text":"presents the argument is if our industry is just for the criminals and you know that's that and and we get written off so I think one of the things that we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11635s"},{"start_seconds":11643,"text":"need to do is is to become quite honest behave a little bit better as an industry set better examples that you're right it's been a big year don't steal","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11643s"},{"start_seconds":11651,"text":"your customers funds ideally don't do that right don't be an out andout criminal that would be that would be great and like I said it's unfortunate because you know a small number of of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11651s"},{"start_seconds":11660,"text":"individuals that have caused a huge amount of of of damage and harm to people have come to paint our entire industry with a very broad brush or at","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11660s"},{"start_seconds":11668,"text":"least allowed individuals or Regulators or lawmakers who maybe have these suspicions maybe they have their vested interest whatever it is to to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11668s"},{"start_seconds":11675,"text":"essentially jump on that bag W and say yeah look you know you're right it is just for it is just for Crime it is just for people running around trying to do naughty things when actually as as you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11675s"},{"start_seconds":11683,"text":"and I have been talking about and as we all in this room know it is about so much more than that and the financial use case is one part of what web 3","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11683s"},{"start_seconds":11692,"text":"represents and I think we do need um you know true decentralized permission as Financial infrastructure to be part of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11692s"},{"start_seconds":11700,"text":"this open web but it's also not the only reason why we're here right and the giant Casino of web 3 is you know it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11700s"},{"start_seconds":11709,"text":"damaging and limiting the perception of what we as an industry capable of so I think education and frankly the work","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11709s"},{"start_seconds":11716,"text":"that we are doing here in you know in the near ecosystem and across the industry genuine use cases genuine users showing people why there is value for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11716s"},{"start_seconds":11725,"text":"them in the stuff that they do every day with this technology right because ultimately this is a political question right I mean it has been crypto","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11725s"},{"start_seconds":11734,"text":"regulation has become highly politicized and well in the US in particular in the US in particular but I mean it is it's it's Laden with this and therefore","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11734s"},{"start_seconds":11741,"text":"getting through that and being able to to reach people to understand the value I think is is is critical um I mean just just to pick on that the problems","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11741s"},{"start_seconds":11749,"text":"therefore with the community itself or the industry it does seem that to me that sort of uh some of the problems with the tribalism the the sort of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11749s"},{"start_seconds":11758,"text":"desire to drive tokens higher and my token not yours um contributes to this right it contributes to this kind of mania that I think feeds feeds bad","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11758s"},{"start_seconds":11767,"text":"behavior so how do you guys view that because clearly you know the vision behind the open web the the stack that you're building that is really trying to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11767s"},{"start_seconds":11774,"text":"look at the multi-chain solution and on interoperability you know how how are you approaching that problem in particular the sort of this tribalist","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11774s"},{"start_seconds":11783,"text":"yeah look I think it's it's a it's a big problem as you say it kind of it's a scourge of our industry in a way right and we've we've grown up fighting each","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11783s"},{"start_seconds":11792,"text":"other and actually you know we're still there's still such early days right and we have so much that we need to do and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11792s"},{"start_seconds":11800,"text":"frankly we're fighting such a big battle against against much more organized well better funded more influential opponents","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11800s"},{"start_seconds":11807,"text":"that I think the infighting is um an utter waste of time right and I think it it distracts us from the mission if we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11807s"},{"start_seconds":11814,"text":"were all working together and sharing these goals and I think you know many other ecosystems would also agree that this is the future that we want we don't","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11814s"},{"start_seconds":11822,"text":"want the dystopian surveillance State future um I think we would be much more powerful as an industry I I accept that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11822s"},{"start_seconds":11829,"text":"it can be hard sometimes to put aside differences or at least perceive potential competition but again what's the point in fighting over the tiniest","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11829s"},{"start_seconds":11838,"text":"slice of the tiniest Pie when actually we could be building something bigger and sharing it together right and I think that's how we as an ecosystem think about this right in our technology","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11838s"},{"start_seconds":11846,"text":"stack that ier is going to talk about straight off to this I think is all about putting interruptibility at the heart of everything right so we want we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11846s"},{"start_seconds":11854,"text":"want uh Founders and projects and and applications in every ecosystem to come and and and see how how they can","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11854s"},{"start_seconds":11862,"text":"leverage different bits of this modular stack that is kind of the heart of of the near ecosystems technology and and I think productizing interoperability will","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11862s"},{"start_seconds":11871,"text":"help eliminate that tribalism because people will realize there's no need to be scared of each other but we can we can share and we can grow together and still serve that broader mission of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11871s"},{"start_seconds":11880,"text":"avoiding as you put it the dystopian you know surveillance state right um you know so let's just look at this from the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11880s"},{"start_seconds":11888,"text":"perspective of of government then right I mean Europe in particular um H has taken I think a more aggressive","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11888s"},{"start_seconds":11895,"text":"and sort of constructive view of the ver the real problems uh around this this structure of the internet and threats to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11895s"},{"start_seconds":11902,"text":"privacy and so forth um but at the same time when you use terms like you know an open permissionless architecture you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11902s"},{"start_seconds":11910,"text":"know permissionless almost runs counter to bank secrecy act kyc all these things that are ingrained in the way that our","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11910s"},{"start_seconds":11919,"text":"financial system is is structured so given that dichotomy you know how are you approaching conversations with you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11919s"},{"start_seconds":11926,"text":"know Regulators either here or in the US how do you get them to sort of embrace this idea of an open permissionless","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11926s"},{"start_seconds":11933,"text":"architecture well it's it's not always easy especially in the US I mean there are plenty of people who want to have that conversation but I think like we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11933s"},{"start_seconds":11941,"text":"were touching on earlier it's it's become very politicized in the US not so much in in other parts of the world um but you're right that the idea of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11941s"},{"start_seconds":11949,"text":"permission systems um and no intermediation at all is literally the polar opposite of how the regulatory","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11949s"},{"start_seconds":11957,"text":"state has functioned pretty much since its Inception right and and that was because at that time when these systems were being brought about they did not","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11957s"},{"start_seconds":11966,"text":"have the the technological infrastructure ability to do it any other way they had no choice right and and the key thing is that now we do have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11966s"},{"start_seconds":11973,"text":"a choice and actually part of convincing lawmakers and Regulators that they should embrace this stuff is to help them understand the benefits to them as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11973s"},{"start_seconds":11982,"text":"as governments right and I think one argument that i' I've found sometimes helps to to get a bit of traction is you think about how much money governments","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11982s"},{"start_seconds":11991,"text":"spend every year maintaining trust trust in all of the institutions of government trust in infrastructure Public Service all of this kind of stuff right it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11991s"},{"start_seconds":11998,"text":"it's it's an enormous amount of money it's a huge amount of GDP I don't have the the stats off the top of my head but it's it's it's it's huge and actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=11998s"},{"start_seconds":12007,"text":"this technology can help reduce that burden for example and that's just one more powerful tangible use case for governments to think well actually I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12007s"},{"start_seconds":12015,"text":"don't necessarily need to be scared about thinking about this new paradigm actually maybe it allows me to do you know do the things that I want to do run the country effectively provide for my","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12015s"},{"start_seconds":12023,"text":"citizens provide high quality public service and infrastructure more efficiently and more effectively and Empower my citizens to do the same thing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12023s"},{"start_seconds":12032,"text":"right and we were having a conversation before talking about how you know natural open market competition forces","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12032s"},{"start_seconds":12040,"text":"hopefully will also Drive some some governments to realize that there are massive economic advantages to embracing this technology right and there are some","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12040s"},{"start_seconds":12047,"text":"jurisdictions globally you can think about places like for example Singapore Switzerland is another one that have completely embraced this technology","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12047s"},{"start_seconds":12055,"text":"right and they've managed to at least take some steps on the path of creating some Frameworks that are a little bit more open and sensitive to the unique","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12055s"},{"start_seconds":12064,"text":"features of the technology right not trying to remove them or treat them as bugs but actually lean into them and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12064s"},{"start_seconds":12071,"text":"embrace them you know actually uh hold up those unique features and and these jurisdictions have been benefiting as a result Dubai would be would be another","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12071s"},{"start_seconds":12079,"text":"one right so I think some of this will happen naturally right because we're a mobile Bunch web 3 we we move around the world a lot we're happy to go where","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12079s"},{"start_seconds":12087,"text":"governments and Regulators are willing to sit down and have proper conversations with us do is it also incumbered upon the industry to think","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12087s"},{"start_seconds":12095,"text":"through whatever applications Solutions they're building that can be sort of friendlier to the needs of government and and and I think one of the ways to I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12095s"},{"start_seconds":12103,"text":"would I would frame this is that you know part of the ethos in the early days of of Bitcoin of course emerge out of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12103s"},{"start_seconds":12110,"text":"the cipher Punk tradition of you know just zero compromise on things like privacy um and I think that I'm not suggesting at all that that's not a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12110s"},{"start_seconds":12119,"text":"ruthal position to take but I I figured like when we think through say coid and there was um an opportunity to actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12119s"},{"start_seconds":12128,"text":"you know have a zero knowledge proof kind of structure for how we would check whether somebody had had a vaccine or not um I felt like the community's just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12128s"},{"start_seconds":12137,"text":"it got in its own way there was a real opportunity there to work with governments try to figure out a way to have a a a a private and yet","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12137s"},{"start_seconds":12145,"text":"constructive Data Tracking System that would have our cake and eat it too yeah uh but ultimately the fear of Big","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12145s"},{"start_seconds":12152,"text":"Brother the idea that you know IBM and others were just stepping in and providing these Solutions anyway I I felt like the community just went nah we don't want to be part of this this is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12152s"},{"start_seconds":12159,"text":"all this is all too spooky um and I think there was possibly a missed opportunity I don't know if you need I well I would definitely agree I mean I was in the UK at the time of Co and and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12159s"},{"start_seconds":12168,"text":"the NHS is still is literally still using fax machines to send around information right and I'm I'm not joking I think they have like the last five fax","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12168s"},{"start_seconds":12176,"text":"machines in the whole country and they use them every single day which is mindblowing but I you're right I think there is definitely I mean and