{"id":"vjXyKn9zAzk","title":"NEARCON 2022 | Layer 1 Stage - Day 3","description":"Check out all the talks of #NEARCON Layer 1 Stage - Day 3 with the timestamps below  🔽\n\n0:00 Beginning \n11:08 - USDC Rising: A Fireside Chat with Circle | Jeremy Allaire - Circle, Marieke Flament - NEAR Foundation\n32:53 - The Stablecoin Tradeoff: Decentralization vs. Mass Adoption | Mark Sugden - Decentral Bank, Emily Parker - CoinDesk, and Joao Reginatto - Circle\n1:05:27 - Crypto Native vs. Fintechs for the Future of Payments | Jess Houlgrave - Checkout.com, Joe Spano - Ready Layer One, Ivan Ilin - NearPay, Elena Shiltseva - Roketo\n1:32:36 - The Meaning of Settlement Layers | James Prestwich - Nomad\n2:22:55 - Why We're Backing the ReFi Movement | Jared Thompson - Ready Layer One, Marc Johnson - Protocol Labs, Bianca Lopes - Rooh Ventures, Emiliano Gutierrez - RAIZ, Fred Fournier - Open Forest Protocol\n2:52:24 - Integrating Web3 into the Future of Fandom with SailGP and Oracle | Warren Jones - SailGP, Amr Elrawi - Oracle, Chris Ghent - NEAR Foundation \n3:20:30 - How DAOs Get Work Done | Stanley He - CornerstoneDAO, Jordan Gray - AstroDAO, Dani Osorio - MetaWeb Ventures, and Adrian Bello - The Kin DAO & Primordia DAO\n3:49:07 - TradFi Goes Crypto: Institutional Adoption in a Winter | Olivier Dang - Nomura, Lyllah Ledesma - CoinDesk, Cory Pugh - BridgeTower Capital, Jeff Lavoie - Open Web Collective\n4:18:12 - Governing in a Winter | Jeff Amico - a16z, Jack Collier - NEAR Foundation | MC: Ayoung Jeon\n4:38:55 - Keeping Web3's Privacy Promise: The Legal Perspective | Joon Kim - Mina Foundation, Mary Beth Buchanan - Cardano Foundation Board of Directors, Tuongvy Le - Bain Capital Crypto, Julien Nivot - Ledger, Mya Shofany - NEAR Foundation, Birgitte Andersen - Big Innovation Centre\n5:27:11 - Evolving NEAR Ecosystem Governance | Illia Polosukhin - NEAR Protocol, Henry Tafolla - Cheddar | MC: Ayoung Jeon\n5:50:58 Highlight Reel\n5:52:00 Goodbye see you at NEARCON 2023 | Marieke Flament - NEAR Foundation, Illia Polosukhin - NEAR Protocol\n\n\n\nJoin NEAR's community:\nWebsite: https://near.org/\nReddit:   / nearprotocol  \nDiscord: https://near.chat/\nMedium:   / nearprotocol  \nBlog: https://near.org/blog/\nTwitter:   / nearprotocol  \nGitHub: https://github.com/near https://github.com/nearprotocol\nDev Docs: https://docs.near.org/\nCreate a wallet: https://wallet.near.org/create\nApps on NEAR: https://awesomenear.com/\nLearn to Build On NEAR: https://www.near.university/\nGrants & Funding: https://near.org/grants/ (edited)","channel_name":"NEAR Protocol","published_at":"2022-09-14T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/vjXyKn9zAzk/hqdefault.jpg","transcript_text":"good morning near khan the layer 1 stage will begin in 10 minutes so so oh um hmm good do so greetings and good morning near khan the layer one stage will begin in three minutes at 11 a.m good morning near khan the layer one stage is about to begin please welcome your mc with near foundation david morrison did anybody go to a party last night well if you did you're probably not here um look thank you so much for battling through the past two incredible days of neocon we've got one day left and then you're free to party and enjoy lisbon uh we've got a wonderful pre-recorded panel right now uh entitled usdc rising a fireside chat with circle we have marie flament who you all know and love from the near foundation and jeremy alaire from circle so let's give it up hello jeremy uh such a pleasure to be here with you today thank you so much for taking the time and great to have the opportunity to chat with you uh we've worked together for many years i actually owe you my first uh job in crypto for which i'm still you know extremely uh relivable to you so it's really inspiring to see how much progress you've made with circle uh while keeping at heart the same mission and the same and the same vision and something actually i think is quite remarkable is if we look at usdc right now it seems not to be so far off for from its all-time high in terms of market cap so that seems pretty good given that we are supposedly in a crypto winter what do you see as being like the demand for usdc right now who's buying it and what are the biggest use cases that you're seeing yeah well first of all it's it's great to be here and great to be able to participate in near con and um great to see you again and i'm really really happy to do this um yeah i mean it's it's a really interesting time um i think um you know what with usdc specifically and and then more broadly obviously there's a lot going on but um you know i think um usdc has has benefited from you know i think more and more people around the world who are you know focused on having access to a safe trusted transparent reliable dollar digital currency and i think the framework that we set out to to launch uh usdc with which was really anchored in that kind of this is issued by a regulated financial institution it has you know major regulated players around it like coinbase it um you know is something that's always had kind of real world banking integration and real liquidity and and a lot of transparency all these things have helped it grow and have grown the use cases for it but that's in times of good and in times of bad and so one of the things that we've historically seen is that we've seen a lot of growth in usdc when there's more and more activity happening in the crypto economy and expansion of projects and um you know more and more applications and markets and so on but then also when there's a crypto winter or when things are challenging there's a kind of flight to safety um and and so we certainly saw that since november of last year you know we we've seen you know a significant amount of market share gains for for usdc you know during that time now what's interesting from my perspective and we really started seeing this a couple of years ago but it's only grown is um you know more and more people and institutions are are realizing that this is a very convenient kind of medium of exchange it's a very convenient um kind of form factor as i like to say for a dollar it has the capabilities of of public blockchains of of which is you know a high degree of security and privacy assurances and very low cost transmission and so we're seeing a lot of growth in demand for using usbc around the world in emerging markets as an international payment and settlement method we see thousands of companies who are using this because they have people who either want to pay them or they want to pay in different parts of the world and so you know we we wanted to you know see something that um it was used as a kind of everyday working capital for for more and more um you know more and more both households and firms and we're starting to see that and starting to see those use cases really grow that's amazing and it seems that really the the key driver what you described also like uh mainly for payments actually and we do see that for payment stable coins are in indeed in particular like perfect as a use case i think there was even like a tweet saying that 50 of strike payments could be coming and settled with usdc in 10 years uh which you know would be absolutely fantastic to see but where do you see actually future trends like in the next decade or stable coins in particular what are the trends according to you well you know it's it's interesting it'd be sort of like asking um you know in in i don't know say 2007 or 2008 you know what are going to be the trends in mobile apps in the next you know 10 years and you know you could predict a lot of things but you couldn't actually predict all the innovation that was going to happen we had just started to see kind of product market fit with the iphone you know 3g happened at least broadly around 2008 and the capabilities of that technology opened up developer creativity on a massive scale and millions of developers invented all kinds of things which are changed our lives and improved so many different different things and i think about kind of programmable money on the internet the same way it's taken us almost 10 years uh we're i'm nine years into circle now but almost 10 years to get to the point where we actually have a representation of fiat as a cryptocurrency as a digital currency and you have blockchains that are finally getting to a point where you have high throughput efficiency security you know you're really starting to see the infrastructure layer get to a point where wow developers really can build compelling apps and now we have this material to work with you know you've got the programmable you know your programmable dollars or euros or what what have you and you have these you know kind of new operating systems in a sense that people can build with and and so whenever i get asked that what do i think is going to happen in 10 years i'm sort of like i have no idea and that's actually that's actually a good thing if i if i really knew um but the i guess the uber point is that you know um when when you have a situation where you effectively are taking the cost out of transacting and you're making the reach of value and value exchanges the reach of the internet um it you you you will see exponential growth and so the not even like not just exponential but very significant so the way i i often talk about it is you know when the movement of text-based information or asynchronous text information kind of moved to widely available devices on the internet the amount of textual information that was put published in the world like went up like a million x or gazillions right and as you know um you know you know open protocols for audio and video communications peer-to-peer got reliable and we had mobile broadband and so on like the amount of of like voice and video communication just went up exponentially um and again when you have money as a native data type of the internet and you have you know kind of internet scale blockchains like the amount of value exchange i think is going to go up just extraordinarily large and and there'll be i mean use cases that get built that we haven't thought of yet and so i'm particularly excited about the ways in which um money and commerce and labor and like the essence of what it is to operate as a as a firm can work i think there's a huge amount of reinvention that's possible in that and you know historically we think of that as like well there's trade finance and there's you know cross-border payments blah blah blah blah blah i i don't even think of it in those terms i i just think like you think about like what um uh an alibaba or an amazon marketplace did for the coordination of people who have things that they want to sell and people want to buy them and just these mass like new kinds of platforms just think about marketplaces for capital and uh and and the long tail possibilities of that and really what what could what could become possible in terms of how you know credit and money serve people who are operating um businesses over the internet so i this maybe ties back to the stripe comment which is you know they talk about the jeep growing the gdp of the internet which i can it kind of resonates with me i i i really think that if you really want to grow the gdp of the internet you need the internet economy to actually be natively powered by uh digital assets and digital currency yeah fascinating and i think actually if we talk more about digital assets and maybe coming back closer to um you know stable coin and how banks and central banks around the globe are thinking about things one big debate at least it feels like that at the moment there's you know differences between stable coins and cbdc and i'm just curious to hear how you think about that right because in your role also at circle you interact quite a lot with you know governments and how governments are approaching basically the partying shift that you're talking about so do you think there's space for both or what does what does the future on on that side look like for you yeah i mean i'm i'm a practitioner and and and i'm i think i'm i'm very focused on you know what what can we do what problems can we solve today and how do we do that like in the market with customers with users with developers today um and and i and i think um that's the approach that we've taken really since since inception and i think the other kind of fundamental approach is um really trying to build on this idea of the public internet and public internet infrastructure open source layer 1 blockchains open protocols that are that are open source and you know that's the vision of the future that i i want to see i want to see an open internet of value exchange i want to see you know programmable composable um infrastructure i want to see rapid iteration that you know enables you know anyone anywhere to kind of put these pieces together and so it's a vision of of money and of of the financial and economic system that looks a lot more like the software-powered internet and i think um and i think that's you know we're not alone in that right i mean i think so many people who are in this industry and who work in in the crypto space and blockchain space share a lot of those fundamental ideas and there's lots of us around the world doing that and so i view that as the inertia the amount of kind of fundamental force that exists in the blockchain ecosystem from engineers and computer scientists and economists and lawyers and academics and business people and product people and so on in every country everywhere in the world they're building this kind of money movement as i like to say building this is extraordinary and i when i when i look at that and and i think stable coins are a really strategic key piece of that and and and i think you know more regulations a good thing around us especially around things that are representing that they are a kind of cash equivalent instrument right but when i look at all that together and then i say oh some government's gonna you know in some countries gonna like hire uh accenture and like set up some closed-loop uh e-money system and call it a digital currency like whatever like it just i i'm not i'm not i don't know that that really represents much of anything um and and so i'm highly skeptical uh of that you know that that track and and so kind of coming back i mean who knows right there things can happen people build things but i'm always going to take a bet on the open internet and what the open internet is delivering and open software is delivering and i'll take that bet all day long and um it it's not i i don't want to paint the world as a kind of unit dimensional or there's only one thing that can happen like clearly there could be many things that happen i mean you know in china like i think there are some people who might use the e c and y to pay for bus tickets but most people are quite happy to use alipay and and 10 cent and wechat pay and those are like the dominant methods of electronic money um now the government would like there to be a non a a a third way or a government available way so that they limit private power um and so there's sort of a battle between these big powerful private companies and the government over that and who knows how that will play out but i don't think that's necessarily something that we in the west should be modeling ourselves on and i think you know the the values of open innovation open intellectual property uh privacy security innovation all of these are the values that i think should be driving us and uh and that and that i think leads us to really believe that you know sort of stable coins and public chains and and similar kind of integrated infrastructure will will probably be what is most widely used in the coming years and and can i actually bounce on that so you talk a lot about the open internet and this view that actually it's it's you know it's uh it's basically inclusive and anyone anywhere can participate on that and at the same time you also mentioned like the need for uh regulation in particular when it's things that are very close to cash how do you reconcile like you know centralization decentralization and the partying that we're starting to see between both worlds yeah so i mean um again like i there's a spectrum here and and and i and i and i'm not um i'm not like a maximalist on any one of the vectors on that like like i think that things exist on that spectrum and it's it's important that things exist on all parts of that spectrum there may be people who are very anchored on one which is like completely totally decentralized money um that is completely you know theoretically at least free of government interference um and you know or or has uh non-sovereign monetary policy like bitcoin is as an example of that um and i think there's a very compelling use case for that on the other end right you can have like tightly controlled completely locked down government-run government-surveilled infrastructure like the chinese project as i was just talking about so i think my view has always been that um at least for the next you know let's call it you know 20 years 10 or 20 years something like that it's really important that we have a very strong hybrid model um and and this is something that that that we've talked about really for about nine years is this kind of hybrid digital currency model where you can take an existing currency like a dollar or a euro and express it in a cryptocurrency form and give it all of the capabilities of that those public networks and platforms but have um deep interoperability with the existing financial system so that you know literally like the the the its asset referenced and it's referencing the actual cash for cash equivalent instrument so that people can utilize that with the superpowers of the internet um and and i think that's really powerful and i think that um you know you can you can do that in a way which does have regulation around it um and i think again if we want to like connect this in the real world economy and real world finance and we want households everywhere and firms everywhere and even other financial institutions around the world to sort of build on this and use this you you have to have that kind of assurance and and and you need to have you know legal and regulatory kind of frameworks around it or that's not going to happen but i think over time you can definitely see a migration towards um you know the the use of non-sovereign digital currencies and and i am a long-term believer in that um but i think right now you know i think we'll see kind of these major reserve currencies get kind of connected up to public blockchains um through private sector innovation open source innovation open ecosystem innovation and that'll unlock a lot that i think that can unlock a huge amount of value for the internet economy for the real economy etc um yeah so it's a really hybrid model and this idea that we're in a transition so to approach thing also with pragmatism while it's like a longer road on which we're getting um one thing actually and if i change stacks a little bit so the theme at near con is actually building beyond the hype and you've been several very successful companies and more importantly actually you've survived and not even survived the bear market you've actually strived in a bear market and i just wondered you know if you have any tips for you know all the people who are going to attend actually near con and who are here to to learn right what would you say and actually what does building beyond the hype mean to you and what tips would you have into actually building and continuously building during a crypto winter yeah well you know it's so interesting and i'm going to repeat some things that are are i think said somewhat often which is you know now's a great time to be building um and and i think that just to unpack that a little bit i think when you're in an environment which is like super over hyped and where there's just insane amounts of money that are flying around um you know there there's a lot of things that can get um that can kind of get developed and pushed which don't really have much substance behind them and it gets really noisy and it's it's really hard to know you know what's real what's not um and also for a founder or for builders you know you you second guess yourself like all the time like oh my god look at all this over here all this over here and what are we gonna do and and like like these hype cycles are out of control and like you just start trying to like adapt to whatever meme is out there and and i think that's that's like an awful place to be as as a founder um and i think um you know right now is actually a really special time because um unlike the past the last i should say uh crypto winter um yeah there were a lot of amazing things born out of that right d5 was born out of that um broadly speaking i remember we we launched usdc right into the heart of the crypto winter in the late fall of 2018 and like we were working with compound and ave and you know all of the early d5 projects maker um and and and but now like the infrastructure is so much better right you've got third generation blockchains like near and and and you've got like consumer apps you've got a lot more clarity legally around the world it gives there's so much like way way better environment now and so now you know you can be focused um you can focus on you know building things that have like real utility um and so i i feel like it's an excellent time in terms of the materials that we have to work with the best we've ever had so far and um and you know i think kind of getting uh getting rid of a lot of the noise and hype like helps people focus so it can be can be a really excellent time for people to be building wonderful well i think that's fantastic i know time is up but i cannot let you go without asking because we do share a lot of the vision you've described actually for the future of the world um so my last question and feel free to do not answer but when will we see usdc being near native that's a great question um well what i can say is uh you know we're really impressed with with nir and um and and with what uh what what the community has been building and evolving and i i think i talk a lot about third generation blockchains and and use near as an example so we're excited about the progress that's that's been made and um you know uh yeah we we continue to bring usdc to more chains and um you know we'll uh we'll uh see what happens there wonderful well jeremy thank you so much for joining us this has been as always inspiring thought provoking and looking forward to continue following your progress and hopefully working soon together thank you mariek have a great conference everyone thank you wow what a brilliant piece right i'm feeling the energy is a little bit lower which is understandable because i'm hungover too but we have an incredible uh panel next they're gonna impact some really really big ideas about the stable coin trade-off is it decentralization versus mass adoption we've got mark sugden from d central bank uh zhao reginator from circle and the wonderful moderator emily parker hi everyone um welcome so yeah more stable coins this is obviously a very timely topic right now with south korean officials looking to arrest dokuan which we can talk about briefly but um basically what we're going to get into on this panel is just some of the uh philosophies behind stable coins centralized versus decentralized and also touch a little bit on central bank digital currencies uh that are issued by governments but why don't we just quickly start super quick intro we obviously just had circle but um we can just quickly recap for some of those who aren't there if you guys just give like a super brief description of your project what you're doing and then we'll take it from there and also how you would characterize your stable coin would you characterize your stablecoin as centralized or decentralized since that is the theme of this panel why don't you start here cool thanks so uh the clue's in the name decentral bank so we are building out a decentralized stablecoin protocol i help with uh product uh partnerships commercial development business development those kind of things uh really trying to build out a product that lots of people that are under banked can utilize uh in in a decentralized environment and to have the confidence and security of operating outside traditional spheres of influence thank you joe how would you characterize circle would you guys call let's just simplify this would you guys call yourself a centralized stablecoin do you think that's a fair assessment hey emily hey everyone thanks for having me over at video um so so i i lead the the stablecoin product teams for circle uh as you guys uh have seen from jeremy i don't think we need an explanation further than that but we we issued two stable coins today uh ussc which is the second largest dollar back stable coin in the world and uh in europe which is the the third largest already euro back stable coin in the world uh and all of our staple coins they follow the same principle they follow the same design i led the build out of usc first soco back in 2017-18 and uh and the design that we chose back then is still the design that we believe is foundational for ecosystems uh for for there to exist and it's definitely a design that involves an element of centralization i mean we we use a mechanism that involves off-chain collateral we opt for you know this very simple mechanism that for the issuance of every token on chain uh requires you know one equivalent amount of fiat money on a reserve and and the the management of the reserve uh requires uh you know uh licensing in most jurisdictions around the world it's usually qualified in a very known way uh and it requires a an entity to manage that that reserve right and so that element of the design has no way to be uh decentralized got it um and i'm just curious if you have any thoughts on that i mean i obviously you created this or well you you're part of this project that has decentralization in the name i mean what do you think about the concept of centralized stable coins do you think that that they're problematic in any way because clearly you're positioning yourself against those i don't think it's problematic per se i think it's using digital assets to increase the velocity of capital throughout the world which circle are doing expertly um but they're simply doing the same thing that people have always done just using new technology so it's disruptive from a technology point of view sure but is it disruptive from a inclusivity or a governance point of view enabling people to get involved in the governance of treasuries and all those kind of details and enabling transaction of those funds and the movement of value in other places where it's perhaps been quite difficult in the past to operate in the main currencies that people usually spend i don't know if you have any response to that i mean that's sort of a little bit of a critique of the centralized model of stable coins which is basically like it's kind of the old system by a different name you know that's something that you hear a lot i don't know how you would respond to that no i don't think that is antagonistic to the vision that we we have for the world right we actually have always been super interested in in in the you know decentralized designs algorithmic designs uh we just haven't found a design or a particular solution for a lot of the challenges that that exist in that space but more fundamentally i think we need we have always believed and and this has been on the journey that we have had as a company uh way back in the day from from 2013 2014 we we were always as a company looking for a better substrate to uh to build new financial services on top of blockchain technology and we we attempted to do that over uh bitcoin i mean we had the peer-to-peer payments product that operated across many jurisdictions and eddie used bitcoin for settlement that clearly didn't work over time bitcoin is not suited for for that kind of use case uh we attempted solutions like building our own settlement token over the ethereum blockchain when when a theorem emerged and then we just realized for ourselves that i think what the world needs at this stage with the technology that we have with the promise of the technology that we have is the ability to to really digitize fiat money right uh there's there's a tremendous opportunity in doing that so i don't discount that evolution i agree it's more more of an evolutionary model but i think there's so much that developers can do when you digitize the concept of fiat money and uh and have it all of a sudden cross-border super easily you know be programmatically composable so i think there's a phenomenal amount of innovation that can come from the existence of these centralized models with all the with all the limitations that they have for sure okay so i want to kind of zoom out a little bit from like your two projects and just talk about the larger stable coin landscape because it's become such a hot topic and you know i think in the united states for example probably the first comprehensive regulations we see will probably be in the stable coin area i i think a lot of people feel that stable coins are the next shoe to drop you know if like there's another crypto crisis it would probably be uh started by a stable coin um i'm uh let's just say one major stable coin that we don't need you know can remain nameless out here i think a lot of people are concerned about the collapse of another stablecoin so let's just start with let's start with ust for example since that's in the news we have dokwa now you know he's looking to be arrested i'm curious what you guys think like what exactly went wrong with ust what was the problem there i mean do you think it was you know doe quan himself was it the technology i mean is there um a model out there for an algorithmic stable coin that could succeed because um algorithmic stable coins like nobody really knows how to regulate them you know nobody really knows what to do with them so i'm curious like what you see as what went wrong there because people were really excited about that until it collapsed and um yeah let's start with you i think it's a combination of doke one putting a target on his back by being so vocal um he basically challenged the sec and the likes of that to go after him people want to cut a tall poppy down he was obviously quite successful making a lot of money quickly and you know maybe the man who flew too close to the sun a little bit he came crashing down very quickly so combination of that as well as their phenomenal growth right the timing of i guess the crypto bull market and the model of lunar and terror where you've got this asset with no inflation schedule that you keep on buying and you burn it to mint a stable coin um it's just the cycle of the ponzi keeps on going right um and as far as we're concerned around creating a decentralized stablecoin i mean without being too cynical it happened at the perfect time for us because we're kind of looking at an algorithmic model to start off with but terra fortunately for us unfortunately for a lot of people created the perfect playbook of what not to do you know these are the traps you need to avoid grow slowly organically make sure that you have those treasury management processes in place so when it comes time to redeem that stablecoin your users will always be able to make be made whole that's the most important thing right if you are using any asset they need to have the the confidence and security that they'll be able to redeem it for a dollar value later down the line right so a combination of them growing too fast dope one going and we are so early it's a meme but we're so so early and i would never ever say that an algorithmic stablecoin won't mer won't work because the people here today um and within our industry whole extremely intelligent and we're constantly innovating changing things working out models you know fracs have quite a good model they're algorithmic they're kind of close to getting there um with user security so i would never ever discount um the success the long-term success of algorithmic stablecoins but it's an iterative journey right yeah i mean i think the ust thing was interesting because it was like people thought it was the most brilliant idea in the world until it just wasn't you know it and it just sort of collapsed and i think what your point about you know do kwan flying too close to the sun there's definitely an element of that in terms of like now him being in the crosshairs of authorities but that doesn't quite explain the sort of like technological meltdown and financial meltdown um so i don't know joe i'm curious what you think i mean what what went wrong with ust it's obviously easier to say in hindsight um but you know and also like was it even decentralized i think that's a controversial point right i mean they presented themselves as a decentralized stablecoin but like was it it was you know i mean is that even a fair assessment yeah there are several things to unpack there um i i i don't believe it was completely decentralized i think there were several several elements of their model that were completely centralized right uh uh but i think but i think to stick to some of the things that you said from a technological point of view and uh and i agree with what was said earlier i think part of the problem was the the environment that was created around usd and and how and how aggressive it was i mean quite frankly uh i am somebody you know who lives in crypto i live on twitter i admit some of my opinions over there uh people like me i was afraid of admitting my opinions on ust and ontario on twitter because uh people are actually harassing anyone who had any opinion against it right and i'll be frank internally at circo we have very smart people just as with a lot of other companies in the space there was a lot of people who were calling this way before it happened because from a technology point of view the solution had this idea of this endogenous relationship between the dollar token and the native token right and and there are problems with that solution like it's quite obvious when you model it out um it can work on a bold run it can work when there is demand for the native token but all you need to do is to think about oh what if what if all of a sudden there is zero demand for the native token and a lot of people would be as i said aggressive and challenge that idea and say and say there will never be zero demand for the native token well guess what we all learned that it can happen and when it happens uh then then the solution unwanted like pretty pretty fantastically in a matter of hours right um so i think that solution does not work uh and it and it has to have different elements of that solution for for that pair of endogenous tokens to work because otherwise they work on the spiral way up and they and they have an ability to have a velocity of growth that is quite tremendous and that was phenomenal to see how doe executed and the team executed on that um but it can be just as uh you know has the same tremendous amount of speed on the way down and so from a technology point of view there was a there was a clear flaw on that design i think a lot of people call that out nick carter you know several several people called it out uh that design flaw but they were aggressively uh challenged right and that is something that i think we as an ecosystem need to make sure that doesn't happen again because it's not in interest of anyone uh we we tend to work on technologies that are built in public as we say right everybody can see all the details of most things that we do if people are criticizing designs i think people should be more open to listening i i love that you brought up that point i think that's such an important point it was such a key problem with ust and i i'm not totally sure that the crypto world has learned the lesson you know it basically you're right there were people very early on putting out warning signs raising red flags and they got attacked on social media and then followers would pile on and you know not the reason why this is dangerous is that it definitely dampened debate you know and um i don't i don't think this is unique to ust i think this happens in crypto quite a lot and i think it's really critical that you know the the industry does something about this because otherwise the regulators are just going to come in and sort it out right if we can't to some degree like police ourselves and have like an open conversation because you're right people are getting shouted down not even just for criticizing ust but for just raising questions about ust you know um so i'm really glad you brought up that point because i i don't think i'm not sure people have learned that that lesson i want to sort of get into the other sort of elephant in the room which is tether tether is also you know pretty controversial um i think that there are some people out there that feel that tether will be the next domino to fall um you know there's there's controversy around you know how transparent tether is um and just because tether is so dominant um you know were something to go wrong in tether it would just have such a ripple effect throughout the entire crypto world so i'm curious like what you guys think about that i mean is should we be worried about tether because some people definitely are and i'm curious if you are do you want to start yeah i'll go um absolutely not no worry from our point of view when it comes to tether uh they handled was about four billion in redemptions in the space of you know five six days when the market went down and there's not a uh trad fire institute in the world that could handle that many redemptions in that short amount of time without closing their doors and creating a systemic wide financial issue uh so there's always going to be people that speculate that about their treasury and reserve funds and whether they're wise to hold commercial papers and all those kind of things i think they're making moves to be a bit more transparent because like you mentioned earlier uh the us and other markets are seriously looking at at stablecoin regulations and that transparency and the ability to be audited and show those details are absolutely going to be uh paramount for being able to continue to using these uh assets to transfer value but i think there are elements within the industry that take advantage of the unregulated markets maybe take very public short positions perpetuate the fud and maybe take a silent spot position because it always bounces back tether always bounces back why is that you know i think because they're a very solid project so very solid uh team with a lot of people that trusted and use it sure what's your thought and also like i mean how does i i mean obviously people in the crypto world know the difference between usdc and usdt but i don't know if the outside world really does right these are just two um you know big stable coins that have the same three letters you know in their name you know like like how how do you guys posit like what what do you what is your comparative advantage like how do you distinguish yourselves from from tether yeah i think it's it's in several ways right i think we we have always uh imagine that a product like this if it's dealing with the dollar then it needs to be based out of the us and it needs to be regulated out of the us as an instrument right and we we have never even considered the option of following a different path um because i think i think that is at risk in and of itself right if you if you choose to arbitrate uh jurisdictions or gray areas or or regulation eventually it catches up to you like i think it's an opportunity that that a lot of people have explored in crypto but i think eventually it will catch up with with all of us uh so we have always opted for this model where uh you know we issue a digital dollar asset we should do that with uh regulated banking partners out of the us and we should do that in a way that's regulated uh in conjunction with how with how several different regulators in the u.s would understand and that's the way that we have constructed ussc and that's the way they will continue to construct all of our other assets i think the other but that's that's not necessarily a a differentiator right i think i think that's more that's more table sticks as how we see it uh the the differentiation i think on our side is then how we look at the the risk of an asset like this and how we look at the quality properties right and i think i think yeah it's interesting tether you know did actually redeem all of that all that money when uh when uh when there was that that um you know bottom part of the bear market when usd collapsed but but just for comparison right we invariably redeem four to five billion dollars of usc every week that is not it's no news for us in 2021 we redeemed north of 60 billion dollars worth of uh with the redemptions for our customers i mean it's not it's not news we don't we don't like blow this number up because it's it's by the way what this what this asset should do right i think it's it's surprising that people use that as a as a as a selling point for a stable coin guess what it should be redeemable if it's not redeemable there's a massive massive question mark around that um but the other thing that i think we have that i think is quite different is just the system and the level of technology that we have implemented around the system like that i mean uscc is not controlled by anybody who you know pulls the private keys out of cold storage to issue and redeem the asset i mean usc is managed by systems by software uh the issuance of uscc runs on a 24x7 basis we issue hundreds of millions of dollars for for some of our larger customers during the weekend it all completes in a matter of minutes and we have like extensive extensive teams uh you know building out these systems uh you know working with with banking partners optimizing our reserves managing the risk with our regulators we have hundreds of people working on uscc and i think it takes it takes that amount and that size of a village to construct and to manage an asset like this um it's it's surprising to me um that that people you know don't see the risk when when that is not the case so you're very diplomatic but just sort of you know getting to some real talk here like should we be worried about tether no i don't think so i agree with that though i don't see any particular reason today for you know anything that is about to happen no i don't think so i think ted did a tremendous job in being the first mover in i think i think the amount of adoption for tether in in asia in particular with real use cases right they have a tremendous amount of uh command over the crypto capital market particularly in asia but people prefer tether in a lot of these jurisdictions for as a flight to safety and that and i don't think that changes that consumer preference doesn't change very easily um so i i know i wouldn't make it like any doomsday prediction i don't think there's anything bad about to happen i just think our model is better and over time we will win okay cool so we all as the panel agrees here not to worry about tether for now that's good can all sleep better tonight um but uh let's just move quickly to central bank digital currencies um which are sort of stable coins i guess i mean you know for i'm sure most of you are familiar but central bank digital currencies are essentially stable coins that are issued by governments they have the word central in the name there's nothing decentralized about them china is kind of leading the pack and this but there's you know dozens of countries now actively exploring central bank digital currencies we don't really know if and when this is they're going to arrive but there is a possibility that we could eventually be in a cbdc world largely because of fomo right you know china started then everybody else is jumping on and we could end up in a world where most countries feel like if i don't have a central bank digital currency i'm going to be left out so it raises a lot of interesting questions like you know can they coexist with stable coins but i i'm more curious like from your perspective putting the stable coin question aside for a moment do you think central bank digital currencies should exist because i think there is a lot of controversy around them in the crypto world just because they are somewhat antithetical to the concepts of crypto i mean crypto is supposed to be some sort of like alternative to government issued money and this is literally government issued money so i'm just curious what you think about the cbdc thing should they exist are they a net positive net negative uh for the industry i think they're a net positive ultimately because you're going to get a population that's going to have to get familiar with transacting digitally online but like you correctly said where in this call it a revolution has been going on for a while because central banks and their policies around uh money supply inflation all those kind of details has not been great uh the history of uh inflation in various different countries um the steps that people need to go to to manage uh economies and their actual currencies the way they interface with the rest of the world um you know that that's why we're all here in this space creating a new way to do this thing and and you know will the us dollar remain uh the number one currency over the next medium to long term who knows uh but i guess like i said it is absolutely necessary as a net positive to get people familiar with sort of using digital money in the art of the possible and i think there is certainly reason as long as central banks and regulators and institutions are happy with the coexistence um i think it's a really cool thing i think the counter argument to that and it's not what i necessarily subscribe to but i've heard which is that yes that all makes sense but couldn't stable coins just do that right like why do we actually need the central banks to get involved because what you're describing you know is sort of like hedging inflation different you know more getting people into the digital money economy like yeah why not just use what you guys are doing right like i agree why do we need like you know a government to why wouldn't why wouldn't the us uh take circle for example go hey we're just going to use you guys as our cdbc because circle have been doing it together and let me tell you right now you don't want the u.s government or any other government go out there because it's going to take a task force a committee billions of taxpayer taxpayer dollars to try and invent something that's already been invented and operates perfectly so yeah conceptually but i think they should certainly co-opt solutions that are out there at the moment sure what's your feeling like why you know we you guys have you know you guys are out there you're such a big market player doing a lot of the same things that a central bank digital currency says they're going to do why do we still need a government in this space or do we i don't know i don't know what you think about it yeah it's it's a it's a super interesting topic i think we get asked that a lot there's a couple of things i think i think it's worth mentioning first of all i think i think there is an opportunity for for products like that to exist uh if if they are just to to to to optimize you know existing infrastructures for example um there is a there is an argument for you know cbdc's and the role that they can play particularly in in intra bank uh and across uh fed in the united states particularly um kind of ecosystems right so the way that uh banks have accounts with the fed what if those accounts were actually in in digital form right where what is cbdc's player role there i think it would be tremendously more efficient and there would be an opportunity for for a lot of uh for all improvements to to exist uh compared to what exists today um i i do i am very i am very skeptical though of what you said i'm very skeptical of the role that you know government issued cbdc's can play at a retail level uh again i think people tremendously underestimate the the complexity in operating a system like that um but also as you rightly pointed out we live in a world today where we're very very comfortable with the idea of private money right i mean private money the idea of e-money electronic money that's regulated and well understood all over the world and and actually the majority of of the the form factor of money that people utilize on a day-to-day basis i mean you know the visas the mastercards the paypals the prepaid cards these are all private forms of money right and and people don't have an issue with that governments don't have an issue with that regulators don't have an issue with that everything seems to work right so i i don't think i don't think there is this idea i don't think this idea is valid in terms of thinking you know oh cbdc's if and when they come at a retail level all of a sudden they will compete dramatically with stable coins i don't think so i think they they will at most coexist right but in fact the private sector historically has had an advantage when it comes to building products and innovating and iterating quickly in a way that governments just don't have the same incentives for right so i i don't think honestly the competition at a retail level will be fair uh unless unless this is mandated right and then if it is mandated if all of a sudden people consumers businesses need to use this for any sort of reason then i think we enter a like a danger and more and more um you know or wedding kind of world and and there is there are reasons why countries like china are more interested in this and moving faster than others right because essentially money is control um companies like circo i think stablecoin issuers of any kind and the ones that we were describing here we we take up we take a very particular stance when it comes to to the transactions that happen on on assets and on the infrastructure that we build right we we have a responsibility for reporting to regulators everything that is happening within these circle constraints and circle boundaries right we don't go and check what emily is doing on her self custody while in the issues if she was using uscc is that is that and it requires you know uh a court order i mean you know if if some is some if some if somebody's using illicit uh use of a visa card i mean you know the fbi can go and can ask visa or subpoena visa to kind of open up those transactions and look into that that can happen to everybody who is regulated but but will the government not abuse you know the the control that it can have over money uh in those sorts of instruments that is a question that i think we as not not then as issuers of stable coin but as consumers as citizens i think that that's the question we should all be asking ourselves isn't that too much control for a government to have yeah i mean i guess one sort of best case scenario is that you know actually cbdc's could lead to more crypto adoption just because like it's going to be challenging for cbdc's to protect privacy right because they are issued by governments and it could lead people to search for alternatives you know to get interested in digital money but look for alternatives that are more privacy protecting and you know relatively decentralized but anyway we only have like two minutes so i just want to turn to regulation for a moment this is obviously really complicated um to sum up in two minutes but stable coin regulation is very clearly coming um so just quickly actually rather than talk about what you guys think is the best stable coin regulation what is the worst case scenario for stablecoin regulation right because sometimes when you get regulators in a room with the technology that they don't totally understand things can kind of go off the rails right and joe i'm just curious like what do you think what could go wrong like what could regulators do to regulate stable coins that would just be like a bad scene for stable coins in general because i feel like we shouldn't count out that possibility i i think yeah yeah yeah overzealousness overzealousness i think yeah go out there with a view for innovation um but i think any stablecoin issuer decentralized or not um you just need to be transparent about what you're doing right open the books open the kimono this is fine and then in the long term i think hopefully you should be okay with a regulator just don't come down with a heavy hand continue supporting innovation because it's great for your country wherever you are to have these really smart people building really cool products and joe specifically what what is there anything out there because there's like a huge menu of regulations out there like everyone you know so many different people in washington for example time at stablecoin regulations what in your view is something that we should just be concerned about in terms of like you said overzealousness heavy and specifically what could regulators might do to like clamp down on stable coins yeah i agree with that point i think uh i think i think the narrowing of the models is something that's dangerous and and we all hope and we defend you know in the policy work that we do in washington and other places that it doesn't happen so you know there is the model that circle and tether and some modders have used right on this idea of exogenous collateral that lives outside chain that should not be the only model for stable coins so we actually have defended that uh things like you know uh crypto collateral stable coins should be allowed to exist all these other forms of stable coins should be allowed to exist maybe they need to be you know bucketed in different ways because there had been conversations that i think that would be a very very poor outcome that the only model for stable coins is one model i think that would be very bad and we really hope that that doesn't happen uh the other thing is as we said the other thing is overzealous you know this idea that um you know and and you see some rumors of that but i honestly don't think that's going to be the outcome oh this can only work if uh if you know the identity of all these wallet owners right this can only work in a closed loop ecosystem uh you know there's there should be no support for self-custody wallets obviously we disagree with that obviously that's very very problematic for how we see the world with crypto technology so that's also the doomsday scenario but again in the work and in the collaboration that we do from a policy point of view we don't believe that that's going to be the outcome thank you guys so much we're out of time we could obviously talk about this all day but really appreciate your insightful comments and thank you everybody for coming thanks everyone thank you thank you so much to our wonderful panel ciao mark and emily i don't know if you've tried the pineapple yet there should be tons out there and it's extremely sweet but it is not as sweet as the next panel that we have lined up for you today we've got an incredible team on to talk about crypto natives versus fintechs for the future of payments we've got elena siva from raqueto ivan ilm from neopair jess holgrave from checkout.com and your wonderful host from the ready layer one podcast joe spano thank you thank you all right so let's kind of jump into this and i think we all can acknowledge that we're kind of in a down market here and everything is economically is all over the place but crypto payments has started to kind of show up in the zeitgeist a little bit more jess can you kind of introduce kind of where you see that going as we're getting hopefully eventually out of this market sure so hi everyone i'm jess holgrave and i lead crypto strategy at checkout.com uh we're a global payments provider and so we're really thinking about crypto in two ways number one we're thinking about how we can provide the crypto ecosystem with access to payments that's something that we've been doing since 2018 we processed for a lot of exchanges on and off ramps and in that world i think what we're seeing is this real evolution that people are realizing that payments is one of the key barriers to onboarding people to web three right like absolutely that's their first access point whether they're buying an nft or they're investing in a cryptocurrency or anything else they really need to be able to do that in a seamless way um everybody is very used to like easy ways of paying with a debit card or their watch or whatever it is and we want to try to recreate that for the crypto ecosystem so that onboarding is is seamless and i think that we're seeing great development in that space regulators are really understanding the challenges and what the business models are and that frees us up as a payments company to innovate on the second side we are we work a lot with web 2 companies right we work with netflix with e-commerce companies retail sites and that's been the really interesting thing for me certainly over the last little while and talking of the downturn what's been most amazing is that the level of interest hasn't dropped this time in the last cycle we were seeing you know tons of excitement and then as soon as crypto went to hit all of these big companies said okay like i'm out right not interested in this and this time my linkedin my whatsapp my uh emails are still buzzing with all these web 2 companies saying we know it's crypto winter but we also have huge confidence now that it's coming back we really believe in the technology and so how do we start to think about crypto and that's kind of how we're thinking about uh bringing crypto to the web 2 world right now yeah well that's great i haven't i just mentioned kind of the idea of debit cards and so near pay is getting into debit cards so how does that transition happen as well where you can start to integrate your crypto from there uh well um we see that uh there are a lot of people coming to crypto but the crypto uh is still less than fiat money so we focus on the small part between the crypto world and the fiat world so people can go to crypto and to fiat both ways uh we know that fiat money is still more convenient in the daily life than uh than crypto for example uh some people still want to buy beer for uh for fiat yeah they come with the euros uh yeah so we try to make krypso uh more convenient to use through the through the more more useful more through the things that people got used to they're good to get used to visa cards mastercard cards and other other of that so near pay focuses on um on this we create nearby cards so the users can spend their near and usn uh in their daily life using their visa card i would think that this is the thing that will boost using crypto that every day in everyday life yeah yeah i think so we have a nice rounding of the end user type of setup here right of the checkout process debit card so with roquetto and you're doing more of payroll type of stuff how does the crypto in uh international payroll especially with crypto being so global how does that all work um so hi it's elena schulzo from rockettab so for us today we see one of the main problems in payments in web3 is adoption so new businesses are trying to striving to come to web three but they they are used to have two experience they are used to good interfaces and also they're striving to manage all those payments in different blockchains uh different currencies different networks so in rocket the business we our main goal is to provide this uh the best experience for dao's and we have three businesses uh regarding all the payments payrolls grant allocation airdrops talking location and so on yeah no that's great so as crypto is so global do you feel like that you're able to better solve uh the needs of businesses through you know using crypto as part of their payroll and things like that you know to make to pay their employees well yeah actually uh crypt is very convenient to pay internationally globally like because it's really sensorless so in many countries it's uh there are lots of underbanked or unbanked people who are uh who wants to receive their salaries encrypted so sure yeah and we have uh recently released our first version of our version and now we are on boarding our first users oh that's great so just pulling it back a little bit you mentioned regulations and some of the challenges that are going on check out a little bit more traditional fintech and coming especially around all of the big banks and credit cards and everything else how do you see that marriage of the two is that becoming a challenge of the the traditional fintech pushing back on you guys trying to integrate the two so we've been in the we've been around since 2012 we've been in crypto since 2018 and when we started getting into crypto we did it because we had crypto exchanges coming to us saying i want to be able to accept fiat payments and i'm struggling with my existing payment provider so we because we're a kind of payment service provider we own the full stack of our technology but we're heavily relying on partners we're principal members with visa mastercard all these schemes we're relying on acquiring banks and it took us a very long time actually to um to work with those partners to get them comfortable and we saw that as an amazing investment because we developed a lot of in-house expertise we hired a lot of crypto native people and taught them about payments as well as taught payments people about crypto so we developed this core of expertise that we actually then use to go to our partners and bring them up the curve sure sure um we did that in the banking space with the schemes but also with regulators and policy makers and we have a huge program at checkout to really interact with those people and to bring a perspective which is that like we're not only about crypto we're not here to push a particular cryptocurrency or anything else what we're here to do is to see that crypto from a technology perspective is the future of payments and that smart regulators and regulators around the world now realize that they ought to have a competitive mandate even if that's not explicit because companies can choose where they want to go and set up and so the smartest regulators out there are now really deeply engaged with like how do we create um the balance of consumer protections but also enable innovation and that's something that we've been deeply focused on and i'm like more optimistic than ever actually about the work that's happening there and the way that um the way that regulators and partners are thinking about it um because i think it's really going to help drive adoption absolutely so ivan you must be experiencing some of the same challenges of both regulations but also probably adoption what are some of the things that you're dealing with from a challenge standpoint well i think that the main challenges right now are that regulations are getting more and more strict and they're different in different countries we face that for example europe has implemented those aml directives let's make the make it more strict the money transfers and we see that each country in asia in u.s in the europe in europe they have different approaches to you know regulation of crypto regulation fiat and this is what we're facing um but i think that the main problem here is that we as scripps users uh we expect that uh everything will be private yes everything i'm gonna custody everything will be not out of control and i think that um crypto will be decentralized but it will be more regulated we have to do this just to make krypto more uh mass adopter must adopt it so this is the only way and uh and so we follow the rules we have to follow the follow the rules to make our near pay card work everywhere that's right right yeah we understand that this is a challenge but this is the only way to bring crypto to one billion users yeah absolutely so this is maybe for everybody where do you see i guess the and you you're both are building directly on near specifically where do you see that specific blockchains either helping or making it harder for you like why did you choose near to build on well um as far as we know ethereum was a good solution but it's not as good as scalable as fast and as well built as modern people and users require so uh i think the near is very good solution also in case of usability because you know that's human readable addresses by the way it helps a lot for the adoption um yeah so it's fast it's cheap and it's much more scalable and usable yeah basically yeah i haven't had the same question why why near well i think that near has a combination of the crucial factors it needs to be uh in in an ecosystem the first thing is the technology sharding and fast fast and cheap transactions that the first part but that's not the uh not everything right we won't do anything the second thing is the ecosystem the ecosystem is big you can see many projects here creating real value for uh for users and sometimes it's like entertainment and through entertainment they bring new users for example sweatcoin many gaming projects here they create create something on near bringing new projects and so the ecosystem is is the second driver yeah and the third driver i think that's the uh phone finance policy so near foundation helps builders create it helps entrepreneurs create and that means that the ecosystem will rise it will attract more customers that is also crucial without the cost with our customers without real users everything will die in a year so i i believe that near will be will rise and it will grow and grow as it's as a group yesterday yes the previous the previous time yeah so uh this is why we build the near because it has all the factors of future growth yeah i think there's something specific about near but just in general you know as you work with different chains are you seeing different challenges as you try to integrate different on and off frames for different cryptochains definitely i think that um you know some of the key things that i'm thinking about when i think about like the future of payments is the fact that our payment networks today swift visa mastercard are incredibly scalable they're incredibly efficient and they have been built over time and they're not very nice to develop on but they've been built over time to create really efficient user experiences too um what users expect from from those crypto rail those payment those traditional payment rails is really easy ways to manage refunds and chargebacks it's the right levels of consumer protection it's the right fraud systems that uh that allow people to purchase safely and not get scammed um and so there's there's a whole multitude of different factors that go in uh when you're thinking about building a blockchain that's suitable to actually be used for for payment rails sure um so i think that what near is doing in terms of as uh as evan said around scalability i think is really crucial um i think the environmental concern is a very very real one for the ecosystem and even post-merge you know will the the ethereum blockchain is going to still be um you know somewhere near like 100 times less efficient than the visa network right so there's there are still some real challenges even with these blockchains that have got a lot more adoption and so that's why i'm kind of optimistic about uh about chains like nia that are thinking about that in first principles so they're like very embedded in how the protocol has been designed um so i think that's that's really crucial um and then i think the other thing is the van says is like from a payments ecosystem like payments is a two-sided thing right you need people who want to accept a cryptocurrency and you need people who want to spend with it and i think what um what the foundation is doing at near is investing very well holistically across the ecosystem they're thinking about all the different components that are going to be needed whether that's around payments around different user interfaces applications and i think that that is what's going to drive that that growth certainly i think in other ecosystems you see very heavy focus on say the application side but like the tools and the infrastructure that people need if this is really going to come true as a payments uh sort of rail maybe isn't there sure sure this is kind of for anyone just thinking about like what we've gone and got into so far what do you see i think is going to be the next step for payments with crypto is it just continuing to battle regulation or do is there something else on the horizon here anyone wants to go first but let me ask let me answer yeah i think that it won't be uh a step it will be like a growth that is dependent on the network effects the more people use crypto the more people accept crypto the more uh the more it is valuable for new people coming into crypto from the merchants and from the people so it will be like you know exponential growth i think and uh what we need is what we need uh funding we need good news we don't need we need less fails like celsius tornado cash and something else we need we need more fails we need more um you know sustainable uh actions uh on making crypt uh you know ubiquitous yeah yeah how about how about for you elena yeah i won absolutely um i totally agree because it will not be like some big step it would be sustainable growth uh the more good products were built here as the better interfaces for delivers the more people are coming to the ecosystem and the more people who are excluded from the economics from payments from the economy will be there so the economy in general our global economy is going to win because of the adoption because uh because of cheaper faster and safer payments and because of getting those people from remote countries or underbanked people on board absolutely absolutely i think great part and so for check out again when you have that that blend how do you think about those regions that are maybe underserved is there some way that check again being a little bit more traditional to begin with is there something that you can do as well to help promote that yeah so at checkout today we unlock payments for um for people from over 180 different countries to merchants all around the world right um part of our value proposition to all the businesses we work with whether they're web 3 or web 2 is that that like regulatory piece we try and absorb a lot of the pain right for our customers uh ivan and i were talking earlier because we're hoping to sort of partner with nearpay um and like we do have a really painful questionnaire it's like 27 pages and a van was like this is causing me a lot of hassle and i can totally sort of hear that but at the same time like what we're trying to do there with our 27-page questionnaire is make sure that we're operating in a compliant way and that everything else all of those other little bits of regulatory uh you know aspects that we can deal with on behalf of our merchants so that's really kind of like how we're we're focused on unlocking this this geographic piece we were we have very close partnerships with visa and mastercard and some of the most recent merchants that we've put live on visa direct which is an off it's a card payout solution so the ability to take money from crypto and put it back in fiat onto your debit card for example um and with cexio which is the crypto exchange we've unlocked over 140 countries that recently and so um it's really kind of powerful to be able to partner with these big brands who have that reach to be able to then make those crypto on and off ramps more more seamless but as ivan said like every country is different every regulator is thinking about this in a different way and so what we're trying to do is navigate both sides of that to to support these bridges and i think that some of the key drivers are going to be around unlocking regulation they're going to be around identity solutions that help crypto payment rails comply with existing regulations um because crypto is not unregulated right like it has to fall in with within all of these regulations that exist today um i think stable coins is going to be a big driver for for greater adoption for sure for crypto as a payment method um so i think there's some really great things to see over the next couple years yeah i kind of as we're getting near the end here i really would like to maybe just kind of hit it a little bit but the lessons that we can take from traditional fintech that still probably needs to go into crypto we're so caught up in i think trying to be disruptive all the time and that crypto is so innovative and we're going to change the entire world which i think it is going to change the world but we can't just immediately do that so what can we learn from traditional finance as we transition to this time of crypto whoever wants to start me yeah you can start later well maybe i'm speaking about it like a third time in a row but uh what we need to adopt is good interfaces and uh easy onboarding of users like yeah like if he so the more businesses we have here the more people who have uh using our systems are better for the planet and for all of us so yeah easy adoption is something we need to get from web 2. um yeah makes sense ivan well i think that we can learn is the ease of use my grandmother can uh can get a card and pay and pay in the shop it doesn't take any it's not it's not it's easy for her it's right difficult and i think that still many products uh here in the network system and other systems are made for power users experienced users and i think that's uh fintech the traditional fintech they have learned how to make extremely easy products extremely beautiful and convenient products in the daily life i have i we i think we need to learn uh something about the service of clients because you know traditional banks have you know offline stores where they can give you the sim card they can give you the accounts they can help you with something maybe we can learn something from the service perfect talking communication yeah the second thing is the ease of use ease of user experience i know many banks that do their job excellent uh i know i know a lot of banks who do their job yeah not not so good right i think that crypto is still to learn how to bring not unexperienced users to their products yeah yeah just kind of want to bring us home so i think for me one of the key things is this like concept of like graduality or there's probably a better word for it right like in fintech we've seen this transition from um only giving people access to like the simplest products and over the last 10 years we've seen you know the ability for retail investors to access more interesting investment products we've seen the integration of crypto wallets with your neo bank account um but that doesn't happen overnight right like you don't go to somebody who's only ever had a high street bank account that they've used with a you know a checkbook and say hey suddenly you can do all of this stuff but you have to you know it's very complicated to manage right and this is where i'm a believer that like sometimes things can start in a more centralized way but it drives interest and education for people to learn about maybe some of the more benef you know the benefits that true decentralization can bring and we were talking about this earlier like maybe nfts for example are a great access point right especially if you can buy them just with a debit card and you know you don't have to trade right yeah like it's a great access point for somebody who's new to crypto and then often that person will go okay i want to learn more about this i'm going to learn about actually holding cryptocurrencies or about defy and and so i think that um especially with a lot of the companies that i am close to and i love working with it's to say that yes our aspiration as an ecosystem is to drive towards something that is very decentralized and i'm a big believer in that but the way that we're gonna do that is by educating consumers and by building easy ways for them to interact with decentralized technology such that we can bring them those benefits over time and so solving for user experience solving for compliance is so key right now to make sure that we build confidence across the wider consumer base absolutely it sounds like education is a really big piece of all of this so kind of last kind of thing here you know what could we do better from an education standpoint as a crypto community to get the mainstream audience to feel more comfortable i think that one of the things that we can do is actually be very honest about the limitations that we're facing um there's a lot of promise for crypto and it's why i'm so excited about that's why i've been working in the space for so long but i think if we aren't honest about the limitations today then people who are new to crypto especially in the corporate world discover those limitations and then go okay like this is it becomes scary it becomes a bit scary and so i think by being very honest about the challenges that we face as an ecosystem by making sure that people are treating consumers with respect and that they are being compliant i think is actually going to be the biggest driver towards long-term adoption because it means that people don't come here with false expectations and then get disappointed they're actually encouraged to work with the ecosystem to solve those problems absolutely well i think that near does does really good things with this near university yes educates people building enterprising and many different other specialities and i think that we need to to yeah we need some more news more good news from politicians so the original people just some common people they are not afraid they just said and they um they want they want to they understand the language because sometimes i go to nearest discord channel and you know i don't understand sometimes all of the all of the phrases there sure we need to talk on the on the simple language with all of the people so people with average knowledge they educate they understand and they don't fear so they get into it faster elena any last all right well yeah uh just have to add that we are all building bridges between webt and web 2 now and our mission here is to hear and understand both people from web 3 and introduce people from web 2 to this marvelous technology with our good interfaces and our educative activities yeah no great i want to thank our guest today jess ivan and elena and this was the future of crypto payments thank you thank you thank you so much to each and every one of those panelists to discuss crypto natives that was an incredible piece if you stick around we have an even more special treat he's got the best hair in the conference it's james prestwich from nomad to talk about the meaning of settlement layers all right uh my slides around here we go uh hi i'm james i work at nomad on cross chain everything uh and the great part about being me at near khan is that i don't have to talk about the future of crypto uh i just have to talk about the present i get to stand up here on a soapbox and talk about something that annoys me a lot and so the title of this talk is stop saying settlement layer like really just stop it it's a useless term and i hate it uh we can skip over this uh because like this is just me i've been in crypto for about eight years for the last five to six i've been working exclusively on cross chain applications bridges trades that sort of thing uh i was an early contributor to aurora back when it was just ilya and a few guys in an office uh this talk actually came out of a conversation i had with ilya on telegram where we were arguing with some other people about whether settlement layer was a useful term or not so the problem with settlement layer is that people make big giant charts like this and like they put the settlement layer on some row and they lay out like 12 different things sideways uh and it's just not very useful like what is a data availability layer what's a consensus layer uh you know what do people mean and why do they do this so in practice when people are saying the words settlement layer they mean one of three things the first thing they might mean is the ledger of record for a specific asset this is really easy to understand near the blockchain is the ultimate ledger for the near asset ethereum is the ledger of record for the eth asset eth doesn't move on chain unless it moves on ethereum you can port that eth over to other blockchains you can represent it as tokens you can have near in other systems but the ultimate arbitrator of who owns near is the near blockchain so we talk about a ledger of record and when people say that layer 2 settles near they mean that they update some record on the near blockchain so because i'm terminally online i've decided to lay out this talk as a bunch of tweets that people have made that are usually good but sometimes bad so this one is from tully the founder of solana and he's asking does settlement layer congestion does congestion on the ledger of record for ethereum cause spreads on centralized exchanges does ethereum having high gas cause spreads on coinbase and the answer is no because while ethereum is the ledger of record for eth it's the settlement layer as they say for eth it's not the ledger of record for east held by coinbase you know coinbase controls those eth they can update the ethereum blockchain and move it to other people but ultimately coinbase has a completely independent ledger of record that keeps track of each in coinbase so when a trade happens on coinbase and it settles and you agree that you've got new eth from coinbase you're not updating the ledger of record you're not using eth as a settlement layer and so that's why high gas on east doesn't cause spreads on coinbase because nobody on coinbase is using ethereum so meltdom is asking you know is it even a good idea to have smart contracts on your settlement layer uh she prefers bitcoin to be just a ledger of record for who owns bitcoin um is it a good idea to have compute on the ledger of record i mean probably everyone loves smart contracts we all use them all the time on ethereum near and other places but this would be a better tweet if it didn't say settlement layer if it said ledger of record instead she's talking about the place that records ownership of bitcoin she's not talking about the place where bitcoin trades or payments are made so don't say settlement layer say ledger of record don't say eth is the settlement layer for east don't say near is the settlement layer for near say eth is the ledger of record for eth and don't say eth settles usdc because that's just not true usdc is settled by circle they own all of the dollars they have them in a bank account and when you make a usdc trade circle's permission and updating the usdc contract on some chain because it's on five or seven of them is what actually settles the usdc payment so circle will usually honor usdc payments or trades made on the ethereum ledger but not always there are well-documented instances of them not honoring it the second thing people talk about when they say settlement layer is an enshrined bridge for a specific roll-up people love to say that roll-ups settle to l1 but it's just not true so in order to understand why that's the case we have to talk about what an enshrined bridge is uh you know enshrined is kind of a big funny religious word uh we don't use it very often in this case we mean a bridge that is built in to the protocol optimism arbitrarum zk sync they all have bridges built in to their protocol all of these bridges settle to ethereum but they don't have to and a rollup doesn't need a bridge built into its protocol a rollup doesn't need ethereum to settle payments or trades made on it so let's look at a few more tweets about settling an enshrined bridge so as suzuha a very interesting tweeter is pointing out a rollup is just a blockchain with specific settlement assumptions you can extend any alt l1 into being a rollup as long as the execution is verifiable by the settlement layer what they mean is that you can build a bridge to ethereum as long as ethereum can verify your consensus and your contract execution any chain can be a roll-up on ethereum if ethereum can run the chain's consensus and state transition function there's nothing magical about roll-ups that make them settle to a specific l1 it is a bridge that is built into the protocol for a great example of this if you are making payments on optimism you know half an hour later that your payment has occurred you know the person you paid knows the optimism network knows everybody knows but that trade doesn't settle to ethereum for another six days and 23 hours the settling to ethereum part is completely unnecessary and it exists only so that you could bridge that payment back to the layer one so when we say that leaf is a settlement layer for optimism or arbitrarium what we mean is that there is a built-in bridge and we really like that bridge and we care about it a lot and we want to use it ethereum is not actually finalizing any of these roll-ups they do that themselves so uh mustafa founder of celestia is talking about you know this if the celestial community wants to enshrine a settlement layer this could be done with cosmos interchange security and by having the settlement layer be a consumer of celestia's main chain so he's saying that you could use cosmos's interchange security model to build enshrined bridges for many kinds of rollups uh but he is not saying that this settlement layer would finalize or settle any of these roll-ups so this tweet would be better if you were talking about enshrined bridges rather than settlement layers he's saying that there should be a focal point where we use shared security to build many enshrined bridges out from a hub which of course should be built on celestia because celestia is very cool this one is from arjun who's a founder at connex they work on cross chain liquidity networks and he says that he can't wait until people stop building on the settlement layer and build on l2s like they're supposed to instead l1 block space is for p proofs only he is pointing out that these enshrined bridges compete with ethereum smart contracts defy applications the layer one applications for block space and gas and he is advocating that more computation more work be done on the roll-ups and then bridging back the results or the payments or the money or whatever to ethereum and he believes that it would be better if there were more enshrined bridges on layer one and fewer applications on layer one which is an interesting political position but you know kind of one that i agree with so don't say ethereum is the settlement layer for arbitrarium or for optimism or for whatever other roll-up you like instead you can say many roll-ups have enshrined bridges to ethereum and ethereum attests to correct states after the roll-up finalizes optimism finalizes itself arbitrarium finalizes itself and ethereum attests to what happened seven days after the fact and roll ups compete for ethereum's resources when we talk about a roll-up being finalized by a settlement layer we mean that it is consuming some of that chain's resources to make its bridge work these rule ups are not layer twos they're not scaling networks they are applications that are themselves chains and they are consuming resources on their layer one and that's why it's not really useful to talk about ethereum as a settlement layer for roll-ups or near as a settlement layer for roll-ups or any other chain as a settlement layer we want to talk about where does the enshrined bridge go and why okay so the third thing and my least favorite thing and the thing that i hate the most is when settlement layer just gets used as a catchy boosterism uh so like this guy the founder of stax which is a bitcoin affinity scam uh you know good morning to the folks who believe bitcoin can be a web3 platform and settlement layer what does this tweet mean it means nothing it means bitcoins cool guys my chain is really cool okay and zucky tweeting you know should adam be a settlement layer should the cosmos hub be a settlement layer what does the tweet mean it doesn't mean anything he just wants you to pay attention to the cosmos hub so you should really care about my chain guys there's no greater legitimization of ethereum's value problems than the world's economic settlement layer and ethereum visa is settling things to ethereum and at specific layer 3 roll-ups that settle the category-specific layer 2 roll-ups in one big global settlement ethereum and ethereum is built to survive the next thousand years and the settlement layer is going to bring immeasurable value to humanity and oh my god sorry i'm out of breath trying to read all of this you know settlement layer as a term is like 90 percent of the time just rabid fanboys trying to boost their favorite coin ecosystem so that you buy their coin and they make money uh it's just like why so don't say any of that about layer 3 immeasurable human value do say i'm out touching grass i have a life when i'm not on crypto twitter and my identity is not defined by what coins you buy so this is again my least favorite usage of the term settlement layer and the number one reason that you should stop using it is because every time you do you sound like one of these rabid fanboys who don't know what they're talking about and just want to make a hit tweet so that people buy whatever so you know we've talked about three main uses two that i kind of like but think could be more specific and one that is just a straight up sin and you should never do and that brings me to the end of my talk uh you can find me around near khan for the rest of the day probably uh i mean i look like this i'm very recognizable or you can go fight me on twitter my handle is underscore prestwitch it's just my last name uh thanks so much for the time james i'm i promise you i will never use the term settlement layer ever again okay i promise guys we have a lunch break now we'll be back in here to kick it all off again at 10 past one go out there grab a beer and have fun more so so so so you oh so uh is please put your hand in the air greetings nericon the layer 1 stage will resume in 10 minutes at 1 10 pm one one so one put your hands in the air do greetings near khan please welcome back your layer one stage mc david morrison hey there we go we fixed it look i all i hope that you all had a a brilliant lunch and um i'd just like to say something before we kick off with this next panel because it's a really special one each and every one of you in this room at this conference watching online anybody who has touched the revolution that is web 3 is making a real change to the future of the world perhaps none more so than our next guests we have bianca lopez an identity advocates investor emiliano quetides from reyes farms fred fournier the founder of open forest protocol mark johnson from protocol labs and our wonderful moderator jared thompson from ready layer one ah welcome everybody thank you for being here today uh really excited about this panel so we are going to talk about refi right and right now near protocol is a climate neutral blockchain what does that mean right and now with web 3 there's so much happening and changing in the way we think about stuff but now refi has popped up which is kind of cool right and it used to be like i almost think there's a obligation to think about environmental and all that kind of stuff with the project but refi gives an opportunity so let's go with that all right so first things first for the audience everybody what is refi uh fred okay uh thanks for the question i think it's really important to kind of frame of where we where we are here today for uh for the discussion and if you think about dfi basically refi is this the same concept but in thinking about an inclusive uh approach of how we can bring more people on board in a different kind of financial system and to have the to have the the poorest of this world the people that are not part of this financial system to be included in this in this approach obviously web3 is a very awesome place to do that because very community based approach so this is my approach to refi nice mark sure yeah happy to weigh in here definitely agree with what fred mentioned but i want to open it up a little bit further refi regenerative finance also includes not only just the sustainability aspect of things but also the vitally important inclusion diversity equality aspect two nights ago we were at a refi event where john ellison one of the co-founders of re-fight dao framed refi as being for everyone and if you think back to uh 35 years ago 1987 when the former prime minister of norway defined the concept of sustainable development she framed it as providing uh the necessary needs to beat or to meet the basic needs of everyone in extending that to provide a opportunity to satisfy the aspirations to better everyone's life and to me refi is the natural extension and evolution of sustainable development incorporating not only sustainability but also those inclusion and diversity aspects oh i see i'm liking this theme already like right off the bat you're talking about like collective like let's just decentralizing maybe profits decentralizing responsibilities decentralization right so like instead of accumulation recirculation kind of right so this is really cool so let's jump on like projects who are doing this we've got some great projects here we've got raise some open vertical farming which is awesome i saw the tour thank you so much by the way if you guys get a chance but if you want to just talk about how you're incorporating refi into your project would be really absolutely so just coming back a bit to refi refi for me is a leveraging blockchain for climate action and social action right so it's planet people not only profit but those two as well right so on our case like the way we are using is to decentralize access to more vertical farms worldwide so instead of a single entity or a single person having to finance the farm themselves we can empower communities in need to finance and deploy their own farms and i guess two key angles is case ability the scalability and traceability right so through d5 or refi and blockchain technologies we can accelerate the deployment of more vertical farms worldwide and trace their impact right so like by leveraging data and different solutions we can actually have off-chain data breached on chain to see how much impact we are actually generating in terms of water energy use and land saved so that we can empower communities to grow more with less and grow more local food in a manner that makes the most impact for communities nice man that that web three mix of like real world use case combined with blockchain technology right like the superpower of it and are you using like any specific techniques like uh decentralized fractionalization how are you kind of thinking about getting that out to the masses who can help support the vertical farms yeah so we're designing right now a protocol like in two angles right so also the technology the infrastructure to allow people to grow yeah and developing the processes the the software so that it's way easier to grow than it would take like just to start from scratch and then also the financing mechanism right so the fancy mechanism so that communities worldwide that actually need it the most in places that are are lacking access to water food etc can deploy their own farm set so we we see what we're building as a technological backbone the nervous system of a new vertical farming or or farming ecosystem awesome man well let's talk with the second project and like what do they say the best time to plant a tree is 20 years ago second best time is the end of july when open force protocol launched talk to me about refi in your project man yeah so if you think about how we can address the big challenges of of this century um obviously there are there are many uh yeah restoring nature conserving nature is obviously one of those challenges and what we are trying to address with the open forest protocol is to kind of rethink how we address those issues and especially with forest what how we can we incentivize people to conserve and restore nature by playing trees or consuming trees and when you think about how people address this issue today it's a very siloed approach so right the un is trying to do something at a very global scale it's very hard it's about it's top-down approach we're trying to to go the other way around with a bottom-up approach providing the the right tools the right incentive to the communities on the ground to be owning their data owning their the future and and be recognized for for doing that work and that's basically what we are trying to build there are of course a whole you know environment there's a whole whole mechanics of wave 3 behind that but but the purpose of what we build is exactly that nice all right bianca i'm coming to you someone who who talks with lots of refi i got patience yeah yeah what do you think about refi and the projects that you talk to and hear about what is some of the ways they're using it some of the ways you like to use them and sort of some ways you're thinking about it can be used i think when i think as an investor for regenerative finance i think about the unit economics model which is i think where a lot of the tokenomics that you've seen in like gaming could actually work when building incentive structures to save the planet so there's actually a planet to game in uh unless we're all gonna go to mars so i i look at what are the incentive structures what are the legislative infrastructures there's a lot of conversations that are not happening here that are happening when you look at like open data and open banking as an example that are amazing opportunities for financing projects that have what we call a sustainability or impact angle so these are some of the things that i look at when looking at projects and i think we're still yet to scratch the surface on getting institutional investment to be really seriously interested which is something else that i look at regenerative finance you look at like esg bonds as an example you look at alphabet bonds like five years ago you know cost the capital here actual debt instruments that should be available for this refi space that i think we're early on to the conversations okay and still early on to conversations like how do we build liquidity uh in these markets right so so i think these are some of the things that will make the regenerative finance make sense and be something beyond the hype beyond sort of the buzzword of sustainability um you bring up a lot of good points because regenerative finance this term is very new right like most people in the audience have been in crypto in the blockchain space longer than the term right so it's almost like you're defining it within it and web 3 is uh disrupting a lot of industries and giving a financial gamification aspects really cool so that is like really exciting to see with all that with like the the web 3 has really strong technological advantages right so let's let's just go to you mark one of them is data i mean we could go deep on why and all that but just i'm gonna give it to you data refi where are you at yeah certainly i mean we only have 21 minutes i know right um no but in all honesty certainly agree with a lot of the points that bianca just made we certainly believe that blockchain networks and crypto primitives have a unique opportunity to realign incentives and drive collective action towards enhancing global climate action right and in recognition of this we at protocol labs created an initiative that i focus on called file queen greet and it really follows a dual mandate one to making this largely because we see as you mentioned just a minute ago the disruption that's taking place web 3 and we believe that file coin specifically is changing the world in all sorts of ways and one of those ways is that these systems can pull sustainability data through the economy quicker and with a greater degree of precision than you can with existing web 2 tools and so we're really focusing on core four areas of of activity to make sure that we not only verify you know make file coin verified but sustainable but also build these tools to to a degree of generality that they can also be leveraged by other web3 systems and even legacy industries so we're evaluating an energy use of the network connecting it to renewable energy providing ways for our nodes within our network our storage providers to decarbonize their operations and then across the refi landscape trying to catalyze this nascent environmental web 3 space wow i mean there's so much to unpack there but like we've got aligning incentives which you know i want to be optimistic right like yes you said something great yeah we don't have a planet none of this like there's no gaps on a non-planet right unless we're already breaking into like you know digital space somewhere right so like how do you go about aligning incentives and fred i want to jump because your project is really about connecting with real world people talking about data and getting incentives to to understand them like do you have any tips or tricks to educate or what are you finding friction points there i i don't have tricks actually but a pragmatic way of thinking about how you could uh reimagine this uh those systems we're working with i think the most important thing when you you think about the different problems we're facing there are so many uh it's to be focused on one specific problem and to really understand the problem once you do understand that and you do understand the problem from a ground perspective from a community based perspective from a farmer perspective from whoever a town perspective then you start thinking about how you could change this with the the mindset of a decentralized approach right okay they might not see that but you might on your on your part think about how you can you know frame a proposition to them that is how you use data in a in a framework that would make sense to them in our case we frame that data by giving them tools to acquire that data themselves to own their data and then to make something with that data and of course that is already a first step towards this decentralization idea of okay it's it's not data that someone is acquiring for you owning for you like you know google or facebook will do they will and that people understand and then you can think about how this specific problem with those people on the ground being owning their data and how they how this data is going to be moved on to the next level so that is the acquisition part then the validation part that's also where it's interesting um you have to think about how you validate this data and obviously d5 has a specific way on how to do it and our way is to also on board people that are not into a web 3 approach but they are outside of web 3 validating this data so it's it's rethinking the data flow but with a concrete proposition that makes sense to people on the ground and addressing a very concrete problem wow man i would like to go into one of those meetings and watch you go to someone who doesn't know and explain them through that whole process because it's a lot and it's really important um emiliano what about you what are you finding some friction and also some how are you educating i think on the data side and what's interesting but we're building it we have a controlled environment inside each farm right so we're using water significant amount of energy which we're we're creating our own clean energy but we need to quantify that and i think like what what ofp is building in other players like mrv solutions to really have that certainty of of what is happening either in a forest or at a farm right so once that is tracked and quantified i believe refi allows the capability to tokenize it right so once we tokenize it for example and and we can have on our side impact tokens right so carbon is is of course carbon credits are something that's pretty new and and growing but there's also other co benefits such as water or energy right so um by having that data stream well uh connected off-chain and on-chain we can quantify that and potentially plug to a secondary market as well unlocking huge amounts of value right so i think that's in terms of challenges it's something pretty new that is being developed both the infrastructure to track and to plug into outside ecosystems right but i think that we're building it and everyone here is on track to to deploy it man like that's like really cool so you're talking about tokenization i mean and then that opens up a whole world to to the unbanked the underserved all these people it just spreads out to the world and this is refi really does follow up with like this isn't going to take a group effort this is a community-based thing right so i want to bring up the community aspect like just how do you think approaching a community and leveraging a community can help impact this right because community is like such a buzzword and like uh you know community community what approaches should we be trying to take like from a refi stance and how to incentivize or bring on people like that and uh sure you want to jump in there first yeah happy to okay cool i'll start off by saying i think the community building aspect the movement building aspect is one of the more challenging parts of this um changing human behavior is oftentimes much more difficult than the technological solution but for our part i mentioned that fourth pillar earlier we're really trying to catalyze this nascent environmental web 3 space that's where we focus primarily on community building and we're doing that through things such as our green grants earlier this year i believe it was may we launched our green grants pipeline just this first round which is a million dollars that we've been doling out in different sizes from 10 000 in the low end to 200 000 on the high end to different early stage refi projects that round actually ends at the end of this month september 30th but then we'll shortly afterwards be announcing a new round of equal or larger size on in parallel and in tandem to that we are also hosting a number of events we're starting this seminal kind of quarterly event called the sustainable blockchain summit we hosted our first one um in austin texas in march around south by southwest our second one uh right after ecc in paris in july and then we'll be hosting our third one in bogota right around devcon sorry those are all ethereum based events we'll try to get one at a near event soon um but uh that is really focused on bringing together a whole slew of different actors in the space from legacy industries from the legacy carbon markets and legacy energy industries together with all of these web 3 projects focusing on these crucial environmental challenges to work together and move the uh the whole space in the right direction exactly fred what about you with the community aspect yeah so i'm back with uh boots on the ground with my project our projects the community aspect is super important as when you talk to a community sometimes they will be at a different level or different stage of understanding technology or what you're actually proposing to them so it's a lot about conversation uh the conversation we have today today we have them of course with the communities so it's about you know how you bring them on to i would say a technological world that is one uh but also understanding the value proposition on on what we build together you know yeah what is what is the value for them uh why we build this for them and how they are they're going to interact with this system which is a very different system from what what they have seen right so that we are providing them for free of charge new tools to do their to do their monitoring it's first sometimes the first impression is like are they those guys really serious why would they offer this to me to do something that good and then once you you know you start the conversation then you realize that there is there is eventually an opportunity to be part of a different system that's the first thing as as they understand community we come with the same language so we connect with that and then eventually they start thinking about how this is going to affect their business model or their day to day life and that's where really the change happens because when they start thinking about a different environment different system then say okay this is this is going to change my life somehow and they get on and then hopefully it's going to also create a ripple effect oh man dude that is such a good point like like i just think it's so interesting where we're going like you're you're web 3 oftentimes can solve a solution sometimes that almost sounds made up right like and that's what you're saying like if someone's like well that i'm used to a ton of friction i'm used to it being like just something i do to get like a stamp for my company and you're like no no this is actually like a whole new you have to shift a whole narrative in in in any corporate oh man it's it's really impressive stuff so emiliano i'm going to tweak it a little bit composability intertwining components community we've talked about this a little bit i thought it was a really good point so if you want to share a little bit about that for sure about composability i think the refi space is not about single actors right mentioned before you need to integrate different ecosystems and different technologies right so in in terms of um yeah one project integrating with another it's coming back to for example co-benefits and carbon credits etc how can we leverage some already existing technology and uh bridge that protocol with something else right and um i just wanted to mention something about community right so we're all about community in the sense that it doesn't make sense to grow food for no one right you're like community community you're like community driven and empowering communities to grow their own food and and beyond that it's empowering other communities to fund other communities right so it's global communities are focused on solving a food chain system right so how can we create a more decentralized system through communities right and also that's where compatibility come in so it's not only about raise or what we're building but it's also like how can we tap in and how can we help contribute for example for a cleaner energy grid right how can we like match a wild vision here it's like for every farm we launch we build we will rewild another one right or we reforestate uh the same amount of land so that kind of uh composability and just um interaction and synergies with other players that's what we need to see more of nice yeah the community and like with a vertical farm you're it really makes sense to get communities around it and then they start seeing the value from it and it's just really cool then you expand it using blockchain near protocol you know things like that you're leveraging the near blockchain system you know what i mean and then you're connecting with mark to get some data and this is all coming together now bianca um what do you want me to talk about oh my gosh so what do i okay so from your point we've been all over the place yeah where do you hope this space is gonna go right like you're seeing it now you're seeing you're in conversation where am i putting my bets on capital is that what you want to know well you know sure that's great i like that uh i think one of the points that i wanted to bring earlier when you're talking about data that people here that perhaps are interested in the refi space should know this is a massive data problem like even though we've agreed as a society and as a world in our 2030 goals we haven't even agreed on how to track each metric in a way that is interoperable amongst all the countries surprise surprise so when you think about components and you think about building primitives there's a lot of things that i'm building and investing in people that are building that is identity that is infrastructure that is kind of the boring stuff that will be required for all these models and these innovative solutions um some of the things that we're talking about is how do we bring the innovation web 3 to traditional industries so i do a lot of work in offshore wind and if you know a lot about offshore wind like there's a lot of turbulence from those massive like windmills and actually there is in the next five years a massive amount of windmills that need to be decomposed guess what that stuff is made out of plastic and fiberglass so i look at things like how will component technology be married to blockchain for provenance so we can build incentive structures to actually compose this in the right way how do you build professions you know they're here building professions out of making sure we have a planet to breathe in and food supply so i think that these wicked problems that the world has is what i'm looking at through the lenses of technology and the fund and and i think one of the things that the guys brought up earlier that's still not happening is the conversation with the regulators the conversations beyond is this a security if it's a carbon credit or not right we need institutions so these political plans you know every single large corporate enterprise has an esg fund goal or reporting criteria and they're still lost in some sort of like digital transformation strategy from a large mckenzie on you know am i reporting on recycling so i think on the refi stage i hope a lot of these conversations are about you know founders here acknowledging that they need more founders that we need more capital more founders uh to build all the pieces to try to make sense of this mess we've made in the world yeah and do you think that like yes and refi there's specific projects but do you almost think it could be something that any project should be aware of and a lot some sort of time or capital too because i mean we're in this together right like this is our planet you mean like the hot secrets like if you haven't studied the carbon market i strongly recommend you do yeah and climate science if you don't know the trajectory we're on from an emissions perspective and what we need to do to stay in line with the long-term goals of the paris agreement in terms of limiting global warming to two degrees centigrade this century learn up on it it's quite a quite important and we should all be focused on it we only have a few more years left before we can in order to write our wrongs and and i think expand right like i'm i'm doing like an nft shark project uh in the caribbean i'm doing a seagrass like where we're planting like grass on sea and trying to find a gamification with like a game called heyday so there's ways that i think what has worked in web 2 and what problems we have in the world that you know your creativity and the creativity of the people around here can really make a change yes i mean that's this i could talk to you guys we're running we're coming into the end here but man this is all stuff that really should be deep diving and talking about i really am so glad that you're all on like the leading space of this and leading this whole change it's been great um so our final question so i can get a little day is like let's do the actionable takeaways as big or as small as you want just something that people hear sat for 30 minutes listen to this what can they do and i'm just going to kind of point and jump around so fred let's start with you yeah i think um as a call to action i think we really need as uh as bianca was mentioning we really need people to think um how to build solutions give answers to the problems we're facing in in a different way and i think this is the space we have the opportunity to do that together uh we've we've talked about interpretability we have talked about different things like that but there are maybe thousands of other subjects that we can tackle and this is a huge opportunity for us as a whole to tackle this together so come join us and if you have an idea on what you want to bring to this conversation let's let's do it together nice and congratulations on your main net by the way that's awesome all right emiliano so yeah i would encourage climate action is something we need and a refi will grow exponentially we see that happening as well so definitely invite everyone to come into the space there's not only vertical farms reforestation but also oceans there's problems all over the world can be solved through coordination mechanisms like the ones blockchain allow us to leverage so yeah but beyond that climate action beyond being a need it's also a huge financial opportunity right so incentives are aligned for us to make it as humanity so we really need to take action now and it's a pretty dope space it's an amazing place to be in right so totally and the incentives like the reason we only believe the things we believe is because people made those rules 100 years ago or whatever you industrial revolution we have a chance to like rethink things and and that's like i mean we're here at near con and there's got to be a reason for that and that's why this is such a cool space because now there's incentive like 15 20 years ago natural gas power plants didn't want to riff with like a tilapia farm and tomatoes and like you know shrimp that was like not their thing because it dug in the profits right and now to rethink like profits don't have to just be about the end-all we've done that we see where it goes and now we're trying to right some wrongs bianca take away i know you've given so many do you have a look or just anything you want to say i just want to give you i don't know just get aligned with yourself there's like 17 esg goals there's like any problem you can kind of think and it's like a time to be alive where you can get funded to work on something you're actually passionate about search a problem come up with another one of the esg's then like all right here's the funding path and if you don't figure it out hit me up and oh so i was going to give you the t because you got to catch your flight right after this you are so you're the final one man final point no i i will um echo what bianca just said there's 17 sustainable development goals underlying those are 169 different indicators that are all tracked by about 320 different metrics right there's a humongous opportunity landscape yeah and uh well i'll close with what i started with i firmly believe that blockchain networks and crypto primitives have a really unique opportunity to realign incentives in drive collective action towards common goals in in my opinion there's no better uh collective goal to drive to than enhancing global climate action so join us awesome well this has been a really fun panel and i think that like refi i want it to be that it should be cool because what you guys are doing is really fun and you know i think there's a time to change the narrative and i really am appreciative of what you all are doing thank you so much and uh have a great rest of your conference thank you everybody for listening so you all just learn about how blockchain can be a positive force for the climate and help change the world your next panel is going to touch on how blockchain can help change the fan experience and explore the future of fandom the title is cell gp and oracle integrating web 3 into the future of fandom we have amma elroy from oracle warren jones from sale gp and chris gent as your wonderful moderator from the near foundation all right hey guys we're uh we're here really to talk about web 3 fan engagement sports how all that's going to work together what the opportunities are and really where the space is going but we've got some guys that are super qualified next to me talking about it so i'd love for you guys to introduce yourselves where you're from what you're excited about in web 3 and then we'll dive in sure help you fantastic my name is amir rawi i work for oracle sports uh director and basically my role is to help our sports partners using data and technology to drive value to the fans and on the on the track or on the page or on the water before joining oracle i used to work for four different industries i work for tottenham spur in football club i work in teleco for vodafone and i work for barclay cars for financial services my name is warren jones i'm the chief technology officer at cell gp with a very new sport we're three years old so we've been working to get uh foiling catamarans i think you've all seen the uh the video outside uh fording catamarans going to uh speeds of uh i think a lot in uh santa pay the last event we had 99.94 kilometers an hour so huge speeds of uh of flying catamarans around the around the racetrack we we work with oracle closely on huge amounts of data the the boats that i just mentioned are extreme iot devices lots of data lots of information coming through it and how we handle that information in in milliseconds is is key to our sport so whether it's c or on land obviously sports are playing a big role across blockchains and layer ones for from an adoption standpoint so it'd be great to hear a little bit about you know as you look at fandom as a whole right there there's challenges today without the technology so it'd be great to hear umar a little bit about the challenges you see and the things that we're facing right now beyond just getting even to blockchain adoption yeah i mean sports are no different to any other industries that we work with we see the disruption in sports by data technology and innovation and if you look at the sports moving from a local fan to global fans that creates a huge opportunity for sports brands like sale gp and others but equally as well create a big challenge for them in terms of how they will be able to engage with those global fans i used to work when i was working in spurs we were looking at how we fill in the 65000 stadium but today it's about how would you cater for the global fan base and then the other area of a challenge that sports are facing which is the aging fan base and again this is again from the sports side not every sports right holder have managed to reinvent themselves in order to engage with those younger fans are coming yeah and so thinking about technologies and the data and things that come off these boats i think when you said 40 billion data points from last weekend a per day per day per day so think about how nfts and that kind of stuff could come into being super dynamic super smart it'd be really great to even hear before we get into that how are you guys looking at innovating today and how are you guys working with oracle well if you flip it back a little bit we we look at the boats we've got this huge amount of information coming off the boats and in traditional sports industry you have uh uh let's let's say a motor racing event they keep hold of that data themselves so if i produce that data that data is mine with cell gp we're an open source data partner so everything that we get uh one team can see what another team is doing and and everything is open to that point of view so we wanted to have the same um way of thinking for our nft strategy we want the fan to be able to look what's behind the scenes what's going on in uh within clgp how the boat is working where does all the uh data go how does that work this this is all open for discussion very cool i mean i think from from my perspective when you're thinking about sports as a whole whether you're on land or or on the water all this is about bringing people together right so we're here uh about 2 000 people so community really coming together how do you guys really think about these types of technologies bringing people together into physical spaces and and even connecting the the digital space to actually drive more fan engagement and not just from the traditional like you have value to me and buying that ticket like how are you guys thinking about that kind of stuff so i mean going back again in terms of the local versus global fan and equally as well same gp is one of the amazing opportunities compared to other sporting partners where when we work together we are looking for how could we deliver innovative approach in terms of how we engage with those fans any venues whether it's a sale gpa venue or a football stadium have a limited capacity today the way that broadcasters are broadcasting the sports events is a one solution fits all whether that you are and even when you go to an event i was in the uh italian grand prix this weekend actually watching the conference why weren't you at the crjp event so i mean again yeah i mean again watching the grand prix from the race from monza itself as a fan you don't get to see all the events and you'll not really be able to follow what's happening it's an amazing experience with the access you get but from this pure sporting perspective it's not possible to to feel and be kind of immersed in that experience so this is one of the things that we are working together is kind of how would you bring fans closer to the event whether you are watching that event in person or were you watching it from your sofa at home well and so thinking about really bringing fans together and trying to unlock that value you know how how are you guys working together today what are the things you're innovating on obviously oracle's been a partner since the inception of cell gp um so we were talking about fan fandom so we we we create a sale gp app which has the ability to manipulate data so you can go in and you can look at all the data from different boats you have the ability to view camera angles so go on move the camera angles around so all this is available for at the moment and with the thanks from our oracle to help us do that we have the ability to to delve deeper into the data at the moment we're given a subset of information to the fan the the plan is to have more information going on and that ability of the fan to choose what they want to see if i'm uh if i want to see what what's happening on the wing or if i want to see what's happening on the platform i'll be able to go in and have a look at that information and and so unlocking that kind of stuff i mean when you think about building apps and building things for the future and innovating right clgp is a much smaller footprint from an oracle perspective how are you guys looking at building with clgp where can the tech that you guys are building together go from there it'd be great to think about the other partnerships and relationships that you guys have yeah i mean again just one point about what just warren was saying which is going back to earlier point about the older mother versus a new model from a traditional broadcast model where again some of you perhaps are football fans and you're a liverpool fan and is a liverpool tv which is exists a man united tv but i mean again hardly anyone is using it and it costs fortune just to deliver those type of channels to a very few people but with the example as warren was sharing about the second screen experience you're actually enhancing that experience to the fans going back again to your point chris about how we are working with other kind of a sports brand i mean again it's about how we can come together and this is a great example i mean again near clgp oracle coming together and this doesn't happen often by the way in sports most of the sports brands they sign a sponsorship deal and they want to deliver value to that sponsor whether that is in ticketing or giving them exclusive experiences but what we are trying to build together here which is the loyalty program is how we tap into the expertise from each of those partners in order to deliver a value to the fans and bringing them closer to the experience what sports fan wants is they want to be part of that experience that has been delivered by sports they want to be associated with the sale gp brand or one of the teams and we're giving them the means to do that that's amazing and and i know oracle as a