it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12176s"},{"start_seconds":12184,"text":"ironic given that we're trying to build this technology that kind of producti trust right and guarantees trust there is not a lot of trust in the industry","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12184s"},{"start_seconds":12192,"text":"towards government either and I think part of that is because of how certain governments and Regulators have been behaving towards our space there's definitely a sense if we bring it back","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12192s"},{"start_seconds":12200,"text":"to the US that you know Chens is not acting in good faith right he's not he's not setting up and presenting the position reasonably or fairly like I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12200s"},{"start_seconds":12209,"text":"said when not all scoff laws like I said the system in the US is not fit for purpose for this technology despite the fact that he seems to think that it is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12209s"},{"start_seconds":12216,"text":"or at least he presents it to be you know so for us as an industry to me it's about figuring out a how we can try and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12216s"},{"start_seconds":12224,"text":"rebuild that trust and like I said there are some parts of the world where that seems like it's at least a possibility but I think we also need to accept","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12224s"},{"start_seconds":12231,"text":"perhaps that at least around the edges we might need to make some compromises initially right and we need to decide where we make those compromises and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12231s"},{"start_seconds":12240,"text":"where we don't right and you know I was talking before about you know permissionless open infrastructure to me that's a compromise we we can't ever","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12240s"},{"start_seconds":12248,"text":"make right because that is the core that is the technologic IC platform for everything else that follows but there might be other areas where we feel that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12248s"},{"start_seconds":12256,"text":"yes it is not the absolute perfect cyberpunk um manifestation of a particular right program or whatever but","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12256s"},{"start_seconds":12264,"text":"maybe it's it's an important First Step because we need to start somewhere and we need to rebuild that trust so you mentioned earlier um you know Dubai and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12264s"},{"start_seconds":12272,"text":"the idea that you know this is a borderless technology you can you can go anywhere so in the light of that I mean how are you viewing the what some people","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12272s"},{"start_seconds":12281,"text":"see it's almost like a competition amongst different jurisdictions right now where you got you mentioned Dubai you know Europe has got the the MAA regulatory framework Japan is even doing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12281s"},{"start_seconds":12290,"text":"things Hong Kong Australia Australia Australia various different you know flavors of it the UK seems to be going back and forth I'm not quite sure where they stand right now but oh that's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12290s"},{"start_seconds":12298,"text":"that's classic UK but um but the US sort of way way behind and and so are we indeed in this world where we're sort of Regulation shopping and is that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12298s"},{"start_seconds":12307,"text":"something to the industry's advantage I mean how do you how do you approach that aspect of thing I mean I think I mean regulatory shopping makes","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12307s"},{"start_seconds":12316,"text":"it sound almost cheap I guess and I don't think that it it is I think we have to make the best of what we've got","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12316s"},{"start_seconds":12322,"text":"right and and you know I do think that the way that the US has been behaving the last two or three years towards our space is uh cutting off its nose despite","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12322s"},{"start_seconds":12331,"text":"its face in many ways right and it is a unique political feature of the environment in the country for all the reasons that you were talking about before um but my view would be why","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12331s"},{"start_seconds":12340,"text":"shouldn't we take advantage as of of opportunities that are presenting themselves in other parts of the world why shouldn't we you know one of the things that the foundation is doing is working with governments and Regulators","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12340s"},{"start_seconds":12348,"text":"in some of those jurisdictions to actually create proof of concept things like sandboxes and and um safe harbors","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12348s"},{"start_seconds":12356,"text":"and stuff that we can then take to the us and we can take maybe to the UK if it ever makes up its mind and say look guys this stuff does work and actually it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12356s"},{"start_seconds":12364,"text":"does bring demonstrable benefits and again one of the things that we need to do as an industry as an ecosystem is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12364s"},{"start_seconds":12371,"text":"really good at shouting about what we are good at and like what is the value of this stuff it is not just the giant casino right I just got to make a point","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12371s"},{"start_seconds":12380,"text":"is I see G clay down in the front he's going he's going to hit me afterwards for not mentioning Bermuda as as one of the jurisdiction that's been out and my","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12380s"},{"start_seconds":12389,"text":"my good friend David Bert the premier who's been driving this uh very sort of innovative approach to these things and I know you guys are looking at as well","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12389s"},{"start_seconds":12397,"text":"so yeah I mean it really is interesting seeing all of these different jurisdictions uh wake up and see I'm almost like seizing the opportunity that the US is up I have a question for you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12397s"},{"start_seconds":12405,"text":"though I mean have you caught up with with Gary GZA lately and how how how has that changed since your he days at ml","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12405s"},{"start_seconds":12413,"text":"it's really been tough um yeah I'll tell you I mean I don't know I I don't these I wouldn't have answered these sorts of questions a while ago because I always trying to was trying to maintain the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12413s"},{"start_seconds":12421,"text":"relationship but it just doesn't work anymore so I I happily talk about it um yeah look I figured when Gary came into office that uh this was it Coes was","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12421s"},{"start_seconds":12430,"text":"going to get the first interview we were going to get the you know he was going to come and keynote consensus and everything else um and he didn't answer","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12430s"},{"start_seconds":12438,"text":"my calls didn't didn't respond every single request we have was a know finally two years later Nick day who was the best policy reporter covering crypto","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12438s"},{"start_seconds":12448,"text":"Bar None anywhere in the world um finally got an interview with Gary on coind Des TV um it has seemed to me that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12448s"},{"start_seconds":12457,"text":"in itself was just completely deliberate like there was just he saw no upside in being associated with a crypto publication yeah it was it just it just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12457s"},{"start_seconds":12466,"text":"occurred to me that you know somebody said to me look there's there's MIT Gary and then there's Washington Gary and they are two different animals and so it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12466s"},{"start_seconds":12473,"text":"felt like this was a very calculated political decision to uh associate himself with the folks who were","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12473s"},{"start_seconds":12480,"text":"attacking this industry and therefore to disassociate him himself with anybody else who'd been part of it before so no haven't had any speak at consensus","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12480s"},{"start_seconds":12487,"text":"haven't had any interview since that one um we don't really talk much anymore right well I'm sorry to hear that but um he genely a nice guy when he's out of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12487s"},{"start_seconds":12496,"text":"Washington I but I think it's it's it's also a shame that that's the position that the industry is in and it shouldn't be in my opinion it shouldn't be a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12496s"},{"start_seconds":12504,"text":"political question right it shouldn't be something that's divisive politically because we should all want an open permissionless Future truly including","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12504s"},{"start_seconds":12512,"text":"governments and and everybody else including whatever side of the aisle you happen to be sitting on and and so I think you know one of one of the other","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12512s"},{"start_seconds":12518,"text":"jobs we have as a as an industry is to um feel at home with a fly of course Aussies we we go the I need my hat with","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12518s"},{"start_seconds":12527,"text":"the corks um you know I think we we also need to try and help find Common Ground politically and to find use cases and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12527s"},{"start_seconds":12536,"text":"and and demonstrations of value that can help unite people politically too right and again that's a huge it's a huge challenge I don't and honestly I I don't","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12536s"},{"start_seconds":12543,"text":"know what the answer to that is do you think the trial of Voldemort um is actually something that will help in this that like you know it's Cath Arc it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12543s"},{"start_seconds":12551,"text":"gets it all forgotten about and also an opportunity for this industry to learn from its ownace well I think I think it's definitely that I think it it also like we said we need less people","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12551s"},{"start_seconds":12560,"text":"stealing customer funds and and actually focusing on bringing value to to their uses and building legitimate um sustainable businesses and obviously people who are you know doing criminal","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12560s"},{"start_seconds":12568,"text":"things should be punished right absolutely unequivocally and I think again the whole industry is United as as being you know in that view and I think","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12568s"},{"start_seconds":12576,"text":"that now that we've had a at least initial conclusion to everything and perhaps it can be be put behind us I do think it is an opportunity for us to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12576s"},{"start_seconds":12584,"text":"show how we can do better as an industry um and also how we can unite like you said across all of these kind of tribal","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12584s"},{"start_seconds":12591,"text":"boundaries to actually focus on the stuff that's that's really important um running short on time so just maybe just one sort of final","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12591s"},{"start_seconds":12600,"text":"message to these what is the one thing that you would ask people to do in support of a constructive you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12600s"},{"start_seconds":12607,"text":"lobbying uh you know action for change to regulation that's a good good question I wish you'd told me before that you were going to so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12607s"},{"start_seconds":12616,"text":"I could have have to think something always tell the one thing yeah yeah well I so I think um to me it would","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12616s"},{"start_seconds":12623,"text":"be try and maintain hope don't lose trust that there is a constructive path we don't have to write off interactions","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12623s"},{"start_seconds":12632,"text":"with lawmakers and Regulators period just because there are some out there who are making our lives very difficult as an industry um there are many others","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12632s"},{"start_seconds":12640,"text":"who are genuinely curious genuinely believe in the technology are doing their best to try and bring it to the full from a policy perspective trying to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12640s"},{"start_seconds":12648,"text":"make things happen um so I think yeah don't lose stay optimistic they're human beings they humans too like lawyers as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12648s"},{"start_seconds":12655,"text":"well yeah I mean that I think that speaks a little bit to what you're saying like this tribalism all you know being able to actually step back and see that there's probably folks with with","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12655s"},{"start_seconds":12663,"text":"good intentions and that that that can definitely uh you know that can be used in some way to move this thing forward okay","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12663s"},{"start_seconds":12671,"text":"well thank you so much for Round of Applause for Chris hovan everyone thanks very much everybody and I think we've got the amazing up next thanks very much","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12671s"},{"start_seconds":12699,"text":"everybody","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12699s"},{"start_seconds":12729,"text":"please welcome our MC to the stage near foundations David Morrison the key to success","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12729s"},{"start_seconds":12739,"text":"is developers Founders Builders developers Founders Builders developers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12739s"},{"start_seconds":12746,"text":"Founders Builders welcome to nearon","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12746s"},{"start_seconds":12752,"text":"2023 all right okay gosh enough of this right it is my huge pleas pleasure to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12752s"},{"start_seconds":12762,"text":"Welcome to the stage one of the most incredible Founders I have ever met and indeed the founder of Nea protocol","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12762s"},{"start_seconds":12769,"text":"itself the CEO of the Nia foundation and the biggest Alpha leak in the room this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12769s"},{"start_seconds":12776,"text":"week so please after me put your hands together for Ilia","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12776s"},{"start_seconds":12784,"text":"poin this is thank you hello hello it's great to be here","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12784s"},{"start_seconds":12792,"text":"third nearon amazing really good to see everyone thank you for the all the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12792s"},{"start_seconds":12803,"text":"people who are working to put this together it's an incredible amount of work going in to do this so I want to welcome and thank everyone who has been","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12803s"},{"start_seconds":12810,"text":"involved in doing this yeah let's do it let's get some energy I mean we just saw you know a web three Steve","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12810s"},{"start_seconds":12819,"text":"Balmer all right so so I want to talk about the open web Vision the kind of near and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12819s"},{"start_seconds":12828,"text":"uh what is open web right I I frequently get asked about what is the near Vision","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12828s"},{"start_seconds":12834,"text":"right why are we doing this and the core idea always been","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12834s"},{"start_seconds":12841,"text":"to bring the open web in True Form that we can imagine to give everyone control of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12841s"},{"start_seconds":12851,"text":"their data assets and power of governance and to be clear the open web","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12851s"},{"start_seconds":12859,"text":"Is Not A New Concept it's not a web 3 concept it's existed before it started the web started as open it started as a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12859s"},{"start_seconds":12867,"text":"way you know of various protocols communicating to each other and everybody participating in it but the kind of Technology wave the uh that's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12867s"},{"start_seconds":12876,"text":"you know brought social media and search engines and kind of all of these companies it leads to monopolization it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12876s"},{"start_seconds":12884,"text":"leads to centralizing control it leads to taking the data that you put in and using it to kind of as a product and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12884s"},{"start_seconds":12893,"text":"monetizing that product it makes users to be consumers as Chris mentioned in his previous","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12893s"},{"start_seconds":12900,"text":"talk and so the Innovation that blockchain brought the new form of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12900s"},{"start_seconds":12907,"text":"ownership the way to not require any single party to be a representative","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12907s"},{"start_seconds":12915,"text":"of your ownership but relying on the decentralized ledgers on decentralized set of Technologies is what changing the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12915s"},{"start_seconds":12922,"text":"wave right it's what bringing kind of back the original ideal of open web it's also something that didn't exist before","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12922s"},{"start_seconds":12929,"text":"in the world period even kind of from Don of like the money the um kind of you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12929s"},{"start_seconds":12936,"text":"know ownership of real estate ownership of companies everything was all always defined by somebody else right there was somebody else who needed who was","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12936s"},{"start_seconds":12945,"text":"ensuring and uh recording this and you relied on that as a consumer or business and now we have something that's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12945s"},{"start_seconds":12954,"text":"different that allows to have kind of this common ownership to have the participants themselves to ensure that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12954s"},{"start_seconds":12961,"text":"their records are kept in a fair way and that's what really kind of the vision we established but this is not","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12961s"},{"start_seconds":12969,"text":"just a vision for near this is a for the whole Space we are really trying to bring this Vision forward and make it accessible","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12969s"},{"start_seconds":12977,"text":"and usable but it's also important to understand that as individual user as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12977s"},{"start_seconds":12984,"text":"individual founder you're not kind of choosing your apps because of this Vision you're not choosing day-to-day to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12984s"},{"start_seconds":12992,"text":"use you know applications based on what values they provide you choose them based on functionality based on kind of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=12992s"},{"start_seconds":13000,"text":"what you can receive from them and then you complain when they leak your data again and so it's important to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13000s"},{"start_seconds":13007,"text":"understand that the first and foremost it's about showcasing what benefits and value that open web creates for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13007s"},{"start_seconds":13016,"text":"Developers for Founders and for users as a Founder you choose something that you can use to address a bigger","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13016s"},{"start_seconds":13025,"text":"Market to create a more liquid uh ecosystem for yourself to have have cheaper transaction fees not just web 3","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13025s"},{"start_seconds":13033,"text":"transaction fees but broader as you do in financial operations to not pay a bunch of middlemen a high transaction","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13033s"},{"start_seconds":13042,"text":"fee and so this as well as when you're starting a new company how can you bootstrap your user base how can you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13042s"},{"start_seconds":13050,"text":"connect to more people quick quicker that's what open web that's what web3 is all about it's about actually providing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13050s"},{"start_seconds":13057,"text":"New Primitives as well as economic better Economic Opportunity and a way to build","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13057s"},{"start_seconds":13065,"text":"businesses differently in such a way that they are better businesses that provide better uh kind of experience to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13065s"},{"start_seconds":13072,"text":"the end user and in turn create bigger economy and so we want to be the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13072s"},{"start_seconds":13079,"text":"ecosystem that is the best place for founder to build this is a place for you to come and actually leverage this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13079s"},{"start_seconds":13088,"text":"technology leverage the community bring all this together and really build successful open web companies which are","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13088s"},{"start_seconds":13096,"text":"truly better as a product for the user which are truly easier for you to build and which are at the end benefit and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13096s"},{"start_seconds":13104,"text":"move us towards this open web Vision instead of kind of going into a very dark mirror episode uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13104s"},{"start_seconds":13112,"text":"State now the other important part to Define is what is near ecosystem because it all starts with technology","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13112s"},{"start_seconds":13121,"text":"it's all started with technology but at the end it's not just technology technology is a piece of it it's a part that enables it it's kind of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13121s"},{"start_seconds":13130,"text":"building block but at the same time it's about the public goods the founders the community here the principles that we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13130s"},{"start_seconds":13139,"text":"follow when we build this right in blockchain the principle of immutability the principle of um kind of user having","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13139s"},{"start_seconds":13147,"text":"control over applications they use is something that with instilling and showing why it's better way to do things","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13147s"},{"start_seconds":13155,"text":"than kind of traditional way right the application that is immutable or is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13155s"},{"start_seconds":13161,"text":"owned by the users of this application is better application you can rely on when you build your kind of layer on top","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13161s"},{"start_seconds":13170,"text":"because it's not going to change under you it's not going to go out of business it's not going to disappear right there's examples in web 3 where a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13170s"},{"start_seconds":13177,"text":"business that's built by few people in meta metaphorical garage are being used for billions of dollars of value and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13177s"},{"start_seconds":13184,"text":"been multiple billion dollar businesses are built on top of it right this is impossible to imagine in traditional web","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13184s"},{"start_seconds":13191,"text":"where you know you will expect a kind of a thousands of people company to be able to do something like this and and have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13191s"},{"start_seconds":13199,"text":"enough reliability that they're not going to go out of business tomorrow and that's kind of the principles that we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13199s"},{"start_seconds":13206,"text":"want to instill to build this uh kind of applications in this new","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13206s"},{"start_seconds":13212,"text":"way now important to mention is also the evolution of Technology the blockchain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13212s"},{"start_seconds":13219,"text":"kind of introduced New Primitives but zero knowledge technology is introducing something new as well","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13219s"},{"start_seconds":13228,"text":"blockchain meant we need hundreds of servers thousands tens of thousands of servers around the world that revalidate","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13228s"},{"start_seconds":13236,"text":"the same work that have billions of dollars at stake for security to make sure that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13236s"},{"start_seconds":13243,"text":"nobody is at foul play Zero knowledge brings something new where you can have one single server that runs compute and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13243s"},{"start_seconds":13251,"text":"is with this kind of proof can ensure that the computation that was done is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13251s"},{"start_seconds":13260,"text":"correct that was not manipulated and cannot be changed later and that is something that's introducing again new primitive it's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13260s"},{"start_seconds":13269,"text":"something where where if before you needed you we were expecting blockchains to scale to millions of transactions now","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13269s"},{"start_seconds":13277,"text":"we can have lots of sub kind of servers running specific applications and proving their kind of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13277s"},{"start_seconds":13287,"text":"uh execution to everybody else without needing to actually synchronize a whole uh transaction on one blockchain it is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13287s"},{"start_seconds":13296,"text":"something new there will be talks about this throughout this conference but kind of principally speaking what this means is is that the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13296s"},{"start_seconds":13305,"text":"blockchains are becoming more and more similar to traditional infrastructure where as a user you don't actually care","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13305s"},{"start_seconds":13312,"text":"as much on which blockchain application runs because if the security is Unified if everybody like proves what they've","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13312s"},{"start_seconds":13321,"text":"done with a zero knowledge proof you don't need to kind of have like expectation that it's on this blockchain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13321s"},{"start_seconds":13330,"text":"that blockchain and you can leverage kind of this unified security liquidity you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13330s"},{"start_seconds":13337,"text":"State across all of the blockchains that you know are supported in this way and because of this what's becomes even more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13337s"},{"start_seconds":13345,"text":"important is user experience it's a way to interact with applications is a way to engage users and shortly after last","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13345s"},{"start_seconds":13354,"text":"nearon we started working on this we realized that this is coming and we realized that we need to give more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13354s"},{"start_seconds":13362,"text":"instruments more tools as well as New Concept to developers and Founders to build in this new way where blockchains","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13362s"},{"start_seconds":13370,"text":"are becoming more unified and that's when we introduced blockchain operating system um kind of in February uh this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13370s"},{"start_seconds":13378,"text":"year and blockchain operating system is really a combination of layers right it's you know similar to other Stacks uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13378s"},{"start_seconds":13387,"text":"kind of if you're familiar with internet stack it pro it builds on top of each other right it starts with blockchain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13387s"},{"start_seconds":13394,"text":"protocols it goes into a data layer where you know all the data lives and I'll talk about that goes into identity which is extremely important it's what","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13394s"},{"start_seconds":13402,"text":"we link the kind of security and ownership too and it goes to applications which are really driving","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13402s"},{"start_seconds":13409,"text":"the value and actually in front of the users so through kind of this year near","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13409s"},{"start_seconds":13417,"text":"became the home for top consumer applications it is because we have the easiest to use","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13417s"},{"start_seconds":13423,"text":"blockchain it is because it scales it works of the shelf and the