whole has been focused on kind of fan loyalty found engagement for quite some time winning some awards across some products you know as you guys think about what does that future look like the learnings best-in-class user experience like where where can things go from here from a build perspective are there areas that you're looking at and playing with or wanting to play with more from from a tech technology wise um you know we're working with oracle well the three companies are working together so um how do we how do we go to a web three version of what we've got you know we we know how to do a web 2 version but what what's the what's the difference within with web 3 and how can we build this on chain as well and also the sustainability aspect of it as well you know cell gp is built on sustainability values and how can we be sustainable when we're thinking of this technology and we move this around as well and we were talking earlier about uh cgp started in 2018 and oracle have acquired crowd twist in 2019 and this feel is one of the missing parts in the customer experience portfolio of oracle and crowdtwist is basically the loyalty solution that is built with the one fundamental element is rewarding customers and fans based on their engagement when i was working in spurs the the thing that fans hate the most is rewarding them based on the spend and this is kind of the paradigm shift of all the loyalty program that perhaps we see in the market from airlines that we were talking about earlier supermarkets it's all based on a transactional relationship what we are trying to build here is a loyalty program that built a base on engagement based on an emotional connection with the brand i would we would reward fans the more they learn about sale gp the more they are engaging with the brand and so thinking about scalability right the the teams that you mentioned the what does the scale of something like that look like because i think when we're looking at mass adoption this really is about scale and one of the differentiators for near is its ability to scale i'd love to hear even you know what does that funnel look like how do we get to those masses yeah i mean again with you and let me just uh share with you the some of the figures especially from tottenham asparagus where i used to work with so tottenham hotspur nelson we're going to come and say you got 250 million fans around the world you look at their social media followers and this is by the way what we used to sell when you go to pond and said like oh you were gonna tap into 250 million fans around the world fantastic how many follow them in social media 25 million right almost 10 percent how many are the regulators actors who knows about the 25 million it's not tottenham hotspur it's a facebook instagram and twitter tottenham hotspur knows about only roughly 300 to 400 000 people who are regularly transacting so really what you're talking about is bringing the thing closer to the sport closer to the team and really creating those new relationship dynamics and from a web 3 perspective to unlock that you know thinking of clgp having been to a number of the events it's a newer sport right it's growing fan base it's not the mass ticketed event and i think primitive wise we talk about this a lot we've got things like the dow being launched and a team being owned for the first time really close to a sport and think about the data that can come through that and the access uh it'd be great to even hear how what do you think that could look like i know product development's still underway but are there things that excite you most about the opportunity there because if you think about applications it sounds like the first time to really be able to bring those things together totally um you know with the crowd twist application that oracle is building and how it can integrate with the near blockchain as well is is going to be really really interesting aspect how can we get more fans to be uh engaged in what we do how can we give experiences of where what the more things you do for within sale gp so all those type of things are really interesting for us and how we get to that point and again going back to the same point how would you get to those masses you need to kind of realize and understand that you are catering from a diverse fan base who some of them maybe is still on the on the adult one using web 2.0 and some of them may be adopted already the web 3. so how would you be able to deliver and experience that catering for all those fans and the program and the kind of the loyalty program that we are building as i mentioned it's all based on how you are rewarding fans based on their engagement and then converting those uh the more they engage with you the more they gain points and after they gain those points you can convert those points into nfds in order to get an exclusive experiences one so thinking about things like nfts being a token type that could give you access to very exclusive premium experiences whether that's in-app or on-site i'd love to hear i know uh russell was talking a little bit about that yesterday and these experiences are things that have never been able to have access to potentially whether it's uh custom audio and in the app or during streaming would love to hear what gets you excited i know you do the the the end the possibilities are endless really you know we we have a uh uh an area where we build the boats it it's it's like a pit lane in formula one uh the the the ability to to walk around to see the behind the scenes that's available there um out on the water we we have programs there where people can go out on the water and and follow the boats around these are you know they're not available to everybody and it's yeah it's pretty amazing and just one thing as well to add into some of those experiences which is again the technology and the web 3 is allowing us to start exploring is today we talked about the broadcast approach with user generated generated content solution which is a source video solution from oracle you basically making every single fan is a broadcaster and then the other fans can see the the events through the eye of those fans and then the more again those fans engage with you the more you reward them and then you start building that fandom level to just kind of bring him closer to your event in essence we at clgp don't produce anything on site we do that everything from an off site a remote location so in essence we're doing exactly what we're doing for our broadcaster but it's coming from the fan first so that's pretty it's pretty interesting approach yeah and so as we look at that and the ability for a fan to get closer i know the opportunity of something like an nft could find you speaking with the the athlete or with the coaches and those kinds of things even in uh in between races right so sub gp goes almost month to month and it is scaling its total races but it'd be great to hear what is that access like how do you bring fans closer potentially well we have the ability to for a fan to actually talk to the to the athletes on the boat at the at the time they're in downtime of racing so we have uh uh 11-minute races 11 minutes to 15-minute races between that then they they get set up ready for the next race the opportunity there is to have a conversation with the with a with a fan really they can tell them what they did right or wrong that's amazing and chris you touched on a really important point which is a lot of the sports brand that we work with one of their biggest challenges is that they have during the event whether it's kind of the grand prix in the weekend the fan is actively engaged but what do you do between races what do you do pre-events what do you do post events when you don't have your hero content which is your race is happening and this is the opportunity to start engaging with those fans by delivering to them whether exclusive experiences or exclusive content and so with clgp how are you guys thinking about that today are there things that get you super excited like that you'd love to have happen uh whether it's realistic or not is it getting a slingsby coffee in the morning uh every monday to get your week going if you're a super fan if you will yeah exactly right uh but but as i said it's it's endless it's possibility is endless what we could what can offer but it's how the fan integrates with sale gp is the bit that we we really need to to work out and we're we're working with with both both your teams on on how we we can change a fan centric uh approach but not copy what everybody else is doing as well this needs to be a web three uh uh take on it and how do we do that is uh is pretty interesting and and so i know that you guys have very much embraced our community and in a lot of ways and gone deep into docs and the technical nuance of things that i know you've talked with the mint based team the satori team and a number of others it'd be great to even hear when you look at getting the best in class user experience and onboarding people into this space like what are some of those friction points you've seen today and i think one of the most interesting things for me is the feedback that comes back from partnerships like this and from quality building teams we we've we've been we had a gallery an nft gallery in uh in chicago that was uh that was pretty cool um how we where people interacted with the nfts they could purchase anything if they needed to as well using all the tech stack from satori and mint base as well it was it was pretty pretty pretty cool on how we do that and it's now how we going to move that into our clgp tech stack as well how that integrates as well is is going to be the fun part that's very cool and and even the the implications of that i think as you're talking about the loyalty product in and of itself being able to build that stuff in i think could prove out here in cell gp like this can be frictionless we can remove a lot of a lot of those barriers yes you know we're we're at a web 2 company moving into the web 3 space so we're still going to have some web 2 customers so that frictionless uh wallet approach needs to happen so we're working and how would that work if if a web 2 user we're just going to see that how can we work for a web 3 environment so that that's that that's our challenge i love it and are there things that you know you've worked on a number of like award-winning products that have come out of uh oracle in in the fandom space are there things that you know that we need to be doing better that you're thinking about how do we help cell gp kind of innovate yeah i mean again going back to the same point that we were talking about one of the really exciting uh what make us really exciting is when we were doing those workshop with the team from gp and the team was near we are kind of redefining some of the thing that has been even thought about before in the sports industry i got a privilege to work with many of our sports partners and one of the thing that makes me excited about this project specifically that we are trying to create things that has not happened before in the sports industry try to bring three key partners or big brands together in order to deliver an immersive fan experience to those fans that's warning us touching on how will you betray bridge the world of web 2.0 to the web 3 and a frictionless experience how would you redeem those point to an nft and blockchain technology how would you kind of translate that into the digital world and the online and offline world and and the metaverse and the metropolitan of course because it's kind of delivered whether we're talking about vr ar or xr you start kind of tapping into new opportunities for bringing and bringing the fans closer to the event and the game and even so thinking pure like commercial opportunities right you guys are each running a business you're in sports for a reason and so thinking about metaverse and and nfts and all of that stuff uh obviously we're working with sale gp we're working with you guys on a lot of this but even for from an oracle perspective are you guys looking at this space as a whole it sounds like you're obviously building here but commercialized it'd be great to to hear how you're thinking about that or or what kind of stats you're looking at is most important from an oracle perspective there is a no better platform than showing the power of oracle solution than sports and clgb right there is nothing else i mean again i can go and talk about how great oracle solution is helping manufacturing organization but i mean again come on it's not as exciting as when you talk about how is oracle solution are helping a certain team to win races or helping a fan to engage with with their favorite athletes and this is kind of driving to us the the commercial value from an oracle solution storytelling perspective and i always want nothing to say sorry i always say if you are able if we are able to help clgp and sports brand win races by milliseconds then we are able to do it in any other industry now i agree with that because you know we we built our stack on oracle at the moment and everything that we do we you know to get those milliseconds back and how we uh be able to see how fast the boats are going that's all built on the oracle or oracle stack how can we pivot and move over to a to keep what we're doing but also have the ability to go stay on to have assets on on chain as well so that's going to be really exciting for us well and it sounds like to a degree there's an opportunity here even around like fantasy right so if you're able to plug in the amount of data streams you guys have going being able to engage someone in a non-traditional sport in a lot of ways um i'd love to hear even how that might excite you or or not it it's exciting um you know we we do a lot of augmented reality if you've seen the video where we're with with water you can't have a you can't paint anything on there it's water so we we invented uh augmented reality the way we can put uh the the course the the the uh the area of sailing on there so we utilize that then and we move that around so that the possibilities of utilizing that in other industries or other technologies it's something we're looking at as well so we're pretty we're pretty excited about that right well i know metaverse typically lends into conversations with gaming i know that there's an irregular game today when i think about access and fandom and the ability for you to maybe collect a certain subset of uh nfts for example or collectibles uh being able to get into that it'd be amazing to see could you actually build a new regatta game that is web3 based and could you get access through something like the the oracle activations and build yeah i mean again going back in terms of the model changing because uh we are not re again as we are trying to co-innovate in terms of to engage and finding the way to engage with those fans but this is kind of if you think about it long long time ago people used to kind of collect cards about this force uh people you want to have merchandising but again that merchandise have a limited reach to the people around the world so the kind of the metaverse is opening new commercial opportunities for right holders like sale gp to reach out to those fans around the world one so that's actually interesting i'd say let's dive into that a little bit from a commercialization perspective so really what you're saying is the the pie is growing in a lot of ways and the opportunity to truly engage people in a meaningful way super fandom and word of mouth are some of the like strongest advocates for sport for technologies uh is there stuff in that space that you're thinking hey we can prove this out in cell gp after you yeah i mean this is exactly what we try to do i mean again you definitely need to kind of cater for your kind of existing fan base i'm looking and analyzing what the fans are interested and want to do and this is what as warren was saying in terms of how firstly to get them to sign up and again another example from any of the fantasy league they have millions of fans sitting there but you're not able to commercialize those lands or even building a general relationship or a pure engagement with them and this is exactly what we're trying to do here with the loyalty program that we're building with clgp is how we are able to building and bringing the fans if they change any data with us then we are able to personalize that experience to them the more they personalize the experience the more we bring them into their phantom level at lgp we look at it as technology first how can we use technology to to to reach the fan to be better what we do to to be able to more people to watch what we are and and from that point of view then we can work out then what technology we use and what platform we use et cetera but for us it's all about technology and how we move that forward one so we're obviously in in season three uh and we're moving to the next race in another two weeks the 24th 25th and cadiz so it'd be great if folks are curious about what this is all about what the teams are building how you can start to experience fandom in a new way and go to the clgp booth there will be tickets available for the next event so it'll come out experience it you're probably thinking sailboat racing i don't understand this what is it i i think you can't believe it till you actually see it up close and really see what these guys are doing the amount of tech that they're pumping through the tech faces every weekend and being able to get that up close and personal with it will really probably change the game is there anything you guys like like to close with um no i've really enjoyed myself here it's my first uh neocon so it's been it's been really really really really good i'm learning still learning no i mean as i said i mean thank you very much for being here i really encourage you as well as chris mentioned to join the sale gp because this is going to be reinventing the way sports brand are engaging with the fans and redefining fan engagement awesome thank you right on the money huge thank you to our previous panelists for that wonderful discussion i hope you learned a lot i sure did but now we've got one which is very close to my heart uh we're going to talk a little bit about how daos get done well actually it says get work done but i thought that would be a bit more punchier we have um adrian bellow of the kin dao and primordia dao jordan grey of astro dao stanley he of cornerstone dao and our wonderful moderator danny ozario of meadow adventures all right all right gm gm friends because it's clearly still the morning for everyone hope you had a wonderful evening out last night as a reminder there is an incredible after party that your near con team has planned for you there is going to be an amazing world-class dj that you most definitely don't want to miss so keep your eyes peeled for the official near khan closing party um as david mentioned earlier today we're going to have an incredible panel about dao's and how they get things done and with that we will actually start by introducing every single one of these panelists and i'd love it if you can tell us a little bit about um what your tao or dao product does so that the audience has a little bit more context maybe adrian you can kick us off absolutely so i am part of the kin dao in primordia dao currently both of which rooted from a real life grocery cooperative called the kindness grocery cooperative that was founded in 2020 during the pandemic in the san francisco bay area to address the issue of food insecurity and then we went on this long journey of figuring out that that was not going to address all of the issues that we wanted to see changed in the world so we transitioned into a dao called the kin dao and we are focused on collaboratively owning physical land to create self-sustaining food systems in microeconomies practicing this decentralized governance in person and rehabilitating our relationship with earth and then from the kindell we started another project called primordia dao where we are onboarding a hundred dolls to near by the end of the year and all of these dals are traditionally excluded communities and folks who are focused on social good projects and sustainability projects yeah such awesome work um i'm jordan gray and i work on astro dial which is a tool a website that lets anybody uh everyday users harness the power of daos under the hood there are the sputnik dow contracts which is the audited diamond hardened code that allows you to do your treasury and governance and everything else and what astro does is expose all of that in a web interface for anybody to use in the middle there's also an api layer that allows builders to index dials all their historical information and build bots and other things around them and that's kind of the stack and what i'm excited about yeah thanks so i'm stanley i'm from cornerstone dao so cornerstone is the medical government's hub on near-end aurora and octopus basically it's the dow of dao's carlson treasury accumulates down tokens from other protocols and then lets cornerstone users use one token to decide how the treasury uses and votes without a token so that's how we achieve mental governance because we identify the problem of scattered governance in the current crypto space and it's so hard for retail users for honorary people to actually feel the power of doubt to actually be incentivized to vote so that's why we're building this meta governance layer on near and hopefully we can promote that to other ecosystems too that's really wonderful and so what i'm really hearing is that these are all different kind of decentralized organizations that seem to have different different purposes and so i was wondering if one of you might be able to talk me through the different types of dials we're seeing right now because i hear a lot about investment doubts i hear about dows of dows i hear about other things so um maybe maybe jordan since astro dao is really you know the the creator of dallas you can tell us what you're seeing yeah it's true astro is a dao factory so um over time uh the past year plus or so that astro has been live we've launched over 700 dows and of those we have about 100 to 200 monthly active dows depending on the when you check and the dows that people are creating are really all over the place since those are such flexible tooling they're being used for social good causes they're being used for the investment they're being used for things like owning ip rights and doing things with characters that are shared resources video game dials dap dao so managing and governing your protocols and your adapts there's daos that are being used just for creative output there's a lot of record labels visual labels artists collaborating and that's very dear to my heart that's how i got into this whole web 3 space was through my art and tech non-profit that i've been running for several years and seeing all of that vibrancy and all of that enablement on the platform is just uh so exciting and so cool wonderful and and i think ultimately um what these dow seem to be drawing on is really an innate human desire for connection and coordination um and so i was wondering adrian if you could talk a little bit about how people come together and collaborate through daos it seems like there's a an end goal or a purpose but how does that actually happen at least in your experience how have you managed to drive forward activity or accomplish the goals you set for yourself and the dao absolutely um so i don't come from the tech space like jordan i'm also an artist and community builder and majority of the communities that i'm bringing into the dial space are also in that realm so we are used to working together you know we're used to collaborating and bringing all of our assets together and making things happen under very precarious scenarios so when we're given a tool to be able to put all of this together it's kind of easy for us um but it also is something to think about when we're moving in this space that we're living in a place that we're not used to working together in this way so the way that we're building and bringing all these dials into this space is one-on-one relationships it's all about building trust and we talk a lot about having a trustless blockchain but in order to get to that place we also have to be able to build real relationships with people so dows are a really useful tool but we also have to understand the concepts of it and so having those real relationships mentorships slowly getting people used to it and then really understanding the concepts is what people are going to need to be able to thrive in this space wonderful thank you and one of the things i keep hearing about daos is that they're mostly flat structures um some of them have a little bit of a hierarchy but they're they generally are fairly flat and that makes governance a very difficult human challenge in general and so um stanley i'm wondering if you can tell us a little bit about the different governance mechanisms you're seeing in daos yeah for sure i mean um i think that was actually like derived from the very first original idea of human organization which is you know we started from you know simple democracy one token one vote or one people one vote um and to be honest most styles are still utilizing them kind of them you know until now um that's the most simple one and we also have more sort of more you know complex mechanisms like quadratic voting which actually um tries to try to deter the you know the influence from whales tries to you know to get more a more eco sort of um you know uh right um to our vultures and also we're seeing i think we're seeing you know more complex structures right now so because there are many topics that you cannot really just solve through one time of voting right you have to do you know multiple rounds of discussion and deliberation and you have to first refine the topic you have to refine it multiple times and finally identify to define the real problem that we're trying to discuss i think this is also where dao should you know should work on so i think we're seeing the collaboration between you know between on-chain voting off-chain voting and also discussion on forums i think those are all very integral parts of adele it's not only about evolving mechanism it's about a community actually talking about some stuff together um yes i think you know we're we're actually seeing the um you know the involvement of um of dell over time i mean i think they're still quite you know quite simple compared to over existing you know um let's say government organizations we see every day but i think we're sort of you know reliving the human history and change right now and it's great to really see all the progress that's very cool um and adrian can you tell us a little bit about um what tools you've been able to use to function through these dao since you have so much experience with onboarding people and communities into them absolutely um astro dao is an easy one that is honestly the home for everything that we've been doing um it's great because it is accessible for the folks that we're bringing on and also ourselves we had to teach ourselves before we even came into this space and a lot of the other chains that we've experienced seemed really really hard to get into there was a huge barrier of entry and so near itself that's why we're here is the barrier to entry is very low it's accessible and astro dao is in alignment with that as well so absolutely easy to use it's where all of the governance is it's where the assets are and also having a governance form is really helpful too to be able to reference all of the decisions in the conversations off-chain so when you are making decisions on astrodollar wherever you are then you can reference those things as well wonderful and i imagine you know the assets are obviously unchained but are you saying that you're putting your decisions on chain as well yes yeah wow decisions can be made on chain in this space you can decide which decisions you want to prioritize when you are doing it on chain um so if you say are making a logo and you're like what color do we want the logo maybe you don't have to have that on chain that's for the forum yeah that's for the forum but um it's up to you you can still do that depending on how big your community is for those more important decisions you're going to want them on chain and the beauty of it is then you have transparency and you can always go back and look at who voted on what and why and even if you know bad actors are in the space or something fails you can go back and you can look instead of it being this mysterious what happened so here's a question about voting um because i i have imagined this uh like in theory but in practice um does the dow set thresholds for like what what is required for a vote to pass um and and who decides that is it a creation yeah uh i can speak to that a bit with the configuration of daos we have been talking about kind of like what those are a little bit and i think that people have an idea of what they are and that gets um kind of seen as the default but dallas can be really flexible and astro allows you to do things that aren't necessarily flat where there's thousands of dows and different hierarchies and things different groups and then to get to the configuration of that quorum that cut off for how the votes pass each group has its own uh cut off so 50 is what people would imagine being the default and then depending on what kind of size that group has if it's a group of three people fifty percent is probably fine if it's a group of five thousand or five million people you're probably going to need to adjust your quorum because you're not going to get 5 million people or even 200 million people to vote on something so you kind of have to iterate as you're going and that's one of the great things is even though it's all on chain it can also all evolve and the dows can upgrade themselves uh even introduce new functionality to themselves but who upgrades the dao is it the owner of the key or is is it like someone that represents the dao yeah we're getting into kind of the technical territory it's really interesting because nir has a flexible account model which is just a beautiful thing and it enables the dows to not have any access keys on them so there is no key to the dao itself it's just a list of accounts that are allowed to take actions and then you can say of the groups of people that you configure for those which people are allowed to put proposals forward and that could be everybody on the chain or a small group of people or some holders of an nft or a fungible token and then you also get to say who votes on things and again you've got all the configuration options there so the complexity grows quickly those are just two things and different lists of users that can do those two different things and you already have a bunch of different configurations that you can try out and see what's going to work for your community wonderful so it seems that just like in real life you still need community managers to help run this thing and so um adrian how do you find the those people who are going to uh be responsible for managing these deaths are they basically naturally people who are already managing the communities and and doing that in in the real world yeah so with ourselves and also with the communities that we're bringing on most of the time either the community is already functioning and they're working on a project or they have a community that has an idea that they want to see into fruition so in that these folks have something invested and they want to see something change so it doesn't take a lot of like please come participate because this is something that people want to do i think you see that in some of the dials that have like you were saying a huge amount of community members and that's really cool too um but you're gonna have to configure it in a way and have those community managers managers like really go in and harness people and be like yeah like come and participate but for the experience that i have it's people that are really focused on making a change so this is just a tool for them to be able to make that happen and it doesn't take much motivation because we're already in motion this is just like it's the thing to put in the bag like okay we're going doom doom and we're on our way that's wonderful and and the the concept of meta governance is really interesting stanley so can you tell us a little bit about why we need metagovernance yes so you know if you think about it like one blockchain it's more like like a nation right it's more like a nation country it's more closer to relation to a nation country than let's say a company so there will naturally be you know multiple organizations you know let's say within that nation but you know you would somehow want some sort of you know overall governance right uh meta governance on top of all those you know also scattered and separate individual organizations i think that's you know let's say if you are generally bullish on there you naturally want to ask hey where where can i actually influence you know in the future direction of near as a whole rather than just vote on this and that right i think that that that's why um like that's what motivated us you know to first you know uh to first build um on a meta conference sort of a front yeah and also i think it actually increases the overall efficiency of the ecosystem because there can be conflict of interest within let's say near ecosystem it's very natural but you really need that one party to actually reconcile all those interests and without meta governance it's very hard let's say two particles competing together is you know all you know their users all want you know i want to actually dominate the other one so how how do we actually reconcile their interests and achieve the optimal efficiency for near as a whole and that's where meta governance comes to work you know we so because you have skin in our games so as a you know as a voter as a governor of the whole ecosystem you will naturally you know vote for the best result for near as a whole and i think that's you know something we have already seen you know in other ecosystems so yeah i'm pretty excited to actually build that out on the air hopefully we do that better in web 3 than uh some politicians so we'll see um so we only have a few minutes left so i want to do a quick 30 seconds hot take from everyone on the future of daoz or anything innovative you're seeing out there adrian do you want to kick us off absolutely um so the future of daos i think dows are going to absolutely expand as people start to understand them more and as we do and people start to come into the space more i encourage us to continue to reference and collaborate with the experts in collaboration right we have experts in all different types of industries but who do we go to when we're thinking about who has knowledge and collaboration and there are two groups of people or two groups of beings that are experts the first is nature if we go into an ecosystem which is what we're in right now we're in a natural ecosystem the near ecosystem you go into a natural ecosystem if it has a high level of diversity that's a clear indication of health a lot of people think that there's a lot of competition that's happening but actually if you deeply study it it's an intricate system of collaboration these plants in a small space if they do not have the nutrients from the ground from the soil they're going to start making nutrients to share with other plants and they're going to start communicating with the other plants in order to you know help them if disease is coming there's also going to be the ecosystems that is homogeneous and these are these are not going to be as healthy so these are the ones that are not going to be able to regenerate and they're not going to be able to keep having the nutrients from the soil because they're basically draining the soil the second expert in collaboration are indigenous people everywhere because they are inherently connected to the land so they create their culture in their society based off of the natural collaboration so if we continue to work with these folks then we're going to be able to learn how we can structure and be in this world in a way with ease and grace wonderful stanley hot take um yeah i guess yeah i think i actually want to you know add on you know um jordan's point you know on the flexibility of dell configuration i think that's actually the first task adele should do is actually determining the framework of your dow like you have to actually you know for group people to agree upon one set of of principles to set up your organization and that's you know in theory how we started our nation or you know our nation country and that's also how that should work you know it's not like you join a dial you just take it for granted you know because that comes from the owner it's not like that it should be a group of people first through deliberation and and to determine what's you know our rules in the future and and after that's determined everyone just you know works according to that rule to those principles and then the dow will you know develop on that on the track i think that's something you know i would really want to see more in the future wonderful jordan closes off hot take i'm looking for alpha here i'm gonna say that dows are gonna rock the business world in a way that we haven't seen since spreadsheets they are immensely powerful i think that we're on the cusp of a work revolution and not only that if we figure out how to incent voting and get people to participate in democracy we're going to fix it so let's fix democracy all thank you let's fix democracy let's do it let's do it jordan thank you so much to a wonderful panelist ladies and gentlemen this is the last time i'm going to be on stage today you've all been incredible thank you so much we're going to take a quick five-minute break i'm gonna go get really drunk so if anybody wants to come and join let's do it so uh oh so greetings near khan please welcome your layer 1 stage mc a young june all right welcome back everyone so to continue our afternoon we're on the last stretch um we're gonna go ahead and bring up a panel of some traditional finance folks to talk about going crypto and adopting or institutional adoption in a winter so i'd like to bring up cory pugh of bridge tower capital jeff lavoie from openweb collective olivier dong from oman omuro and lula ledesma from coindesk to moderate hi guys um i just want to let you know that pei wu won't be joining us today so it's just going to be the four of us um we're going to start off with an introduction from each of you and a bit about what it is that your firm does and its relationship with crypto um let's start with you corey thank you um bridgestar capital we've been around about three years i've been affiliated with the blockchain for 10 years primarily in the enterprise side of things with some of our different businesses then three years ago we got heavily involved in this space we went all in so we built an infrastructure on a global basis so we have offices in the u.s singapore switzerland and soon japan and we've taken the approach two years ago to build infrastructure and we use the infrastructure for staking originally so we have six thousand of our own staking notes on bare metal servers that are 100 percent renewable energy and those are in zurich switzerland and then simultaneously we built our own marketplace with a regulated emphasis that institutions can have a safe place through kyc proof of reserves custodial support with wallets and then we create product within the marketplace as well as give an environment where you have know your customer proof of funds and the safety for institutions to come in so we offer nfts in a very customized way we have different staking solutions we'll provide an end-to-end solution branded for different companies who want us to run the whole thing and then we've just come up with a product we're launching in fact near is a part of it that we will take a state crypto turn it into a security and run the security down a securities exchange and then you will have the ownership of that come into the owner in the form of the state to rewards great thank you um jeff do you want to discuss a bit about your background and what it is you do sure so open web collective is a crypto native venture capital firm um basically investing across the entire full stack of technology in blockchain you may know openweb collective from having run the accelerator program at near for the last several years we recently spun out at the beginning of the year and but we've kept a lot of the dna that we've built over the last few years and so what we're looking to do is really invest across seed precede and series a very selectively and what we're looking for is really high potential founders that are looking to solve real world problems and essentially a big part of that dna is also having to do with the infrastructure and making lives easier for developers that are looking to build the future of web3 and so that's a big part of what we do we've been doing it for a long time we work hand in hand with our founders and while we do bring capital to the table that's a big part of our value-add a huge part of what we do is actually being very hands-on from an operational standpoint and helping our founders scale and get to the point where they can be leaders in their industry great and alive can you tell us a bit about what it is you guys do at no mirror in terms of crypto sure so nomura is a very traditional financial institution we are a hundred year old japanese headquarter investment bank with a global footprint and so trad five by excellence but we've been active in the digital asset space since 2018 mostly supporting on the infrastructure side so we've incubated a custody platform that is now live and stores safe keeps few billions of ascetic custody including for g7 government we have invested across uh exchange settlement platform sto platform and a few other kind of more centralized um kind of digital asset uh infrastructure companies and now we are moving a step further and we've recently announced more like a crypto subsidiary that will get active and support our clients institutional clients get access to uh to crypto trading market making asset management product and venture capital we're very keen to partner with web free institutions we're not going to reinvent the wheel we want to work closely with entrepreneurs people who can bring institutional defy institutional web free to our institution and work with them and transform our traditional banking away great i kind of want to look more into that um alive all three of you come from traditional finance backgrounds but you've chosen to invest in crypto and be involved in crypto can you elaborate a bit more on why yeah i think for us it's a no-brainer you know like our traditional products are going to be fundamentally transformed by digital assets whether it is on the post trade through you know t0 settlement using blockchain technology whether it is through uh central bank digital currency that are going to transform how we have to to deal with a foreign exchange or tokenization and the way to raise capital for for corporate companies um so we need to be involved in this and get ready and transform our organization to meet those new challenges the way to do it though is you can wait till those technologies are becoming mature and starting to transform your traditional businesses but by then it will be probably a bit too late and today the only asset class that trade at scale with enough participants enough volume is really crypto so first there was no choice to get involved in crypto uh as a way to really get an early mover advantage into transforming our traditional businesses so yeah it's really an investment for a future but on top of it we like the asset class we think it has a lot of um kind of uh revenue opportunity investment opportunity and want to be active in that team great thank you corey can you weigh in on that yeah i think olivier says it well for us it's the premise is the blockchain it's technology that when i looked at it it's more secure you can transact globally it's speed and the creativity to take traditional product and put it in a new form in a way that gives people access to opportunities they've never had so for me crypto is one mechanism of the blockchain and i think you've got the enterprise side which is going to come along very quickly but the trade fi you know you're getting a lot of investment banks institutions i mean nomura is a very very large investment bank you see apollo and the rest of them coming in and i think customers want access to something that is new safer more reliable more secure and for us it was the global play quite honestly like i'm trying to wire something to the us to zurich it's three weeks right this expedites it um keeping with this institutional focus jeff what do you think the institutions are looking for when it comes to web three in in general yeah i think i think that's a really great question i'm going to take it more from the uh investing side of things i think if you're an institution there's really three key drivers here the first one i think everyone's mentioned it it's become an asset class that's really difficult to ignore if you look at the returns over a long period of time it's difficult to ignore so that's number one number two i think if you look at it from a top-down standpoint from a purely macro standpoint it's one of the best ways to actually express your views if you're classically trained in fixed income or currencies or commodities um the crypto space and blockchain specifically from just an asset class is really interesting because it's the ultimate expression of your views and then finally the reason why most people are here today is the technology the technology is legit it's been proven to work and it's been proven to potentially be extremely disruptive and so i think a lot of the institutions are seeing this as a technology platform shift and that every day that goes by gets closer and closer to becoming reality so that's what i think people are really interested about and it's not just the top down people or the bottom-up people or the people that are focused on technology or the people that just want to trade and speculate it brings in everyone from all those different ecosystems yeah um something we can't ignore is that we're like currently in a bear market bitcoin is down by like 70 of its all-time high um i'm wondering if you guys can speak a little bit to how institutions are feeling about this like you guys and your firms personally and like the general mood amongst like trad phi institutional investors um yeah it doesn't necessarily help to have you know bitcoin down 70 from the peak but in a way it doesn't fundamentally change our views you know the market is cyclical we know that for those of us who've been enough into into crypto um if you look at traditional market there are cyclical as well it's not like equities is doing necessary better or you know the certain foreign currencies so it's a cycle in a way for us as a financial institution investing and building during the market downturn is a good thing talent is more available at more realistic price point frankly a few months ago it was very difficult for us to bring software developers with experience in rust or solidity no suddenly they're becoming more affordable and willing to talk to a traditional financial station on the more investment side venture capital side now we see valuation becoming more realistic um founders taking a bit more of a longer term view to build so in a way you know the downturn has a lot of positive benefits and fundamentally i'm sure all of us believe here but it will come back you know the fundamental drivers underlying crypto have not disappeared it's a bit linked to the macro environment right now and now is the right time to put in place the foundation as a bank as you know all of us in the ecosystem to to build for when the market is going to come back and i just want to say the final one bitcoin at 20 000 today is very different to bitcoin at 20 000 three four years ago why is that can you relax because no you have you know many more millions of written investors involved into this and on top of it institutions like us starting to look at this that's very different to you know four or five years ago when it was you know a handful of guys looking at the assay class regulators central bank super nationals are all looking at this and and in a way it makes the ecosystem much more much more robust right cory can you speak to this how are your clients feeling like what's the general mood is the bear market deterring people away is it going to put institutions off what do you think yeah so going back i think the bear market for us actually helped in 2021 from the very start we took a very conservative approach things we did very compliant from our company being set up as a public audited company with deloitte to the products we put in place but in 2021 i couldn't compete with 2 000 returns and you had to go through a process today what i'm seeing in the bear market is this is an opportunity for regulators to do two things one is create more guidance and two is they are there's a weeding out effect that you're seeing and there's a proper way to do things and i think for us it's helping right now because it takes a little more effort to go through kyc that takes a little more effort to get into a marketplace where you have to go through certain stringent rules so we're actually excited about it we think this is an opportunity for good companies to step up and participate and show the there is a real use case and it can be done in a regulated compliant way and there's a great opportunity so for me in the bear market it's time to build it's time to get after it and make things happen get the infrastructure going again and participate and you know who knows what the future holds but the blockchain's not going anywhere cryptos has clearly established itself now you get some players and regulators in and i think it's much better than it's ever been great um jeff from a sort of vc perspective have you had to be a lot more selective in what you're investing in can you give us some insight into that yeah so from our perspective our due diligence process has stayed the same we don't we don't change it over time so from a from a bottom-up standpoint we have a very rigorous selection process and we're very fortunate that we're able to be very selective so that's something that will never change it'll never get compromised and will never change things to get more deals or to get less deals what i would say from a top-down standpoint um tactically from a tactical asset allocation or from a tactical capital deployment right now we are just a little bit more cautious so that doesn't change our strategy our strategy is the same we're still looking for the same founders with the same ideas the bar is just a little bit higher and we're a little bit cautious but i think to what corey's point is a really good one i think right now a lot of institutions are in one of two camps they're in the frightened mode because of the volatility and they just can't handle it and institutionally they don't have the guard rails for it so it precludes them the people that have more flexibility like i think a lot of us on the stage are able to actually see that as a huge opportunity to find those really great founders those great projects and more importantly for the people in this room the developers and the founders this is a great opportunity for you to build to go out there and acquire talent and potentially even into engage in m a great um we're gonna i would just maybe add on this we also do invest in you know early stage companies and definitely one of the things we're going to be closely looking at is one is the commercialization plan so no big picture top-down market sizing we don't really believe in this anymore of course it needs to exist but we need to see funders who are also realistic in bringing revenues fairly rapidly uh given you know the funding cycle is probably going to be still a bit challenging for for the next couple of months and two is um you know no shortcut on regulation and compliance you know if you try to bypass kyc if you try to go against you know rules and regulations that's at least for us is a no-go and we're not going to support any of those projects and i think many other more maybe um established vcs and traditional investors are increasingly taking that view as one go ahead sorry nothing corrupt but you know olivia said something that's important commercialization and you know a lot of the companies i mean i've seen brilliant ideas over the last year two three years but the component that i think that we have to bridge is wonderful technology great ideas smart people now how do i commercialize this and i think that is a great opportunity today as well you've got a little bit of window here to figure out your customer how are you going to run the business how is it going to be profitable and how is it going to grow and i think when you get that piece to what already exists now you really have web 3-0 it moves and it takes off in a big way i'm interested to hear um about your sort of macro perspective on things um maybe if we can start with you we've seen bitcoin correlate with equities in terms of performance a lot more um over the last few months i'm wondering if you've had to if your perspective has changed um yeah could you speak to that a little bit yeah i think everything seems to be correlated right now you know all of the asset laws are correlated to one um and we saw yesterday you know like a equity especially tech valuation came down and bitcoin dropped 10 percent so it's clearly correlated i think it's linked to currently this risk of sentiment probably you know many investors probably misjudged a bit the you know over summer the um the the inflation pressure uh and so now they have to revalue a bit and become a bit more more cautious and so the macro environment for crypto i think will continue to remain a bit challenging no doubt about it um and i don't see necessarily a decoration in the short to medium term between equity and and crypto over time it will as you know the technology gets more embedded into uh many many industries but right now it still is going to trade with a pretty high correlation ratio interesting to hear your view jeff i think you have views on this as well yeah i think it's we're living through very interesting times we haven't seen a credit cycle in 14 years what we're going through right now is a very common credit deleveraging event it usually happens every five to seven years it has for a very long time but we've been living in a weird environment basically since the gfc and what we've seen is the fed has tried to raise rates several times in the last 14 years and they've been held hostage by risk markets and essentially what's happened because inflation wasn't a problem the fed capitulated and that's what we've seen happen for a very long time that ended about nine months ago because of inflation now we're seeing inflation is completely out of control the fed has absolutely no choice but to address it and if you look in the united states unemployment's at all time lows inflation at all-time highs they're in a corner they have no choice as to what they need to do and so from our perspective what we're looking at is more about what's the terminal rate how much destruction is there going to be in the market and how long are we going to stay there too and so those are the important questions to have from our perspective the risk markets haven't priced it appropriately and so that's why we've been cautious our cautious stance is going to change as soon as the risk markets realize that they've been wrong all along and that they need to adjust and that the fed is going to keep their word because what's happened now is the fed has lost credibility and so historically they've been able to say oh we're going to do this the market reacts that transmission mechanism isn't working as well so the fed needs to re-establish credibility so the long and short of it is short term i think we need to go through a little bit more destruction in the real economy as well as in financial markets and then at some point the fed will have to pivot there's no question about that the question is when and the reason why is we're stuck in this situation with debt and demographics not only in the united states but really everywhere in the world and so at some point that mechanism needs to come back up the fed just needs to elevate in terms of rates they need to do a little bit of quantitative tightening and then hopefully we get back into a place where inflation goes under control but inflation is completely out of control now and it won't stop until probably sometime next year at the earliest okay um corey i'm wondering if you can weigh in on this from bridge tower capital's point of view does macroeconomic does the macroeconomic current climate affect your strategy like how how does it play into what you're doing yeah so some of us are old enough to have lived through 2008. you know these things happen they're cyclical and it's not the uh i mean it's the global everybody in the globe is affected by what's going on i mean it's cyclical it's inevitable and i think for crypto it's challenging because you came off of this growth curve like this which most of us know is not sustainable you compound that with global inflation recession i mean i think everybody's got their opinion on i don't think you can deny it exist but again i think there's a great opportunity here i mean as we look at traditional markets and you said it jeff money's gonna sit and wait or it's gonna look for a good opportunity you take that regulated approach in a very constructive manner and there are phenomenal products i mean i can put my money in the bank and get a zero percent interest rate or i can invest in a meaningful product like these gentlemen have spoke about i can stake and get a nice return and so i think for us it's again it's an opportunity to educate and get the word out there that yes the global economy it's not going to recover in a few months this is a repeat of history so i think you also have to slow down a little bit and be wise and you know i think the good companies that i've watched in this industry and learned from and we partner with their patient and i think you have to know when to go when to stop and educate so for us right now it's build we have an infrastructure what can we offer in a safe place for people to convince them to get your money in the right vehicle and that i think for us is given we've had more traction in the last four or five months than we have in three years great i'd love to focus a little bit on on there now um from an institutional perspective what is it about near that makes it more interesting or better to build on compared to the likes of like al grant avalanche ethereum the competitors uh jeff do you want to start yeah so we're very close to near we know them extremely well we think the technology not only what they've built but also the team itself is really top grade and they're they're as good as it gets so from that perspective i think there was a panel a few days ago where haseeb from dragonfly was talking about the bullish case for near and we completely agree with that and i think what's really important to understand is the nuances between the different chains and so the analogy that he began that i'll continue is about different cities so blockchains as cities the perspective that i think is important is from a developer or from a personal standpoint which city do you want to live in there's a lot of personal things that decide where you're going to go based on culture based on language and based on what you do and it's no different for projects in crypto it'll depend on what language the programmers are in what type of end use case they want to have and culturally what kind of community and ecosystem they want to be part of and so near has done an amazing job of being very developer friendly and that's that's the theme that you've seen from the beginning if you look at the the language the ability to program in different languages uh the documentation which is is really advanced um it just makes lives easier for developers and that's a reason why they stand out on top of all the other things that you hear as near being kind of an east 2.0 those are very important nuances but from sort of an investor perspective what's attractive about it i don't know if cory or oliver you want to weigh in on this yeah i think we as as a bank we are relatively l1 agnostic so we are not necessarily going to invest or at this stage at least select one l1 to to build what we like a lot with near i think as jeff said i think the community is fantastic i think it's extremely involved obviously the technical features of the blockchain with its scalability throughput is very impressive and that's helpful as we think about the type of financial products we want to build whether it is um you know exchanges landing platform micro payments all of that you need the features that near has been rolling out and and that makes it an attractive one to uh to at least continue to support and investigate corey so i'm going to answer this directly but carefully we i think every layer one has a unique position they need unique attributes and we support and want to participate and be a good partner to all of them i will say with near i've been extremely impressed and we've been to most of these events with layer ones there's a humility that's not tangible but it's an underlying principle of a company and it's to me near as a humble group i mean you see the founders and the ceos they're walking around that's somewhat atypical i think the javascript and the web 2.5 is a brilliant positioning play i think it's spot on for right now in the times so i think the tech the structure the positioning and for me you know i like to believe in companies who interact participate want to get to know the community and we have been completely impressed in this event it's not the hype and the pomp and the and i'm not saying that's bad i'm not judging i'm saying for me it shows and we've met several groups out here web 30s there's real projects and they're down the road i mean these are not just i mean there's great ideas but we've met four or five companies that already have full staffs and they're down the path and i think it is because of this job is brilliant web 25 is brilliant they're bridging a gateway this way and i think for us we are very excited about nir and we want to be supportive of everyone but there's a reason we're here and giving everything we can to be a good participant as well great thank you i have one last question we only have a few minutes left um at the moment institutions are primarily focused on bitcoin and eth whether that be through options trading or investing through etfs um do you think that that's going to expand into other assets like in the near term i think so i mean still you know when you go and speak to board of big pension funds asset management company and you talk about crypto in vermont it's bitcoin you know no doubt about it and if is you know especially around the merge and all the media attention around it is there but they will and they are gradually starting to understand that underneath those two big uh kind of coins there is a very wide ecosystem of l1 dabs and gradually i think they will come into this and you know you have equity analysis covering hundreds of small caps over time you'll see you know crypto analysts covering hundreds of small coins and within the sales the trading and the kind of institutional engagement across us may take a bit of time but it will come yeah i think i would just add to that i would say it's not the appetite right now