biggest","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13423s"},{"start_seconds":13431,"text":"applications in web 3 consumer applications in web 3 sweatcoin and Kai Ching have chosen to build on near and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13431s"},{"start_seconds":13438,"text":"leverage near technology this kind of is a proof point","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13438s"},{"start_seconds":13450,"text":"to the vision we're building these users who are using sweat and Kai Ching they don't use it because it's blockchain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13450s"},{"start_seconds":13458,"text":"they don't use it because it's open web they use it because they get the value of it they use it because in case of Kai","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13458s"},{"start_seconds":13466,"text":"chain they're able to SL kind of reduce their transaction costs from VB 2 from","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13466s"},{"start_seconds":13472,"text":"stripe to you know 100s of what they pay there it allows kind of to Leverage","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13472s"},{"start_seconds":13480,"text":"technology to really bring value to both their users to have the economy around their own kind of user base as well to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13480s"},{"start_seconds":13489,"text":"themselves to kind of create you know and and capture partion of this economy and and don't have to pay ton of fees","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13489s"},{"start_seconds":13496,"text":"and importantly none of their users need to install extensions figure out seed phrases and kind of engage with the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13496s"},{"start_seconds":13505,"text":"standard crypto interactions it smooth experience that every can use and this is a and this is the products that are","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13505s"},{"start_seconds":13514,"text":"going to be driving the adoption in in uh web 3 and bring people into open","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13514s"},{"start_seconds":13521,"text":"web another example as we've been building out the blockchain up system is a dabdab they're uh launching soon uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13521s"},{"start_seconds":13529,"text":"and this is an example of kind of this multi-chain chain abstraction idea that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13529s"},{"start_seconds":13536,"text":"you can have one application that is open into all the users and it has all the blockchains the blockchains is just an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13536s"},{"start_seconds":13546,"text":"infrastructure it's not you know you don't think of like oh is this Facebook page served from uh Google or Amazon or","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13546s"},{"start_seconds":13553,"text":"their own data center or if this Netflix movie being uh right now streamed from this CDN or that CDN and similar here","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13553s"},{"start_seconds":13560,"text":"you can just use applications across all of the ecosystems and you can access everything from one place and the important part is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13560s"},{"start_seconds":13569,"text":"every single piece of the application built here is built through decentralized front ends through application front ends this is where you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13569s"},{"start_seconds":13577,"text":"can actually go and open the source code you can inspect how they build you can see how much usage they get you can actually Fork it and create your own","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13577s"},{"start_seconds":13586,"text":"application this creates a new programmable environment for developers to build applications that span across","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13586s"},{"start_seconds":13593,"text":"blockchains that abstract the blockchain details and actually offer Direct Value to the user and so I invite for those","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13593s"},{"start_seconds":13601,"text":"who haven't seen it near. org you can uh explore applications and you can always check out in developer tab how is I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13601s"},{"start_seconds":13610,"text":"built identity we've invested a lot in how do we make not just cryptographic identity you know the blockchain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13610s"},{"start_seconds":13619,"text":"accounts near has pioneered account abstraction from uh the main net and beyond that how do we make it easy to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13619s"},{"start_seconds":13627,"text":"unboard new users right ask has been we just want to log in users with","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13627s"},{"start_seconds":13634,"text":"zemil and so we built something that is using your phone cryptography allows to sign in through","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13634s"},{"start_seconds":13642,"text":"email set up cryptography on your phone have an email recovery through multi-party computation through kind of decentralized","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13642s"},{"start_seconds":13650,"text":"custody and offer a smooth experience that users are familiar with and it's actually faster than web 2 because you don't need to come up with a password or","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13650s"},{"start_seconds":13658,"text":"like try to find where it is it then allows you to use gasless transactions right away and pretty much un boards you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13658s"},{"start_seconds":13667,"text":"into web3 without needing to think about all the details that usually you know as a three person you probably think about","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13667s"},{"start_seconds":13674,"text":"it's like where do I custody my keys where is seat phrase go what is a zerox address um how do I pull it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13674s"},{"start_seconds":13682,"text":"up there's more coming on Fast toss but there's also talk in more detail on this on the other side we also it's realize","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13682s"},{"start_seconds":13691,"text":"it's important to have compliance it's important to have identity verification there is value in uh kind of having","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13691s"},{"start_seconds":13699,"text":"access to accounts that are kind of verified and so we partnered this uh fractal on idos offering that as well as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13699s"},{"start_seconds":13707,"text":"a primitive to all the blockchain operating system developers now the next step of the fast","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13707s"},{"start_seconds":13715,"text":"off is introducing something what we call account aggregation now that you have one account on near that you signed","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13715s"},{"start_seconds":13723,"text":"up extremely easily you can actually use this account similarly how would use you know coinbase a binance account on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13723s"},{"start_seconds":13731,"text":"multiple chains the way it's done is the near valat set itself becomes a decentralized multiparty computation","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13731s"},{"start_seconds":13740,"text":"signer for transactions on other chains but what it practically means for the user you sign up once and now you can use applications everywhere without","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13740s"},{"start_seconds":13748,"text":"needing to switch netw Works without needing to use Bridges and deposit funds and so if you remember dab dab right now","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13748s"},{"start_seconds":13757,"text":"you still need to switch network if you use application on different chain but with account aggregation this will get all abstracted this goes to the next","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13757s"},{"start_seconds":13764,"text":"step of the chain abstraction thesis where users will know less and less about the blockchain applications is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13764s"},{"start_seconds":13771,"text":"running on or it maybe running on multiple and more about the experience they're getting the value they're getting from it and so so any near","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13771s"},{"start_seconds":13779,"text":"account or smart contract will become enabled to Z it also means you can build multi-chain applications really easily","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13779s"},{"start_seconds":13786,"text":"on near because they can just sign transactions in other chains we've invested in data data layer","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13786s"},{"start_seconds":13795,"text":"is extremely important blockchain is not optimized for reads it's not designed to be kind of a way to like access it in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13795s"},{"start_seconds":13804,"text":"various ways that developers really want and so beyond rpcs kind of indexing framework we introduced query API it's a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13804s"},{"start_seconds":13812,"text":"way it's a protocol to Define how you want data to be indexed from the blockchain and then anyone in theory","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13812s"},{"start_seconds":13820,"text":"will be able to run kind of nodes that follow this protocol and and offer this data and what this means is you can have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13820s"},{"start_seconds":13827,"text":"custom complex queries aggregating data from the blockchain stored uh in kind of databases of the providers and access","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13827s"},{"start_seconds":13836,"text":"them and this is extremely important if you have if you want to have reactive applications if you want to have something that shows you analytics over","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13836s"},{"start_seconds":13843,"text":"time if you want to have something that is more complex that what transactions are on a blockchain we also partners with herbit","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13843s"},{"start_seconds":13852,"text":"herbit is kind of a new also operating system for the new uh age and it's a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13852s"},{"start_seconds":13859,"text":"place to store personal data it's ways to peer-to-peer interactions and groups it's a place to also have our kind of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13859s"},{"start_seconds":13867,"text":"blockchain operating system front ends which are just centralized being accessible across all of the servers they have and finally in cero for those","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13867s"},{"start_seconds":13875,"text":"who haven't tried it uh the near conon chat runs on calimero which is a private Shard of kind of uh technology for near","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13875s"},{"start_seconds":13884,"text":"which allows to run the kind of applications that are don't need or can store their data in the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13884s"},{"start_seconds":13893,"text":"public chain and also have you know faster performance not pay for gas fees Etc and so nearon chat runs on that kind of powered by this technology while the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13893s"},{"start_seconds":13902,"text":"front end is powered by the application stack but it's comes with unified identity unified kind of application","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13902s"},{"start_seconds":13910,"text":"such that as a user you don't actually need to know that it runs on the different uh servers for example you have just an application you log in with","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13910s"},{"start_seconds":13919,"text":"your kind of near account and you start using it finally protocol right the blockchain","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13919s"},{"start_seconds":13926,"text":"the kind of Technology we started with near has been fast transaction execution it's extremely cheap data","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13926s"},{"start_seconds":13934,"text":"availability it's fast and kind of secure settlement and so today we want to announce near data availability this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13934s"},{"start_seconds":13942,"text":"is something that leverages existing near technology the fact that near is 8,000 times cheaper to store data than","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13942s"},{"start_seconds":13950,"text":"etherium and we have and we have a number of First users","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13950s"},{"start_seconds":13961,"text":"already signed up myara by starnet fluent Caldera movement Labs Dimension and withar to start leveraging this uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13961s"},{"start_seconds":13969,"text":"kind of as it uh launching their layer TOs and again within a bigger Vision all of the Slayer twos now provide new","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13969s"},{"start_seconds":13977,"text":"functionality they have their own Focus but for the user you have this unified experience you have this unified um kind","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13977s"},{"start_seconds":13986,"text":"of abstracted uh access and you can start kind of interacting with this and benefiting from the cheaper transaction","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13986s"},{"start_seconds":13994,"text":"fees that near provides now the other announcement we have today is partnership with polygon","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=13994s"},{"start_seconds":14001,"text":"on building ZK vasm polygon","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14001s"},{"start_seconds":14013,"text":"has become a zero knowledge experts they have build an amazing piece of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14013s"},{"start_seconds":14020,"text":"technology that provides kind of Prov infrastructure and they continue innovating on it on our side we have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14020s"},{"start_seconds":14028,"text":"spent tremendous resources in building web assembly to allow developers to use common programming languages rust","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14028s"},{"start_seconds":14035,"text":"JavaScript C++ anything you can run because web assembly is something that's available on every phone on every laptop on every","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14035s"},{"start_seconds":14043,"text":"device we assembly is also used by lots and lots of companies and Enterprises on Edge computation this partnership allows to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14043s"},{"start_seconds":14052,"text":"bring these two parts together and introduce something that as I said is changing how the computation is done","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14052s"},{"start_seconds":14061,"text":"where before you needed lots of servers to replicate the compute lots of servers to ensure that every everyone follows","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14061s"},{"start_seconds":14069,"text":"the rules now you can just run it on edge on a your personal server or on uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14069s"},{"start_seconds":14076,"text":"kind of a shared set of computers and generate a proof that everybody can verify extremely cheaply for any amount","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14076s"},{"start_seconds":14084,"text":"of computation to ver to kind of ensure that uh the computation is done the web assembly we have built on near is one of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14084s"},{"start_seconds":14093,"text":"the easiest virtual machines for blockchain that exists it's pretty much a very simple service oriented with a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14093s"},{"start_seconds":14100,"text":"with a database and by doing this this kind of opens up a new way not just for blockchains but also Beyond to verify","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14100s"},{"start_seconds":14109,"text":"compute for us it allows to have kind of continuous scaling of the blockchain of near it allows to have proofs for each","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14109s"},{"start_seconds":14118,"text":"individual Shard which we can Aggregate and not need to reverifying the proofs instead of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14118s"},{"start_seconds":14127,"text":"redoing all the computation it also allows people in layer 2 space to launch their","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14127s"},{"start_seconds":14134,"text":"own web assembly zero knowledge rollups and importantly it we're coming closer","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14134s"},{"start_seconds":14142,"text":"and closer with the theum ecosystem through these two parts and really kind of removing this current","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14142s"},{"start_seconds":14149,"text":"maximalism and really focusing on the value to the user this chain abstraction idea is really about that although","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14149s"},{"start_seconds":14158,"text":"technology matters although technology provides New Primitives the kind of this fight you know sometimes in web three","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14158s"},{"start_seconds":14166,"text":"that happens is not productive we expand and offer two ethereum developers two rollups to everyone in in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14166s"},{"start_seconds":14174,"text":"web 3 different benefits at different levels of our stack we're the home for best web three consumer experiences on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14174s"},{"start_seconds":14182,"text":"boarding millions of users who now have access to Applications not just on near but on other blockchains through account","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14182s"},{"start_seconds":14197,"text":"obstruction so if you take take one thing away from all my talk or from this conference for that matter is that the near is entry point to the development","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14197s"},{"start_seconds":14205,"text":"web it's for Developers for Founders and for users it brings a value that we all Aspire for while also","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14205s"},{"start_seconds":14214,"text":"solving very immediate problems for everyone thank","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14214s"},{"start_seconds":14227,"text":"you all right okay hey hello one two okay um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14227s"},{"start_seconds":14235,"text":"look if you miss Steve he's gone he's finished um how amazing was that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14235s"},{"start_seconds":14244,"text":"yeah all right brilliant uh listen mate I don't know who you think you are but there's other people on this stage um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14244s"},{"start_seconds":14252,"text":"right we have a a really quick 15minute break if you want to grab your anong get up scan the QR code","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14252s"},{"start_seconds":14259,"text":"uh get stacking and get buying all the amazing swag and things um and I will see you back here in about 15 minutes","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14259s"},{"start_seconds":14266,"text":"where we will continue neon 2023 thank you very","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14266s"},{"start_seconds":14287,"text":"much","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14287s"},{"start_seconds":14527,"text":"what","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14527s"},{"start_seconds":14617,"text":"I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14617s"},{"start_seconds":14694,"text":"I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14694s"},{"start_seconds":14700,"text":"want so so long why you keeping me waiting","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14700s"},{"start_seconds":14710,"text":"all I want all I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14710s"},{"start_seconds":14723,"text":"want why you keeping me","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14723s"},{"start_seconds":14736,"text":"waiting just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14736s"},{"start_seconds":14766,"text":"just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14766s"},{"start_seconds":14797,"text":"he","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14797s"},{"start_seconds":14826,"text":"n","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14826s"},{"start_seconds":14856,"text":"feel","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14856s"},{"start_seconds":14886,"text":"we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14886s"},{"start_seconds":14916,"text":"oh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=14916s"},{"start_seconds":15126,"text":"w","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15126s"},{"start_seconds":15219,"text":"please welcome our MC to the stage near foundations Marcus","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15219s"},{"start_seconds":15232,"text":"hio hey hey hey good afternoon everybody thank you all so much for joining us this year at ncon","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15232s"},{"start_seconds":15239,"text":"2023 hope you're all having a great time I hope you're all making amazing connections finding what you came here","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15239s"},{"start_seconds":15246,"text":"for and extracting incredible value uh we have some incredibly exciting talks today um you know couple of more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15246s"},{"start_seconds":15255,"text":"action-packed days uh I hope you checked out the other two venues as well they're amazing we have the hacker HQ and the community HQ that are pretty close","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15255s"},{"start_seconds":15263,"text":"together some amazing things happening over there um but nonetheless I'm uh very excited to introduce our next topic","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15263s"},{"start_seconds":15273,"text":"uh mean is going to be talking about uh the secret to 1 billion users on web 3","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15273s"},{"start_seconds":15280,"text":"keynote by Cosmos aian please welcome him on","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15280s"},{"start_seconds":15301,"text":"stage read it unlock it watch it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15301s"},{"start_seconds":15310,"text":"it number one it it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15310s"},{"start_seconds":15317,"text":"it itl it it it","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15317s"},{"start_seconds":15330,"text":"it the party and all they want ising I'm in withing and know every","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15330s"},{"start_seconds":15341,"text":"can we do it again","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15341s"},{"start_seconds":15351,"text":"hello unlock it play it watch it learn","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15351s"},{"start_seconds":15358,"text":"it shop it earn it number one","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15358s"},{"start_seconds":15368,"text":"my name is Neuron from Cosmos the company behind Kai Kai and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15368s"},{"start_seconds":15377,"text":"King first of all congratulations all of us all of us near","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15377s"},{"start_seconds":15383,"text":"ecosystem members deserve congratulations you should be very proud because two out of top five most popular","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15383s"},{"start_seconds":15392,"text":"blockchain apps are built on near woo","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15392s"},{"start_seconds":15400,"text":"kaii and sweat represent 50 over 50% of all active wallets monthly active","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15400s"},{"start_seconds":15409,"text":"wallets out of top five blockchain apps over 70% of all daily active","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15409s"},{"start_seconds":15418,"text":"wallets are built on near but so right now King has seven","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15418s"},{"start_seconds":15426,"text":"00,000 daily active wallets 2 million monthly active wallets our next Milestone is 10 million M monthly active","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15426s"},{"start_seconds":15435,"text":"wallets but the real goal the real objective for all of us here is 1 billion web free","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15435s"},{"start_seconds":15442,"text":"users we are still very very far from that but don't worry you're very lucky","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15442s"},{"start_seconds":15449,"text":"because you in this room and I'm and I'm about to share with you the secret recipe for one billion web free","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15449s"},{"start_seconds":15458,"text":"users are you ready wooo stop talking start building that's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15458s"},{"start_seconds":15469,"text":"the secret recipe we all should apply stop stop talking about web free start","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15469s"},{"start_seconds":15475,"text":"building based on web free principles stop talking about crypto prices start","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15475s"},{"start_seconds":15483,"text":"building products that are Priceless for users regular people don't care about","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15483s"},{"start_seconds":15490,"text":"web 2 web 3 web 5 or web 10 all they care about is value they can","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15490s"},{"start_seconds":15498,"text":"get and at Cosmos we are focused on free values safe earn and own safe earn and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15498s"},{"start_seconds":15508,"text":"own our mission is to help users save time and money earn Awards rewards and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15508s"},{"start_seconds":15516,"text":"own your day data safe you might have seen this headline from Tech Ranch saying Cosmos","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15516s"},{"start_seconds":15523,"text":"ditches tripe to adopt new crypto solution what is it about it's about Visa Mastercard and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15523s"},{"start_seconds":15533,"text":"stripe stealing from us every day from all of us every time you pay with your card every time you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15533s"},{"start_seconds":15541,"text":"pay online they steal 2% from you on top of that stripe charges a payment fee every time","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15541s"},{"start_seconds":15550,"text":"you make an online transaction it's a lot of money if you buy one coffee a day just one coffee a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15550s"},{"start_seconds":15558,"text":"day in a year you will spend $170 on Payment Processing fees just one coffee a day imagine how much all of us","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15558s"},{"start_seconds":15567,"text":"pay in payment processing fees every payment transaction every online transaction these guys keep stealing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15567s"},{"start_seconds":15576,"text":"from us that's why we launch payment solution King based on based on near which decreases the payment fees to just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15576s"},{"start_seconds":15583,"text":"few cents earn people should benefit from the ecosystem they help to create Google","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15583s"},{"start_seconds":15592,"text":"Facebook Tik Tok they collect our data they take advantage of our data in return we get","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15592s"},{"start_seconds":15599,"text":"to use these product for free and that used to be enough it's no longer enough users expect that they will get some of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15599s"},{"start_seconds":15609,"text":"these benefits and this is what K is about every interaction every engagement with our","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15609s"},{"start_seconds":15615,"text":"product results in rewards to our users our users get rewarded because they help us to create better product and better","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15615s"},{"start_seconds":15623,"text":"ecosystem for everyone own own your data on your","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15623s"},{"start_seconds":15631,"text":"privacy gdpr is not enough it's nice to have but the reality is that it creates standards for good","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15631s"},{"start_seconds":15640,"text":"actors but gives absolutely no protection when it comes to bad guys the reality is your data is safe only when","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15640s"},{"start_seconds":15649,"text":"it stays on your phone and this is what we are working on we're working on a solution that will combine Edge","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15649s"},{"start_seconds":15655,"text":"Computing with blockchain to give all of us real privacy and real data","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15655s"},{"start_seconds":15663,"text":"protection with Edge Computing our data will stay on our and with blockchain we'll be able to ensure that only the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15663s"},{"start_seconds":15670,"text":"authorized parties have access to our data and we'll be able to revoke this access whenever we want","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15670s"},{"start_seconds":15677,"text":"to the biggest challenge here how to decompress the algorithm the model","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15677s"},{"start_seconds":15684,"text":"that right now weighs 20 gabt down to just 50 kilobytes if any of you is working on the on this challenge please","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15684s"},{"start_seconds":15692,"text":"come by and let's talk about this so you've been working for months sometimes for years on your amazing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15692s"},{"start_seconds":15700,"text":"products