from institutions that isn't there it's really the ability to transact and to express their views and realistically there's regulatory clarity that's missing but there's also the right guard rails and so what we've seen so far is as you mentioned there's there's on-ramps into crypto on blockchain a big part of that also has been uh funding venture capitalists we've seen a lot of that i think the next step is going to take place because the awareness is there the the willingness to do it is there it's just the ability is not where it there yet but i think that's in the short term that'll change great give it up for my wonderful panel thank you guys all right thank you to our wonderful panelists for that amazing talk i know the theme in general right now is winter but it definitely doesn't feel like winter here the weather is beautiful the vibes are immaculate so you know i'm not complaining but to continue our discussions on winters i'd like to bring up two special speakers um jeff amico from a16z and jack collier from near foundation to discuss governing in a winner great hello everyone hi jeff good to have you great to be how are you doing today uh doing great great to be here thank you yeah my pleasure so we're talking about governing in a crypto winter and jeff you're obviously a partner at a16z specializing in network operations um i guess first of all what is network operations at a16z how do you define it sure so uh network operations really refers to all of our on-chain participation in the protocols dows networks that we invest in we take the view at a16c that we want to be an active participant in all of the networks that we're investors in and so it encapsulates everything from on-chain governance you know voting on proposals proposing things ourselves delegating tokens staking running validator nodes providing liquidity all the ways that we look to contribute uh to our networks once they're live on chain brilliant thank you so you mentioned governance right so you know that plays a huge role in web three and uh it's always evolving right um across different ecosystems uh think about it in different ways and i guess being part of a16z you know you have great sight as to all of you know how the different protocols and projects uh treat governance so it'd be interesting to hear like what are the most interesting observations that you have seen and like would be good if you go into like the emerging trends you're seeing in the space sure um so as you mentioned we've been investing in the space since 2013 um but more recently you know we've seen the uh i would say the adoption of real on-chain governance in crypto probably going back i'd say two and a half to three years now beginning with things like compound maker dow uniswap many of the kind of original d5 protocols in the ethereum ecosystem and i would say over the course of that time we've seen some interesting lessons some best practices start to emerge in terms of overall trends i would say we're still very early in putting in place the right type of governance models the right types of incentives um you know in particular this stuff kind of comes to bear in a down market because that's when you really start to see some of the some of the gaps some of the the fault lines in your organizational design or in your governance model um you know and so you know i think what we've seen in terms of kind of trends more recently has been a little bit of a shift more towards i don't want to say a hierarchical governance model in in certain taos but certainly a specialization within daos so the idea that you know if there are certain operational decisions to be made you you want to be sure that you have the right people within your doubt in place to make those decisions so you know if you rewind a few years ago we didn't really have that kind of specialization in place it was much more of a purely flat kind of hierarchy flat governance model all token holders decide on all types of decisions i think we've seen some evidence over the course of the last two years that that maybe doesn't work all that well in in many cases and so i think a major trend is towards specialization towards you know putting in place specific folks who are experts in a given area and allowing them to decide on what the key decisions should be uh so just to give an example of that you know something like like maker dow for example uh has put in place you know what they call core units so these are effectively kind of like sub or like operating groups under the kind of overall make or dow entity and so you'll have you know a core unit for legal a core unit for growth a core unit for engineering a core unit for you know any number of other things and in those cases you're kind of entrusting those units to make more of the kind of key governance decisions i think as these things scale and continue to to grow we'll need to continue in that in that general direction but you know certainly the right governance model i think depends on the particular type of dow that you're you're running um you know for example something like you know a financial application like a maker dow requires one particular type of governance model but on the other end of the spectrum you know something that's a little bit less perhaps financial oriented a little bit less perhaps high stakes in some regards might warrant a different type of governance model so you could imagine at the other end of the spectrum something like constitution dao for example or nouns dao for those of you who are following you know some of the new kind of nft based uh doubt projects in those cases you might not need the kind of hierarchical rigid you know cumbersome governance process um and i'm sure as we'll talk about you know we've actually seen in those cases participation in governance is oftentimes quite a bit higher than it is in some of these kind of original d5 applications yeah those are just a few uh kind of recent trends yeah absolutely and do you think there's a place for a really flat uh governance structure in a dao or a project like do you think that can work uh have you seen any good examples of them i i think it it can work in the case of a dow that is you know a bit more um you know perhaps one that isn't you know operating a complex you know financial application or isn't trying to build and develop some complex kind of technical system i think in those kind of models it's just very difficult to have a purely flat governance structure you really do need to have experts in charge of certain operating verticals you need to entrust them to make decisions you can't really you know resort to purely flat kind of democratic style governance when what you're building is effectively a company or effectively some kind of enterprise that's going to be competing with other types of competitive businesses um but you know i think there is still room for you know flat governance within dows that are more you know based around maybe maintaining an nft brand or maintaining um or pursuing some kind of social purpose or mission um constitution dao might be a great example the sale gp initiative i think is another great example where in those cases you know you really do want to leverage the wisdom of the crowd and in those cases you're not you're not worrying so much about your community not having the expertise to set interest rates or\n\n[NEARpedia: text truncated at storage limit; the source document continues]","transcript_synced_at":"2026-11-04T03:59:02.263Z","segments":[{"start_seconds":33,"text":"good morning near khan the layer 1 stage will begin in 10 minutes","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=33s"},{"start_seconds":64,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=64s"},{"start_seconds":132,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=132s"},{"start_seconds":168,"text":"oh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=168s"},{"start_seconds":196,"text":"um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=196s"},{"start_seconds":225,"text":"hmm","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=225s"},{"start_seconds":260,"text":"good","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=260s"},{"start_seconds":299,"text":"do","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=299s"},{"start_seconds":348,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=348s"},{"start_seconds":471,"text":"greetings and good morning near khan the layer one stage will begin in three minutes at 11 a.m","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=471s"},{"start_seconds":613,"text":"good morning near khan the layer one stage is about to begin please welcome your mc with near","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=613s"},{"start_seconds":621,"text":"foundation david morrison","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=621s"},{"start_seconds":636,"text":"did anybody go to a party last night well if you did you're probably not here um look","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=636s"},{"start_seconds":645,"text":"thank you so much for battling through the past two incredible days of neocon we've got one day left and then you're free to party and enjoy lisbon uh we've","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=645s"},{"start_seconds":654,"text":"got a wonderful pre-recorded panel right now uh entitled usdc rising a fireside chat with circle we have marie flament","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=654s"},{"start_seconds":663,"text":"who you all know and love from the near foundation and jeremy alaire from circle so let's give it up","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=663s"},{"start_seconds":672,"text":"hello jeremy uh such a pleasure to be here with you today thank you so much for taking the time and great to have the opportunity to chat with you uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=672s"},{"start_seconds":680,"text":"we've worked together for many years i actually owe you my first uh job in crypto for which i'm still you know extremely uh relivable to you so it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=680s"},{"start_seconds":688,"text":"really inspiring to see how much progress you've made with circle uh while keeping at heart the same mission and the same and the same vision","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=688s"},{"start_seconds":696,"text":"and something actually i think is quite remarkable is if we look at usdc right now it seems not to be so far off for from its all-time high in terms of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=696s"},{"start_seconds":705,"text":"market cap so that seems pretty good given that we are supposedly in a crypto winter what do you see as being like the demand for usdc right now who's buying","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=705s"},{"start_seconds":714,"text":"it and what are the biggest use cases that you're seeing yeah well first of all it's it's great to be here and great to be able to participate","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=714s"},{"start_seconds":722,"text":"in near con and um great to see you again and i'm really really happy to do this um yeah i mean it's it's a really","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=722s"},{"start_seconds":730,"text":"interesting time um i think um you know what with usdc specifically and and then more broadly obviously there's a lot going on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=730s"},{"start_seconds":738,"text":"but um you know i think um usdc has has benefited from you know i think more and more people","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=738s"},{"start_seconds":746,"text":"around the world who are you know focused on having access to a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=746s"},{"start_seconds":754,"text":"safe trusted transparent reliable dollar digital currency and i think the framework that we set","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=754s"},{"start_seconds":761,"text":"out to to launch uh usdc with which was really anchored in that kind of this is issued by a regulated financial","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=761s"},{"start_seconds":770,"text":"institution it has you know major regulated players around it like coinbase it um you know is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=770s"},{"start_seconds":777,"text":"something that's always had kind of real world banking integration and real liquidity and and a lot of transparency all these","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=777s"},{"start_seconds":785,"text":"things have helped it grow and have grown the use cases for it but that's in times of good and in times of bad and so one of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=785s"},{"start_seconds":793,"text":"the things that we've historically seen is that we've seen a lot of growth in usdc when there's more and more activity happening","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=793s"},{"start_seconds":801,"text":"in the crypto economy and expansion of projects and um you know more and more applications and markets and so on but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=801s"},{"start_seconds":809,"text":"then also when there's a crypto winter or when things are challenging there's a kind of flight to safety um and and so we certainly saw that since","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=809s"},{"start_seconds":817,"text":"november of last year you know we we've seen you know a significant amount of market share gains for for usdc you know during that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=817s"},{"start_seconds":827,"text":"time now what's interesting from my perspective and we really started seeing this a couple of years ago but it's only","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=827s"},{"start_seconds":834,"text":"grown is um you know more and more people and institutions","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=834s"},{"start_seconds":842,"text":"are are realizing that this is a very convenient kind of medium of exchange it's a very convenient um kind of form","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=842s"},{"start_seconds":849,"text":"factor as i like to say for a dollar it has the capabilities of of public","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=849s"},{"start_seconds":856,"text":"blockchains of of which is you know a high degree of security and privacy assurances and very low cost","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=856s"},{"start_seconds":864,"text":"transmission and so we're seeing a lot of growth in demand for using usbc around the world in emerging markets as an international payment and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=864s"},{"start_seconds":872,"text":"settlement method we see thousands of companies who are using this because they have people who either want to pay them or they want to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=872s"},{"start_seconds":880,"text":"pay in different parts of the world and so you know we we wanted to you know see something that um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=880s"},{"start_seconds":887,"text":"it was used as a kind of everyday working capital for for more and more um you know more and more both households and firms and we're starting to see that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=887s"},{"start_seconds":895,"text":"and starting to see those use cases really grow that's amazing and it seems that really the the key driver what you described","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=895s"},{"start_seconds":902,"text":"also like uh mainly for payments actually and we do see that for payment stable coins are in indeed in particular","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=902s"},{"start_seconds":910,"text":"like perfect as a use case i think there was even like a tweet saying that 50 of strike payments could be coming and settled with usdc in 10 years uh which","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=910s"},{"start_seconds":918,"text":"you know would be absolutely fantastic to see but where do you see actually future trends like in the next decade or stable coins in particular what are the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=918s"},{"start_seconds":926,"text":"trends according to you well you know it's it's interesting it'd be sort of like asking um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=926s"},{"start_seconds":933,"text":"you know in in i don't know say 2007 or 2008 you know what are going to be the trends","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=933s"},{"start_seconds":941,"text":"in mobile apps in the next you know 10 years and you know you could predict a lot of things but you couldn't actually predict all the innovation that was","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=941s"},{"start_seconds":949,"text":"going to happen we had just started to see kind of product market fit with the iphone you know 3g happened at least broadly","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=949s"},{"start_seconds":958,"text":"around 2008 and the capabilities of that technology opened up developer creativity on a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=958s"},{"start_seconds":966,"text":"massive scale and millions of developers invented all kinds of things which are changed our lives and improved so many","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=966s"},{"start_seconds":973,"text":"different different things and i think about kind of programmable money on the internet the same way it's taken us almost 10 years uh we're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=973s"},{"start_seconds":982,"text":"i'm nine years into circle now but almost 10 years to get to the point where we actually have","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=982s"},{"start_seconds":989,"text":"a representation of fiat as a cryptocurrency as a digital currency and you have blockchains that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=989s"},{"start_seconds":996,"text":"are finally getting to a point where you have high throughput efficiency security you know you're really starting","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=996s"},{"start_seconds":1004,"text":"to see the infrastructure layer get to a point where wow developers really can build compelling apps and now we have","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1004s"},{"start_seconds":1012,"text":"this material to work with you know you've got the programmable you know your programmable dollars or euros or what","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1012s"},{"start_seconds":1019,"text":"what have you and you have these you know kind of new operating systems in a sense that people can build with and and so whenever i get asked that what do i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1019s"},{"start_seconds":1028,"text":"think is going to happen in 10 years i'm sort of like i have no idea and that's actually that's actually a good thing if i if i really knew um but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1028s"},{"start_seconds":1035,"text":"the i guess the uber point is that you know um when when you have a situation where you effectively are taking","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1035s"},{"start_seconds":1044,"text":"the cost out of transacting and you're making the reach of value and value exchanges","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1044s"},{"start_seconds":1051,"text":"the reach of the internet um it you you you will see exponential growth and so the not even like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1051s"},{"start_seconds":1059,"text":"not just exponential but very significant so the way i i often talk about it is you know when the movement of text-based information","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1059s"},{"start_seconds":1068,"text":"or asynchronous text information kind of moved to widely available devices on the internet the amount of textual information that was put published in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1068s"},{"start_seconds":1076,"text":"the world like went up like a million x or gazillions right and as you know um you know you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1076s"},{"start_seconds":1083,"text":"open protocols for audio and video communications peer-to-peer got reliable and we had mobile broadband and so on like the amount of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1083s"},{"start_seconds":1091,"text":"of like voice and video communication just went up exponentially um and again when you have money as a native","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1091s"},{"start_seconds":1099,"text":"data type of the internet and you have you know kind of internet scale blockchains like the amount of value exchange i think is going to go up just","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1099s"},{"start_seconds":1107,"text":"extraordinarily large and and there'll be i mean use cases that get built that we haven't thought of yet and so i'm particularly excited about","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1107s"},{"start_seconds":1115,"text":"the ways in which um money and commerce and labor and like the essence","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1115s"},{"start_seconds":1122,"text":"of what it is to operate as a as a firm can work i think there's a huge amount of reinvention that's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1122s"},{"start_seconds":1129,"text":"possible in that and you know historically we think of that as like well there's trade finance and there's you know cross-border payments blah blah","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1129s"},{"start_seconds":1137,"text":"blah blah blah i i don't even think of it in those terms i i just think like you think about like what um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1137s"},{"start_seconds":1144,"text":"uh an alibaba or an amazon marketplace did for the coordination of people who have things that they want to sell and people want to buy them and just these","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1144s"},{"start_seconds":1152,"text":"mass like new kinds of platforms just think about marketplaces for capital and uh and and the long tail possibilities","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1152s"},{"start_seconds":1162,"text":"of that and really what what could what could become possible in terms of how you know credit and money serve","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1162s"},{"start_seconds":1169,"text":"people who are operating um businesses over the internet so i this maybe ties back to the stripe comment which is you know they talk about the jeep growing","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1169s"},{"start_seconds":1177,"text":"the gdp of the internet which i can it kind of resonates with me i i i really think that if you really want to grow the gdp of the internet you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1177s"},{"start_seconds":1185,"text":"need the internet economy to actually be natively powered by uh digital assets and digital currency","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1185s"},{"start_seconds":1192,"text":"yeah fascinating and i think actually if we talk more about digital assets and maybe coming back closer to um you know stable coin and how banks and central banks","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1192s"},{"start_seconds":1201,"text":"around the globe are thinking about things one big debate at least it feels like that at the moment there's you know differences between stable coins and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1201s"},{"start_seconds":1209,"text":"cbdc and i'm just curious to hear how you think about that right because in your role also at circle you interact quite a lot with you know governments and how governments are approaching","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1209s"},{"start_seconds":1218,"text":"basically the partying shift that you're talking about so do you think there's space for both or what does what does the future on on that side look like for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1218s"},{"start_seconds":1226,"text":"you yeah i mean i'm i'm a practitioner and and and i'm i think i'm i'm very focused","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1226s"},{"start_seconds":1233,"text":"on you know what what can we do what problems can we solve today and how do we do that like in the market","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1233s"},{"start_seconds":1241,"text":"with customers with users with developers today um and and i and i think um that's the approach that we've taken","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1241s"},{"start_seconds":1249,"text":"really since since inception and i think the other kind of fundamental approach is um really trying to build on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1249s"},{"start_seconds":1258,"text":"this idea of the public internet and public internet infrastructure open source layer 1 blockchains open protocols that are that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1258s"},{"start_seconds":1266,"text":"are open source and you know that's the vision of the future that i i want to see i want to see an open","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1266s"},{"start_seconds":1275,"text":"internet of value exchange i want to see you know programmable composable um infrastructure i want to see","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1275s"},{"start_seconds":1283,"text":"rapid iteration that you know enables you know anyone anywhere to kind of put these pieces together and so it's a vision of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1283s"},{"start_seconds":1291,"text":"of money and of of the financial and economic system that looks a lot more like the software-powered internet and i think um and i think that's you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1291s"},{"start_seconds":1300,"text":"know we're not alone in that right i mean i think so many people who are in this industry and who work in in the crypto space and blockchain space share","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1300s"},{"start_seconds":1308,"text":"a lot of those fundamental ideas and there's lots of us around the world doing that and so i view that as the inertia the amount of kind of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1308s"},{"start_seconds":1317,"text":"fundamental force that exists in the blockchain ecosystem from engineers and computer scientists and economists and lawyers and academics and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1317s"},{"start_seconds":1325,"text":"business people and product people and so on in every country everywhere in the world they're building this kind of money movement as i like to say","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1325s"},{"start_seconds":1333,"text":"building this is extraordinary and i when i when i look at that and and i think stable coins are a really strategic key piece","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1333s"},{"start_seconds":1341,"text":"of that and and and i think you know more regulations a good thing around us especially around things that are","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1341s"},{"start_seconds":1348,"text":"representing that they are a kind of cash equivalent instrument right but when i look at all that together and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1348s"},{"start_seconds":1356,"text":"then i say oh some government's gonna you know in some countries gonna like hire uh accenture and like set up some","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1356s"},{"start_seconds":1363,"text":"closed-loop uh e-money system and call it a digital currency like whatever like it just i i'm not i'm not i don't know that that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1363s"},{"start_seconds":1372,"text":"really represents much of anything um and and so i'm highly skeptical uh of that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1372s"},{"start_seconds":1380,"text":"you know that that track and and so kind of coming back i mean who knows right there things can happen people build things but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1380s"},{"start_seconds":1388,"text":"i'm always going to take a bet on the open internet and what the open internet is delivering and open software is delivering and i'll take that bet all","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1388s"},{"start_seconds":1396,"text":"day long and um it it's not i i don't want to paint the world as a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1396s"},{"start_seconds":1403,"text":"kind of unit dimensional or there's only one thing that can happen like clearly there could be many things that happen i mean you know in china like i think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1403s"},{"start_seconds":1412,"text":"there are some people who might use the e c and y to pay for bus tickets but most people are quite happy to use alipay and and 10 cent and wechat pay","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1412s"},{"start_seconds":1422,"text":"and those are like the dominant methods of electronic money um now the government would like there to be a non a a a third","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1422s"},{"start_seconds":1430,"text":"way or a government available way so that they limit private power um and so there's sort of a battle between these big powerful private","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1430s"},{"start_seconds":1438,"text":"companies and the government over that and who knows how that will play out but i don't think that's necessarily something that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1438s"},{"start_seconds":1446,"text":"we in the west should be modeling ourselves on and i think you know the the values of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1446s"},{"start_seconds":1455,"text":"open innovation open intellectual property uh privacy security innovation","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1455s"},{"start_seconds":1463,"text":"all of these are the values that i think should be driving us and uh and that and that i think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1463s"},{"start_seconds":1471,"text":"leads us to really believe that you know sort of stable coins and public chains and and similar kind of integrated infrastructure will","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1471s"},{"start_seconds":1480,"text":"will probably be what is most widely used in the coming years and and can i actually bounce on that so you talk a lot about the open internet","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1480s"},{"start_seconds":1487,"text":"and this view that actually it's it's you know it's uh it's basically inclusive and anyone anywhere can participate on that and at the same time you also mentioned like the need for uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1487s"},{"start_seconds":1496,"text":"regulation in particular when it's things that are very close to cash how do you reconcile like you know centralization decentralization and the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1496s"},{"start_seconds":1505,"text":"partying that we're starting to see between both worlds yeah so i mean um again like i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1505s"},{"start_seconds":1513,"text":"there's a spectrum here and and and i and i and i'm not um i'm not like a maximalist on any one of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1513s"},{"start_seconds":1520,"text":"the vectors on that like like i think that things exist on that spectrum and it's it's important that things exist on all","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1520s"},{"start_seconds":1528,"text":"parts of that spectrum there may be people who are very anchored on one which is like completely totally decentralized money","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1528s"},{"start_seconds":1536,"text":"um that is completely you know theoretically at least free of government interference um and you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1536s"},{"start_seconds":1543,"text":"or or has uh non-sovereign monetary policy like bitcoin is as an example of that um and i think there's a very compelling","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1543s"},{"start_seconds":1551,"text":"use case for that on the other end right you can have like tightly controlled completely locked down government-run government-surveilled infrastructure","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1551s"},{"start_seconds":1559,"text":"like the chinese project as i was just talking about so i think my view has always been that um at least for the next you know let's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1559s"},{"start_seconds":1568,"text":"call it you know 20 years 10 or 20 years something like that it's really important that we have a very strong hybrid model um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1568s"},{"start_seconds":1578,"text":"and and this is something that that that we've talked about really for about nine years is this kind of hybrid digital currency model where you can take","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1578s"},{"start_seconds":1586,"text":"an existing currency like a dollar or a euro and express it in a cryptocurrency form and give it all of the capabilities of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1586s"},{"start_seconds":1595,"text":"that those public networks and platforms but have um deep interoperability with the existing","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1595s"},{"start_seconds":1604,"text":"financial system so that you know literally like the the the its asset referenced and it's referencing the actual cash for cash equivalent","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1604s"},{"start_seconds":1612,"text":"instrument so that people can utilize that with the superpowers of the internet um and and i think that's really powerful and i think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1612s"},{"start_seconds":1619,"text":"that um you know you can you can do that in a way which does have regulation around it um and i think again if we want to like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1619s"},{"start_seconds":1629,"text":"connect this in the real world economy and real world finance and we want households everywhere and firms everywhere and even other financial","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1629s"},{"start_seconds":1638,"text":"institutions around the world to sort of build on this and use this you you have to have that kind of assurance and and and you need to have","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1638s"},{"start_seconds":1647,"text":"you know legal and regulatory kind of frameworks around it or that's not going to happen but i think over time you can definitely","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1647s"},{"start_seconds":1654,"text":"see a migration towards um you know the the use of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1654s"},{"start_seconds":1661,"text":"non-sovereign digital currencies and and i am a long-term believer in that um but i think right now","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1661s"},{"start_seconds":1669,"text":"you know i think we'll see kind of these major reserve currencies get kind of connected up to public blockchains","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1669s"},{"start_seconds":1678,"text":"um through private sector innovation open source innovation open ecosystem innovation and that'll unlock a lot that i think that can unlock a huge amount of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1678s"},{"start_seconds":1687,"text":"value for the internet economy for the real economy etc um yeah so it's a really hybrid model and this idea that we're in a transition so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1687s"},{"start_seconds":1695,"text":"to approach thing also with pragmatism while it's like a longer road on which we're getting um one thing actually and if i change stacks a little bit so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1695s"},{"start_seconds":1704,"text":"the theme at near con is actually building beyond the hype and you've been several very successful companies and more importantly actually you've","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1704s"},{"start_seconds":1711,"text":"survived and not even survived the bear market you've actually strived in a bear market and i just wondered you know if you have any tips for you know all the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1711s"},{"start_seconds":1719,"text":"people who are going to attend actually near con and who are here to to learn right what would you say and actually what does building beyond the hype mean","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1719s"},{"start_seconds":1726,"text":"to you and what tips would you have into actually building and continuously building during a crypto winter","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1726s"},{"start_seconds":1733,"text":"yeah well you know it's so interesting and i'm going to repeat some things that are are i think said somewhat often","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1733s"},{"start_seconds":1742,"text":"which is you know now's a great time to be building um and and i think that just to unpack that a little bit i think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1742s"},{"start_seconds":1750,"text":"when you're in an environment which is like super over hyped and where there's just insane amounts of money that are flying around","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1750s"},{"start_seconds":1758,"text":"um you know there there's a lot of things that can get um that can kind of get developed and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1758s"},{"start_seconds":1766,"text":"pushed which don't really have much substance behind them and it gets really noisy and it's it's really hard to know you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1766s"},{"start_seconds":1774,"text":"what's real what's not um and also for a founder or for builders you know you you second guess yourself","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1774s"},{"start_seconds":1781,"text":"like all the time like oh my god look at all this over here all this over here and what are we gonna do and and like like these hype cycles are out of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1781s"},{"start_seconds":1788,"text":"control and like you just start trying to like adapt to whatever meme is out there and and i think that's that's like an awful","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1788s"},{"start_seconds":1796,"text":"place to be as as a founder um and i think um you know right now is actually a really special","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1796s"},{"start_seconds":1804,"text":"time because um unlike the past the last i should say uh crypto winter um yeah there were a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1804s"},{"start_seconds":1812,"text":"lot of amazing things born out of that right d5 was born out of that um broadly speaking i remember we we launched usdc right into the heart of the crypto","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1812s"},{"start_seconds":1820,"text":"winter in the late fall of 2018 and like we were working with compound and ave and you know all of the early d5","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1820s"},{"start_seconds":1829,"text":"projects maker um and and and but now like the infrastructure is so much better right you've got third generation blockchains","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1829s"},{"start_seconds":1838,"text":"like near and and and you've got like consumer apps you've got a lot more clarity legally around the world it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1838s"},{"start_seconds":1846,"text":"gives there's so much like way way better environment now and so now you know you can be focused um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1846s"},{"start_seconds":1854,"text":"you can focus on you know building things that have like real utility um and so i i feel like it's an excellent time","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1854s"},{"start_seconds":1862,"text":"in terms of the materials that we have to work with the best we've ever had so far and um and you know i think kind of getting uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1862s"},{"start_seconds":1871,"text":"getting rid of a lot of the noise and hype like helps people focus so it can be can be a really excellent time for people to be building","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1871s"},{"start_seconds":1880,"text":"wonderful well i think that's fantastic i know time is up but i cannot let you go without asking because we do share a lot of the vision you've described","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1880s"},{"start_seconds":1887,"text":"actually for the future of the world um so my last question and feel free to do not answer but when will we see usdc","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1887s"},{"start_seconds":1894,"text":"being near native that's a great question um well what i can say is uh you know we're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1894s"},{"start_seconds":1901,"text":"really impressed with with nir and um and and with what uh what what the community has been building and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1901s"},{"start_seconds":1908,"text":"evolving and i i think i talk a lot about third generation blockchains and and use near as an example so we're excited about the progress that's that's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1908s"},{"start_seconds":1917,"text":"been made and um you know uh yeah we we continue to bring usdc to more chains and um you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1917s"},{"start_seconds":1924,"text":"we'll uh we'll uh see what happens there wonderful well jeremy thank you so much for joining us this has been as always","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1924s"},{"start_seconds":1931,"text":"inspiring thought provoking and looking forward to continue following your progress and hopefully working soon together","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1931s"},{"start_seconds":1938,"text":"thank you mariek have a great conference everyone thank you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1938s"},{"start_seconds":1947,"text":"wow what a brilliant piece right i'm feeling the energy is a little bit lower which is understandable because i'm hungover too but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1947s"},{"start_seconds":1954,"text":"we have an incredible uh panel next they're gonna impact some really really big ideas about the stable coin","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1954s"},{"start_seconds":1961,"text":"trade-off is it decentralization versus mass adoption we've got mark sugden from d central bank uh zhao reginator from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1961s"},{"start_seconds":1969,"text":"circle and the wonderful moderator emily parker","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1969s"},{"start_seconds":1987,"text":"hi everyone um welcome so yeah more stable coins this is obviously a very timely topic right now with south korean","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1987s"},{"start_seconds":1995,"text":"officials looking to arrest dokuan which we can talk about briefly but um basically what we're going to get into on this panel is just some of the uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=1995s"},{"start_seconds":2003,"text":"philosophies behind stable coins centralized versus decentralized and also touch a little bit on central bank digital currencies uh that are issued by","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2003s"},{"start_seconds":2012,"text":"governments but why don't we just quickly start super quick intro we obviously just had circle but um we can just quickly recap for some of those who","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2012s"},{"start_seconds":2020,"text":"aren't there if you guys just give like a super brief description of your project what you're doing and then we'll","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2020s"},{"start_seconds":2027,"text":"take it from there and also how you would characterize your stable coin would you characterize your stablecoin as centralized or decentralized since","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2027s"},{"start_seconds":2035,"text":"that is the theme of this panel why don't you start here cool thanks so uh the clue's in the name decentral bank so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2035s"},{"start_seconds":2042,"text":"we are building out a decentralized stablecoin protocol i help with uh product uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2042s"},{"start_seconds":2049,"text":"partnerships commercial development business development those kind of things uh really trying to build out a product that lots of people that are under banked can","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2049s"},{"start_seconds":2057,"text":"utilize uh in in a decentralized environment and to have the confidence and security of operating outside","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2057s"},{"start_seconds":2065,"text":"traditional spheres of influence thank you joe how would you characterize circle would you guys call let's just simplify","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2065s"},{"start_seconds":2073,"text":"this would you guys call yourself a centralized stablecoin do you think that's a fair assessment hey emily hey everyone thanks for having","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2073s"},{"start_seconds":2083,"text":"me over at video um so so i i lead the the stablecoin product teams for circle uh as you guys","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2083s"},{"start_seconds":2091,"text":"uh have seen from jeremy i don't think we need an explanation further than that but we we issued two stable coins today uh ussc which is the second largest","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2091s"},{"start_seconds":2100,"text":"dollar back stable coin in the world and uh in europe which is the the third largest already euro back stable coin in the world uh and all of our staple coins","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2100s"},{"start_seconds":2108,"text":"they follow the same principle they follow the same design i led the build out of usc first soco back in 2017-18","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2108s"},{"start_seconds":2115,"text":"and uh and the design that we chose back then is still the design that we believe is foundational for ecosystems uh for for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2115s"},{"start_seconds":2122,"text":"there to exist and it's definitely a design that involves an element of centralization i mean we we use a mechanism that involves","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2122s"},{"start_seconds":2131,"text":"off-chain collateral we opt for you know this very simple mechanism that for the issuance of every token on chain uh requires you know one","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2131s"},{"start_seconds":2140,"text":"equivalent amount of fiat money on a reserve and and the the management of the reserve uh requires uh you know uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2140s"},{"start_seconds":2149,"text":"licensing in most jurisdictions around the world it's usually qualified in a very known way uh and it requires a an entity to manage that that reserve right","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2149s"},{"start_seconds":2158,"text":"and so that element of the design has no way to be uh decentralized got it um and i'm just curious if you have any thoughts on that i mean i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2158s"},{"start_seconds":2165,"text":"obviously you created this or well you you're part of this project that has decentralization in the name i mean what do you think about the concept of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2165s"},{"start_seconds":2173,"text":"centralized stable coins do you think that that they're problematic in any way because clearly you're positioning yourself against those","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2173s"},{"start_seconds":2181,"text":"i don't think it's problematic per se i think it's using digital assets to increase the velocity of capital throughout the world","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2181s"},{"start_seconds":2189,"text":"which circle are doing expertly um but they're simply doing the same thing that people have always done just using new","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2189s"},{"start_seconds":2198,"text":"technology so it's disruptive from a technology point of view sure but is it disruptive from a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2198s"},{"start_seconds":2205,"text":"inclusivity or a governance point of view enabling people to get involved in the governance of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2205s"},{"start_seconds":2213,"text":"treasuries and all those kind of details and enabling transaction of those funds and the movement of value in other","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2213s"},{"start_seconds":2220,"text":"places where it's perhaps been quite difficult in the past to operate in the main currencies that people usually spend","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2220s"},{"start_seconds":2229,"text":"i don't know if you have any response to that i mean that's sort of a little bit of a critique of the centralized model of stable coins which is basically like it's kind of the old system by a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2229s"},{"start_seconds":2238,"text":"different name you know that's something that you hear a lot i don't know how you would respond to that no i don't think that is antagonistic to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2238s"},{"start_seconds":2246,"text":"the vision that we we have for the world right we actually have always been super interested in in in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2246s"},{"start_seconds":2253,"text":"the you know decentralized designs algorithmic designs uh we just haven't found a design or a particular solution for a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2253s"},{"start_seconds":2261,"text":"lot of the challenges that that exist in that space but more fundamentally i think we need we have always believed and and this has been on the journey","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2261s"},{"start_seconds":2269,"text":"that we have had as a company uh way back in the day from from 2013 2014 we we were always as a company looking","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2269s"},{"start_seconds":2278,"text":"for a better substrate to uh to build new financial services on top of blockchain technology and we we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2278s"},{"start_seconds":2285,"text":"attempted to do that over uh bitcoin i mean we had the peer-to-peer payments product that operated across many jurisdictions and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2285s"},{"start_seconds":2292,"text":"eddie used bitcoin for settlement that clearly didn't work over time bitcoin is not suited for for that kind of use case uh we attempted solutions like building","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2292s"},{"start_seconds":2301,"text":"our own settlement token over the ethereum blockchain when when a theorem emerged and then we just realized for ourselves that i think what the world","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2301s"},{"start_seconds":2309,"text":"needs at this stage with the technology that we have with the promise of the technology that we have is the ability to to really digitize fiat money right","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2309s"},{"start_seconds":2317,"text":"uh there's there's a tremendous opportunity in doing that so i don't discount that evolution i agree it's more more of an evolutionary model but i think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2317s"},{"start_seconds":2326,"text":"there's so much that developers can do when you digitize the concept of fiat money and uh and have it all of a sudden cross-border","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2326s"},{"start_seconds":2334,"text":"super easily you know be programmatically composable so i think there's a phenomenal amount of innovation that can come from the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2334s"},{"start_seconds":2341,"text":"existence of these centralized models with all the with all the limitations that they have for sure okay so i want to kind of zoom out a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2341s"},{"start_seconds":2349,"text":"little bit from like your two projects and just talk about the larger stable coin landscape because it's become such a hot topic and you know i think in the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2349s"},{"start_seconds":2356,"text":"united states for example probably the first comprehensive regulations we see will probably be in the stable coin area i i think a lot of people feel that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2356s"},{"start_seconds":2365,"text":"stable coins are the next shoe to drop you know if like there's another crypto crisis it would probably be uh started","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2365s"},{"start_seconds":2372,"text":"by a stable coin um i'm uh let's just say one major stable coin that we don't need you know can remain nameless out here i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2372s"},{"start_seconds":2379,"text":"think a lot of people are concerned about the collapse of another stablecoin so let's just start with let's start with ust for example since that's in the news","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2379s"},{"start_seconds":2386,"text":"we have dokwa now you know he's looking to be arrested i'm curious what you guys think like what exactly went wrong with ust what was the problem there i mean do","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2386s"},{"start_seconds":2395,"text":"you think it was you know doe quan himself was it the technology i mean is there um a model out there for an algorithmic stable coin","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2395s"},{"start_seconds":2403,"text":"that could succeed because um algorithmic stable coins like nobody really knows how to regulate them you know nobody really knows what to do with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2403s"},{"start_seconds":2410,"text":"them so i'm curious like what you see as what went wrong there because people were really excited about that until it collapsed and um yeah let's start with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2410s"},{"start_seconds":2418,"text":"you i think it's a combination of doke one putting a target on his back by being so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2418s"},{"start_seconds":2426,"text":"vocal um he basically challenged the sec and the likes of that to go after him people want to cut a tall poppy down he was obviously quite successful making a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2426s"},{"start_seconds":2435,"text":"lot of money quickly and you know maybe the man who flew too close to the sun a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2435s"},{"start_seconds":2442,"text":"little bit he came crashing down very quickly so combination of that as well as their phenomenal growth right the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2442s"},{"start_seconds":2449,"text":"timing of i guess the crypto bull market and the model of lunar and terror where you've got this asset with no inflation","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2449s"},{"start_seconds":2458,"text":"schedule that you keep on buying and you burn it to mint a stable coin um it's just the cycle of the ponzi keeps on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2458s"},{"start_seconds":2465,"text":"going right um and as far as we're concerned around creating a decentralized stablecoin i mean without being too cynical it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2465s"},{"start_seconds":2474,"text":"happened at the perfect time for us because we're kind of looking at an algorithmic model to start off with but terra fortunately for us","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2474s"},{"start_seconds":2481,"text":"unfortunately for a lot of people created the perfect playbook of what not to do you know these are the traps you need to avoid","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2481s"},{"start_seconds":2489,"text":"grow slowly organically make sure that you have those treasury management processes in place so when it comes time to redeem that stablecoin your users","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2489s"},{"start_seconds":2497,"text":"will always be able to make be made whole that's the most important thing right if you are using any asset they need to have the the confidence and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2497s"},{"start_seconds":2505,"text":"security that they'll be able to redeem it for a dollar value later down the line right so a combination of them growing too fast","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2505s"},{"start_seconds":2512,"text":"dope one going and we are so early it's a meme but we're so so early and i would never ever say that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2512s"},{"start_seconds":2520,"text":"an algorithmic stablecoin won't mer won't work because the people here today um and within our industry whole extremely intelligent and we're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2520s"},{"start_seconds":2529,"text":"constantly innovating changing things working out models you know fracs have quite a good model they're algorithmic they're kind of close to getting there","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2529s"},{"start_seconds":2537,"text":"um with user security so i would never ever discount um the success the long-term success of algorithmic stablecoins but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2537s"},{"start_seconds":2544,"text":"it's an iterative journey right yeah i mean i think the ust thing was interesting because it was like people thought it was the most brilliant idea","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2544s"},{"start_seconds":2552,"text":"in the world until it just wasn't you know it and it just sort of collapsed and i think what your point about you know do kwan flying too close to the sun there's definitely an element of that in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2552s"},{"start_seconds":2560,"text":"terms of like now him being in the crosshairs of authorities but that doesn't quite explain the sort of like technological meltdown and financial","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2560s"},{"start_seconds":2568,"text":"meltdown um so i don't know joe i'm curious what you think i mean what what went wrong with ust it's obviously easier to say in hindsight um but you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2568s"},{"start_seconds":2575,"text":"know and also like was it even decentralized i think that's a controversial point right i mean they presented themselves as a decentralized","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2575s"},{"start_seconds":2583,"text":"stablecoin but like was it it was you know i mean is that even a fair assessment yeah there are several things to unpack","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2583s"},{"start_seconds":2591,"text":"there um i i i don't believe it was completely decentralized i think there were several several elements of their model that were completely centralized","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2591s"},{"start_seconds":2600,"text":"right uh uh but i think but i think to stick to some of the things that you said from a technological point of view and uh and i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2600s"},{"start_seconds":2607,"text":"agree with what was said earlier i think part of the problem was the the environment that was created around usd","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2607s"},{"start_seconds":2614,"text":"and and how and how aggressive it was i mean quite frankly uh i am somebody you know who lives in crypto i live on twitter i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2614s"},{"start_seconds":2623,"text":"admit some of my opinions over there uh people like me i was afraid of admitting my opinions on ust and ontario on twitter because uh people are actually","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2623s"},{"start_seconds":2631,"text":"harassing anyone who had any opinion against it right and i'll be frank internally at circo we have very smart people just as with a lot of other","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2631s"},{"start_seconds":2640,"text":"companies in the space there was a lot of people who were calling this way before it happened because from a technology point of view","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2640s"},{"start_seconds":2647,"text":"the solution had this idea of this endogenous relationship between the dollar token and the native token right and and there are problems with that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2647s"},{"start_seconds":2655,"text":"solution like it's quite obvious when you model it out um it can work on a bold run it can work when there is demand for the native","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2655s"},{"start_seconds":2663,"text":"token but all you need to do is to think about oh what if what if all of a sudden there is zero demand for the native token and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2663s"},{"start_seconds":2671,"text":"a lot of people would be as i said aggressive and challenge that idea and say and say there will never be zero demand for the native token well guess","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2671s"},{"start_seconds":2678,"text":"what we all learned that it can happen and when it happens uh then then the solution unwanted like pretty pretty fantastically in a matter of hours right","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2678s"},{"start_seconds":2688,"text":"um so i think that solution does not work uh and it and it has to have different elements of that solution for for that pair of endogenous tokens to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2688s"},{"start_seconds":2697,"text":"work because otherwise they work on the spiral way up and they and they have an ability to have a velocity of growth that is quite tremendous and that was","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2697s"},{"start_seconds":2705,"text":"phenomenal to see how doe executed and the team executed on that um but it can be just as uh you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2705s"},{"start_seconds":2712,"text":"has the same tremendous amount of speed on the way down and so from a technology point of view there was a there was a clear flaw on that design i think a lot","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2712s"},{"start_seconds":2720,"text":"of people call that out nick carter you know several several people called it out uh that design flaw but they were aggressively uh challenged","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2720s"},{"start_seconds":2728,"text":"right and that is something that i think we as an ecosystem need to make sure that doesn't happen again because it's not in interest of anyone uh we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2728s"},{"start_seconds":2736,"text":"we tend to work on technologies that are built in public as we say right everybody can see all the details of most things that we do if people are criticizing designs i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2736s"},{"start_seconds":2744,"text":"think people should be more open to listening i i love that you brought up that point i think that's such an important point it was such a key problem with ust and i i'm not totally","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2744s"},{"start_seconds":2752,"text":"sure that the crypto world has learned the lesson you know it basically you're right there were people very early on putting out warning signs raising red","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2752s"},{"start_seconds":2760,"text":"flags and they got attacked on social media and then followers would pile on and you know not the reason why this is dangerous is that it definitely dampened","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2760s"},{"start_seconds":2769,"text":"debate you know and um i don't i don't think this is unique to ust i think this happens in crypto quite a lot and i think it's really critical that you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2769s"},{"start_seconds":2778,"text":"the the industry does something about this because otherwise the regulators are just going to come in and sort it out right if we can't to some degree like police ourselves and have like an","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2778s"},{"start_seconds":2786,"text":"open conversation because you're right people are getting shouted down not even just for criticizing ust but for just raising questions about ust you know um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2786s"},{"start_seconds":2796,"text":"so i'm really glad you brought up that point because i i don't think i'm not sure people have learned that that lesson i want to sort of get into the other sort of elephant in the room which is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2796s"},{"start_seconds":2804,"text":"tether tether is also you know pretty controversial um i think that there are some people out there that feel that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2804s"},{"start_seconds":2812,"text":"tether will be the next domino to fall um you know there's there's controversy around you know how transparent tether","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2812s"},{"start_seconds":2819,"text":"is um and just because tether is so dominant um you know were something to go wrong in tether it would just have such a ripple effect throughout the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2819s"},{"start_seconds":2828,"text":"entire crypto world so i'm curious like what you guys think about that i mean is should we be worried about tether because some people definitely are and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2828s"},{"start_seconds":2835,"text":"i'm curious if you are do you want to start yeah i'll go um absolutely not no worry from our point","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2835s"},{"start_seconds":2843,"text":"of view when it comes to tether uh they handled was about four billion in redemptions in the space of you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2843s"},{"start_seconds":2851,"text":"five six days when the market went down and there's not a uh trad fire institute in the world that could handle that many","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2851s"},{"start_seconds":2859,"text":"redemptions in that short amount of time without closing their doors and creating a systemic wide financial issue uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2859s"},{"start_seconds":2866,"text":"so there's always going to be people that speculate that about their treasury and reserve funds and whether they're wise to hold","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2866s"},{"start_seconds":2873,"text":"commercial papers and all those kind of things i think they're making moves to be a bit more transparent because like you mentioned earlier uh the us and other","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2873s"},{"start_seconds":2882,"text":"markets are seriously looking at at stablecoin regulations and that transparency and the ability to be audited and show those details are","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2882s"},{"start_seconds":2890,"text":"absolutely going to be uh paramount for being able to continue to using these uh assets to transfer value but i think there are elements within","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2890s"},{"start_seconds":2899,"text":"the industry that take advantage of the unregulated markets maybe take very public short","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2899s"},{"start_seconds":2906,"text":"positions perpetuate the fud and maybe take a silent spot position because it always bounces back tether always","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2906s"},{"start_seconds":2914,"text":"bounces back why is that you know i think because they're a very solid project so very solid uh team with a lot of people that trusted and use it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2914s"},{"start_seconds":2924,"text":"sure what's your thought and also like i mean how does i i mean obviously people in the crypto world know the difference between usdc and usdt but i don't know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2924s"},{"start_seconds":2933,"text":"if the outside world really does right these are just two um you know big stable coins that have the same three letters you know in their name you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2933s"},{"start_seconds":2940,"text":"like like how how do you guys posit like what what do you what is your comparative advantage like how do you distinguish yourselves from from tether","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2940s"},{"start_seconds":2950,"text":"yeah i think it's it's in several ways right i think we we have always uh imagine that a product like this if it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2950s"},{"start_seconds":2957,"text":"dealing with the dollar then it needs to be based out of the us and it needs to be regulated out of the us as an","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2957s"},{"start_seconds":2965,"text":"instrument right and we we have never even considered the option of following a different path um because i think i think that is at risk in and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2965s"},{"start_seconds":2973,"text":"of itself right if you if you choose to arbitrate uh jurisdictions or gray areas or or regulation eventually it catches","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2973s"},{"start_seconds":2982,"text":"up to you like i think it's an opportunity that that a lot of people have explored in crypto but i think eventually it will catch up with with all of us uh so we have always opted for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2982s"},{"start_seconds":2991,"text":"this model where uh you know we issue a digital dollar asset we should do that with uh regulated banking partners out of the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2991s"},{"start_seconds":2998,"text":"us and we should do that in a way that's regulated uh in conjunction with how with how several different regulators in the u.s would understand and that's the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=2998s"},{"start_seconds":3006,"text":"way that we have constructed ussc and that's the way they will continue to construct all of our other assets i think the other but that's that's not necessarily","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3006s"},{"start_seconds":3014,"text":"a a differentiator right i think i think that's more that's more table sticks as how we see it uh the the differentiation","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3014s"},{"start_seconds":3022,"text":"i think on our side is then how we look at the the risk of an asset like this and how we look at the quality properties right and i think i think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3022s"},{"start_seconds":3029,"text":"yeah it's interesting tether you know did actually redeem all of that all that money when uh when uh when there was that that um you know bottom part of the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3029s"},{"start_seconds":3038,"text":"bear market when usd collapsed but but just for comparison right we invariably redeem four to five","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3038s"},{"start_seconds":3045,"text":"billion dollars of usc every week that is not it's no news for us in 2021 we redeemed north of 60 billion dollars","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3045s"},{"start_seconds":3054,"text":"worth of uh with the redemptions for our customers i mean it's not it's not news we don't we don't like blow this number up because it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3054s"},{"start_seconds":3062,"text":"it's by the way what this what this asset should do right i think it's it's surprising that people use that as a as a as a selling point for a stable coin","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3062s"},{"start_seconds":3070,"text":"guess what it should be redeemable if it's not redeemable there's a massive massive question mark around that um but the other thing that i think we have","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3070s"},{"start_seconds":3079,"text":"that i think is quite different is just the system and the level of technology that we have implemented around the system like that i mean","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3079s"},{"start_seconds":3086,"text":"uscc is not controlled by anybody who you know pulls the private keys out of cold storage to issue and redeem the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3086s"},{"start_seconds":3094,"text":"asset i mean usc is managed by systems by software uh the issuance of uscc runs on a 24x7 basis we issue hundreds of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3094s"},{"start_seconds":3103,"text":"millions of dollars for for some of our larger customers during the weekend it all completes in a matter of minutes and we have like extensive extensive","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3103s"},{"start_seconds":3112,"text":"teams uh you know building out these systems uh you know working with with banking partners optimizing our reserves","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3112s"},{"start_seconds":3120,"text":"managing the risk with our regulators we have hundreds of people working on uscc and i think it takes it takes that amount and that size of a village to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3120s"},{"start_seconds":3129,"text":"construct and to manage an asset like this um it's it's surprising to me um that that people you know don't see","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3129s"},{"start_seconds":3137,"text":"the risk when when that is not the case so you're very diplomatic but just sort of you know getting to some real talk here like should we be worried about","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3137s"},{"start_seconds":3145,"text":"tether no i don't think so i agree with that though i don't see any particular reason today for you know anything that is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3145s"},{"start_seconds":3154,"text":"about to happen no i don't think so i think ted did a tremendous job in being the first mover in i think i think the amount of adoption","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3154s"},{"start_seconds":3162,"text":"for tether in in asia in particular with real use cases right they have a tremendous amount of uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3162s"},{"start_seconds":3169,"text":"command over the crypto capital market particularly in asia but people prefer tether in a lot of these jurisdictions for as a flight to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3169s"},{"start_seconds":3178,"text":"safety and that and i don't think that changes that consumer preference doesn't change very easily um so i i know i wouldn't make it like any","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3178s"},{"start_seconds":3186,"text":"doomsday prediction i don't think there's anything bad about to happen i just think our model is better and over time we will win okay cool so we all as the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3186s"},{"start_seconds":3195,"text":"panel agrees here not to worry about tether for now that's good can all sleep better tonight um but uh let's just move quickly to central bank digital","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3195s"},{"start_seconds":3202,"text":"currencies um which are sort of stable coins i guess i mean you know for i'm sure most of you are familiar but central bank digital","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3202s"},{"start_seconds":3210,"text":"currencies are essentially stable coins that are issued by governments they have the word central in the name there's nothing decentralized about them china","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3210s"},{"start_seconds":3218,"text":"is kind of leading the pack and this but there's you know dozens of countries now actively exploring central bank digital currencies we don't really know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3218s"},{"start_seconds":3227,"text":"if and when this is they're going to arrive but there is a possibility that we could eventually be in a cbdc world largely because of fomo right you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3227s"},{"start_seconds":3235,"text":"china started then everybody else is jumping on and we could end up in a world where most countries feel like if i don't have a central bank digital currency i'm going to be left out so it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3235s"},{"start_seconds":3243,"text":"raises a lot of interesting questions like you know can they coexist with stable coins but i i'm more curious like from your perspective putting the stable","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3243s"},{"start_seconds":3251,"text":"coin question aside for a moment do you think central bank digital currencies should exist because i think there is a lot of controversy around","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3251s"},{"start_seconds":3259,"text":"them in the crypto world just because they are somewhat antithetical to the concepts of crypto i mean crypto is supposed to be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3259s"},{"start_seconds":3266,"text":"some sort of like alternative to government issued money and this is literally government issued money so i'm just curious what you think about the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3266s"},{"start_seconds":3274,"text":"cbdc thing should they exist are they a net positive net negative uh for the industry i think they're a net positive","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3274s"},{"start_seconds":3281,"text":"ultimately because you're going to get a population that's going to have to get familiar with transacting digitally online","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3281s"},{"start_seconds":3288,"text":"but like you correctly said where in this call it a revolution has been going on for a while because central banks and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3288s"},{"start_seconds":3296,"text":"their policies around uh money supply inflation all those kind of details has not been great uh the history of uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3296s"},{"start_seconds":3306,"text":"inflation in various different countries um the steps that people need to go to to manage","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3306s"},{"start_seconds":3313,"text":"uh economies and their actual currencies the way they interface with the rest of the world um you know that that's why we're all here in this space creating a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3313s"},{"start_seconds":3322,"text":"new way to do this thing and and you know will the us dollar remain uh the number one currency over the next medium","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3322s"},{"start_seconds":3328,"text":"to long term who knows uh but i guess like i said it is absolutely necessary as a net positive to get people familiar","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3328s"},{"start_seconds":3337,"text":"with sort of using digital money in the art of the possible and i think there is certainly reason as long as central banks and regulators and institutions","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3337s"},{"start_seconds":3346,"text":"are happy with the coexistence um i think it's a really cool thing i think the counter argument to that and it's not what i necessarily subscribe to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3346s"},{"start_seconds":3354,"text":"but i've heard which is that yes that all makes sense but couldn't stable coins just do that right like why do we actually need the central banks to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3354s"},{"start_seconds":3362,"text":"get involved because what you're describing you know is sort of like hedging inflation different you know more getting people into the digital money economy like yeah why not just use","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3362s"},{"start_seconds":3370,"text":"what you guys are doing right like i agree why do we need like you know a government to why wouldn't why wouldn't the us uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3370s"},{"start_seconds":3378,"text":"take circle for example go hey we're just going to use you guys as our cdbc because circle have been doing it together and let me tell you right now you don't want the u.s government or any","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3378s"},{"start_seconds":3387,"text":"other government go out there because it's going to take a task force a committee billions of taxpayer taxpayer dollars to try and invent something","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3387s"},{"start_seconds":3394,"text":"that's already been invented and operates perfectly so yeah conceptually but i think they should certainly co-opt solutions that are out there at the moment","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3394s"},{"start_seconds":3402,"text":"sure what's your feeling like why you know we you guys have you know you guys are out there you're such a big market player doing a lot of the same things","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3402s"},{"start_seconds":3410,"text":"that a central bank digital currency says they're going to do why do we still need a government in this space or do we i don't know i don't know what","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3410s"},{"start_seconds":3417,"text":"you think about it yeah it's it's a it's a super interesting topic i think we get asked that a lot there's a couple of things i think i think it's worth mentioning","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3417s"},{"start_seconds":3425,"text":"first of all i think i think there is an opportunity for for products like that to exist uh if if they are just to to to to optimize you know existing","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3425s"},{"start_seconds":3434,"text":"infrastructures for example um there is a there is an argument for you know cbdc's and the role that they can play particularly in in intra bank","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3434s"},{"start_seconds":3443,"text":"uh and across uh fed in the united states particularly um kind of ecosystems right so the way that uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3443s"},{"start_seconds":3451,"text":"banks have accounts with the fed what if those accounts were actually in in digital form right where what is cbdc's player role there i think it would be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3451s"},{"start_seconds":3458,"text":"tremendously more efficient and there would be an opportunity for for a lot of uh for all improvements to to exist uh compared to what exists today um i i do","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3458s"},{"start_seconds":3467,"text":"i am very i am very skeptical though of what you said i'm very skeptical of the role that you know government issued cbdc's can play at a retail level uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3467s"},{"start_seconds":3476,"text":"again i think people tremendously underestimate the the complexity in operating a system like that um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3476s"},{"start_seconds":3483,"text":"but also as you rightly pointed out we live in a world today where we're very very comfortable with the idea of private money right i mean","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3483s"},{"start_seconds":3491,"text":"private money the idea of e-money electronic money that's regulated and well understood all over the world and and actually the majority of of the the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3491s"},{"start_seconds":3500,"text":"form factor of money that people utilize on a day-to-day basis i mean you know the visas the mastercards the paypals the prepaid cards these are all private","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3500s"},{"start_seconds":3508,"text":"forms of money right and and people don't have an issue with that governments don't have an issue with that regulators don't have an issue with that everything seems to work right","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3508s"},{"start_seconds":3517,"text":"so i i don't think i don't think there is this idea i don't think this idea is valid in terms of thinking you know oh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3517s"},{"start_seconds":3523,"text":"cbdc's if and when they come at a retail level all of a sudden they will compete dramatically with stable coins i don't think so i think they they will at most","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3523s"},{"start_seconds":3532,"text":"coexist right but in fact the private sector historically has had an advantage when it comes to building products and innovating and iterating quickly in a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3532s"},{"start_seconds":3541,"text":"way that governments just don't have the same incentives for right so i i don't think honestly the competition at a retail level will be fair uh unless","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3541s"},{"start_seconds":3549,"text":"unless this is mandated right and then if it is mandated if all of a sudden people consumers businesses need to use","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3549s"},{"start_seconds":3557,"text":"this for any sort of reason then i think we enter a like a danger and more and more um you know or wedding","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3557s"},{"start_seconds":3564,"text":"kind of world and and there is there are reasons why countries like china are more interested in this and moving faster than others right because essentially money is control um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3564s"},{"start_seconds":3574,"text":"companies like circo i think stablecoin issuers of any kind and the ones that we were describing here we we take up we take a very particular stance when it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3574s"},{"start_seconds":3582,"text":"comes to to the transactions that happen on on assets and on the infrastructure that we build right we we have a responsibility for reporting to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3582s"},{"start_seconds":3590,"text":"regulators everything that is happening within these circle constraints and circle boundaries right we don't go and check what emily is doing on her self","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3590s"},{"start_seconds":3598,"text":"custody while in the issues if she was using uscc is that is that and it requires you know uh a court order i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3598s"},{"start_seconds":3605,"text":"mean you know if if some is some if some if somebody's using illicit uh use of a visa card i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3605s"},{"start_seconds":3612,"text":"mean you know the fbi can go and can ask visa or subpoena visa to kind of open up those transactions and look into that that can happen to everybody who is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3612s"},{"start_seconds":3621,"text":"regulated but but will the government not abuse you know the the control that it can have over money uh in those sorts of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3621s"},{"start_seconds":3629,"text":"instruments that is a question that i think we as not not then as issuers of stable coin but as consumers as citizens i think that that's the question we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3629s"},{"start_seconds":3636,"text":"should all be asking ourselves isn't that too much control for a government to have yeah i mean i guess one sort of best case scenario is that you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3636s"},{"start_seconds":3644,"text":"actually cbdc's could lead to more crypto adoption just because like it's going to be challenging for cbdc's to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3644s"},{"start_seconds":3652,"text":"protect privacy right because they are issued by governments and it could lead people to search for alternatives you know to get interested in digital money","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3652s"},{"start_seconds":3659,"text":"but look for alternatives that are more privacy protecting and you know relatively decentralized but anyway we only have like two minutes so i just","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3659s"},{"start_seconds":3667,"text":"want to turn to regulation for a moment this is obviously really complicated um to sum up in two minutes but stable coin regulation is very clearly coming um so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3667s"},{"start_seconds":3676,"text":"just quickly actually rather than talk about what you guys think is the best stable coin regulation what is the worst case scenario for stablecoin regulation right because sometimes when you get","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3676s"},{"start_seconds":3685,"text":"regulators in a room with the technology that they don't totally understand things can kind of go off the rails right and joe i'm just curious like what do you think what could go wrong like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3685s"},{"start_seconds":3693,"text":"what could regulators do to regulate stable coins that would just be like a bad scene for stable coins in general because i feel like we shouldn't count","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3693s"},{"start_seconds":3700,"text":"out that possibility i i think yeah yeah yeah overzealousness overzealousness i think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3700s"},{"start_seconds":3708,"text":"yeah go out there with a view for innovation um but i think any stablecoin","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3708s"},{"start_seconds":3715,"text":"issuer decentralized or not um you just need to be transparent about what you're doing right open the books open the kimono this is fine and then in the long","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3715s"},{"start_seconds":3723,"text":"term i think hopefully you should be okay with a regulator just don't come down with a heavy hand continue supporting innovation because it's great","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3723s"},{"start_seconds":3730,"text":"for your country wherever you are to have these really smart people building really cool products and joe specifically what what is there anything","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3730s"},{"start_seconds":3738,"text":"out there because there's like a huge menu of regulations out there like everyone you know so many different people in washington for example time at stablecoin regulations what in your view","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3738s"},{"start_seconds":3745,"text":"is something that we should just be concerned about in terms of like you said overzealousness heavy and specifically what could regulators might","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3745s"},{"start_seconds":3752,"text":"do to like clamp down on stable coins yeah i agree with that point i think uh i think i think the narrowing of the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3752s"},{"start_seconds":3759,"text":"models is something that's dangerous and and we all hope and we defend you know in the policy work that we do in washington and other places that it doesn't happen so you know there is the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3759s"},{"start_seconds":3768,"text":"model that circle and tether and some modders have used right on this idea of exogenous collateral that lives outside chain that should not be the only model","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3768s"},{"start_seconds":3776,"text":"for stable coins so we actually have defended that uh things like you know uh crypto collateral stable coins should be allowed to exist all these other forms","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3776s"},{"start_seconds":3784,"text":"of stable coins should be allowed to exist maybe they need to be you know bucketed in different ways because there had been conversations that i think that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3784s"},{"start_seconds":3792,"text":"would be a very very poor outcome that the only model for stable coins is one model i think that would be very bad and we really hope that that doesn't happen","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3792s"},{"start_seconds":3800,"text":"uh the other thing is as we said the other thing is overzealous you know this idea that um you know and and you see some rumors of that but i honestly don't","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3800s"},{"start_seconds":3808,"text":"think that's going to be the outcome oh this can only work if uh if you know the identity of all these wallet owners right this can only work in a closed","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3808s"},{"start_seconds":3816,"text":"loop ecosystem uh you know there's there should be no support for self-custody wallets obviously we disagree with that obviously that's very very problematic","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3816s"},{"start_seconds":3824,"text":"for how we see the world with crypto technology so that's also the doomsday scenario but again in the work and in the collaboration that we do from a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3824s"},{"start_seconds":3832,"text":"policy point of view we don't believe that that's going to be the outcome thank you guys so much we're out of time we could obviously talk about this all day but really appreciate your insightful comments and thank you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3832s"},{"start_seconds":3841,"text":"everybody for coming thanks everyone thank you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3841s"},{"start_seconds":3893,"text":"thank you so much to our wonderful panel ciao mark and emily i don't know if you've tried the pineapple yet there should be tons out","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3893s"},{"start_seconds":3900,"text":"there and it's extremely sweet but it is not as sweet as the next panel that we have lined up for you today","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3900s"},{"start_seconds":3908,"text":"we've got an incredible team on to talk about crypto natives versus fintechs for the future of payments","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3908s"},{"start_seconds":3915,"text":"we've got elena siva from raqueto ivan ilm from neopair jess holgrave from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3915s"},{"start_seconds":3922,"text":"checkout.com and your wonderful host from the ready layer one podcast joe spano","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3922s"},{"start_seconds":3944,"text":"thank you thank you all right so let's kind of jump into this and i think we all can acknowledge that we're kind of in a down market here and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3944s"},{"start_seconds":3952,"text":"everything is economically is all over the place but crypto payments has started to kind of show up in the zeitgeist a little bit more jess can you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3952s"},{"start_seconds":3961,"text":"kind of introduce kind of where you see that going as we're getting hopefully eventually out of this market sure so hi everyone i'm jess holgrave","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3961s"},{"start_seconds":3970,"text":"and i lead crypto strategy at checkout.com uh we're a global payments provider and so we're really thinking about crypto in two ways number one","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3970s"},{"start_seconds":3978,"text":"we're thinking about how we can provide the crypto ecosystem with access to payments that's something that we've been doing since 2018 we processed for a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3978s"},{"start_seconds":3987,"text":"lot of exchanges on and off ramps and in that world i think what we're seeing is this real evolution that people are realizing that payments is one of the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3987s"},{"start_seconds":3995,"text":"key barriers to onboarding people to web three right like absolutely that's their first access point whether they're buying an nft or they're investing in a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=3995s"},{"start_seconds":4002,"text":"cryptocurrency or anything else they really need to be able to do that in a seamless way um everybody is very used to like easy ways of paying with a debit","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4002s"},{"start_seconds":4011,"text":"card or their watch or whatever it is and we want to try to recreate that for the crypto ecosystem so that onboarding is is seamless and i think that we're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4011s"},{"start_seconds":4019,"text":"seeing great development in that space regulators are really understanding the challenges and what the business models are and that frees us up as a payments","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4019s"},{"start_seconds":4027,"text":"company to innovate on the second side we are we work a lot with web 2 companies right we work with netflix with e-commerce","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4027s"},{"start_seconds":4036,"text":"companies retail sites and that's been the really interesting thing for me certainly over the last little while and talking of the downturn what's been most","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4036s"},{"start_seconds":4044,"text":"amazing is that the level of interest hasn't dropped this time in the last cycle we were seeing you know tons of excitement and then as soon","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4044s"},{"start_seconds":4052,"text":"as crypto went to hit all of these big companies said okay like i'm out right not interested in this and this time my","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4052s"},{"start_seconds":4060,"text":"linkedin my whatsapp my uh emails are still buzzing with all these web 2 companies saying we know it's crypto","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4060s"},{"start_seconds":4067,"text":"winter but we also have huge confidence now that it's coming back we really believe in the technology and so how do we start to think about crypto","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4067s"},{"start_seconds":4076,"text":"and that's kind of how we're thinking about uh bringing crypto to the web 2 world right now yeah well that's great i haven't i just mentioned kind of the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4076s"},{"start_seconds":4083,"text":"idea of debit cards and so near pay is getting into debit cards so how does that transition happen as well where you can start to integrate your crypto from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4083s"},{"start_seconds":4092,"text":"there uh well um we see that uh there are a lot of people coming to crypto but the crypto uh is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4092s"},{"start_seconds":4100,"text":"still less than fiat money so we focus on the small part between the crypto world and the fiat world so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4100s"},{"start_seconds":4107,"text":"people can go to crypto and to fiat both ways uh we know that fiat money is still more convenient in the daily life than","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4107s"},{"start_seconds":4115,"text":"uh than crypto for example uh some people still want to buy beer for uh for fiat yeah they come with the euros uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4115s"},{"start_seconds":4123,"text":"yeah so we try to make krypso uh more convenient to use through the through the more more useful","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4123s"},{"start_seconds":4133,"text":"more through the things that people got used to they're good to get used to visa cards mastercard cards and other other of that so near pay focuses on um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4133s"},{"start_seconds":4142,"text":"on this we create nearby cards so the users can spend their near and usn uh in their daily life using their visa card","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4142s"},{"start_seconds":4151,"text":"i would think that this is the thing that will boost using crypto that every day in everyday life yeah yeah i think so we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4151s"},{"start_seconds":4159,"text":"have a nice rounding of the end user type of setup here right of the checkout process debit card so with roquetto and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4159s"},{"start_seconds":4167,"text":"you're doing more of payroll type of stuff how does the crypto in uh international payroll especially with crypto being so global how does that all","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4167s"},{"start_seconds":4175,"text":"work um so hi it's elena schulzo from rockettab","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4175s"},{"start_seconds":4182,"text":"so for us today we see one of the main problems in payments in web3 is adoption so new","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4182s"},{"start_seconds":4191,"text":"businesses are trying to striving to come to web three but they they are used to have two experience they are used to good interfaces","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4191s"},{"start_seconds":4201,"text":"and also they're striving to manage all those payments in different blockchains uh different currencies","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4201s"},{"start_seconds":4209,"text":"different networks so in rocket the business we our main goal is to provide this uh the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4209s"},{"start_seconds":4217,"text":"best experience for dao's and we have three businesses uh regarding all the payments payrolls grant allocation","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4217s"},{"start_seconds":4225,"text":"airdrops talking location and so on yeah no that's great so as","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4225s"},{"start_seconds":4231,"text":"crypto is so global do you feel like that you're able to better solve uh the needs of businesses through you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4231s"},{"start_seconds":4240,"text":"know using crypto as part of their payroll and things like that you know to make to pay their employees","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4240s"},{"start_seconds":4247,"text":"well yeah actually uh crypt is very convenient to pay internationally globally like because it's really","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4247s"},{"start_seconds":4255,"text":"sensorless so in many countries it's uh there are lots of underbanked or unbanked people who are","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4255s"},{"start_seconds":4263,"text":"uh who wants to receive their salaries encrypted so sure yeah and we have uh recently released","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4263s"},{"start_seconds":4271,"text":"our first version of our version and now we are on boarding our first users oh that's great","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4271s"},{"start_seconds":4280,"text":"so just pulling it back a little bit you mentioned regulations and some of the challenges that are going on check out a little bit more traditional fintech and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4280s"},{"start_seconds":4289,"text":"coming especially around all of the big banks and credit cards and everything else how do you see that marriage of the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4289s"},{"start_seconds":4296,"text":"two is that becoming a challenge of the the traditional fintech pushing back on you guys trying to integrate the two","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4296s"},{"start_seconds":4304,"text":"so we've been in the we've been around since 2012 we've been in crypto since 2018 and when we started getting into","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4304s"},{"start_seconds":4312,"text":"crypto we did it because we had crypto exchanges coming to us saying i want to be able to accept fiat payments and i'm struggling with my existing payment","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4312s"},{"start_seconds":4319,"text":"provider so we because we're a kind of payment service provider we own the full stack of our technology but we're heavily","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4319s"},{"start_seconds":4327,"text":"relying on partners we're principal members with visa mastercard all these schemes we're relying on acquiring banks and it took us a very long time actually","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4327s"},{"start_seconds":4336,"text":"to um to work with those partners to get them comfortable and we saw that as an amazing investment because we developed","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4336s"},{"start_seconds":4343,"text":"a lot of in-house expertise we hired a lot of crypto native people and taught them about payments as well as taught payments people about crypto so we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4343s"},{"start_seconds":4351,"text":"developed this core of expertise that we actually then use to go to our partners and bring them up the curve sure sure um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4351s"},{"start_seconds":4359,"text":"we did that in the banking space with the schemes but also with regulators and policy makers and we have a huge program at checkout to really interact with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4359s"},{"start_seconds":4367,"text":"those people and to bring a perspective which is that like we're not only about crypto we're not here to push a particular cryptocurrency or anything","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4367s"},{"start_seconds":4376,"text":"else what we're here to do is to see that crypto from a technology perspective is the future of payments","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4376s"},{"start_seconds":4383,"text":"and that smart regulators and regulators around the world now realize that they ought to have a competitive mandate even","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4383s"},{"start_seconds":4390,"text":"if that's not explicit because companies can choose where they want to go and set up and so the smartest regulators out there are now really deeply engaged with like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4390s"},{"start_seconds":4398,"text":"how do we create um the balance of consumer protections but also enable innovation","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4398s"},{"start_seconds":4406,"text":"and that's something that we've been deeply focused on and i'm like more optimistic than ever actually about the work that's happening there and the way","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4406s"},{"start_seconds":4414,"text":"that um the way that regulators and partners are thinking about it um because i think it's really going to help drive adoption absolutely so ivan","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4414s"},{"start_seconds":4423,"text":"you must be experiencing some of the same challenges of both regulations but also probably adoption what are some of the things that you're dealing with from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4423s"},{"start_seconds":4431,"text":"a challenge standpoint well i think that the main challenges right now are that regulations are getting more and more strict","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4431s"},{"start_seconds":4439,"text":"and they're different in different countries we face that for example europe has implemented those aml","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4439s"},{"start_seconds":4446,"text":"directives let's make the make it more strict the money transfers and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4446s"},{"start_seconds":4452,"text":"we see that each country in asia in u.s in the europe in europe they have different approaches to you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4452s"},{"start_seconds":4461,"text":"regulation of crypto regulation fiat and this is what we're facing um but i think that the main problem here is that we as","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4461s"},{"start_seconds":4469,"text":"scripps users uh we expect that uh everything will be private yes everything i'm gonna custody everything will be not out of control","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4469s"},{"start_seconds":4477,"text":"and i think that um crypto will be decentralized but it will be more regulated we have to do this just to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4477s"},{"start_seconds":4486,"text":"make krypto more uh mass adopter must adopt it so this is the only way and uh and so we follow the rules we have to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4486s"},{"start_seconds":4494,"text":"follow the follow the rules to make our near pay card work everywhere that's right right yeah we understand that this is a challenge but this is the only way","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4494s"},{"start_seconds":4503,"text":"to bring crypto to one billion users yeah absolutely so this is maybe for everybody","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4503s"},{"start_seconds":4511,"text":"where do you see i guess the and you you're both are building directly on near specifically where do you see that specific blockchains either helping or","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4511s"},{"start_seconds":4519,"text":"making it harder for you like why did you choose near to build on well um as far as we know ethereum was a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4519s"},{"start_seconds":4529,"text":"good solution but it's not as good as scalable as fast and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4529s"},{"start_seconds":4535,"text":"as well built as modern people and users require so uh i think the near is very good","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4535s"},{"start_seconds":4543,"text":"solution also in case of usability because you know that's human readable addresses by the way it helps a lot for the adoption","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4543s"},{"start_seconds":4553,"text":"um yeah so it's fast it's cheap and it's much more scalable and usable yeah basically","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4553s"},{"start_seconds":4562,"text":"yeah i haven't had the same question why why near well i think that near has a combination of the crucial factors it needs to be uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4562s"},{"start_seconds":4571,"text":"in in an ecosystem the first thing is the technology sharding and fast fast and cheap transactions that the first part but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4571s"},{"start_seconds":4578,"text":"that's not the uh not everything right we won't do anything the second thing is the ecosystem the ecosystem is big you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4578s"},{"start_seconds":4585,"text":"can see many projects here creating real value for uh for users and sometimes it's like entertainment and through","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4585s"},{"start_seconds":4593,"text":"entertainment they bring new users for example sweatcoin many gaming projects here they create create something on near bringing","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4593s"},{"start_seconds":4601,"text":"new projects and so the ecosystem is is the second driver yeah and the third driver i think that's the uh phone","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4601s"},{"start_seconds":4609,"text":"finance policy so near foundation helps builders create it helps entrepreneurs create and that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4609s"},{"start_seconds":4617,"text":"means that the ecosystem will rise it will attract more customers that is also crucial without the cost with our customers without real users everything","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4617s"},{"start_seconds":4625,"text":"will die in a year so i i believe that near will be will rise and it will grow and grow","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4625s"},{"start_seconds":4632,"text":"as it's as a group yesterday yes the previous the previous time yeah so uh this is why we build the near because it has all the factors of future","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4632s"},{"start_seconds":4641,"text":"growth yeah i think there's something specific about near but just in general you know as you work with different chains are you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4641s"},{"start_seconds":4649,"text":"seeing different challenges as you try to integrate different on and off frames for different cryptochains definitely i think that um you know some","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4649s"},{"start_seconds":4656,"text":"of the key things that i'm thinking about when i think about like the future of payments is the fact that our payment networks today swift visa mastercard","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4656s"},{"start_seconds":4666,"text":"are incredibly scalable they're incredibly efficient and they have been built over time and they're not very nice to develop on but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4666s"},{"start_seconds":4674,"text":"they've been built over time to create really efficient user experiences too um what users expect from from those","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4674s"},{"start_seconds":4683,"text":"crypto rail those payment those traditional payment rails is really easy ways to manage refunds and chargebacks it's the right levels of consumer","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4683s"},{"start_seconds":4691,"text":"protection it's the right fraud systems that uh that allow people to purchase safely and not get scammed um and so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4691s"},{"start_seconds":4700,"text":"there's there's a whole multitude of different factors that go in uh when you're thinking about building a blockchain that's suitable to actually","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4700s"},{"start_seconds":4708,"text":"be used for for payment rails sure um so i think that what near is doing in terms of as uh as evan said around scalability","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4708s"},{"start_seconds":4716,"text":"i think is really crucial um i think the environmental concern is a very very real one for the ecosystem and even","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4716s"},{"start_seconds":4723,"text":"post-merge you know will the the ethereum blockchain is going to still be um you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4723s"},{"start_seconds":4730,"text":"somewhere near like 100 times less efficient than the visa network right so there's there are still some real challenges even with these blockchains that have got a lot more adoption and so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4730s"},{"start_seconds":4739,"text":"that's why i'm kind of optimistic about uh about chains like nia that are thinking about that in first principles so they're like very embedded in how the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4739s"},{"start_seconds":4747,"text":"protocol has been designed um so i think that's that's really crucial um and then i think the other thing is the van says is like from a payments ecosystem like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4747s"},{"start_seconds":4756,"text":"payments is a two-sided thing right you need people who want to accept a cryptocurrency and you need people who want to spend with it and i think what um what the foundation","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4756s"},{"start_seconds":4765,"text":"is doing at near is investing very well holistically across the ecosystem they're thinking about all the different components that are going to be needed","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4765s"},{"start_seconds":4774,"text":"whether that's around payments around different user interfaces applications and i think that that is what's going to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4774s"},{"start_seconds":4781,"text":"drive that that growth certainly i think in other ecosystems you see very heavy focus on say the application","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4781s"},{"start_seconds":4789,"text":"side but like the tools and the infrastructure that people need if this is really going to come true as a payments uh sort of rail maybe isn't there","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4789s"},{"start_seconds":4798,"text":"sure sure this is kind of for anyone just thinking about like what we've gone and got into so far what do you see i think is going to be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4798s"},{"start_seconds":4807,"text":"the next step for payments with crypto is it just continuing to battle regulation or do is there something else","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4807s"},{"start_seconds":4814,"text":"on the horizon here anyone wants to go first but let me ask let me answer yeah i think that it won't be uh a step it will be like a growth","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4814s"},{"start_seconds":4824,"text":"that is dependent on the network effects the more people use crypto the more people accept crypto the more uh the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4824s"},{"start_seconds":4831,"text":"more it is valuable for new people coming into crypto from the merchants and from the people so it will be like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4831s"},{"start_seconds":4838,"text":"you know exponential growth i think and uh what we need is what we need uh funding we need good news","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4838s"},{"start_seconds":4847,"text":"we don't need we need less fails like celsius tornado cash and something else we need we need more fails we need more um you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4847s"},{"start_seconds":4855,"text":"sustainable uh actions uh on making crypt uh you know ubiquitous yeah yeah how about how about","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4855s"},{"start_seconds":4863,"text":"for you elena yeah i won absolutely um i totally agree because it will not be like some","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4863s"},{"start_seconds":4870,"text":"big step it would be sustainable growth uh the more good products were built here","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4870s"},{"start_seconds":4877,"text":"as the better interfaces for delivers the more people are coming to the ecosystem and the more people who are excluded from the economics from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4877s"},{"start_seconds":4886,"text":"payments from the economy will be there so the economy in general our global","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4886s"},{"start_seconds":4893,"text":"economy is going to win because of the adoption because uh because of cheaper faster and safer payments and because of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4893s"},{"start_seconds":4901,"text":"getting those people from remote countries or underbanked people on board absolutely absolutely i think great part","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4901s"},{"start_seconds":4908,"text":"and so for check out again when you have that that blend how do you think about those regions that are maybe underserved is there some","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4908s"},{"start_seconds":4917,"text":"way that check again being a little bit more traditional to begin with is there something that you can do as well to help promote that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4917s"},{"start_seconds":4924,"text":"yeah so at checkout today we unlock payments for um for people from over 180 different countries to merchants all","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4924s"},{"start_seconds":4931,"text":"around the world right um part of our value proposition to all the businesses we work with whether they're web 3 or web 2 is that that like regulatory piece","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4931s"},{"start_seconds":4940,"text":"we try and absorb a lot of the pain right for our customers uh ivan and i were talking earlier because we're hoping to sort of partner with nearpay","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4940s"},{"start_seconds":4948,"text":"um and like we do have a really painful questionnaire it's like 27 pages and a van was like this is causing me a lot of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4948s"},{"start_seconds":4955,"text":"hassle and i can totally sort of hear that but at the same time like what we're trying to do there with our","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4955s"},{"start_seconds":4962,"text":"27-page questionnaire is make sure that we're operating in a compliant way and that everything else all of those other","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4962s"},{"start_seconds":4969,"text":"little bits of regulatory uh you know aspects that we can deal with on behalf of our merchants so that's really kind","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4969s"},{"start_seconds":4976,"text":"of like how we're we're focused on unlocking this this geographic piece we were we have very close partnerships with visa and mastercard","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4976s"},{"start_seconds":4985,"text":"and some of the most recent merchants that we've put live on visa direct which is an off it's a card payout solution so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4985s"},{"start_seconds":4993,"text":"the ability to take money from crypto and put it back in fiat onto your debit card for example um and with cexio which","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=4993s"},{"start_seconds":5001,"text":"is the crypto exchange we've unlocked over 140 countries that recently and so um it's really kind of powerful to be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5001s"},{"start_seconds":5009,"text":"able to partner with these big brands who have that reach to be able to then make those crypto on and off ramps more","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5009s"},{"start_seconds":5016,"text":"more seamless but as ivan said like every country is different every regulator is thinking about this in a different way and so what we're trying","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5016s"},{"start_seconds":5024,"text":"to do is navigate both sides of that to to support these bridges and i think that some of the key drivers are going","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5024s"},{"start_seconds":5031,"text":"to be around unlocking regulation they're going to be around identity solutions that help crypto payment rails","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5031s"},{"start_seconds":5038,"text":"comply with existing regulations um because crypto is not unregulated right like it has to fall in with within all","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5038s"},{"start_seconds":5046,"text":"of these regulations that exist today um i think stable coins is going to be a big driver for for greater adoption for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5046s"},{"start_seconds":5053,"text":"sure for crypto as a payment method um so i think there's some really great things to see over the next couple years yeah i kind of as we're getting near the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5053s"},{"start_seconds":5061,"text":"end here i really would like to maybe just kind of hit it a little bit but the lessons that we can take from traditional fintech","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5061s"},{"start_seconds":5069,"text":"that still probably needs to go into crypto we're so caught up in i think trying to be disruptive all the time and that crypto is so innovative and we're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5069s"},{"start_seconds":5077,"text":"going to change the entire world which i think it is going to change the world but we can't just immediately do that so what can we learn from traditional finance as we transition to this time of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5077s"},{"start_seconds":5086,"text":"crypto whoever wants to start me yeah you can start later","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5086s"},{"start_seconds":5093,"text":"well maybe i'm speaking about it like a third