result you have no users no website","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15700s"},{"start_seconds":15707,"text":"visitors pretty much nobody cares it doesn't necessarily mean that your product is bad doesn't mean that your product sucks sometimes it just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15707s"},{"start_seconds":15716,"text":"means that you didn't have the opportunity to tell your story and this is what we want to give you we want to give you the opportunity to tell your","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15716s"},{"start_seconds":15723,"text":"story to share your product with thousands of users if you scan this QR code you can you can apply and get","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15723s"},{"start_seconds":15731,"text":"listed on Kai as part of our wallet so thank","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15731s"},{"start_seconds":15755,"text":"you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15755s"},{"start_seconds":15808,"text":"thank you so much midon for coming up and presenting that uh next up I'm proud to uh announce that we'll be hearing an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15808s"},{"start_seconds":15815,"text":"awesome pan panel uh moderated by Lindsay Crawford of proximity more infro won't save us why we need consumer","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15815s"},{"start_seconds":15842,"text":"crypto sorryy good afternoon everyone thank you all for coming to this very insightful Consumer Panel we're about to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15842s"},{"start_seconds":15850,"text":"have um with me today I have Ian T Taylor who runs UK's digital asset arm I have Jess holgrave who um is the CEO of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15850s"},{"start_seconds":15859,"text":"wallet connect Miron who is the co-founder and CEO of open AI who just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15859s"},{"start_seconds":15866,"text":"heard spoke speak and we have Ole who is uh the co-founder and CEO of sweat","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15866s"},{"start_seconds":15875,"text":"economy so I think to start things off uh historically in previous Cycles","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15875s"},{"start_seconds":15882,"text":"infrastructure has been um very much being built but without a consumer angle for onboarding um and figuring out how","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15882s"},{"start_seconds":15891,"text":"to solve that issue uh within web 3 has been a constant struggle and so hoping for the wave ahead for us to be able to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15891s"},{"start_seconds":15900,"text":"um conquer the issue of onboarding consumers into web 3 and so we'll dive into some discussions around that today","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15900s"},{"start_seconds":15908,"text":"first question for you all um why do you think consumer adoption hasn't taken off within web","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15908s"},{"start_seconds":15915,"text":"three should I kick off see I'm next to you Lindsay if that's okay and then let my fellow panelists have a step um for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15915s"},{"start_seconds":15924,"text":"me I'll distill it into maybe two or three uh short answers and working um for crypto UK which is the UK shade","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15924s"},{"start_seconds":15932,"text":"Association that represents 160 firms trying to to navigate a new regulatory environment is for the I guess for the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15932s"},{"start_seconds":15942,"text":"retail space um and the institutional space there needs to be a framework to operate we see a lot of harms people getting ripped off a lot of fake","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15942s"},{"start_seconds":15950,"text":"websites we were just talking before and then there's elicit finance and then there's uh Market Integrity all of these aspects um for some folks to come in and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15950s"},{"start_seconds":15959,"text":"start dabbling around that needs to be addressed the previous panels have spoken about that so I won't bore bore the folks too much about the regulation","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15959s"},{"start_seconds":15967,"text":"but then there's the ux um and the ease of using an application I mean I remember going to the government back in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15967s"},{"start_seconds":15975,"text":"2019 and shown them how to connect a wallet to defi protocol and you know it can be clunky for those people that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15975s"},{"start_seconds":15981,"text":"don't operate within the ecosystem that frequently things are getting much better and as IL was just describing um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15981s"},{"start_seconds":15988,"text":"on the previous presentation there's a lot of effort and resource been put in to make applications more more easy for those folks that perhaps don't have a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15988s"},{"start_seconds":15997,"text":"technical background to use so that's that's just two as a start of for 10 and I see what other folks think should I go","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=15997s"},{"start_seconds":16005,"text":"next I think there are two the the entire web free industry didn't take off because there are too many scammers and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16005s"},{"start_seconds":16014,"text":"too few Builders I just showed my secret recipe for web free adoption stop talking start","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16014s"},{"start_seconds":16021,"text":"building and I think it even comes down to the title of today's panel which I don't agree with I don't think we need more consumer crypto and I think","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16021s"},{"start_seconds":16030,"text":"we should stop using the term crypto because for regular guy it means scum instead we should instead we should be","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16030s"},{"start_seconds":16036,"text":"talking about open web and web free um I think that for me there's a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16036s"},{"start_seconds":16045,"text":"couple of things every time we're building something within web 3 We Exist within this triangle that many of you are familiar with of like nice user","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16045s"},{"start_seconds":16054,"text":"experiences security and decentralization and that means we're all forced to make compromises and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16054s"},{"start_seconds":16061,"text":"tradeoffs in order to uh to deliver what we want to be building um I remember in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16061s"},{"start_seconds":16067,"text":"2017 building an oor login for an an mft site that we were building and getting","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16067s"},{"start_seconds":16073,"text":"so much hatred as a result um you know you're not decentralized enough you're not decentralized enough and the answer","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16073s"},{"start_seconds":16081,"text":"was no it was not decentralized but it was a way that we wanted to start kicking off adoption and constantly and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16081s"},{"start_seconds":16088,"text":"we've seen this throughout the last few years with respect to uh consumers interacting with this technology is that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16088s"},{"start_seconds":16096,"text":"tradeoff and we've definitely made that triangle smaller but it still exists um and so I think that's number one and for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16096s"},{"start_seconds":16104,"text":"me number two is that we're we still have too many people coming up with cool ideas but that aren't solving","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16104s"},{"start_seconds":16112,"text":"interesting things and are not delivering real value for n consumers um they're not providing real","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16112s"},{"start_seconds":16120,"text":"world use cases they're not providing engaging experiences the gaming uh kind of segment is a good example here where","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16120s"},{"start_seconds":16128,"text":"throwing some nfts into a game probably is not going to be the answer for most Gamers on creating a really nice","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16128s"},{"start_seconds":16136,"text":"experience actually we should be asking ourselves how do we create better game Loops using this technology to do something that we've not been able to do","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16136s"},{"start_seconds":16144,"text":"before so I think part of the issue here is also how we build products and who we're building them for um and a lack of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16144s"},{"start_seconds":16151,"text":"focus on building things that end consumers actually want I agree with that um but I would go","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16151s"},{"start_seconds":16160,"text":"one level down and I would say that uh the reason why we don't have mass adoption is because the definition of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16160s"},{"start_seconds":16169,"text":"success for people building by and large is tvl and if you're focusing on tvl","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16169s"},{"start_seconds":16176,"text":"even if you have the best intentions and you're potentially starting with a mass Market product once you are actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16176s"},{"start_seconds":16183,"text":"confronted with the need to prove your product Market fit it is heck of a lot easier to go after 10 whales because you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16183s"},{"start_seconds":16191,"text":"can actually spend time talking to them and all of a sudden you have more tvl than 10 million users will bring to you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16191s"},{"start_seconds":16198,"text":"because they're not whales they're Minos and we know that this is true because","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16198s"},{"start_seconds":16206,"text":"that's how internet became a mass Market phenomenon until 96 97 internet Founders","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16206s"},{"start_seconds":16215,"text":"were using you know weird set of different success metrics and different definitions what matters Yahoo had a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16215s"},{"start_seconds":16224,"text":"interesting metric which was like earnings per square inch on the landing page or something like that and until","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16224s"},{"start_seconds":16233,"text":"everyone agreed that active users is the currency of success until VC started focusing on funding businesses going for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16233s"},{"start_seconds":16242,"text":"active users we did not see Google's Facebooks being invented Founders need","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16242s"},{"start_seconds":16249,"text":"to think that they need to deliver Mass scale products and then they will be","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16249s"},{"start_seconds":16257,"text":"thinking about problems that are uni uh unified or not unique to a tiny group of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16257s"},{"start_seconds":16264,"text":"whales but to billions of people living around the world So my answer would be let just define success as active users","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16264s"},{"start_seconds":16274,"text":"and run with it for a number of years and I can guarantee you we're going to have email we're going to have Facebook and we're going to have Google really","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16274s"},{"start_seconds":16281,"text":"really quickly build I would define success even differently to make","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16281s"},{"start_seconds":16287,"text":"money um yes but then again you go back to the Internet history and we share","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16287s"},{"start_seconds":16296,"text":"some of the investors uh with uh Facebook and the story that they told us is yes making money is extremely","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16296s"},{"start_seconds":16305,"text":"important but it's a phase thing first you deliver the product that satisfies genuine need then you acquire a lot of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16305s"},{"start_seconds":16314,"text":"users and then on this huge set of users you actually test dozens and dozens of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16314s"},{"start_seconds":16322,"text":"mization hypothesis and then you start making money so if you're starting to think about making money too early","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16322s"},{"start_seconds":16329,"text":"you're going to have a cottage industry which is pretty much what we have right now because tvl is almost like that yeah but the the question is how do you think","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16329s"},{"start_seconds":16338,"text":"about making money if you are thinking about scamming people or you are thinking about building a sustainable business model right because I think the problem that we have in this room and in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16338s"},{"start_seconds":16347,"text":"the the crypto industry is that people don't think about building sustainable business models and then pretty they don't pretty much don't exist right","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16347s"},{"start_seconds":16354,"text":"apart from us of of course yeah no uh I I I would not disagree with that but I remember as a European","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16354s"},{"start_seconds":16363,"text":"founder I can tell you that one of the biggest issues that we had in initial conversations with American VCS when we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16363s"},{"start_seconds":16371,"text":"presented our monetization strategy and these are the tests we're going to run their eyes would glaze over and they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16371s"},{"start_seconds":16378,"text":"would just kind of go look guys whatever you think your monetization is going to be is irrelevant at the moment you need","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16378s"},{"start_seconds":16386,"text":"to show that you have users that are gagging for you that are talking about you that are satisfying the need that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16386s"},{"start_seconds":16395,"text":"they have even if you don't make money but you demonstrate that users love you then it is just a question of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16395s"},{"start_seconds":16404,"text":"fundraising for the next phase which is why we have preed seed a b Etc you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16404s"},{"start_seconds":16411,"text":"precede is all about the team and hope that you will get