time in a row but uh what we need to adopt is good","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5093s"},{"start_seconds":5102,"text":"interfaces and uh easy onboarding of users like yeah","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5102s"},{"start_seconds":5110,"text":"like if he so the more businesses we have here the more people who have uh using our systems are better for the planet and for all of us","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5110s"},{"start_seconds":5119,"text":"so yeah easy adoption is something we need to get from web 2.","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5119s"},{"start_seconds":5125,"text":"um yeah makes sense ivan well i think that we can learn is the ease of use my grandmother can uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5125s"},{"start_seconds":5134,"text":"can get a card and pay and pay in the shop it doesn't take any it's not it's not it's easy for her it's right","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5134s"},{"start_seconds":5141,"text":"difficult and i think that still many products uh here in the network system and other systems are made for power","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5141s"},{"start_seconds":5149,"text":"users experienced users and i think that's uh fintech the traditional fintech they have learned how to make","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5149s"},{"start_seconds":5158,"text":"extremely easy products extremely beautiful and convenient products in the daily life i have i we i think we need","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5158s"},{"start_seconds":5165,"text":"to learn uh something about the service of clients because you know traditional banks have you know offline stores where","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5165s"},{"start_seconds":5172,"text":"they can give you the sim card they can give you the accounts they can help you with something maybe we can learn something from the service perfect","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5172s"},{"start_seconds":5181,"text":"talking communication yeah the second thing is the ease of use ease of user experience i know many banks that do","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5181s"},{"start_seconds":5188,"text":"their job excellent uh i know i know a lot of banks who do their job yeah not not so good right","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5188s"},{"start_seconds":5197,"text":"i think that crypto is still to learn how to bring not unexperienced users to their products yeah","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5197s"},{"start_seconds":5206,"text":"yeah just kind of want to bring us home so i think for me one of the key things is this like concept of like graduality or","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5206s"},{"start_seconds":5213,"text":"there's probably a better word for it right like in fintech we've seen this transition from um only giving people access to like the simplest products and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5213s"},{"start_seconds":5222,"text":"over the last 10 years we've seen you know the ability for retail investors to access more interesting investment products we've seen the integration of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5222s"},{"start_seconds":5231,"text":"crypto wallets with your neo bank account um but that doesn't happen overnight right like you don't go to somebody who's only ever had a high","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5231s"},{"start_seconds":5238,"text":"street bank account that they've used with a you know a checkbook and say hey suddenly you can do all of this stuff","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5238s"},{"start_seconds":5245,"text":"but you have to you know it's very complicated to manage right and this is where i'm a believer that like sometimes things can start in a more centralized","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5245s"},{"start_seconds":5252,"text":"way but it drives interest and education for people to learn about maybe some of the more benef you know the benefits","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5252s"},{"start_seconds":5260,"text":"that true decentralization can bring and we were talking about this earlier like maybe nfts for example are a great access point right especially if you can","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5260s"},{"start_seconds":5269,"text":"buy them just with a debit card and you know you don't have to trade right yeah like it's a great access","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5269s"},{"start_seconds":5277,"text":"point for somebody who's new to crypto and then often that person will go okay i want to learn more about this i'm going to learn about actually holding cryptocurrencies","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5277s"},{"start_seconds":5285,"text":"or about defy and and so i think that um especially with a lot of the companies that i am close to and i love working with it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5285s"},{"start_seconds":5294,"text":"to say that yes our aspiration as an ecosystem is to drive towards something that is very decentralized and i'm a big believer in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5294s"},{"start_seconds":5302,"text":"that but the way that we're gonna do that is by educating consumers and by building easy ways for them to interact with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5302s"},{"start_seconds":5311,"text":"decentralized technology such that we can bring them those benefits over time and so solving for user experience","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5311s"},{"start_seconds":5319,"text":"solving for compliance is so key right now to make sure that we build confidence across the wider consumer","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5319s"},{"start_seconds":5326,"text":"base absolutely it sounds like education is a really big piece of all of this so kind of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5326s"},{"start_seconds":5333,"text":"last kind of thing here you know what could we do better from an education standpoint as a crypto community to get the mainstream audience to feel more","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5333s"},{"start_seconds":5342,"text":"comfortable i think that one of the things that we can do is actually be very honest about the limitations that we're facing","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5342s"},{"start_seconds":5351,"text":"um there's a lot of promise for crypto and it's why i'm so excited about that's why i've been working in the space for so long","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5351s"},{"start_seconds":5358,"text":"but i think if we aren't honest about the limitations today then people who are new to crypto especially in the corporate world","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5358s"},{"start_seconds":5366,"text":"discover those limitations and then go okay like this is it becomes scary it becomes a bit scary and so i think by","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5366s"},{"start_seconds":5374,"text":"being very honest about the challenges that we face as an ecosystem by making sure that people are treating","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5374s"},{"start_seconds":5382,"text":"consumers with respect and that they are being compliant i think is actually going to be the biggest driver towards long-term","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5382s"},{"start_seconds":5390,"text":"adoption because it means that people don't come here with false expectations and then get disappointed they're actually encouraged to work with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5390s"},{"start_seconds":5399,"text":"the ecosystem to solve those problems absolutely well i think that near does does","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5399s"},{"start_seconds":5406,"text":"really good things with this near university yes educates people building enterprising and many different other","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5406s"},{"start_seconds":5415,"text":"specialities and i think that we need to to yeah we need some more news more good news from politicians so the original","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5415s"},{"start_seconds":5422,"text":"people just some common people they are not afraid they just said and they um they want they want to they understand","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5422s"},{"start_seconds":5430,"text":"the language because sometimes i go to nearest discord channel and you know i don't understand sometimes all of the all of the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5430s"},{"start_seconds":5438,"text":"phrases there sure we need to talk on the on the simple language with all of the people so people with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5438s"},{"start_seconds":5447,"text":"average knowledge they educate they understand and they don't fear so they get into it faster elena any last","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5447s"},{"start_seconds":5455,"text":"all right well yeah uh just have to add that we are all building bridges between webt and web","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5455s"},{"start_seconds":5463,"text":"2 now and our mission here is to hear and understand both people from web 3 and introduce people from web 2 to this","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5463s"},{"start_seconds":5471,"text":"marvelous technology with our good interfaces and our educative activities yeah no great i want to thank our guest","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5471s"},{"start_seconds":5480,"text":"today jess ivan and elena and this was the future of crypto payments thank you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5480s"},{"start_seconds":5540,"text":"thank you thank you so much to each and every one of those panelists to discuss crypto natives that was an incredible piece if you stick around we have an","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5540s"},{"start_seconds":5548,"text":"even more special treat he's got the best hair in the conference it's james prestwich from nomad to talk about the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5548s"},{"start_seconds":5556,"text":"meaning of settlement layers","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5556s"},{"start_seconds":5571,"text":"all right uh my slides around here we go","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5571s"},{"start_seconds":5577,"text":"uh hi i'm james i work at nomad on cross chain everything uh and the great part about being me at","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5577s"},{"start_seconds":5586,"text":"near khan is that i don't have to talk about the future of crypto uh i just have to talk about the present i get to stand up here on a soapbox and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5586s"},{"start_seconds":5594,"text":"talk about something that annoys me a lot and so the title of this talk is stop saying settlement layer like really just","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5594s"},{"start_seconds":5602,"text":"stop it it's a useless term and i hate it uh we can skip over this uh because like this is just me i've been in crypto for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5602s"},{"start_seconds":5609,"text":"about eight years for the last five to six i've been working exclusively on cross chain applications bridges","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5609s"},{"start_seconds":5617,"text":"trades that sort of thing uh i was an early contributor to aurora back when it was just ilya and a few guys in an office","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5617s"},{"start_seconds":5625,"text":"uh this talk actually came out of a conversation i had with ilya on telegram where we were arguing with some other","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5625s"},{"start_seconds":5632,"text":"people about whether settlement layer was a useful term or not so the problem with settlement layer","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5632s"},{"start_seconds":5640,"text":"is that people make big giant charts like this and like they put the settlement layer on some row and they lay out like 12 different things","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5640s"},{"start_seconds":5648,"text":"sideways uh and it's just not very useful like what is a data availability layer what's a consensus layer","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5648s"},{"start_seconds":5656,"text":"uh you know what do people mean and why do they do this so in practice","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5656s"},{"start_seconds":5664,"text":"when people are saying the words settlement layer they mean one of three things the first thing they might mean","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5664s"},{"start_seconds":5671,"text":"is the ledger of record for a specific asset this is really easy to understand near the blockchain is the ultimate ledger","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5671s"},{"start_seconds":5680,"text":"for the near asset ethereum is the ledger of record for the eth asset","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5680s"},{"start_seconds":5687,"text":"eth doesn't move on chain unless it moves on ethereum you can port that eth over to other blockchains you can represent it as","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5687s"},{"start_seconds":5696,"text":"tokens you can have near in other systems but the ultimate arbitrator of who owns near is the near blockchain so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5696s"},{"start_seconds":5705,"text":"we talk about a ledger of record and when people say that layer 2 settles near they mean that they update some record","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5705s"},{"start_seconds":5714,"text":"on the near blockchain so because i'm terminally online i've decided to lay out this talk as a bunch","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5714s"},{"start_seconds":5722,"text":"of tweets that people have made that are usually good but sometimes bad so this one is from tully the founder of solana","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5722s"},{"start_seconds":5730,"text":"and he's asking does settlement layer congestion does congestion on the ledger of record for ethereum","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5730s"},{"start_seconds":5738,"text":"cause spreads on centralized exchanges does ethereum having high gas cause spreads on coinbase","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5738s"},{"start_seconds":5746,"text":"and the answer is no because while ethereum is the ledger of record for eth it's the settlement layer as they say","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5746s"},{"start_seconds":5754,"text":"for eth it's not the ledger of record for east held by coinbase you know coinbase controls those eth they can update the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5754s"},{"start_seconds":5763,"text":"ethereum blockchain and move it to other people but ultimately coinbase has a completely independent ledger of record that keeps","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5763s"},{"start_seconds":5770,"text":"track of each in coinbase so when a trade happens on coinbase and it settles and you agree that you've got","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5770s"},{"start_seconds":5778,"text":"new eth from coinbase you're not updating the ledger of record you're not using eth as a settlement layer and so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5778s"},{"start_seconds":5786,"text":"that's why high gas on east doesn't cause spreads on coinbase because nobody on coinbase is using ethereum","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5786s"},{"start_seconds":5795,"text":"so meltdom is asking you know is it even a good idea to have smart contracts on your settlement layer","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5795s"},{"start_seconds":5803,"text":"uh she prefers bitcoin to be just a ledger of record for who owns bitcoin","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5803s"},{"start_seconds":5811,"text":"um is it a good idea to have compute on the ledger of record i mean probably everyone loves smart contracts we all use them all the time on ethereum near","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5811s"},{"start_seconds":5820,"text":"and other places but this would be a better tweet if it didn't say settlement layer if it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5820s"},{"start_seconds":5827,"text":"said ledger of record instead she's talking about the place that records ownership of bitcoin she's not talking about the place where bitcoin","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5827s"},{"start_seconds":5835,"text":"trades or payments are made so don't say settlement layer say ledger of record","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5835s"},{"start_seconds":5845,"text":"don't say eth is the settlement layer for east don't say near is the settlement layer for near say","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5845s"},{"start_seconds":5851,"text":"eth is the ledger of record for eth and don't say eth settles usdc because that's just not true","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5851s"},{"start_seconds":5860,"text":"usdc is settled by circle they own all of the dollars they have them in a bank account and when you make a usdc trade","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5860s"},{"start_seconds":5868,"text":"circle's permission and updating the usdc contract on some chain because it's on five or seven of them","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5868s"},{"start_seconds":5876,"text":"is what actually settles the usdc payment so circle will usually honor usdc","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5876s"},{"start_seconds":5884,"text":"payments or trades made on the ethereum ledger but not always there are well-documented instances of them not honoring it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5884s"},{"start_seconds":5893,"text":"the second thing people talk about when they say settlement layer is an enshrined bridge for a specific roll-up","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5893s"},{"start_seconds":5901,"text":"people love to say that roll-ups settle to l1 but it's just not true so in order to understand why that's the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5901s"},{"start_seconds":5909,"text":"case we have to talk about what an enshrined bridge is uh you know enshrined is kind of a big funny religious word uh we don't use it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5909s"},{"start_seconds":5917,"text":"very often in this case we mean a bridge that is built in to the protocol optimism arbitrarum zk sync they all have bridges","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5917s"},{"start_seconds":5926,"text":"built in to their protocol all of these bridges settle to ethereum but they don't have","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5926s"},{"start_seconds":5934,"text":"to and a rollup doesn't need a bridge built into its protocol a rollup doesn't need ethereum to settle payments or","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5934s"},{"start_seconds":5941,"text":"trades made on it so let's look at a few more tweets about","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5941s"},{"start_seconds":5947,"text":"settling an enshrined bridge so as suzuha a very interesting tweeter is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5947s"},{"start_seconds":5955,"text":"pointing out a rollup is just a blockchain with specific settlement assumptions you can extend any alt l1 into being a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5955s"},{"start_seconds":5964,"text":"rollup as long as the execution is verifiable by the settlement layer what they mean","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5964s"},{"start_seconds":5972,"text":"is that you can build a bridge to ethereum as long as ethereum can verify your consensus and your contract","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5972s"},{"start_seconds":5979,"text":"execution any chain can be a roll-up on ethereum if ethereum can run the chain's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5979s"},{"start_seconds":5986,"text":"consensus and state transition function there's nothing magical about roll-ups that make them settle to a specific l1","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5986s"},{"start_seconds":5995,"text":"it is a bridge that is built into the protocol for a great example of this if you are making payments on optimism","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=5995s"},{"start_seconds":6005,"text":"you know half an hour later that your payment has occurred you know the person you paid knows the optimism network knows","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6005s"},{"start_seconds":6013,"text":"everybody knows but that trade doesn't settle to ethereum for another six days and 23 hours","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6013s"},{"start_seconds":6021,"text":"the settling to ethereum part is completely unnecessary and it exists only so that you could bridge","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6021s"},{"start_seconds":6029,"text":"that payment back to the layer one so when we say that leaf is a settlement layer for optimism or arbitrarium what","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6029s"},{"start_seconds":6038,"text":"we mean is that there is a built-in bridge and we really like that bridge and we care about it a lot and we want to use it ethereum is not actually","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6038s"},{"start_seconds":6047,"text":"finalizing any of these roll-ups they do that themselves so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6047s"},{"start_seconds":6054,"text":"uh mustafa founder of celestia is talking about you know this if the celestial community wants to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6054s"},{"start_seconds":6062,"text":"enshrine a settlement layer this could be done with cosmos interchange security","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6062s"},{"start_seconds":6068,"text":"and by having the settlement layer be a consumer of celestia's main chain so he's saying that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6068s"},{"start_seconds":6076,"text":"you could use cosmos's interchange security model to build enshrined bridges for many kinds of rollups","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6076s"},{"start_seconds":6085,"text":"uh but he is not saying that this settlement layer would finalize or settle any of these roll-ups","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6085s"},{"start_seconds":6093,"text":"so this tweet would be better if you were talking about enshrined bridges rather than settlement layers","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6093s"},{"start_seconds":6101,"text":"he's saying that there should be a focal point where we use shared security to build many enshrined bridges out from a hub","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6101s"},{"start_seconds":6108,"text":"which of course should be built on celestia because celestia is very cool this one is from arjun who's a founder at connex they work on cross chain","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6108s"},{"start_seconds":6117,"text":"liquidity networks and he says that he can't wait until people stop building on the settlement layer and build on l2s like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6117s"},{"start_seconds":6125,"text":"they're supposed to instead l1 block space is for p proofs only","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6125s"},{"start_seconds":6132,"text":"he is pointing out that these enshrined bridges compete with ethereum smart contracts defy","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6132s"},{"start_seconds":6140,"text":"applications the layer one applications for block space and gas and he is advocating that more","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6140s"},{"start_seconds":6148,"text":"computation more work be done on the roll-ups and then bridging back the results or the payments or the money","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6148s"},{"start_seconds":6156,"text":"or whatever to ethereum and he believes that it would be better if there were more enshrined bridges on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6156s"},{"start_seconds":6165,"text":"layer one and fewer applications on layer one which is an interesting political position but you know kind of one that i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6165s"},{"start_seconds":6172,"text":"agree with so don't say ethereum is the settlement layer for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6172s"},{"start_seconds":6179,"text":"arbitrarium or for optimism or for whatever other roll-up you like instead you can say","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6179s"},{"start_seconds":6186,"text":"many roll-ups have enshrined bridges to ethereum and ethereum attests to correct states","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6186s"},{"start_seconds":6194,"text":"after the roll-up finalizes optimism finalizes itself arbitrarium finalizes itself and ethereum attests to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6194s"},{"start_seconds":6202,"text":"what happened seven days after the fact and roll ups compete for ethereum's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6202s"},{"start_seconds":6209,"text":"resources when we talk about a roll-up being finalized by a settlement layer we mean that it is consuming some of that chain's resources","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6209s"},{"start_seconds":6217,"text":"to make its bridge work these rule ups are not layer twos they're not scaling networks","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6217s"},{"start_seconds":6225,"text":"they are applications that are themselves chains and they are consuming resources","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6225s"},{"start_seconds":6232,"text":"on their layer one and that's why it's not really useful to talk about ethereum as a settlement layer for roll-ups or near as a settlement layer for roll-ups","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6232s"},{"start_seconds":6240,"text":"or any other chain as a settlement layer we want to talk about where does the enshrined bridge go and why","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6240s"},{"start_seconds":6249,"text":"okay so the third thing and my least favorite thing and the thing that i hate the most is when settlement layer just gets used","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6249s"},{"start_seconds":6255,"text":"as a catchy boosterism uh so like this guy the founder of stax which is a bitcoin affinity scam","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6255s"},{"start_seconds":6263,"text":"uh you know good morning to the folks who believe bitcoin can be a web3 platform and settlement layer what does this tweet mean it means nothing it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6263s"},{"start_seconds":6271,"text":"means bitcoins cool guys my chain is really cool okay and zucky tweeting you know should adam","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6271s"},{"start_seconds":6280,"text":"be a settlement layer should the cosmos hub be a settlement layer what does the tweet mean it doesn't mean anything he just wants you to pay attention to the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6280s"},{"start_seconds":6288,"text":"cosmos hub so you should really care about my chain guys there's no greater legitimization","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6288s"},{"start_seconds":6297,"text":"of ethereum's value problems than the world's economic settlement layer and ethereum visa is settling things to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6297s"},{"start_seconds":6304,"text":"ethereum and at specific layer 3 roll-ups that settle the category-specific layer 2 roll-ups in one big global settlement","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6304s"},{"start_seconds":6312,"text":"ethereum and ethereum is built to survive the next thousand years and the settlement layer is going to bring immeasurable value to humanity","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6312s"},{"start_seconds":6320,"text":"and oh my god sorry i'm out of breath trying to read all of this you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6320s"},{"start_seconds":6327,"text":"settlement layer as a term is like 90 percent of the time just rabid fanboys trying to boost their","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6327s"},{"start_seconds":6335,"text":"favorite coin ecosystem so that you buy their coin and they make money uh it's just like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6335s"},{"start_seconds":6343,"text":"why so don't say any of that about layer 3 immeasurable human value","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6343s"},{"start_seconds":6351,"text":"do say i'm out touching grass i have a life when i'm not on crypto twitter and my identity is not defined","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6351s"},{"start_seconds":6359,"text":"by what coins you buy so this is again my least favorite usage of the term settlement layer and the number","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6359s"},{"start_seconds":6368,"text":"one reason that you should stop using it is because every time you do you sound like one of these rabid fanboys who don't know what they're talking about","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6368s"},{"start_seconds":6376,"text":"and just want to make a hit tweet so that people buy whatever so you know we've talked about three main","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6376s"},{"start_seconds":6385,"text":"uses two that i kind of like but think could be more specific and one that is just a straight up sin and you should never do","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6385s"},{"start_seconds":6394,"text":"and that brings me to the end of my talk uh you can find me around near khan for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6394s"},{"start_seconds":6400,"text":"the rest of the day probably uh i mean i look like this i'm very recognizable or you can go fight me on twitter my handle","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6400s"},{"start_seconds":6408,"text":"is underscore prestwitch it's just my last name uh thanks so much for the time","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6408s"},{"start_seconds":6425,"text":"james i'm i promise you i will never use the term settlement layer ever again okay i promise guys we have a lunch break now we'll be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6425s"},{"start_seconds":6434,"text":"back in here to kick it all off again at 10 past one go out there grab a beer and have fun","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6434s"},{"start_seconds":6664,"text":"more","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6664s"},{"start_seconds":6685,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6685s"},{"start_seconds":6725,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6725s"},{"start_seconds":6780,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6780s"},{"start_seconds":6810,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6810s"},{"start_seconds":6847,"text":"you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=6847s"},{"start_seconds":7126,"text":"oh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7126s"},{"start_seconds":7132,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7132s"},{"start_seconds":7675,"text":"uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7675s"},{"start_seconds":7690,"text":"is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7690s"},{"start_seconds":7715,"text":"please","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7715s"},{"start_seconds":7795,"text":"put your hand in the air","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7795s"},{"start_seconds":7810,"text":"greetings nericon the layer 1 stage will resume in 10 minutes at 1 10 pm","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7810s"},{"start_seconds":7840,"text":"one one","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7840s"},{"start_seconds":7887,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7887s"},{"start_seconds":7938,"text":"one","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7938s"},{"start_seconds":7951,"text":"put your hands in the air","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=7951s"},{"start_seconds":8128,"text":"do","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8128s"},{"start_seconds":8510,"text":"greetings near khan please welcome back your layer one stage mc david morrison","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8510s"},{"start_seconds":8526,"text":"hey there we go we fixed it look i all i hope that you all had a a brilliant lunch and um i'd just like to say something before we kick off with this","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8526s"},{"start_seconds":8534,"text":"next panel because it's a really special one each and every one of you in this room at this conference watching online anybody who has touched the revolution","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8534s"},{"start_seconds":8543,"text":"that is web 3 is making a real change to the future of the world perhaps none more so than our next","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8543s"},{"start_seconds":8551,"text":"guests we have bianca lopez an identity advocates investor emiliano quetides from reyes farms","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8551s"},{"start_seconds":8560,"text":"fred fournier the founder of open forest protocol mark johnson from protocol labs and our","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8560s"},{"start_seconds":8567,"text":"wonderful moderator jared thompson from ready layer one","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8567s"},{"start_seconds":8587,"text":"ah welcome everybody thank you for being here today uh really excited about this panel so we are going to talk about refi","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8587s"},{"start_seconds":8594,"text":"right and right now near protocol is a climate neutral blockchain what does that mean right and now with web 3 there's so much happening and changing","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8594s"},{"start_seconds":8603,"text":"in the way we think about stuff but now refi has popped up which is kind of cool right and it used to be like i almost think there's a obligation to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8603s"},{"start_seconds":8611,"text":"think about environmental and all that kind of stuff with the project but refi gives an opportunity so let's go with that all right so first things first for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8611s"},{"start_seconds":8619,"text":"the audience everybody what is refi uh fred okay uh thanks for the question i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8619s"},{"start_seconds":8628,"text":"think it's really important to kind of frame of where we where we are here today for uh for the discussion and if you think about dfi","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8628s"},{"start_seconds":8636,"text":"basically refi is this the same concept but in thinking about an inclusive uh approach of how we can","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8636s"},{"start_seconds":8644,"text":"bring more people on board in a different kind of financial system and to have the to have the the poorest of this world the people that are not part","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8644s"},{"start_seconds":8652,"text":"of this financial system to be included in this in this approach obviously web3 is a very awesome place to do that because very community based","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8652s"},{"start_seconds":8661,"text":"approach so this is my approach to refi nice mark sure yeah happy to weigh in here definitely agree with what fred","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8661s"},{"start_seconds":8669,"text":"mentioned but i want to open it up a little bit further refi regenerative finance also includes not only just the sustainability aspect","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8669s"},{"start_seconds":8677,"text":"of things but also the vitally important inclusion diversity equality aspect two nights ago we were at a refi event where john ellison one of the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8677s"},{"start_seconds":8686,"text":"co-founders of re-fight dao framed refi as being for everyone and if you think back to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8686s"},{"start_seconds":8693,"text":"uh 35 years ago 1987 when the former prime minister of norway defined the concept of sustainable","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8693s"},{"start_seconds":8701,"text":"development she framed it as providing uh the necessary needs to beat or to meet the basic needs of everyone in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8701s"},{"start_seconds":8710,"text":"extending that to provide a opportunity to satisfy the aspirations to better","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8710s"},{"start_seconds":8717,"text":"everyone's life and to me refi is the natural extension and evolution of sustainable development incorporating","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8717s"},{"start_seconds":8725,"text":"not only sustainability but also those inclusion and diversity aspects oh i see i'm liking this theme already like right off the bat you're talking","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8725s"},{"start_seconds":8733,"text":"about like collective like let's just decentralizing maybe profits decentralizing responsibilities decentralization right so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8733s"},{"start_seconds":8741,"text":"like instead of accumulation recirculation kind of right so this is really cool so let's jump on like projects who are doing this we've got","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8741s"},{"start_seconds":8749,"text":"some great projects here we've got raise some open vertical farming which is awesome i saw the tour thank","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8749s"},{"start_seconds":8756,"text":"you so much by the way if you guys get a chance but if you want to just talk about how you're incorporating refi into your project would be really absolutely so just coming back a bit to refi refi","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8756s"},{"start_seconds":8765,"text":"for me is a leveraging blockchain for climate action and social action right so it's planet people not only profit but those two as well right so on our","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8765s"},{"start_seconds":8773,"text":"case like the way we are using is to decentralize access to more vertical farms worldwide so instead of a single entity or a single person","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8773s"},{"start_seconds":8781,"text":"having to finance the farm themselves we can empower communities in need to finance and deploy their own farms and i guess two key angles is case ability the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8781s"},{"start_seconds":8789,"text":"scalability and traceability right so through d5 or refi and blockchain technologies we can accelerate the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8789s"},{"start_seconds":8797,"text":"deployment of more vertical farms worldwide and trace their impact right so like by leveraging data and different solutions we can actually have","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8797s"},{"start_seconds":8806,"text":"off-chain data breached on chain to see how much impact we are actually generating in terms of water energy use and land saved so that we can empower","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8806s"},{"start_seconds":8814,"text":"communities to grow more with less and grow more local food in a manner that makes the most impact for communities nice man that that web","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8814s"},{"start_seconds":8824,"text":"three mix of like real world use case combined with blockchain technology right like the superpower of it and are you using like any specific techniques","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8824s"},{"start_seconds":8832,"text":"like uh decentralized fractionalization how are you kind of thinking about getting that out to the masses who can help support the vertical farms yeah so we're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8832s"},{"start_seconds":8840,"text":"designing right now a protocol like in two angles right so also the technology the infrastructure to allow people to grow yeah and developing the processes","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8840s"},{"start_seconds":8847,"text":"the the software so that it's way easier to grow than it would take like just to start from scratch and then also the financing mechanism right so the fancy","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8847s"},{"start_seconds":8854,"text":"mechanism so that communities worldwide that actually need it the most in places that are are lacking access to water food etc can deploy their own farm","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8854s"},{"start_seconds":8863,"text":"set so we we see what we're building as a technological backbone the nervous system of a new vertical farming or or","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8863s"},{"start_seconds":8870,"text":"farming ecosystem awesome man well let's talk with the second project and like what do they say the best time to plant a tree is 20 years ago","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8870s"},{"start_seconds":8878,"text":"second best time is the end of july when open force protocol launched talk to me about refi in your project man","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8878s"},{"start_seconds":8886,"text":"yeah so if you think about how we can address the big challenges of of this century um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8886s"},{"start_seconds":8893,"text":"obviously there are there are many uh yeah restoring nature conserving nature is obviously one of those challenges and what we are trying to address with the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8893s"},{"start_seconds":8902,"text":"open forest protocol is to kind of rethink how we address those issues and especially with forest what how we can we incentivize people to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8902s"},{"start_seconds":8911,"text":"conserve and restore nature by playing trees or consuming trees and when you think about how people address this issue today it's a very siloed approach","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8911s"},{"start_seconds":8919,"text":"so right the un is trying to do something at a very global scale it's very hard it's about it's top-down approach we're trying to to go the other","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8919s"},{"start_seconds":8927,"text":"way around with a bottom-up approach providing the the right tools the right incentive to the communities on the ground to be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8927s"},{"start_seconds":8934,"text":"owning their data owning their the future and and be recognized for for doing that work and that's basically what we are trying to build there are of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8934s"},{"start_seconds":8942,"text":"course a whole you know environment there's a whole whole mechanics of wave 3 behind that but but the purpose of what we build is exactly that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8942s"},{"start_seconds":8951,"text":"nice all right bianca i'm coming to you someone who who talks with lots of refi i got patience yeah yeah","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8951s"},{"start_seconds":8958,"text":"what do you think about refi and the projects that you talk to and hear about what is some of the ways they're using it some of the ways you like to use them and sort of some","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8958s"},{"start_seconds":8966,"text":"ways you're thinking about it can be used i think when i think as an investor for regenerative finance i think about the unit economics model which is i think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8966s"},{"start_seconds":8975,"text":"where a lot of the tokenomics that you've seen in like gaming could actually work when building incentive structures to save the planet so there's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8975s"},{"start_seconds":8983,"text":"actually a planet to game in uh unless we're all gonna go to mars so i i look at what are the incentive","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8983s"},{"start_seconds":8991,"text":"structures what are the legislative infrastructures there's a lot of conversations that are not happening here that are happening when you look at like open data and open banking as an","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=8991s"},{"start_seconds":9000,"text":"example that are amazing opportunities for financing projects that have what we call a sustainability","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9000s"},{"start_seconds":9007,"text":"or impact angle so these are some of the things that i look at when looking at projects and i think we're still yet to scratch","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9007s"},{"start_seconds":9014,"text":"the surface on getting institutional investment to be really seriously interested which is something else that i look at regenerative finance you look","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9014s"},{"start_seconds":9022,"text":"at like esg bonds as an example you look at alphabet bonds like five years ago you know cost the capital here actual debt instruments that should be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9022s"},{"start_seconds":9031,"text":"available for this refi space that i think we're early on to the conversations okay and still early on to conversations like how do we build","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9031s"},{"start_seconds":9039,"text":"liquidity uh in these markets right so so i think these are some of the things that will make the regenerative finance make sense and be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9039s"},{"start_seconds":9047,"text":"something beyond the hype beyond sort of the buzzword of sustainability um you bring up a lot of good points because regenerative finance this term","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9047s"},{"start_seconds":9056,"text":"is very new right like most people in the audience have been in crypto in the blockchain space longer than the term right so it's almost like you're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9056s"},{"start_seconds":9063,"text":"defining it within it and web 3 is uh disrupting a lot of industries and giving a financial gamification aspects","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9063s"},{"start_seconds":9071,"text":"really cool so that is like really exciting to see with all that with like the the web 3 has really strong","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9071s"},{"start_seconds":9078,"text":"technological advantages right so let's let's just go to you mark one of them is data i mean we could go deep on why and all that but just i'm","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9078s"},{"start_seconds":9086,"text":"gonna give it to you data refi where are you at yeah certainly i mean we only have 21 minutes i know right um no but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9086s"},{"start_seconds":9094,"text":"in all honesty certainly agree with a lot of the points that bianca just made we certainly believe that blockchain networks and crypto primitives have a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9094s"},{"start_seconds":9102,"text":"unique opportunity to realign incentives and drive collective action towards enhancing global climate action right","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9102s"},{"start_seconds":9111,"text":"and in recognition of this we at protocol labs created an initiative that i focus on called file queen greet and it really follows a dual mandate one to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9111s"},{"start_seconds":9119,"text":"making this largely because we see as you mentioned just a minute ago the disruption that's taking place web 3","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9119s"},{"start_seconds":9127,"text":"and we believe that file coin specifically is changing the world in all sorts of ways and one of those ways is that these systems can pull","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9127s"},{"start_seconds":9136,"text":"sustainability data through the economy quicker and with a greater degree of precision than you can with existing web","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9136s"},{"start_seconds":9143,"text":"2 tools and so we're really focusing on core four areas of of activity to make sure that we not","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9143s"},{"start_seconds":9150,"text":"only verify you know make file coin verified but sustainable but also build these tools to to a degree of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9150s"},{"start_seconds":9158,"text":"generality that they can also be leveraged by other web3 systems and even legacy industries so we're evaluating an energy use of the network connecting it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9158s"},{"start_seconds":9167,"text":"to renewable energy providing ways for our nodes within our network our storage providers to decarbonize their operations and then across the refi","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9167s"},{"start_seconds":9175,"text":"landscape trying to catalyze this nascent environmental web 3 space wow i mean there's so much to unpack there but like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9175s"},{"start_seconds":9183,"text":"we've got aligning incentives which you know i want to be optimistic right like yes you said something great yeah we don't have a planet none of this like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9183s"},{"start_seconds":9190,"text":"there's no gaps on a non-planet right unless we're already breaking into like you know digital space somewhere right so like how do you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9190s"},{"start_seconds":9198,"text":"go about aligning incentives and fred i want to jump because your project is really about connecting with real world people talking about data and getting","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9198s"},{"start_seconds":9207,"text":"incentives to to understand them like do you have any tips or tricks to educate or what are you finding friction points there i i don't have tricks actually but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9207s"},{"start_seconds":9215,"text":"a pragmatic way of thinking about how you could uh reimagine this uh those systems we're working with i think the most important","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9215s"},{"start_seconds":9224,"text":"thing when you you think about the different problems we're facing there are so many uh it's to be focused on one specific problem and to really","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9224s"},{"start_seconds":9231,"text":"understand the problem once you do understand that and you do understand the problem from a ground perspective from a community based perspective from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9231s"},{"start_seconds":9238,"text":"a farmer perspective from whoever a town perspective then you start thinking about how you could change this with the the mindset of a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9238s"},{"start_seconds":9246,"text":"decentralized approach right okay they might not see that but you might on your on your part think about how you can you know frame","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9246s"},{"start_seconds":9254,"text":"a proposition to them that is how you use data in a in a framework that would make sense to them in our case we frame","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9254s"},{"start_seconds":9262,"text":"that data by giving them tools to acquire that data themselves to own their data and then to make something","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9262s"},{"start_seconds":9268,"text":"with that data and of course that is already a first step towards this decentralization idea of okay it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9268s"},{"start_seconds":9277,"text":"it's not data that someone is acquiring for you owning for you like you know google or facebook will do they will","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9277s"},{"start_seconds":9284,"text":"and that people understand and then you can think about how this specific problem with those people on the ground being owning their data","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9284s"},{"start_seconds":9293,"text":"and how they how this data is going to be moved on to the next level so that is the acquisition part then the validation","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9293s"},{"start_seconds":9300,"text":"part that's also where it's interesting um you have to think about how you validate this data and obviously d5 has a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9300s"},{"start_seconds":9307,"text":"specific way on how to do it and our way is to also on board people that are not into a web 3 approach but they are outside of web 3 validating","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9307s"},{"start_seconds":9316,"text":"this data so it's it's rethinking the data flow but with a concrete proposition that makes sense to people on the ground and addressing a very","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9316s"},{"start_seconds":9324,"text":"concrete problem wow man i would like to go into one of those meetings and watch you go to someone who doesn't know and explain them through that whole process because it's a lot and it's really","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9324s"},{"start_seconds":9332,"text":"important um emiliano what about you what are you finding some friction and also some how are you educating i think on the data side and what's interesting","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9332s"},{"start_seconds":9340,"text":"but we're building it we have a controlled environment inside each farm right so we're using water significant amount of energy which we're we're creating our own clean energy but we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9340s"},{"start_seconds":9349,"text":"need to quantify that and i think like what what ofp is building in other players like mrv solutions to really have that certainty of of what is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9349s"},{"start_seconds":9358,"text":"happening either in a forest or at a farm right so once that is tracked","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9358s"},{"start_seconds":9365,"text":"and quantified i believe refi allows the capability to tokenize it right so once we tokenize it for example and and we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9365s"},{"start_seconds":9372,"text":"can have on our side impact tokens right so carbon is is of course carbon credits are something that's pretty new and and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9372s"},{"start_seconds":9381,"text":"growing but there's also other co benefits such as water or energy right so um by having that data stream well uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9381s"},{"start_seconds":9388,"text":"connected off-chain and on-chain we can quantify that and potentially plug to a secondary market as well unlocking huge amounts of value right so i think that's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9388s"},{"start_seconds":9397,"text":"in terms of challenges it's something pretty new that is being developed both the infrastructure to track and to plug into outside ecosystems right but i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9397s"},{"start_seconds":9405,"text":"think that we're building it and everyone here is on track to to deploy it man like that's like really cool so you're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9405s"},{"start_seconds":9412,"text":"talking about tokenization i mean and then that opens up a whole world to to the unbanked the underserved all these people it just spreads out to the world","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9412s"},{"start_seconds":9420,"text":"and this is refi really does follow up with like this isn't going to take a group effort this is a community-based thing right so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9420s"},{"start_seconds":9428,"text":"i want to bring up the community aspect like just how do you think approaching a community and leveraging a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9428s"},{"start_seconds":9436,"text":"community can help impact this right because community is like such a buzzword and like uh you know community community what approaches","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9436s"},{"start_seconds":9443,"text":"should we be trying to take like from a refi stance and how to incentivize or bring on people like that and uh sure you want to jump in there first yeah","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9443s"},{"start_seconds":9452,"text":"happy to okay cool i'll start off by saying i think the community building aspect the movement building aspect is one of the more challenging parts of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9452s"},{"start_seconds":9459,"text":"this um changing human behavior is oftentimes much more difficult than the technological solution but for our part i mentioned that fourth","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9459s"},{"start_seconds":9467,"text":"pillar earlier we're really trying to catalyze this nascent environmental web 3 space that's where we focus primarily on community building and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9467s"},{"start_seconds":9475,"text":"we're doing that through things such as our green grants earlier this year i believe it was may we launched our","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9475s"},{"start_seconds":9482,"text":"green grants pipeline just this first round which is a million dollars that we've been doling out in different sizes from 10 000 in the low","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9482s"},{"start_seconds":9490,"text":"end to 200 000 on the high end to different early stage refi projects that round actually ends at the end of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9490s"},{"start_seconds":9497,"text":"this month september 30th but then we'll shortly afterwards be announcing a new round of equal or larger size on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9497s"},{"start_seconds":9505,"text":"in parallel and in tandem to that we are also hosting a number of events we're starting this","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9505s"},{"start_seconds":9512,"text":"seminal kind of quarterly event called the sustainable blockchain summit we hosted our first one um in austin texas","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9512s"},{"start_seconds":9519,"text":"in march around south by southwest our second one uh right after ecc in paris in july and then we'll be hosting our","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9519s"},{"start_seconds":9527,"text":"third one in bogota right around devcon sorry those are all ethereum based events we'll try to get one at a near","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9527s"},{"start_seconds":9533,"text":"event soon um but uh that is really focused on bringing together a whole slew of different","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9533s"},{"start_seconds":9542,"text":"actors in the space from legacy industries from the legacy carbon markets and legacy energy industries together with all of these web 3","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9542s"},{"start_seconds":9550,"text":"projects focusing on these crucial environmental challenges to work together and move the uh the whole space","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9550s"},{"start_seconds":9558,"text":"in the right direction exactly fred what about you with the community aspect yeah so i'm back with uh boots on the ground","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9558s"},{"start_seconds":9566,"text":"with my project our projects the community aspect is super important as when you talk to a community sometimes","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9566s"},{"start_seconds":9575,"text":"they will be at a different level or different stage of understanding technology or what you're actually proposing to them so it's a lot about conversation uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9575s"},{"start_seconds":9583,"text":"the conversation we have today today we have them of course with the communities so it's about you know how you bring","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9583s"},{"start_seconds":9590,"text":"them on to i would say a technological world that is one uh but also understanding the value proposition on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9590s"},{"start_seconds":9597,"text":"on what we build together you know yeah what is what is the value for them uh why we build this for them and how they are they're going to interact with this","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9597s"},{"start_seconds":9605,"text":"system which is a very different system from what what they have seen right so that we are providing them for free of charge new tools to do their to do their","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9605s"},{"start_seconds":9614,"text":"monitoring it's first sometimes the first impression is like are they those guys really serious why would they offer this to me","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9614s"},{"start_seconds":9622,"text":"to do something that good and then once you you know you start the conversation then you realize that there is there is eventually an opportunity to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9622s"},{"start_seconds":9630,"text":"be part of a different system that's the first thing as as they understand community we come with the same language so we connect with that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9630s"},{"start_seconds":9638,"text":"and then eventually they start thinking about how this is going to affect their business model or their day to day life and that's where really the change","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9638s"},{"start_seconds":9647,"text":"happens because when they start thinking about a different environment different system then say okay this is this is going to change my life somehow","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9647s"},{"start_seconds":9655,"text":"and they get on and then hopefully it's going to also create a ripple effect oh man dude that is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9655s"},{"start_seconds":9663,"text":"such a good point like like i just think it's so interesting where we're going like you're you're web 3 oftentimes can solve a solution sometimes that almost","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9663s"},{"start_seconds":9671,"text":"sounds made up right like and that's what you're saying like if someone's like well that i'm used to a ton of friction i'm used to it being like just something i do to get like a stamp for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9671s"},{"start_seconds":9679,"text":"my company and you're like no no this is actually like a whole new you have to shift a whole narrative in in in any corporate oh man it's it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9679s"},{"start_seconds":9687,"text":"really impressive stuff so emiliano i'm going to tweak it a little bit composability intertwining components community we've talked about this a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9687s"},{"start_seconds":9695,"text":"little bit i thought it was a really good point so if you want to share a little bit about that for sure about composability i think the refi space is not about single actors right mentioned","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9695s"},{"start_seconds":9703,"text":"before you need to integrate different ecosystems and different technologies right so in in terms of um yeah one project","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9703s"},{"start_seconds":9710,"text":"integrating with another it's coming back to for example co-benefits and carbon credits etc how can we leverage some already existing technology","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9710s"},{"start_seconds":9718,"text":"and uh bridge that protocol with something else right and um i just wanted to mention something about community right so we're all about","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9718s"},{"start_seconds":9726,"text":"community in the sense that it doesn't make sense to grow food for no one right you're like community community you're like community driven","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9726s"},{"start_seconds":9734,"text":"and empowering communities to grow their own food and and beyond that it's empowering other communities","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9734s"},{"start_seconds":9740,"text":"to fund other communities right so it's global communities are focused on solving","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9740s"},{"start_seconds":9747,"text":"a food chain system right so how can we create a more decentralized system through communities right and also that's where compatibility come in so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9747s"},{"start_seconds":9756,"text":"it's not only about raise or what we're building but it's also like how can we tap in and how can we help contribute for example for a cleaner energy grid","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9756s"},{"start_seconds":9764,"text":"right how can we like match a wild vision here it's like for every farm we launch we build we will rewild","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9764s"},{"start_seconds":9772,"text":"another one right or we reforestate uh the same amount of land so that kind of uh composability and just","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9772s"},{"start_seconds":9779,"text":"um interaction and synergies with other players that's what we need to see more of nice yeah the community and like with a vertical farm you're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9779s"},{"start_seconds":9787,"text":"it really makes sense to get communities around it and then they start seeing the value from it and it's just really cool then you expand it using blockchain near","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9787s"},{"start_seconds":9795,"text":"protocol you know things like that you're leveraging the near blockchain system you know what i mean and then you're connecting with mark to get some data and this is all coming together now","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9795s"},{"start_seconds":9803,"text":"bianca um what do you want me to talk about oh my gosh so what do i okay so from your point we've been all over the place yeah where do you hope this space","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9803s"},{"start_seconds":9812,"text":"is gonna go right like you're seeing it now you're seeing you're in conversation where am i putting my bets on capital is that what you want to know well you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9812s"},{"start_seconds":9820,"text":"sure that's great i like that uh i think one of the points that i wanted to bring earlier when you're talking about data that people here that perhaps are","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9820s"},{"start_seconds":9827,"text":"interested in the refi space should know this is a massive data problem like even though we've agreed as a society and as a world in our 2030 goals we haven't","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9827s"},{"start_seconds":9836,"text":"even agreed on how to track each metric in a way that is interoperable amongst all the countries surprise surprise so when you think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9836s"},{"start_seconds":9845,"text":"about components and you think about building primitives there's a lot of things that i'm building and investing in people that are building that is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9845s"},{"start_seconds":9853,"text":"identity that is infrastructure that is kind of the boring stuff that will be required for all these models and these","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9853s"},{"start_seconds":9860,"text":"innovative solutions um some of the things that we're talking about is how do we bring the innovation web 3 to traditional industries so i do a lot of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9860s"},{"start_seconds":9869,"text":"work in offshore wind and if you know a lot about offshore wind like there's a lot of turbulence from those massive","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9869s"},{"start_seconds":9876,"text":"like windmills and actually there is in the next five years a massive amount of windmills that need to be decomposed guess what that stuff is made out of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9876s"},{"start_seconds":9885,"text":"plastic and fiberglass so i look at things like how will component technology be married to blockchain for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9885s"},{"start_seconds":9892,"text":"provenance so we can build incentive structures to actually compose this in the right way how do you build professions you know they're here","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9892s"},{"start_seconds":9900,"text":"building professions out of making sure we have a planet to breathe in and food supply so i think that these wicked problems that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9900s"},{"start_seconds":9908,"text":"the world has is what i'm looking at through the lenses of technology and the fund and and i think one of the things that the guys brought up earlier that's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9908s"},{"start_seconds":9916,"text":"still not happening is the conversation with the regulators the conversations beyond is this a security if it's a carbon credit or not right we need","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9916s"},{"start_seconds":9925,"text":"institutions so these political plans you know every single large corporate enterprise has an esg","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9925s"},{"start_seconds":9933,"text":"fund goal or reporting criteria and they're still lost in some sort of like digital transformation strategy from a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9933s"},{"start_seconds":9940,"text":"large mckenzie on you know am i reporting on recycling so i think on the refi stage i hope a lot of these conversations are about you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9940s"},{"start_seconds":9949,"text":"know founders here acknowledging that they need more founders that we need more capital more founders","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9949s"},{"start_seconds":9956,"text":"uh to build all the pieces to try to make sense of this mess we've made in the world yeah and do you think that like yes and refi there's specific projects","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9956s"},{"start_seconds":9964,"text":"but do you almost think it could be something that any project should be aware of and a lot some sort of time or capital too because i mean we're in this","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9964s"},{"start_seconds":9971,"text":"together right like this is our planet you mean like the hot secrets like if you haven't studied the carbon market i strongly recommend you do yeah","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9971s"},{"start_seconds":9980,"text":"and climate science if you don't know the trajectory we're on from an emissions perspective and what we need to do to stay in line with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9980s"},{"start_seconds":9988,"text":"the long-term goals of the paris agreement in terms of limiting global warming to two degrees centigrade this century learn up on it it's quite a quite","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9988s"},{"start_seconds":9996,"text":"important and we should all be focused on it we only have a few more years left before we can in order to write our wrongs and and i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=9996s"},{"start_seconds":10003,"text":"think expand right like i'm i'm doing like an nft shark project uh in the caribbean i'm doing a seagrass like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10003s"},{"start_seconds":10011,"text":"where we're planting like grass on sea and trying to find a gamification with like a game called heyday so there's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10011s"},{"start_seconds":10018,"text":"ways that i think what has worked in web 2 and what problems we have in the world that you know your creativity and the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10018s"},{"start_seconds":10026,"text":"creativity of the people around here can really make a change yes i mean that's this i could talk to you guys we're running we're coming into the end here","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10026s"},{"start_seconds":10035,"text":"but man this is all stuff that really should be deep diving and talking about i really am so glad that you're all on like the leading space of this and leading this whole change it's been great","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10035s"},{"start_seconds":10043,"text":"um so our final question so i can get a little day is like let's do the actionable takeaways as big or as small as you want just something that people","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10043s"},{"start_seconds":10051,"text":"hear sat for 30 minutes listen to this what can they do and i'm just going to kind of point and jump around so fred let's start with you yeah i think um as","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10051s"},{"start_seconds":10059,"text":"a call to action i think we really need as uh as bianca was mentioning we really need people to think um how to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10059s"},{"start_seconds":10067,"text":"build solutions give answers to the problems we're facing in in a different way and i think this is the space we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10067s"},{"start_seconds":10074,"text":"have the opportunity to do that together uh we've we've talked about interpretability we have talked about different things like that but there are","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10074s"},{"start_seconds":10082,"text":"maybe thousands of other subjects that we can tackle and this is a huge opportunity for us as a whole to tackle this","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10082s"},{"start_seconds":10090,"text":"together so come join us and if you have an idea on what you want to bring to this conversation let's let's do it together","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10090s"},{"start_seconds":10098,"text":"nice and congratulations on your main net by the way that's awesome all right emiliano so yeah i would encourage climate action is something we need and a refi will","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10098s"},{"start_seconds":10106,"text":"grow exponentially we see that happening as well so definitely invite everyone to come into the space there's not only","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10106s"},{"start_seconds":10113,"text":"vertical farms reforestation but also oceans there's problems all over the world can be solved through coordination mechanisms","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10113s"},{"start_seconds":10121,"text":"like the ones blockchain allow us to leverage so yeah but beyond that climate action beyond being a need it's also a huge financial opportunity right so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10121s"},{"start_seconds":10130,"text":"incentives are aligned for us to make it as humanity so we really need to take action now and it's a pretty dope space","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10130s"},{"start_seconds":10137,"text":"it's an amazing place to be in right so totally and the incentives like the reason we only believe the things we believe is because people made those","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10137s"},{"start_seconds":10144,"text":"rules 100 years ago or whatever you industrial revolution we have a chance to like rethink things and and that's like i mean we're here at near con and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10144s"},{"start_seconds":10153,"text":"there's got to be a reason for that and that's why this is such a cool space because now there's incentive like 15 20 years ago natural gas power plants didn't want","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10153s"},{"start_seconds":10160,"text":"to riff with like a tilapia farm and tomatoes and like you know shrimp that was like not their thing because it dug in the profits right and now to rethink","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10160s"},{"start_seconds":10169,"text":"like profits don't have to just be about the end-all we've done that we see where it goes and now we're trying to right","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10169s"},{"start_seconds":10177,"text":"some wrongs bianca take away i know you've given so many do you have a look or just anything you want to say i just want to give you i don't know just get aligned with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10177s"},{"start_seconds":10185,"text":"yourself there's like 17 esg goals there's like any problem you can kind of think and it's like a time to be alive where you can get funded to work on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10185s"},{"start_seconds":10194,"text":"something you're actually passionate about search a problem come up with another one of the esg's then like all right here's the funding path and if you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10194s"},{"start_seconds":10201,"text":"don't figure it out hit me up and oh so i was going to give you the t because you got to catch your flight right after this you are so you're the final one man","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10201s"},{"start_seconds":10209,"text":"final point no i i will um echo what bianca just said there's 17 sustainable development goals underlying those are","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10209s"},{"start_seconds":10216,"text":"169 different indicators that are all tracked by about 320 different metrics right there's a humongous opportunity","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10216s"},{"start_seconds":10223,"text":"landscape yeah and uh well i'll close with what i started with i firmly believe that blockchain networks and crypto primitives have a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10223s"},{"start_seconds":10231,"text":"really unique opportunity to realign incentives in drive collective action towards common goals in in my opinion there's no better uh collective goal to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10231s"},{"start_seconds":10240,"text":"drive to than enhancing global climate action so join us awesome well this has been a really fun panel and i think that like refi i want","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10240s"},{"start_seconds":10249,"text":"it to be that it should be cool because what you guys are doing is really fun and you know i think there's a time to change the narrative and i really am appreciative of what you all are doing","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10249s"},{"start_seconds":10257,"text":"thank you so much and uh have a great rest of your conference thank you everybody for listening","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10257s"},{"start_seconds":10309,"text":"so you all just learn about how blockchain can be a positive force for the climate and help change the world","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10309s"},{"start_seconds":10318,"text":"your next panel is going to touch on how blockchain can help change the fan experience and explore the future of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10318s"},{"start_seconds":10326,"text":"fandom the title is cell gp and oracle integrating web 3 into the future of fandom we have","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10326s"},{"start_seconds":10333,"text":"amma elroy from oracle warren jones from sale gp and chris gent as your wonderful moderator from the near foundation","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10333s"},{"start_seconds":10354,"text":"all right hey guys we're uh we're here really to talk about web 3 fan engagement sports how all that's going to work together what the opportunities","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10354s"},{"start_seconds":10361,"text":"are and really where the space is going but we've got some guys that are super qualified next to me talking about it so i'd love for you guys to introduce yourselves","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10361s"},{"start_seconds":10369,"text":"where you're from what you're excited about in web 3 and then we'll dive in sure help you fantastic my name is amir","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10369s"},{"start_seconds":10376,"text":"rawi i work for oracle sports uh director and basically my role is to help our sports partners using data and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10376s"},{"start_seconds":10385,"text":"technology to drive value to the fans and on the on the track or on the page or on the water","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10385s"},{"start_seconds":10394,"text":"before joining oracle i used to work for four different industries i work for tottenham spur in football club i work","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10394s"},{"start_seconds":10400,"text":"in teleco for vodafone and i work for barclay cars for financial services my name is warren jones i'm the chief","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10400s"},{"start_seconds":10408,"text":"technology officer at cell gp with a very new sport we're three years old so we've been working to get","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10408s"},{"start_seconds":10416,"text":"uh foiling catamarans i think you've all seen the uh the video outside uh fording catamarans going to uh speeds of uh i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10416s"},{"start_seconds":10424,"text":"think a lot in uh santa pay the last event we had 99.94","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10424s"},{"start_seconds":10430,"text":"kilometers an hour so huge speeds of uh of flying catamarans around the around the racetrack","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10430s"},{"start_seconds":10437,"text":"we we work with oracle closely on huge amounts of data the the boats that i just mentioned are extreme iot devices","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10437s"},{"start_seconds":10446,"text":"lots of data lots of information coming through it and how we handle that information in in milliseconds is is key to our sport","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10446s"},{"start_seconds":10456,"text":"so whether it's c or on land obviously sports are playing a big role across blockchains and layer ones for from an adoption","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10456s"},{"start_seconds":10463,"text":"standpoint so it'd be great to hear a little bit about you know as you look at fandom as a whole right there there's challenges today without the technology so it'd be great to hear","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10463s"},{"start_seconds":10471,"text":"umar a little bit about the challenges you see and the things that we're facing right now beyond just getting even to blockchain adoption yeah i mean sports are no different to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10471s"},{"start_seconds":10480,"text":"any other industries that we work with we see the disruption in sports by data technology and innovation and if you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10480s"},{"start_seconds":10488,"text":"look at the sports moving from a local fan to global fans that creates a huge opportunity for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10488s"},{"start_seconds":10496,"text":"sports brands like sale gp and others but equally as well create a big challenge for them in terms of how they","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10496s"},{"start_seconds":10503,"text":"will be able to engage with those global fans i used to work when i was working in spurs we were looking at how we fill in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10503s"},{"start_seconds":10509,"text":"the 65000 stadium but today it's about how would you cater for the global fan base","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10509s"},{"start_seconds":10516,"text":"and then the other area of a challenge that sports are facing which is the aging fan base and again this is again from the sports","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10516s"},{"start_seconds":10525,"text":"side not every sports right holder have managed to reinvent themselves in order to engage with those younger","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10525s"},{"start_seconds":10534,"text":"fans are coming yeah and so thinking about technologies and the data and things that come off these boats i think when you said 40 billion data points from last weekend a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10534s"},{"start_seconds":10543,"text":"per day per day per day so think about how nfts and that kind of stuff could come into being super dynamic super smart it'd be really great to even hear","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10543s"},{"start_seconds":10552,"text":"before we get into that how are you guys looking at innovating today and how are you guys working with oracle well if you flip it back a little bit we we look at","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10552s"},{"start_seconds":10560,"text":"the boats we've got this huge amount of information coming off the boats and in traditional sports industry you have uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10560s"},{"start_seconds":10567,"text":"uh let's let's say a motor racing event they keep hold of that data themselves so if i produce that data","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10567s"},{"start_seconds":10575,"text":"that data is mine with cell gp we're an open source data partner so everything that we get uh one team can see what another team is doing and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10575s"},{"start_seconds":10583,"text":"and everything is open to that point of view so we wanted to have the same um way of thinking for our nft strategy we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10583s"},{"start_seconds":10591,"text":"want the fan to be able to look what's behind the scenes what's going on in uh within clgp how the boat is working where does all the uh data go how does","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10591s"},{"start_seconds":10600,"text":"that work this this is all open for discussion very cool i mean i think from from my perspective when you're thinking about sports as a whole whether you're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10600s"},{"start_seconds":10608,"text":"on land or or on the water all this is about bringing people together right so we're here uh about 2 000 people so community really coming together how do","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10608s"},{"start_seconds":10616,"text":"you guys really think about these types of technologies bringing people together into physical spaces and and even connecting the the digital space to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10616s"},{"start_seconds":10624,"text":"actually drive more fan engagement and not just from the traditional like you have value to me and buying that ticket like how are you guys thinking about that kind of stuff","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10624s"},{"start_seconds":10632,"text":"so i mean going back again in terms of the local versus global fan and equally as well same gp is one of the amazing","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10632s"},{"start_seconds":10640,"text":"opportunities compared to other sporting partners where when we work together we are looking for how could we deliver","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10640s"},{"start_seconds":10647,"text":"innovative approach in terms of how we engage with those fans any venues whether it's a sale gpa venue or a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10647s"},{"start_seconds":10654,"text":"football stadium have a limited capacity today the way that broadcasters are","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10654s"},{"start_seconds":10661,"text":"broadcasting the sports events is a one solution fits all whether that you are and even when you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10661s"},{"start_seconds":10670,"text":"go to an event i was in the uh italian grand prix this weekend actually watching the conference why","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10670s"},{"start_seconds":10676,"text":"weren't you at the crjp event so i mean again yeah i mean again watching the grand prix from the race","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10676s"},{"start_seconds":10684,"text":"from monza itself as a fan you don't get to see all the events and you'll not really be able to follow what's happening","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10684s"},{"start_seconds":10692,"text":"it's an amazing experience with the access you get but from this pure sporting perspective it's not possible to to feel and be kind","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10692s"},{"start_seconds":10700,"text":"of immersed in that experience so this is one of the things that we are working together is kind of how would you bring fans closer to the event","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10700s"},{"start_seconds":10709,"text":"whether you are watching that event in person or were you watching it from your sofa at home well and so thinking about really","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10709s"},{"start_seconds":10718,"text":"bringing fans together and trying to unlock that value you know how how are you guys working together today what are the things you're innovating on obviously oracle's been a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10718s"},{"start_seconds":10726,"text":"partner since the inception of cell gp um so we were talking about fan fandom so we we we create a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10726s"},{"start_seconds":10735,"text":"sale gp app which has the ability to manipulate data so you can go in and you can look at all the data from different","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10735s"},{"start_seconds":10742,"text":"boats you have the ability to view camera angles so go on move the camera angles around so all this is available","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10742s"},{"start_seconds":10749,"text":"for at the moment and with the thanks from our oracle to help us do that we have the ability to to delve deeper","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10749s"},{"start_seconds":10757,"text":"into the data at the moment we're given a subset of information to the fan the the plan is to have more information going on and that ability of the fan to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10757s"},{"start_seconds":10766,"text":"choose what they want to see if i'm uh if i want to see what what's happening on the wing or if i want to see what's happening on the platform i'll be able","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10766s"},{"start_seconds":10773,"text":"to go in and have a look at that information and and so unlocking that kind of stuff i mean when you think about building apps and building things for the future and innovating right clgp","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10773s"},{"start_seconds":10781,"text":"is a much smaller footprint from an oracle perspective how are you guys looking at building with clgp where can the tech that you guys are building together go from there it'd be great to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10781s"},{"start_seconds":10789,"text":"think about the other partnerships and relationships that you guys have yeah i mean again just one point about what just warren was saying which is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10789s"},{"start_seconds":10796,"text":"going back to earlier point about the older mother versus a new model from a traditional broadcast model where again","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10796s"},{"start_seconds":10804,"text":"some of you perhaps are football fans and you're a liverpool fan and is a liverpool tv which is exists a man united tv but i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10804s"},{"start_seconds":10813,"text":"mean again hardly anyone is using it and it costs fortune just to deliver those type of channels to a very few people but with the example as warren was","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10813s"},{"start_seconds":10822,"text":"sharing about the second screen experience you're actually enhancing that experience to the fans going back again","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10822s"},{"start_seconds":10829,"text":"to your point chris about how we are working with other kind of a sports brand i mean again it's about how we can come together and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10829s"},{"start_seconds":10838,"text":"this is a great example i mean again near clgp oracle coming together and this doesn't happen often by the way in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10838s"},{"start_seconds":10846,"text":"sports most of the sports brands they sign a sponsorship deal and they want to deliver value to that sponsor whether that is in ticketing or","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10846s"},{"start_seconds":10854,"text":"giving them exclusive experiences but what we are trying to build together here which is the loyalty program is how","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10854s"},{"start_seconds":10862,"text":"we tap into the expertise from each of those partners in order to deliver","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10862s"},{"start_seconds":10869,"text":"a value to the fans and bringing them closer to the experience what sports fan wants is they want to be part of that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10869s"},{"start_seconds":10877,"text":"experience that has been delivered by sports they want to be associated with the sale gp brand or one of the teams","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10877s"},{"start_seconds":10885,"text":"and we're giving them the means to do that that's amazing and and i know oracle as a whole has been focused on kind of fan loyalty found engagement for quite some","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10885s"},{"start_seconds":10892,"text":"time winning some awards across some products you know as you guys think about what does that future look like the learnings best-in-class user experience like where where can things","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10892s"},{"start_seconds":10901,"text":"go from here from a build perspective are there areas that you're looking at and playing with or wanting to play with more from from a tech technology wise um you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10901s"},{"start_seconds":10910,"text":"know we're working with oracle well the three companies are working together so um how do we how do we go to a web three","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10910s"},{"start_seconds":10918,"text":"version of what we've got you know we we know how to do a web 2 version but what what's the what's the difference within with web 3 and how can we build this on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10918s"},{"start_seconds":10926,"text":"chain as well and also the sustainability aspect of it as well you know cell gp is built on sustainability values and how can we be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10926s"},{"start_seconds":10934,"text":"sustainable when we're thinking of this technology and we move this around as well and we were talking earlier about uh cgp","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10934s"},{"start_seconds":10941,"text":"started in 2018 and oracle have acquired crowd twist in 2019 and this feel is one","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10941s"},{"start_seconds":10949,"text":"of the missing parts in the customer experience portfolio of oracle and crowdtwist is basically the loyalty solution","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10949s"},{"start_seconds":10957,"text":"that is built with the one fundamental element is rewarding customers and fans based on their engagement when i was","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10957s"},{"start_seconds":10966,"text":"working in spurs the the thing that fans hate the most is rewarding them based on the spend","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10966s"},{"start_seconds":10973,"text":"and this is kind of the paradigm shift of all the loyalty program that perhaps we see in the market from airlines that we were talking about earlier","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10973s"},{"start_seconds":10981,"text":"supermarkets it's all based on a transactional relationship what we are trying to build here","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10981s"},{"start_seconds":10989,"text":"is a loyalty program that built a base on engagement based on an emotional connection with the brand","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10989s"},{"start_seconds":10996,"text":"i would we would reward fans the more they learn about sale gp the more they are engaging with the brand and so thinking about scalability right the the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=10996s"},{"start_seconds":11005,"text":"teams that you mentioned the what does the scale of something like that look like because i think when we're looking at mass adoption this really is about scale and one of the differentiators for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11005s"},{"start_seconds":11012,"text":"near is its ability to scale i'd love to hear even you know what does that funnel look like how do we get to those masses","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11012s"},{"start_seconds":11019,"text":"yeah i mean again with you and let me just uh share with you the some of the figures especially from tottenham asparagus where i used to work with so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11019s"},{"start_seconds":11028,"text":"tottenham hotspur nelson we're going to come and say you got 250 million fans around the world you look at their social media followers","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11028s"},{"start_seconds":11036,"text":"and this is by the way what we used to sell when you go to pond and said like oh you were gonna tap into 250 million fans around the world fantastic","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11036s"},{"start_seconds":11044,"text":"how many follow them in social media 25 million right almost 10 percent how many are the regulators actors","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11044s"},{"start_seconds":11052,"text":"who knows about the 25 million it's not tottenham hotspur it's a facebook instagram and twitter tottenham hotspur knows about only","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11052s"},{"start_seconds":11060,"text":"roughly 300 to 400 000 people who are regularly transacting so really what you're talking about is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11060s"},{"start_seconds":11068,"text":"bringing the thing closer to the sport closer to the team and really creating those new relationship dynamics and from a web 3 perspective to unlock that you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11068s"},{"start_seconds":11076,"text":"know thinking of clgp having been to a number of the events it's a newer sport right it's growing fan base it's not the mass ticketed event and i think primitive wise we talk about this a lot","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11076s"},{"start_seconds":11084,"text":"we've got things like the dow being launched and a team being owned for the first time really close to a sport and think about the data that can come through","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11084s"},{"start_seconds":11092,"text":"that and the access uh it'd be great to even hear how what do you think that could look like i know product development's still underway but are there things that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11092s"},{"start_seconds":11100,"text":"excite you most about the opportunity there because if you think about applications it sounds like the first time to really be able to bring those things together","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11100s"},{"start_seconds":11109,"text":"totally um you know with the crowd twist application that oracle is building and how it can integrate with the near","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11109s"},{"start_seconds":11116,"text":"blockchain as well is is going to be really really interesting aspect how can we get more fans to be uh engaged in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11116s"},{"start_seconds":11124,"text":"what we do how can we give experiences of where what the more things you do for within sale gp so all those type of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11124s"},{"start_seconds":11132,"text":"things are really interesting for us and how we get to that point and again going back to the same point how would you get to those masses you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11132s"},{"start_seconds":11140,"text":"need to kind of realize and understand that you are catering from a diverse fan base who some of them maybe is still","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11140s"},{"start_seconds":11147,"text":"on the on the adult one using web 2.0 and some of them may be adopted already the web 3. so how would you be able to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11147s"},{"start_seconds":11154,"text":"deliver and experience that catering for all those fans and the program and the kind of the loyalty program that we are building as i mentioned it's all based","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11154s"},{"start_seconds":11162,"text":"on how you are rewarding fans based on their engagement and then converting those uh the more they engage with you the more they gain","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11162s"},{"start_seconds":11170,"text":"points and after they gain those points you can convert those points into nfds in order to get an exclusive experiences","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11170s"},{"start_seconds":11179,"text":"one so thinking about things like nfts being a token type that could give you access to very exclusive premium experiences whether that's in-app or","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11179s"},{"start_seconds":11187,"text":"on-site i'd love to hear i know uh russell was talking a little bit about that yesterday and these experiences are things that have never been able to have access to potentially whether it's uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11187s"},{"start_seconds":11196,"text":"custom audio and in the app or during streaming would love to hear what gets you excited i know you do the the the end","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11196s"},{"start_seconds":11203,"text":"the possibilities are endless really you know we we have a uh uh an area where we build the boats it it's it's like a pit","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11203s"},{"start_seconds":11210,"text":"lane in formula one uh the the the ability to to walk around to see the behind the scenes","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11210s"},{"start_seconds":11217,"text":"that's available there um out on the water we we have programs there where people can go out on the water and and follow the boats around","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11217s"},{"start_seconds":11226,"text":"these are you know they're not available to everybody and it's yeah it's pretty amazing and just one thing as well to add into","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11226s"},{"start_seconds":11233,"text":"some of those experiences which is again the technology and the web 3 is allowing us to start exploring","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11233s"},{"start_seconds":11240,"text":"is today we talked about the broadcast approach with user generated generated content solution which is a source video","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11240s"},{"start_seconds":11248,"text":"solution from oracle you basically making every single fan is a broadcaster and then the other fans can see the the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11248s"},{"start_seconds":11256,"text":"events through the eye of those fans and then the more again those fans engage with you the more you reward them and then you start building that fandom","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11256s"},{"start_seconds":11265,"text":"level to just kind of bring him closer to your event in essence we at clgp don't produce anything on site we do that everything","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11265s"},{"start_seconds":11273,"text":"from an off site a remote location so in essence we're doing exactly what we're doing for our broadcaster but it's coming from the fan first so that's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11273s"},{"start_seconds":11282,"text":"pretty it's pretty interesting approach yeah and so as we look at that and the ability for a fan to get closer i know the opportunity of something like an nft","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11282s"},{"start_seconds":11290,"text":"could find you speaking with the the athlete or with the coaches and those kinds of things even in uh in between races right so sub gp goes almost month","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11290s"},{"start_seconds":11297,"text":"to month and it is scaling its total races but it'd be great to hear what is that access like how do you bring fans closer potentially well we have the ability to for a fan to actually talk to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11297s"},{"start_seconds":11306,"text":"the to the athletes on the boat at the at the time they're in downtime of racing so we have uh uh 11-minute races 11 minutes to 15-minute","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11306s"},{"start_seconds":11316,"text":"races between that then they they get set up ready for the next race the opportunity there is to have a conversation with the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11316s"},{"start_seconds":11323,"text":"with a with a fan really they can tell them what they did right or wrong that's amazing and chris you touched on a really important point which is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11323s"},{"start_seconds":11331,"text":"a lot of the sports brand that we work with one of their biggest challenges is that they have during the event","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11331s"},{"start_seconds":11338,"text":"whether it's kind of the grand prix in the weekend the fan is actively engaged but what do you do between races","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11338s"},{"start_seconds":11347,"text":"what do you do pre-events what do you do post events when you don't have your hero content which is your race is happening","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11347s"},{"start_seconds":11355,"text":"and this is the opportunity to start engaging with those fans by delivering to them whether exclusive experiences or exclusive content","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11355s"},{"start_seconds":11364,"text":"and so with clgp how are you guys thinking about that today are there things that get you super excited like that you'd love to have happen uh whether it's realistic or not is it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11364s"},{"start_seconds":11372,"text":"getting a slingsby coffee in the morning uh every monday to get your week going if you're a super fan if you will yeah exactly right uh but but as i said","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11372s"},{"start_seconds":11381,"text":"it's it's endless it's possibility is endless what we could what can offer but it's how the fan integrates with sale gp is the bit","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11381s"},{"start_seconds":11389,"text":"that we we really need to to work out and we're we're working with with both both your teams on on how we we can","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11389s"},{"start_seconds":11397,"text":"change a fan centric uh approach but not copy what everybody else is doing as well this needs to be a web three uh uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11397s"},{"start_seconds":11405,"text":"take on it and how do we do that is uh is pretty interesting and and so i know that you guys have very much embraced our community and in a lot of ways and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11405s"},{"start_seconds":11413,"text":"gone deep into docs and the technical nuance of things that i know you've talked with the mint based team the satori team and a number of others it'd be great to even hear when you look at","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11413s"},{"start_seconds":11421,"text":"getting the best in class user experience and onboarding people into this space like what are some of those friction points you've seen today and i think one of the most interesting things","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11421s"},{"start_seconds":11429,"text":"for me is the feedback that comes back from partnerships like this and from quality building teams we we've","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11429s"},{"start_seconds":11436,"text":"we've been we had a gallery an nft gallery in uh in chicago that was uh that was pretty cool um how we where","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11436s"},{"start_seconds":11444,"text":"people interacted with the nfts they could purchase anything if they needed to as well using all the tech stack from satori and mint base as well it was it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11444s"},{"start_seconds":11453,"text":"was pretty pretty pretty cool on how we do that and it's now how we going to move that into our clgp tech stack as well how that integrates as well is is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11453s"},{"start_seconds":11461,"text":"going to be the fun part that's very cool and and even the the implications of that i think as you're talking about the loyalty product in and of itself being able to build that stuff in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11461s"},{"start_seconds":11469,"text":"i think could prove out here in cell gp like this can be frictionless we can remove a lot of a lot of those barriers","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11469s"},{"start_seconds":11477,"text":"yes you know we're we're at a web 2 company moving into the web 3 space so we're still going to have some web 2 customers","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11477s"},{"start_seconds":11484,"text":"so that frictionless uh wallet approach needs to happen so we're working and how would that work if if a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11484s"},{"start_seconds":11492,"text":"web 2 user we're just going to see that how can we work for a web 3 environment so that that's that that's our challenge i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11492s"},{"start_seconds":11500,"text":"love it and are there things that you know you've worked on a number of like award-winning products that have come out of uh oracle in in the fandom space are there things that you know that we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11500s"},{"start_seconds":11508,"text":"need to be doing better that you're thinking about how do we help cell gp kind of innovate yeah i mean again going back to the same point that we were talking about one of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11508s"},{"start_seconds":11516,"text":"the really exciting uh what make us really exciting is when we were doing those workshop with the team from gp and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11516s"},{"start_seconds":11523,"text":"the team was near we are kind of redefining some of the thing that has been even thought about before in the sports industry i got a privilege to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11523s"},{"start_seconds":11532,"text":"work with many of our sports partners and one of the thing that makes me excited about this project specifically that we are trying to create things that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11532s"},{"start_seconds":11541,"text":"has not happened before in the sports industry try to bring three key partners or big brands together in order to deliver","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11541s"},{"start_seconds":11549,"text":"an immersive fan experience to those fans that's warning us touching on how will you betray bridge the world of web","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11549s"},{"start_seconds":11556,"text":"2.0 to the web 3 and a frictionless experience how would you redeem those point to an nft and blockchain technology how would you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11556s"},{"start_seconds":11565,"text":"kind of translate that into the digital world and the online and offline world and and the metaverse and the metropolitan of course because it's kind","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11565s"},{"start_seconds":11573,"text":"of delivered whether we're talking about vr ar or xr you start kind of tapping into new opportunities for bringing and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11573s"},{"start_seconds":11581,"text":"bringing the fans closer to the event and the game and even so thinking pure like commercial opportunities right you guys are each running a business you're in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11581s"},{"start_seconds":11589,"text":"sports for a reason and so thinking about metaverse and and nfts and all of that stuff uh obviously we're working with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11589s"},{"start_seconds":11596,"text":"sale gp we're working with you guys on a lot of this but even for from an oracle perspective are you guys looking at this space as a whole it sounds like you're obviously building here but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11596s"},{"start_seconds":11604,"text":"commercialized it'd be great to to hear how you're thinking about that or or what kind of stats you're looking at is most important from an oracle perspective there is a no better","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11604s"},{"start_seconds":11612,"text":"platform than showing the power of oracle solution than sports and clgb right","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11612s"},{"start_seconds":11620,"text":"there is nothing else i mean again i can go and talk about how great oracle solution is helping manufacturing organization but i mean again come on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11620s"},{"start_seconds":11628,"text":"it's not as exciting as when you talk about how is oracle solution are helping a certain team to win races or helping a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11628s"},{"start_seconds":11636,"text":"fan to engage with with their favorite athletes and this is kind of driving to us the the commercial value from an oracle","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11636s"},{"start_seconds":11645,"text":"solution storytelling perspective and i always want nothing to say sorry i always say if you are able if we are able to help","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11645s"},{"start_seconds":11654,"text":"clgp and sports brand win races by milliseconds then we are able to do it in any other industry","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11654s"},{"start_seconds":11662,"text":"now i agree with that because you know we we built our stack on oracle at the moment and everything that we do we you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11662s"},{"start_seconds":11670,"text":"know to get those milliseconds back and how we uh be able to see how fast the boats are going that's all built on the oracle or oracle stack how can we pivot","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11670s"},{"start_seconds":11678,"text":"and move over to a to keep what we're doing but also have the ability to go stay on to have assets","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11678s"},{"start_seconds":11686,"text":"on on chain as well so that's going to be really exciting for us well and it sounds like to a degree there's an opportunity here even around like fantasy right so if you're able to plug","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11686s"},{"start_seconds":11694,"text":"in the amount of data streams you guys have going being able to engage someone in a non-traditional sport in a lot of ways um i'd love to hear even how that might","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11694s"},{"start_seconds":11702,"text":"excite you or or not it it's exciting um you know we we do a lot of augmented reality if you've seen the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11702s"},{"start_seconds":11711,"text":"video where we're with with water you can't have a you can't paint anything on there it's water so we we invented uh augmented","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11711s"},{"start_seconds":11720,"text":"reality the way we can put uh the the course the the the uh the area of sailing on there so we utilize that then","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11720s"},{"start_seconds":11727,"text":"and we move that around so that the possibilities of utilizing that in other industries or other technologies it's something we're looking at as well so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11727s"},{"start_seconds":11735,"text":"we're pretty we're pretty excited about that right well i know metaverse typically lends into conversations with gaming i know that there's an irregular game","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11735s"},{"start_seconds":11742,"text":"today when i think about access and fandom and the ability for you to maybe collect a certain subset of uh nfts for example or collectibles uh being able to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11742s"},{"start_seconds":11750,"text":"get into that it'd be amazing to see could you actually build a new regatta game that is web3 based and could you get access through something like the the oracle","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11750s"},{"start_seconds":11759,"text":"activations and build yeah i mean again going back in terms of the model changing because uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11759s"},{"start_seconds":11766,"text":"we are not re again as we are trying to co-innovate in terms of to engage and finding the way to engage with those fans but this is kind of if you think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11766s"},{"start_seconds":11774,"text":"about it long long time ago people used to kind of collect cards about this force uh people you want to have","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11774s"},{"start_seconds":11781,"text":"merchandising but again that merchandise have a limited reach to the people around the world so the kind of the metaverse is opening new commercial","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11781s"},{"start_seconds":11790,"text":"opportunities for right holders like sale gp to reach out to those fans around the world one so that's actually interesting i'd say let's dive into that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11790s"},{"start_seconds":11797,"text":"a little bit from a commercialization perspective so really what you're saying is the the pie is growing in a lot of ways and the opportunity to truly engage people in a meaningful way","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11797s"},{"start_seconds":11805,"text":"super fandom and word of mouth are some of the like strongest advocates for sport for technologies uh is there stuff in that space that you're thinking hey","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11805s"},{"start_seconds":11813,"text":"we can prove this out in cell gp after you yeah i mean this is exactly what we try to do i mean","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11813s"},{"start_seconds":11822,"text":"again you definitely need to kind of cater for your kind of existing fan base i'm looking and analyzing what the fans are interested and want to do and this","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11822s"},{"start_seconds":11830,"text":"is what as warren was saying in terms of how firstly to get them to sign up and again another example from any of the fantasy league they have millions of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11830s"},{"start_seconds":11839,"text":"fans sitting there but you're not able to commercialize those lands or even building a general relationship or a pure","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11839s"},{"start_seconds":11846,"text":"engagement with them and this is exactly what we're trying to do here with the loyalty program that we're building with clgp is how we are able to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11846s"},{"start_seconds":11854,"text":"building and bringing the fans if they change any data with us then we are able to personalize that experience to them the more they personalize the experience the more we bring them into their","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11854s"},{"start_seconds":11862,"text":"phantom level at lgp we look at it as technology first how can we use technology to to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11862s"},{"start_seconds":11871,"text":"to reach the fan to be better what we do to to be able to more people to watch what we are and and from that point of view then we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11871s"},{"start_seconds":11879,"text":"can work out then what technology we use and what platform we use et cetera but for us it's all about technology and how we move that forward one so we're obviously in in season","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11879s"},{"start_seconds":11887,"text":"three uh and we're moving to the next race in another two weeks the 24th 25th and cadiz so it'd be great if folks are curious about what this is all about","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11887s"},{"start_seconds":11895,"text":"what the teams are building how you can start to experience fandom in a new way and go to the clgp booth there will be tickets available for the next event","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11895s"},{"start_seconds":11903,"text":"so it'll come out experience it you're probably thinking sailboat racing i don't understand this what is it i i think you can't believe it till you actually see it up close and really see","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11903s"},{"start_seconds":11911,"text":"what these guys are doing the amount of tech that they're pumping through the tech faces every weekend and being able to get that up close and personal with it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11911s"},{"start_seconds":11918,"text":"will really probably change the game is there anything you guys like like to close with um no i've really enjoyed myself here it's my first uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11918s"},{"start_seconds":11926,"text":"neocon so it's been it's been really really really really good i'm learning still learning no i mean as i said i mean thank you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11926s"},{"start_seconds":11934,"text":"very much for being here i really encourage you as well as chris mentioned to join the sale gp because this is going to be reinventing the way sports","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11934s"},{"start_seconds":11942,"text":"brand are engaging with the fans and redefining fan engagement awesome thank you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11942s"},{"start_seconds":11952,"text":"right on the money","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11952s"},{"start_seconds":11992,"text":"huge thank you to our previous panelists for that wonderful discussion i hope you learned a lot i sure did but now we've got one