your MV P seed is when you have your nvp and you're starting to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16411s"},{"start_seconds":16419,"text":"prove your product Market fit a is when you have your product Market fit and you're starting to scale so you raise","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16419s"},{"start_seconds":16427,"text":"money for the next phase and after a you really going hell for leather for monetization Because unless you find","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16427s"},{"start_seconds":16434,"text":"that answer you're not going to have B and you're going to be dead so it's you know can but product Market fit and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16434s"},{"start_seconds":16443,"text":"users active users comes before money in sequencing not in you know in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16443s"},{"start_seconds":16451,"text":"importance on that note what does the industry have to do differently this time around to make consumer stick and to onboard","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16451s"},{"start_seconds":16459,"text":"consumers so can you repeat the question what does the industry need to do this time around this wave to make sure that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16459s"},{"start_seconds":16467,"text":"it's sticky for consumers to be able to onboard them that we haven't been doing historically well don't defraud them number one I guess it's very to topical","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16467s"},{"start_seconds":16475,"text":"but um yeah so let's hope we're moving out of the the the down cycle and back into an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16475s"},{"start_seconds":16483,"text":"upcycle um yeah a bit be better maybe this has been a ShakeOut we've seen that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16483s"},{"start_seconds":16490,"text":"back in the late 90s and early 2020s with the Doom bubble that that might bring you know more users in with more","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16490s"},{"start_seconds":16499,"text":"with better use cases I guess there's been a proliferation of things as Jess said that weren't really solving a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16499s"},{"start_seconds":16505,"text":"problem um I mean you know what I do at KPMG we look at companies that building new products and they're looking to go","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16505s"},{"start_seconds":16514,"text":"to market and what are the killer applications right now you can divide these up into different you know product services so I suppose you know money","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16514s"},{"start_seconds":16523,"text":"digitization of money whether that's private stable Co instruments digitizing deposits at Banks you know these are Big use cases and I was thinking some of the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16523s"},{"start_seconds":16532,"text":"questions that we were talking about before you know what's the benefit and the use case that this brings well within the world of financial Market","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16532s"},{"start_seconds":16539,"text":"infrastructure you can be faster cheaper get to more people increase liquidity greater markets the technology doesn't","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16539s"},{"start_seconds":16548,"text":"sleep you know operates automatically 24/7 um but some of the real use cases when we I talk to government is around","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16548s"},{"start_seconds":16556,"text":"providing you know direct humanitarian Aid to where it's needed which doesn't cost any money um and is a much better","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16556s"},{"start_seconds":16563,"text":"way to to get to get the the value where it's needed straight away and I think this time round that's that's what what","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16563s"},{"start_seconds":16570,"text":"is what I'm seeing is happening some real use cases to provide value to society great what about you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16570s"},{"start_seconds":16577,"text":"Jess um I think we've got to stop thinking that the vast majority of people are interested in crypto um or","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16577s"},{"start_seconds":16585,"text":"that they're interested in things like privacy which we all care a lot about I know but actually the vast majority everyone is just in privacy actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16585s"},{"start_seconds":16594,"text":"that I wouldn't agree go ahead no no I think Prett everyone if I ask my dad or I know my auntie they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16594s"},{"start_seconds":16602,"text":"would also care about privacy right they would talk about this in differently use different vocabulary but they do care about privacy and then when you ask they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16602s"},{"start_seconds":16610,"text":"don't care about web free open web crypto they don't know these terms right but we shouldn't talk to them in these terms because they don't understand this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16610s"},{"start_seconds":16619,"text":"language I carry on um when you then ask people who who tell you that they care about privacy whether they regularly","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16619s"},{"start_seconds":16629,"text":"make gdpr requests for people to remove their data how many of them say yes because the a lot of people say that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16629s"},{"start_seconds":16638,"text":"they care about things but their behavior doesn't indicate that they do so let me just finish before interrupting again um what we have to do","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16638s"},{"start_seconds":16647,"text":"is stop assuming that people care about crypto and care about the things that we care about because their actions despite","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16647s"},{"start_seconds":16654,"text":"what they might say don't indicate that they do so what we have to do is we have to build things that they care about and that bring them value we have to stop","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16654s"},{"start_seconds":16663,"text":"telling them that it's crypto we have to build things that they enjoy doing whether it's a game or whether it's something that brings them Financial","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16663s"},{"start_seconds":16671,"text":"value or social value or health value and it's a technology that enables those things it's not something that's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16671s"},{"start_seconds":16679,"text":"philosophical that's going to drive adoption beautifully said I I can","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16679s"},{"start_seconds":16686,"text":"reconcile your positions very easily um people do care when you ask them about privacy but they're not prepared to jump","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16686s"},{"start_seconds":16696,"text":"through additional hoops and have more complex life because of that I mean present company probably excluded","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16696s"},{"start_seconds":16703,"text":"because you know you guys probably have multiple ledgers for different entities private you know can the the upsc that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16703s"},{"start_seconds":16711,"text":"you are used to is not something that an average user will be be able to deal with they value their privacy but","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16711s"},{"start_seconds":16719,"text":"straight after that conversation they're going to go to Gmail and send a message they're going to go to Facebook and they're going to make a post why because","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16719s"},{"start_seconds":16727,"text":"these are the things that they know and these are the things that are the easiest to use so in order for us to be","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16727s"},{"start_seconds":16734,"text":"able to get this conscious private you know privacy conscious user to engage","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16734s"},{"start_seconds":16740,"text":"with us our ux with privacy needs to be better than Facebook needs to be better than Google only then these values are","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16740s"},{"start_seconds":16750,"text":"going to start actually materializing into consumption habit uh coming back to your original question um I think what","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16750s"},{"start_seconds":16758,"text":"we need to do differently and there's whole raft of things but one thing that really fascinates me when I talk to VCS","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16758s"},{"start_seconds":16766,"text":"and you know kind investors they are investing in an ecosystem like oh I'm investing into","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16766s"},{"start_seconds":16773,"text":"Cosmos or I'm I'm investing into near or I'm investing into polygon and I'm like you know can have you seen VCS investing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16773s"},{"start_seconds":16781,"text":"into companies build on AWS I mean that's you know you don't even think this way why are we actually","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16781s"},{"start_seconds":16790,"text":"removing our ability to look at the higher level at the projects and the founders vision and ability to build for","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16790s"},{"start_seconds":16799,"text":"US market rather than starting from the you know inside out with the technology","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16799s"},{"start_seconds":16806,"text":"they using in you know to power that use case it's very very strange because then what would happen and actually this","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16806s"},{"start_seconds":16814,"text":"reminds me in early days of Internet you know some of you might remember I'm showing my age but you know there were VCS that were saying we're investing into","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16814s"},{"start_seconds":16822,"text":"internet right I mean have you heard anybody saying that my thesis is investing into internet they are investing into direct to Consumer","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16822s"},{"start_seconds":16831,"text":"products or SAS but then they go into more Niche but it's all about the end","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16831s"},{"start_seconds":16838,"text":"product and the problem that these Founders are solving rather than the you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16838s"},{"start_seconds":16845,"text":"know the chain that this product is built on and then as far as envisioning how","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16845s"},{"start_seconds":16855,"text":"consumers will actually use these different applications um how do you think or see uh everyday consumers using","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16855s"},{"start_seconds":16864,"text":"these applications within web 3 what does that look like to you it's it's a billion dollar question","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16864s"},{"start_seconds":16872,"text":"you're like do you have an idea for Facebook um how do I Envision it I think that for me it's less about particular","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16872s"},{"start_seconds":16881,"text":"idea I mean of course I love sweat economy but let's just not do Shilling here um I think it's a way of thinking","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16881s"},{"start_seconds":16888,"text":"right so if you going after the next billion people what are the characteristic of this or audience first","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16888s"},{"start_seconds":16897,"text":"it is going to be on the mobile it's not going to be on the web these people don't have laptops these people don't have desktops if given a choice they're","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16897s"},{"start_seconds":16905,"text":"not going to use mobile web they would prefer native app and I think that we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16905s"},{"start_seconds":16911,"text":"have not seen massive shift in the whole web 3 space towards leading with mobile","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16911s"},{"start_seconds":16920,"text":"it's quite curious actually that you know the three biggest projects on NE are mobile Centric you know we are","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16920s"},{"start_seconds":16928,"text":"mobile only Kai ching and kmos is mobile only play Amber is mobile only there is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16928s"},{"start_seconds":16935,"text":"something there there is a signal that you can start seeing so first it's mobile second it is millions and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16935s"},{"start_seconds":16943,"text":"millions of people with tiny little balances and that requires completely different way of thinking and approaching product than if you're","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16943s"},{"start_seconds":16952,"text":"building for 10 whales you know the Hoops that you can put through that they need to jump in terms of onboarding are","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16952s"},{"start_seconds":16959,"text":"completely different you know whale with few million dollars to invest and with a high apy hanging there they'll go","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16959s"},{"start_seconds":16968,"text":"through you know kind of whatever barrier is there the average user God I mean you give them like three steps they","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16968s"},{"start_seconds":16975,"text":"already bail it needs to be one or two so I think that this is you know kind of this is what we need to be really kind of focusing on mobile and thinking large","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16975s"},{"start_seconds":16985,"text":"scale low value and just from the wallet connect side what are you seeing as ways people","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16985s"},{"start_seconds":16993,"text":"will interact with wallets and just Assets in General on chain I mean I think the mobile point is is the most","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=16993s"},{"start_seconds":17001,"text":"valid we we we've just released all our modal um all our modal sdks in in Mobile native and we're seeing a lot of great","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17001s"},{"start_seconds":17010,"text":"traction there um because people do want these things that that Interac ING with on their on a daily basis right that's","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17010s"},{"start_seconds":17017,"text":"how we carry around um things I think we're also thinking um you know whilst we live in this global economy and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17017s"},{"start_seconds":17025,"text":"crypto is very Global the way that crypto adoption takes place actually differs a lot","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17025s"},{"start_seconds":17033,"text":"geographically um and uh I think sometimes what we see in Europe and and in the US in terms of people building is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17033s"},{"start_seconds":17040,"text":"building for my generation um which is probably not the right generation to build for we should be building for the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17040s"},{"start_seconds":17048,"text":"Next Generation for what they want um we should be building for actually places where the infrastructure that they have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17048s"},{"start_seconds":17056,"text":"today is not working for them um I come from a payments background and everyone talks about crypto payments as being a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17056s"},{"start_seconds":17064,"text":"killer use case and the reality is like yes it is of course but in a lot of places we have faster payments and they deliver a pretty amazing end user","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17064s"},{"start_seconds":17072,"text":"experience now when you go to some markets that don't have faster payments infrastructure crypto is really the killer use case there in the payment","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17072s"},{"start_seconds":17081,"text":"sense and so we should be thinking differently about where this adoption comes from which is from a different generation different Geographic places","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17081s"},{"start_seconds":17089,"text":"where um what we have today isn't isn't good as well great Ian what about you as far as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17089s"},{"start_seconds":17097,"text":"uh KPMG and hurdles that you're seeing in ways where perhaps consumers your team is able to help consumers become","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17097s"},{"start_seconds":17105,"text":"more aware of from the legal side and the risk side what they might run into on these applications to get consumers","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17105s"},{"start_seconds":17112,"text":"on boarded easier well I can tell you that I have many arguments with our risk team when we're on boarding folks that","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17112s"},{"start_seconds":17120,"text":"operate in the in the crypto space that Within These these big corporate firms there's a lot of lack of understanding","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17120s"},{"start_seconds":17126,"text":"as to you know what what a project is what the the risk of working with that project is um It's Kind kind of has been","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17126s"},{"start_seconds":17135,"text":"seen as binary but I mean to look at the question it's not really something that that I work on too much but you know","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17135s"},{"start_seconds":17143,"text":"having lived through the birth of the internet also show showed my age thinking from my own personal experience of you know even understanding how","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17143s"},{"start_seconds":17152,"text":"public private cryptography works I'm still abstra abstracted away from bit caring about whether my credit card","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17152s"},{"start_seconds":17159,"text":"payment is safe and goes through because it's easy and it's quick so I always come back to we just want people just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17159s"},{"start_seconds":17169,"text":"most people just want things to be frictionless and so I see we're at a sort of an infrastructure building stage","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17169s"},{"start_seconds":17176,"text":"where in the last few years we've moved from these clunky on board you know or connecting a wallet or on boarding into an application whatever that may","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17176s"},{"start_seconds":17185,"text":"centralized application or decentralized application and I mean the promise of you know the open web is is clear as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17185s"},{"start_seconds":17193,"text":"messages have been already mentioned but for me as a user that that's that that's where I think I see you get the the","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17193s"},{"start_seconds":17200,"text":"billion users take the friction out make it easy and I think that's what the guys here at n are trying to do and Myron as far as real world crypto","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17200s"},{"start_seconds":17210,"text":"examples for Consumer what have you been seeing trending so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17210s"},{"start_seconds":17221,"text":"the how to answer this question so I don't I think it's wrong to think about building web free project as a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17221s"},{"start_seconds":17230,"text":"completely different monkey right it's uh because people don't think like this it's not they wake up and they say oh I have a problem I will look for a web","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17230s"},{"start_seconds":17238,"text":"Free Solution right it doesn't work like that so I think we need to build solve normal problems and just","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17238s"},{"start_seconds":17246,"text":"apply web free principles and this is what we are trying to do at Cosmos instead of building web free products and features a apply web free principles","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17246s"},{"start_seconds":17256,"text":"to normal problems yeah I I totally agree with that I think that this is just an","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17256s"},{"start_seconds":17264,"text":"enabler of good product development because some problems cannot be solved","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17264s"},{"start_seconds":17270,"text":"without using blockchain and web three yeah and the principles are simple make sure people own their data that we","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17270s"},{"start_seconds":17279,"text":"care about privacy make sure people benefit from the ecosystem they help to create and make sure that instead of ripping them off like stripe MasterCard","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17279s"},{"start_seconds":17288,"text":"and Visa are ripping us off with payments you decrease the the prices for consumers you give it back to them and I","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17288s"},{"start_seconds":17295,"text":"think if we and if if we even if you build a new Facebook by based on these principles it could be","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17295s"},{"start_seconds":17303,"text":"successful does anyone have anything to add to that we have about 50 seconds left here yeah I think that the most exciting","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17303s"},{"start_seconds":17312,"text":"use cases in 10 years years looking back probably are still not around but I think what they will be around","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17312s"},{"start_seconds":17321,"text":"is um making existing assets more liquid and this is what we see quite a lot of happening right now but what's most","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17321s"},{"start_seconds":17329,"text":"exciting for me is actually creating new assets you know like we are tokenizing physical activity physical activity as an asset does not exist it could not","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17329s"},{"start_seconds":17339,"text":"exist outside of web 3 space because you actually in order to make it into acid and liquid it needs to go on chain and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17339s"},{"start_seconds":17348,"text":"you know I bet you that we're going to see more and more those user cases where actually assets that we haven't dreamt of or we haven't thought about as","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17348s"},{"start_seconds":17356,"text":"valuable will start popping up left right and Center just some time perfect timing","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17356s"},{"start_seconds":17365,"text":"well thank you everyone so much for coming to this Consumer Panel I hope it was enlightening for the the time ahead um and thank you all so much thank thank","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17365s"},{"start_seconds":17387,"text":"youo ladies and","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17387s"},{"start_seconds":17402,"text":"gentlemen","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17402s"},{"start_seconds":17428,"text":"Elon we know you're a massive fan of near but uh take two seconds just go please move your red Tesla out front","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17428s"},{"start_seconds":17435,"text":"we are incredibly lucky to learn about uh the importance of consumer adoption from undoubtedly some of the greatest Minds in the web 3 space uh but next up","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17435s"},{"start_seconds":17443,"text":"I would love to introduce our session uh time to rage quit web 2 why you should build game uh web 3 games hosted by Mark","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17443s"},{"start_seconds":17451,"text":"me let's give it up for them","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17451s"},{"start_seconds":17462,"text":"everybody uh you're at the end yeah all","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17462s"},{"start_seconds":17472,"text":"right hello everyone my name is Mark me and uh I'm a uh part of the BD team here","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17472s"},{"start_seconds":17479,"text":"a director at the BD team lead kind of gaming um I was here on earlier talking about more of Korea Asia gaming as well and now today we'll talk more about you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17479s"},{"start_seconds":17488,"text":"know other game developers opportunities here within the near ecosystem now the topic is is time to rage quit web 2 why","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17488s"},{"start_seconds":17497,"text":"you should build a web 3 game and um why don't we let our great talented guys over here introduce themselves I we start at the end with Julian yeah thank","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17497s"},{"start_seconds":17505,"text":"you Mark and thank you everyone for being here I'm Julian I've been in the crypto space for almost seven years now","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17505s"},{"start_seconds":17513,"text":"building the different um different companies and right now I'm a producer in city of a star and gazer and our Flagship game is time breachers which is","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17513s"},{"start_seconds":17522,"text":"available today the have store so you can try it out uh it's a Forex M RPG that uh uh that low is like the space in","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17522s"},{"start_seconds":17530,"text":"time has been like Crush together and you can explore SpaceTime and build your characters characters that you can build with uh artifacts that can be nfts uh so","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17530s"},{"start_seconds":17540,"text":"this is where the blockchain comes in and you can evolve your nfts they have a life cycle uh they can become something that's really part of you and that you can you can own so this is it for me","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17540s"},{"start_seconds":17549,"text":"thank you Mark awesome yeah so uh star chain gazer and uh we definitely learn more about that project later uh next up","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17549s"},{"start_seconds":17556,"text":"Hugo from play Amber cool hi everyone I'm Hugo from play Amber uh so we're a or we a fully web to mobile game studio","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17556s"},{"start_seconds":17565,"text":"and that's what we've done for years and years um about a couple of years ago year and a half ago we wanted to make","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17565s"},{"start_seconds":17572,"text":"the the the switch to web 3 um and currently we're building a web 3 STK think of it like a Loyalty Rewards um","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17572s"},{"start_seconds":17581,"text":"platform which means web to users kind of get rewarded for their gameplay so for so sorry for so long people have","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17581s"},{"start_seconds":17589,"text":"kind of watched ads and been monetized but never got anything back for it uh now our SDK effectively gives back to the users so they can buy stuff like","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17589s"},{"start_seconds":17598,"text":"nfts or gift CS all right thank you for that last we have Tong from Visa digital and let him","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17598s"},{"start_seconds":17606,"text":"talk a little bit more about himself as well kind of the background of the project yes I'm Tong and I've been in the games industry for more than 15 years","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17606s"},{"start_seconds":17614,"text":"uh in fact I was one of the very early let's say evangelists for free toplay in Europe um and this reminds me currently","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17614s"},{"start_seconds":17622,"text":"also when looking at web 3 um that it feels very similar to 15 years ago and uh what we are working on is uh a","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17622s"},{"start_seconds":17631,"text":"fashion game so it's a nextg fashion game that has uh let's original roots in VB 2 but has also a three component uh","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17631s"},{"start_seconds":17639,"text":"for uh loyalty but also mechanism in order to give ownersh ship back to the users um and yeah I'm very excited uh to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17639s"},{"start_seconds":17647,"text":"be here on the panel awesome so I think you know here we have various genres of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17647s"},{"start_seconds":17654,"text":"games as well as different stages in where they've built you know some already having a web two platforms that's live and I think it's at its core","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17654s"},{"start_seconds":17663,"text":"uh to the topic of blockchain you know why don't we start you know what's your guys's view in terms of why blockchain right and uh what's the reasons for you","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17663s"},{"start_seconds":17671,"text":"know kind of how blockchain would fit within the game mechanic um why don't we start with Julian since he's kind of the furthest over here yeah of course thanks Mark um as you may all","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17671s"},{"start_seconds":17680,"text":"know I'm like the the web one has been the the one the the web the web for the read web two is read and write and for me web three is really the web of","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17680s"},{"start_seconds":17688,"text":"ownership and Community creation this is this is where we uh we need to go in terms of of Gamers uh where you want to","url":"https://www.youtube.com/watch?v=oC1aWt8h730&t=17688s"}],"youtube_url":"https://youtube.com/watch?v=oC1aWt8h730","url":"https://near-pedia.xyz/videos/oC1aWt8h730"}