which is very","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=11992s"},{"start_seconds":12001,"text":"close to my heart uh we're going to talk a little bit about how daos get done well actually it says get work done","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12001s"},{"start_seconds":12008,"text":"but i thought that would be a bit more punchier we have um adrian bellow of the kin dao and primordia dao jordan grey of astro","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12008s"},{"start_seconds":12017,"text":"dao stanley he of cornerstone dao and our wonderful moderator danny ozario of meadow adventures","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12017s"},{"start_seconds":12045,"text":"all right all right gm gm friends because it's clearly still the morning for everyone hope you had a wonderful evening","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12045s"},{"start_seconds":12054,"text":"out last night as a reminder there is an incredible after party that your near con team has planned for you there is going to be an amazing","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12054s"},{"start_seconds":12062,"text":"world-class dj that you most definitely don't want to miss so keep your eyes peeled for the official near khan closing party um as david mentioned","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12062s"},{"start_seconds":12071,"text":"earlier today we're going to have an incredible panel about dao's and how they get things done and with that we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12071s"},{"start_seconds":12079,"text":"will actually start by introducing every single one of these panelists and i'd love it if you can tell us a little bit about um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12079s"},{"start_seconds":12087,"text":"what your tao or dao product does so that the audience has a little bit more context maybe adrian you can kick us off","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12087s"},{"start_seconds":12095,"text":"absolutely so i am part of the kin dao in primordia dao currently both of which rooted from a real life grocery","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12095s"},{"start_seconds":12102,"text":"cooperative called the kindness grocery cooperative that was founded in 2020 during the pandemic in the san francisco bay area to address the issue of food","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12102s"},{"start_seconds":12111,"text":"insecurity and then we went on this long journey of figuring out that that was not going to address all of the issues that we wanted to see changed in the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12111s"},{"start_seconds":12119,"text":"world so we transitioned into a dao called the kin dao and we are focused on collaboratively owning physical land to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12119s"},{"start_seconds":12128,"text":"create self-sustaining food systems in microeconomies practicing this decentralized governance in person and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12128s"},{"start_seconds":12135,"text":"rehabilitating our relationship with earth and then from the kindell we started another project called primordia dao where we are onboarding a hundred","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12135s"},{"start_seconds":12143,"text":"dolls to near by the end of the year and all of these dals are traditionally excluded communities and folks who are focused on social good projects and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12143s"},{"start_seconds":12152,"text":"sustainability projects yeah such awesome work um i'm jordan gray and i work on astro dial which is a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12152s"},{"start_seconds":12162,"text":"tool a website that lets anybody uh everyday users harness the power of daos under the hood there are the sputnik dow","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12162s"},{"start_seconds":12170,"text":"contracts which is the audited diamond hardened code that allows you to do your treasury and governance and everything else","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12170s"},{"start_seconds":12177,"text":"and what astro does is expose all of that in a web interface for anybody to use in the middle there's also an api layer","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12177s"},{"start_seconds":12185,"text":"that allows builders to index dials all their historical information and build bots and other things around them and that's kind of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12185s"},{"start_seconds":12193,"text":"the stack and what i'm excited about yeah thanks so i'm stanley i'm from cornerstone dao so cornerstone is the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12193s"},{"start_seconds":12201,"text":"medical government's hub on near-end aurora and octopus basically it's the dow of dao's carlson treasury accumulates down tokens from other","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12201s"},{"start_seconds":12209,"text":"protocols and then lets cornerstone users use one token to decide how the treasury uses and votes","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12209s"},{"start_seconds":12217,"text":"without a token so that's how we achieve mental governance because we identify the problem of scattered governance in the current crypto space and it's so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12217s"},{"start_seconds":12226,"text":"hard for retail users for honorary people to actually feel the power of doubt to actually be incentivized to vote","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12226s"},{"start_seconds":12234,"text":"so that's why we're building this meta governance layer on near and hopefully we can promote that to other ecosystems too","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12234s"},{"start_seconds":12242,"text":"that's really wonderful and so what i'm really hearing is that these are all different kind of decentralized organizations that seem to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12242s"},{"start_seconds":12249,"text":"have different different purposes and so i was wondering if one of you might be able to talk me through the different types of dials we're seeing right now because i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12249s"},{"start_seconds":12258,"text":"hear a lot about investment doubts i hear about dows of dows i hear about other things so um maybe maybe jordan","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12258s"},{"start_seconds":12266,"text":"since astro dao is really you know the the creator of dallas you can tell us what you're seeing yeah it's true astro","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12266s"},{"start_seconds":12274,"text":"is a dao factory so um over time uh the past year plus or so that astro has been live we've launched","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12274s"},{"start_seconds":12281,"text":"over 700 dows and of those we have about 100 to 200 monthly active dows depending on the when you check","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12281s"},{"start_seconds":12290,"text":"and the dows that people are creating are really all over the place since those are such flexible tooling they're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12290s"},{"start_seconds":12297,"text":"being used for social good causes they're being used for the investment they're being used for things like owning ip rights and doing things with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12297s"},{"start_seconds":12305,"text":"characters that are shared resources video game dials dap dao so managing and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12305s"},{"start_seconds":12312,"text":"governing your protocols and your adapts there's daos that are being used just for creative output","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12312s"},{"start_seconds":12320,"text":"there's a lot of record labels visual labels artists collaborating and that's very dear to my heart that's how i got","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12320s"},{"start_seconds":12328,"text":"into this whole web 3 space was through my art and tech non-profit that i've been running for several years and seeing all of that vibrancy and all of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12328s"},{"start_seconds":12336,"text":"that enablement on the platform is just uh so exciting and so cool wonderful and and i think ultimately um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12336s"},{"start_seconds":12344,"text":"what these dow seem to be drawing on is really an innate human desire for connection and coordination um and so i was wondering adrian if you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12344s"},{"start_seconds":12353,"text":"could talk a little bit about how people come together and collaborate through daos it seems like there's a an end goal or a purpose but how does that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12353s"},{"start_seconds":12362,"text":"actually happen at least in your experience how have you managed to drive forward activity or accomplish the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12362s"},{"start_seconds":12371,"text":"goals you set for yourself and the dao absolutely um so i don't come from the tech space like jordan i'm also an","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12371s"},{"start_seconds":12378,"text":"artist and community builder and majority of the communities that i'm bringing into the dial space are also in that realm so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12378s"},{"start_seconds":12386,"text":"we are used to working together you know we're used to collaborating and bringing all of our assets together and making","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12386s"},{"start_seconds":12394,"text":"things happen under very precarious scenarios so when we're given a tool to be able to put all of this together","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12394s"},{"start_seconds":12403,"text":"it's kind of easy for us um but it also is something to think about when we're moving in this space that we're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12403s"},{"start_seconds":12411,"text":"living in a place that we're not used to working together in this way so the way that we're building and bringing all these dials into this space is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12411s"},{"start_seconds":12419,"text":"one-on-one relationships it's all about building trust and we talk a lot about having a trustless blockchain but in order to get to that place we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12419s"},{"start_seconds":12427,"text":"also have to be able to build real relationships with people so dows are a really useful tool but we also have to understand the concepts of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12427s"},{"start_seconds":12436,"text":"it and so having those real relationships mentorships slowly getting people used to it and then really understanding the concepts","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12436s"},{"start_seconds":12443,"text":"is what people are going to need to be able to thrive in this space wonderful thank you and one of the things i keep hearing about daos is that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12443s"},{"start_seconds":12450,"text":"they're mostly flat structures um some of them have a little bit of a hierarchy but they're they generally are fairly flat and that makes governance a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12450s"},{"start_seconds":12459,"text":"very difficult human challenge in general and so um stanley i'm wondering if you can tell us a little bit about the different governance mechanisms","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12459s"},{"start_seconds":12467,"text":"you're seeing in daos yeah for sure i mean um i think that was actually like derived from the very","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12467s"},{"start_seconds":12475,"text":"first original idea of human organization which is you know we started from you know simple democracy","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12475s"},{"start_seconds":12482,"text":"one token one vote or one people one vote um and to be honest most styles are still utilizing them kind of them you know until now","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12482s"},{"start_seconds":12490,"text":"um that's the most simple one and we also have more sort of more you know complex mechanisms like quadratic voting","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12490s"},{"start_seconds":12497,"text":"which actually um tries to try to deter the you know the influence from whales tries to you know to get more","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12497s"},{"start_seconds":12505,"text":"a more eco sort of um you know uh right um to our vultures and also we're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12505s"},{"start_seconds":12513,"text":"seeing i think we're seeing you know more complex structures right now so because there are many topics that you cannot really just solve through","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12513s"},{"start_seconds":12521,"text":"one time of voting right you have to do you know multiple rounds of discussion and deliberation and you have to first","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12521s"},{"start_seconds":12528,"text":"refine the topic you have to refine it multiple times and finally identify to define the real problem that we're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12528s"},{"start_seconds":12535,"text":"trying to discuss i think this is also where dao should you know should work on so i think we're seeing the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12535s"},{"start_seconds":12542,"text":"collaboration between you know between on-chain voting off-chain voting and also discussion on forums i think those","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12542s"},{"start_seconds":12549,"text":"are all very integral parts of adele it's not only about evolving mechanism it's about a community actually talking","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12549s"},{"start_seconds":12557,"text":"about some stuff together um yes i think you know we're we're actually seeing the um you know the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12557s"},{"start_seconds":12564,"text":"involvement of um of dell over time i mean i think they're still quite you know quite simple compared to over existing you know um let's say","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12564s"},{"start_seconds":12573,"text":"government organizations we see every day but i think we're sort of you know reliving the human history and change","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12573s"},{"start_seconds":12581,"text":"right now and it's great to really see all the progress that's very cool um and adrian can you tell us a little bit about um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12581s"},{"start_seconds":12590,"text":"what tools you've been able to use to function through these dao since you have so much experience with onboarding","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12590s"},{"start_seconds":12598,"text":"people and communities into them absolutely um astro dao is an easy one that is honestly the home","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12598s"},{"start_seconds":12606,"text":"for everything that we've been doing um it's great because it is accessible for the folks that we're bringing on and also ourselves we had to teach ourselves","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12606s"},{"start_seconds":12614,"text":"before we even came into this space and a lot of the other chains that we've experienced seemed really really hard to get into there was a huge barrier of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12614s"},{"start_seconds":12623,"text":"entry and so near itself that's why we're here is the barrier to entry is very low it's accessible and astro dao is in alignment with that as well so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12623s"},{"start_seconds":12631,"text":"absolutely easy to use it's where all of the governance is it's where the assets are and also having a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12631s"},{"start_seconds":12640,"text":"governance form is really helpful too to be able to reference all of the decisions in the conversations off-chain so when you are making decisions on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12640s"},{"start_seconds":12648,"text":"astrodollar wherever you are then you can reference those things as well wonderful and i imagine you know the assets are obviously unchained but are","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12648s"},{"start_seconds":12656,"text":"you saying that you're putting your decisions on chain as well yes yeah wow decisions can be made on chain","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12656s"},{"start_seconds":12663,"text":"in this space you can decide which decisions you want to prioritize when you are doing it on chain um so if you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12663s"},{"start_seconds":12671,"text":"say are making a logo and you're like what color do we want the logo maybe you don't have to have that on chain that's for the forum yeah that's for the forum","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12671s"},{"start_seconds":12678,"text":"but um it's up to you you can still do that depending on how big your community is for those more important decisions you're going to want them on chain and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12678s"},{"start_seconds":12686,"text":"the beauty of it is then you have transparency and you can always go back and look at who voted on what and why and even if you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12686s"},{"start_seconds":12694,"text":"know bad actors are in the space or something fails you can go back and you can look instead of it being this mysterious what happened","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12694s"},{"start_seconds":12701,"text":"so here's a question about voting um because i i have imagined this uh like in theory but in practice um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12701s"},{"start_seconds":12708,"text":"does the dow set thresholds for like what what is required for a vote to pass um and and who decides that is it a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12708s"},{"start_seconds":12717,"text":"creation yeah uh i can speak to that a bit with the configuration of daos we have been talking about kind of like what those","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12717s"},{"start_seconds":12724,"text":"are a little bit and i think that people have an idea of what they are and that gets um kind of seen as the default but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12724s"},{"start_seconds":12732,"text":"dallas can be really flexible and astro allows you to do things that aren't necessarily flat where there's thousands of dows and different hierarchies and things","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12732s"},{"start_seconds":12740,"text":"different groups and then to get to the configuration of that quorum that cut off for how the votes pass each group","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12740s"},{"start_seconds":12748,"text":"has its own uh cut off so 50 is what people would imagine being the default and then depending on what kind of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12748s"},{"start_seconds":12756,"text":"size that group has if it's a group of three people fifty percent is probably fine if it's a group of five thousand or five million people you're probably","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12756s"},{"start_seconds":12764,"text":"going to need to adjust your quorum because you're not going to get 5 million people or even 200 million people to vote on something so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12764s"},{"start_seconds":12773,"text":"you kind of have to iterate as you're going and that's one of the great things is even though it's all on chain it can also all evolve and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12773s"},{"start_seconds":12780,"text":"the dows can upgrade themselves uh even introduce new functionality to themselves but who upgrades the dao is it the owner of the key or is is it like","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12780s"},{"start_seconds":12788,"text":"someone that represents the dao yeah we're getting into kind of the technical territory it's really interesting because nir has a flexible account model","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12788s"},{"start_seconds":12795,"text":"which is just a beautiful thing and it enables the dows to not have any access keys on them so there is no key to the dao itself it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12795s"},{"start_seconds":12804,"text":"just a list of accounts that are allowed to take actions and then you can say of the groups of people that you configure for those which people are allowed to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12804s"},{"start_seconds":12813,"text":"put proposals forward and that could be everybody on the chain or a small group of people or some holders of an nft or a fungible token and then you also get to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12813s"},{"start_seconds":12822,"text":"say who votes on things and again you've got all the configuration options there so the complexity grows quickly those are","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12822s"},{"start_seconds":12829,"text":"just two things and different lists of users that can do those two different things and you already have a bunch of different configurations that you can try out and see what's going to work for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12829s"},{"start_seconds":12837,"text":"your community wonderful so it seems that just like in real life you still need community managers to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12837s"},{"start_seconds":12844,"text":"help run this thing and so um adrian how do you find the those people who are going to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12844s"},{"start_seconds":12851,"text":"uh be responsible for managing these deaths are they basically naturally people who are already managing the communities and and doing that in in the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12851s"},{"start_seconds":12859,"text":"real world yeah so with ourselves and also with the communities that we're bringing on most of the time either the community is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12859s"},{"start_seconds":12868,"text":"already functioning and they're working on a project or they have a community that has an idea that they want to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12868s"},{"start_seconds":12875,"text":"see into fruition so in that these folks have something invested and they want to see something change so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12875s"},{"start_seconds":12884,"text":"it doesn't take a lot of like please come participate because this is something that people want to do i think you see that in some of the dials that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12884s"},{"start_seconds":12892,"text":"have like you were saying a huge amount of community members and that's really cool too um but you're gonna have to configure it in a way and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12892s"},{"start_seconds":12900,"text":"have those community managers managers like really go in and harness people and be like yeah like come and participate but for the experience that i have it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12900s"},{"start_seconds":12908,"text":"people that are really focused on making a change so this is just a tool for them to be able to make that happen and it doesn't take","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12908s"},{"start_seconds":12916,"text":"much motivation because we're already in motion this is just like it's the thing to put in the bag like okay we're going doom doom and we're on our way that's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12916s"},{"start_seconds":12924,"text":"wonderful and and the the concept of meta governance is really interesting stanley so can you tell us a little bit about why we need","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12924s"},{"start_seconds":12932,"text":"metagovernance yes so you know if you think about it like one blockchain it's more like like a nation right it's more like a nation","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12932s"},{"start_seconds":12939,"text":"country it's more closer to relation to a nation country than let's say a company so there will naturally be you know multiple organizations you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12939s"},{"start_seconds":12946,"text":"let's say within that nation but you know you would somehow want some sort of you know overall governance right uh meta governance on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12946s"},{"start_seconds":12955,"text":"top of all those you know also scattered and separate individual organizations i think that's you know let's say if you are generally bullish on there you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12955s"},{"start_seconds":12963,"text":"naturally want to ask hey where where can i actually influence you know in the future direction of near as a whole","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12963s"},{"start_seconds":12971,"text":"rather than just vote on this and that right i think that that that's why um like that's what motivated us you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12971s"},{"start_seconds":12978,"text":"know to first you know uh to first build um on a meta conference sort of a front yeah and also i think it actually increases","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12978s"},{"start_seconds":12987,"text":"the overall efficiency of the ecosystem because there can be conflict of interest within let's say near ecosystem it's very natural but you really need","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12987s"},{"start_seconds":12996,"text":"that one party to actually reconcile all those interests and without meta governance it's very hard let's say two particles competing together is you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=12996s"},{"start_seconds":13005,"text":"all you know their users all want you know i want to actually dominate the other one so how how do we actually reconcile their interests and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13005s"},{"start_seconds":13013,"text":"achieve the optimal efficiency for near as a whole and that's where meta governance comes to work you know we so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13013s"},{"start_seconds":13020,"text":"because you have skin in our games so as a you know as a voter as a governor of the whole ecosystem you will naturally","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13020s"},{"start_seconds":13028,"text":"you know vote for the best result for near as a whole and i think that's you know something we have already seen you know in other","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13028s"},{"start_seconds":13036,"text":"ecosystems so yeah i'm pretty excited to actually build that out on the air hopefully we do that better in web 3","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13036s"},{"start_seconds":13044,"text":"than uh some politicians so we'll see um so we only have a few minutes left so i want to do a quick 30 seconds hot take from everyone on the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13044s"},{"start_seconds":13052,"text":"future of daoz or anything innovative you're seeing out there adrian do you want to kick us off absolutely um so the future of daos i think dows","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13052s"},{"start_seconds":13060,"text":"are going to absolutely expand as people start to understand them more and as we do and people start to come into the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13060s"},{"start_seconds":13066,"text":"space more i encourage us to continue to reference and collaborate with the experts in collaboration right we have","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13066s"},{"start_seconds":13074,"text":"experts in all different types of industries but who do we go to when we're thinking about who has knowledge and collaboration and there are two","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13074s"},{"start_seconds":13083,"text":"groups of people or two groups of beings that are experts the first is nature if we go into an ecosystem which is what we're in right now we're in a natural","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13083s"},{"start_seconds":13091,"text":"ecosystem the near ecosystem you go into a natural ecosystem if it has a high level of diversity that's a clear indication of health a lot of people","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13091s"},{"start_seconds":13100,"text":"think that there's a lot of competition that's happening but actually if you deeply study it it's an intricate system of collaboration these plants in a small","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13100s"},{"start_seconds":13108,"text":"space if they do not have the nutrients from the ground from the soil they're going to start making nutrients to share with other plants and they're going to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13108s"},{"start_seconds":13115,"text":"start communicating with the other plants in order to you know help them if disease is coming there's also going to be the ecosystems that is homogeneous","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13115s"},{"start_seconds":13124,"text":"and these are these are not going to be as healthy so these are the ones that are not going to be able to regenerate and they're not going to be able to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13124s"},{"start_seconds":13132,"text":"keep having the nutrients from the soil because they're basically draining the soil the second expert in collaboration are indigenous people everywhere because","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13132s"},{"start_seconds":13139,"text":"they are inherently connected to the land so they create their culture in their society based off of the natural collaboration so if we continue to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13139s"},{"start_seconds":13148,"text":"work with these folks then we're going to be able to learn how we can structure and be in this world in a way with ease and grace","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13148s"},{"start_seconds":13156,"text":"wonderful stanley hot take um yeah i guess yeah i think i actually want to you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13156s"},{"start_seconds":13164,"text":"add on you know um jordan's point you know on the flexibility of dell configuration i think that's actually the first task adele should do is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13164s"},{"start_seconds":13171,"text":"actually determining the framework of your dow like you have to actually you know for group people to agree upon","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13171s"},{"start_seconds":13179,"text":"one set of of principles to set up your organization and that's you know in theory how we started our nation or you know our nation country and that's also","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13179s"},{"start_seconds":13188,"text":"how that should work you know it's not like you join a dial you just take it for granted you know because that comes from the owner it's not like that it should be a group of people first","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13188s"},{"start_seconds":13196,"text":"through deliberation and and to determine what's you know our rules in the future and and after that's determined everyone just you know works","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13196s"},{"start_seconds":13205,"text":"according to that rule to those principles and then the dow will you know develop on that on the track i think that's something you know i would","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13205s"},{"start_seconds":13213,"text":"really want to see more in the future wonderful jordan closes off hot take i'm looking for alpha here","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13213s"},{"start_seconds":13221,"text":"i'm gonna say that dows are gonna rock the business world in a way that we haven't seen since spreadsheets they are immensely powerful i think that we're on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13221s"},{"start_seconds":13230,"text":"the cusp of a work revolution and not only that if we figure out how to incent voting and get people to participate in democracy we're going to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13230s"},{"start_seconds":13239,"text":"fix it so let's fix democracy all thank you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13239s"},{"start_seconds":13259,"text":"let's fix democracy let's do it let's do it jordan thank you so much to a wonderful panelist ladies and gentlemen this is the last time i'm going to be on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13259s"},{"start_seconds":13267,"text":"stage today you've all been incredible thank you so much we're going to take a quick five-minute break i'm gonna go get really drunk so if anybody wants to come","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13267s"},{"start_seconds":13276,"text":"and join let's do it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13276s"},{"start_seconds":13518,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13518s"},{"start_seconds":13555,"text":"uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13555s"},{"start_seconds":13619,"text":"oh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13619s"},{"start_seconds":13670,"text":"so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13670s"},{"start_seconds":13697,"text":"greetings near khan please welcome your layer 1 stage mc a young june","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13697s"},{"start_seconds":13712,"text":"all right welcome back everyone so to continue our afternoon we're on the last stretch um we're gonna go ahead","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13712s"},{"start_seconds":13720,"text":"and bring up a panel of some traditional finance folks to talk about going crypto and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13720s"},{"start_seconds":13727,"text":"adopting or institutional adoption in a winter so i'd like to bring up cory pugh of bridge tower capital jeff lavoie from openweb","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13727s"},{"start_seconds":13736,"text":"collective olivier dong from oman omuro and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13736s"},{"start_seconds":13741,"text":"lula ledesma from coindesk to moderate","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13741s"},{"start_seconds":13763,"text":"hi guys um i just want to let you know that pei wu won't be joining us today so it's just going to be the four of us um we're going to start off with an","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13763s"},{"start_seconds":13771,"text":"introduction from each of you and a bit about what it is that your firm does and its relationship with crypto um let's start with you corey","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13771s"},{"start_seconds":13780,"text":"thank you um bridgestar capital we've been around about three years i've been affiliated with the blockchain for 10 years","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13780s"},{"start_seconds":13788,"text":"primarily in the enterprise side of things with some of our different businesses then three years ago we got heavily involved in this space we went all in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13788s"},{"start_seconds":13797,"text":"so we built an infrastructure on a global basis so we have offices in the u.s","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13797s"},{"start_seconds":13804,"text":"singapore switzerland and soon japan and we've taken the approach two years ago to build infrastructure and we use","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13804s"},{"start_seconds":13812,"text":"the infrastructure for staking originally so we have six thousand of our own","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13812s"},{"start_seconds":13818,"text":"staking notes on bare metal servers that are 100 percent renewable energy and those are in zurich switzerland and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13818s"},{"start_seconds":13827,"text":"then simultaneously we built our own marketplace with a regulated emphasis that institutions can have a safe place","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13827s"},{"start_seconds":13836,"text":"through kyc proof of reserves custodial support with wallets and then we create product within the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13836s"},{"start_seconds":13844,"text":"marketplace as well as give an environment where you have know your customer proof of funds","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13844s"},{"start_seconds":13852,"text":"and the safety for institutions to come in so we offer nfts in a very customized way","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13852s"},{"start_seconds":13860,"text":"we have different staking solutions we'll provide an end-to-end solution branded for different companies who want","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13860s"},{"start_seconds":13868,"text":"us to run the whole thing and then we've just come up with a product we're launching in fact near is a part of it that we will take a state crypto turn it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13868s"},{"start_seconds":13876,"text":"into a security and run the security down a securities exchange and then you will have the ownership of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13876s"},{"start_seconds":13883,"text":"that come into the owner in the form of the state to rewards great thank you um jeff do you want to discuss a bit about your background and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13883s"},{"start_seconds":13891,"text":"what it is you do sure so open web collective is a crypto native venture capital firm","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13891s"},{"start_seconds":13899,"text":"um basically investing across the entire full stack of technology in blockchain you may know openweb collective from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13899s"},{"start_seconds":13907,"text":"having run the accelerator program at near for the last several years we recently spun out at the beginning of the year and but we've kept a lot of the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13907s"},{"start_seconds":13914,"text":"dna that we've built over the last few years and so what we're looking to do is really invest across seed precede and series a very","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13914s"},{"start_seconds":13923,"text":"selectively and what we're looking for is really high potential founders that are looking to solve real world problems","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13923s"},{"start_seconds":13931,"text":"and essentially a big part of that dna is also having to do with the infrastructure and making lives easier","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13931s"},{"start_seconds":13938,"text":"for developers that are looking to build the future of web3 and so that's a big part of what we do we've been doing it for a long time we work hand in hand","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13938s"},{"start_seconds":13947,"text":"with our founders and while we do bring capital to the table that's a big part of our value-add a huge part of what we do is actually being very hands-on from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13947s"},{"start_seconds":13956,"text":"an operational standpoint and helping our founders scale and get to the point where they can be leaders in their industry","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13956s"},{"start_seconds":13963,"text":"great and alive can you tell us a bit about what it is you guys do at no mirror in terms of crypto sure so nomura is a very traditional financial","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13963s"},{"start_seconds":13972,"text":"institution we are a hundred year old japanese headquarter investment bank with a global footprint","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13972s"},{"start_seconds":13979,"text":"and so trad five by excellence but we've been active in the digital asset space since 2018","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13979s"},{"start_seconds":13987,"text":"mostly supporting on the infrastructure side so we've incubated a custody platform that is now live and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13987s"},{"start_seconds":13994,"text":"stores safe keeps few billions of ascetic custody including for g7 government we have invested","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=13994s"},{"start_seconds":14001,"text":"across uh exchange settlement platform sto platform and a few other kind of more centralized um kind of digital","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14001s"},{"start_seconds":14009,"text":"asset uh infrastructure companies and now we are moving a step further and we've recently announced more like a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14009s"},{"start_seconds":14016,"text":"crypto subsidiary that will get active and support our clients institutional clients get access to uh to crypto","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14016s"},{"start_seconds":14024,"text":"trading market making asset management product and venture capital we're very keen to partner with web free institutions we're not going to reinvent","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14024s"},{"start_seconds":14033,"text":"the wheel we want to work closely with entrepreneurs people who can bring institutional defy institutional web free to our","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14033s"},{"start_seconds":14042,"text":"institution and work with them and transform our traditional banking away great i kind of want to look more into that um alive","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14042s"},{"start_seconds":14050,"text":"all three of you come from traditional finance backgrounds but you've chosen to invest in crypto and be involved in crypto can you elaborate a bit more on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14050s"},{"start_seconds":14058,"text":"why yeah i think for us it's a no-brainer you know like our traditional products are going to be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14058s"},{"start_seconds":14066,"text":"fundamentally transformed by digital assets whether it is on the post trade through you know t0 settlement using","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14066s"},{"start_seconds":14073,"text":"blockchain technology whether it is through uh central bank digital currency that are going to transform how we have to to deal with a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14073s"},{"start_seconds":14082,"text":"foreign exchange or tokenization and the way to raise capital for for corporate companies","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14082s"},{"start_seconds":14089,"text":"um so we need to be involved in this and get ready and transform our organization to meet those new challenges the way to do it though is you can wait","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14089s"},{"start_seconds":14098,"text":"till those technologies are becoming mature and starting to transform your traditional businesses but by then it will be probably a bit too late","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14098s"},{"start_seconds":14106,"text":"and today the only asset class that trade at scale with enough participants enough volume is really crypto so first","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14106s"},{"start_seconds":14114,"text":"there was no choice to get involved in crypto uh as a way to really get an early mover advantage into transforming our traditional businesses","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14114s"},{"start_seconds":14122,"text":"so yeah it's really an investment for a future but on top of it we like the asset class we think it has a lot of um kind of uh","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14122s"},{"start_seconds":14130,"text":"revenue opportunity investment opportunity and want to be active in that team great thank you corey can you weigh in on that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14130s"},{"start_seconds":14137,"text":"yeah i think olivier says it well for us it's the premise is the blockchain it's technology that when i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14137s"},{"start_seconds":14145,"text":"looked at it it's more secure you can transact globally it's speed and the creativity to take","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14145s"},{"start_seconds":14154,"text":"traditional product and put it in a new form in a way that gives people access to opportunities they've never had","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14154s"},{"start_seconds":14163,"text":"so for me crypto is one mechanism of the blockchain and i think you've got the enterprise side which is going to come along very quickly","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14163s"},{"start_seconds":14171,"text":"but the trade fi you know you're getting a lot of investment banks institutions i mean nomura is a very very large investment bank","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14171s"},{"start_seconds":14179,"text":"you see apollo and the rest of them coming in and i think customers want access to something that is new safer more","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14179s"},{"start_seconds":14188,"text":"reliable more secure and for us it was the global play quite honestly like i'm trying to wire something to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14188s"},{"start_seconds":14196,"text":"the us to zurich it's three weeks right this expedites it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14196s"},{"start_seconds":14204,"text":"um keeping with this institutional focus jeff what do you think the institutions are looking for when it comes to web three in in general yeah i think i think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14204s"},{"start_seconds":14212,"text":"that's a really great question i'm going to take it more from the uh investing side of things i think if you're an institution there's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14212s"},{"start_seconds":14219,"text":"really three key drivers here the first one i think everyone's mentioned it it's become an asset class that's really difficult to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14219s"},{"start_seconds":14226,"text":"ignore if you look at the returns over a long period of time it's difficult to ignore so that's number one number two i think if you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14226s"},{"start_seconds":14234,"text":"look at it from a top-down standpoint from a purely macro standpoint it's one of the best ways to actually","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14234s"},{"start_seconds":14242,"text":"express your views if you're classically trained in fixed income or currencies or commodities um the crypto space and blockchain","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14242s"},{"start_seconds":14250,"text":"specifically from just an asset class is really interesting because it's the ultimate expression of your views and then finally the reason why most people","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14250s"},{"start_seconds":14258,"text":"are here today is the technology the technology is legit it's been proven to work and it's been proven to potentially be extremely disruptive and so i think a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14258s"},{"start_seconds":14267,"text":"lot of the institutions are seeing this as a technology platform shift and that every day that goes by gets closer and closer to becoming","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14267s"},{"start_seconds":14275,"text":"reality so that's what i think people are really interested about and it's not just the top down people or the bottom-up people or the people that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14275s"},{"start_seconds":14283,"text":"are focused on technology or the people that just want to trade and speculate it brings in everyone from all those different ecosystems yeah um something we can't ignore is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14283s"},{"start_seconds":14292,"text":"that we're like currently in a bear market bitcoin is down by like 70 of its all-time high um i'm wondering if you guys can speak a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14292s"},{"start_seconds":14300,"text":"little bit to how institutions are feeling about this like you guys and your firms personally and like the general mood amongst like trad phi","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14300s"},{"start_seconds":14308,"text":"institutional investors um yeah it doesn't necessarily help to have you know bitcoin down 70 from the peak","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14308s"},{"start_seconds":14317,"text":"but in a way it doesn't fundamentally change our views you know the market is cyclical we know that for those of us who've been enough into into","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14317s"},{"start_seconds":14325,"text":"crypto um if you look at traditional market there are cyclical as well it's not like equities is doing necessary better or you know the certain foreign","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14325s"},{"start_seconds":14334,"text":"currencies so it's a cycle in a way for us as a financial institution investing and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14334s"},{"start_seconds":14341,"text":"building during the market downturn is a good thing talent is more available at more realistic price point frankly a few","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14341s"},{"start_seconds":14349,"text":"months ago it was very difficult for us to bring software developers with experience in rust or solidity no suddenly they're becoming more","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14349s"},{"start_seconds":14357,"text":"affordable and willing to talk to a traditional financial station on the more investment side venture capital side now we see","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14357s"},{"start_seconds":14365,"text":"valuation becoming more realistic um founders taking a bit more of a longer term view to build so in a way","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14365s"},{"start_seconds":14373,"text":"you know the downturn has a lot of positive benefits and fundamentally i'm sure all of us believe here but it will come back you know the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14373s"},{"start_seconds":14380,"text":"fundamental drivers underlying crypto have not disappeared it's a bit linked to the macro environment right now and now is the right time to put in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14380s"},{"start_seconds":14389,"text":"place the foundation as a bank as you know all of us in the ecosystem to to build for when the market is going to come back and i just want to say the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14389s"},{"start_seconds":14397,"text":"final one bitcoin at 20 000 today is very different to bitcoin at 20 000 three four years ago why is that can you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14397s"},{"start_seconds":14404,"text":"relax because no you have you know many more millions of written investors involved into this and on top of it institutions like us starting to look at","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14404s"},{"start_seconds":14412,"text":"this that's very different to you know four or five years ago when it was you know a handful of guys looking at the assay class regulators central bank super","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14412s"},{"start_seconds":14421,"text":"nationals are all looking at this and and in a way it makes the ecosystem much more much more robust right cory can you speak to this how are your","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14421s"},{"start_seconds":14429,"text":"clients feeling like what's the general mood is the bear market deterring people away is it going to put institutions off what do you think","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14429s"},{"start_seconds":14437,"text":"yeah so going back i think the bear market for us actually helped in 2021 from the very start we took a very","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14437s"},{"start_seconds":14446,"text":"conservative approach things we did very compliant from our company being set up as a public audited company with deloitte to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14446s"},{"start_seconds":14455,"text":"the products we put in place but in 2021 i couldn't compete with 2 000 returns and you had to go through a process","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14455s"},{"start_seconds":14463,"text":"today what i'm seeing in the bear market is this is an opportunity for regulators to do two things one is create more guidance","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14463s"},{"start_seconds":14472,"text":"and two is they are there's a weeding out effect that you're seeing and there's a proper way to do things and i think for us","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14472s"},{"start_seconds":14479,"text":"it's helping right now because it takes a little more effort to go through kyc that takes a little more effort to get into a marketplace","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14479s"},{"start_seconds":14488,"text":"where you have to go through certain stringent rules so we're actually excited about it we think this is an","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14488s"},{"start_seconds":14495,"text":"opportunity for good companies to step up and participate and show the there is a real use case and it can be done in a regulated","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14495s"},{"start_seconds":14504,"text":"compliant way and there's a great opportunity so for me in the bear market it's time to build it's time to get","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14504s"},{"start_seconds":14511,"text":"after it and make things happen get the infrastructure going again and participate and you know who knows what the future holds but the blockchain's not going","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14511s"},{"start_seconds":14520,"text":"anywhere cryptos has clearly established itself now you get some players and regulators in and i think it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14520s"},{"start_seconds":14529,"text":"much better than it's ever been great um jeff from a sort of vc perspective have you had to be a lot more selective in what you're investing","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14529s"},{"start_seconds":14537,"text":"in can you give us some insight into that yeah so from our perspective our due diligence process has stayed the same we don't we don't","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14537s"},{"start_seconds":14546,"text":"change it over time so from a from a bottom-up standpoint we have a very rigorous selection process and we're very fortunate that we're able to be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14546s"},{"start_seconds":14554,"text":"very selective so that's something that will never change it'll never get compromised and will never change things to get more deals or to get less deals what i would","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14554s"},{"start_seconds":14562,"text":"say from a top-down standpoint um tactically from a tactical asset allocation or from a tactical capital deployment","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14562s"},{"start_seconds":14570,"text":"right now we are just a little bit more cautious so that doesn't change our strategy our strategy is the same we're still looking for the same founders with the same","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14570s"},{"start_seconds":14578,"text":"ideas the bar is just a little bit higher and we're a little bit cautious but i think to what corey's point","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14578s"},{"start_seconds":14585,"text":"is a really good one i think right now a lot of institutions are in one of two camps they're in the frightened mode because of the volatility and they just can't","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14585s"},{"start_seconds":14594,"text":"handle it and institutionally they don't have the guard rails for it so it precludes them the people that have more flexibility like i think a lot of us on the stage","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14594s"},{"start_seconds":14602,"text":"are able to actually see that as a huge opportunity to find those really great founders those great projects and more importantly for the people in this room","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14602s"},{"start_seconds":14611,"text":"the developers and the founders this is a great opportunity for you to build to go out there and acquire talent and potentially even into engage in m a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14611s"},{"start_seconds":14620,"text":"great um we're gonna i would just maybe add on this we also do invest in you know early stage companies and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14620s"},{"start_seconds":14627,"text":"definitely one of the things we're going to be closely looking at is one is the commercialization plan so no","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14627s"},{"start_seconds":14635,"text":"big picture top-down market sizing we don't really believe in this anymore of course it needs to exist but we need to see funders who are also realistic in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14635s"},{"start_seconds":14644,"text":"bringing revenues fairly rapidly uh given you know the funding cycle is probably going to be still a bit challenging for for the next couple of months","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14644s"},{"start_seconds":14652,"text":"and two is um you know no shortcut on regulation and compliance you know if you try to bypass kyc if you try to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14652s"},{"start_seconds":14661,"text":"go against you know rules and regulations that's at least for us is a no-go and we're not going to support any of those projects and i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14661s"},{"start_seconds":14669,"text":"think many other more maybe um established vcs and traditional investors are increasingly taking that view as one","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14669s"},{"start_seconds":14676,"text":"go ahead sorry nothing corrupt but you know olivia said something that's important commercialization and you know a lot of the companies i","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14676s"},{"start_seconds":14685,"text":"mean i've seen brilliant ideas over the last year two three years but the component that i think that we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14685s"},{"start_seconds":14692,"text":"have to bridge is wonderful technology great ideas smart people now how do i commercialize this","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14692s"},{"start_seconds":14700,"text":"and i think that is a great opportunity today as well you've got a little bit of window here to figure out your customer","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14700s"},{"start_seconds":14708,"text":"how are you going to run the business how is it going to be profitable and how is it going to grow and i think when you get that piece to what already exists","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14708s"},{"start_seconds":14716,"text":"now you really have web 3-0 it moves and it takes off in a big way i'm interested to hear um about your","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14716s"},{"start_seconds":14724,"text":"sort of macro perspective on things um maybe if we can start with you we've seen bitcoin correlate with","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14724s"},{"start_seconds":14731,"text":"equities in terms of performance a lot more um over the last few months i'm wondering if you've had to if your perspective has changed um yeah could","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14731s"},{"start_seconds":14740,"text":"you speak to that a little bit yeah i think everything seems to be correlated right now you know all of the asset laws are correlated to one","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14740s"},{"start_seconds":14749,"text":"um and we saw yesterday you know like a equity especially tech valuation came down and bitcoin dropped 10 percent so it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14749s"},{"start_seconds":14756,"text":"clearly correlated i think it's linked to currently this risk of sentiment probably you know many investors probably","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14756s"},{"start_seconds":14764,"text":"misjudged a bit the you know over summer the um the the inflation pressure uh and so now they have to revalue a bit","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14764s"},{"start_seconds":14772,"text":"and become a bit more more cautious and so the macro environment for crypto i think will continue to remain a bit challenging no doubt about it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14772s"},{"start_seconds":14781,"text":"um and i don't see necessarily a decoration in the short to medium term between equity and and crypto","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14781s"},{"start_seconds":14789,"text":"over time it will as you know the technology gets more embedded into uh many many industries but right now it still is going to trade with a pretty high","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14789s"},{"start_seconds":14797,"text":"correlation ratio interesting to hear your view jeff i think you have views on this as well yeah i think it's we're living through very interesting times we haven't seen a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14797s"},{"start_seconds":14806,"text":"credit cycle in 14 years what we're going through right now is a very common credit deleveraging","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14806s"},{"start_seconds":14813,"text":"event it usually happens every five to seven years it has for a very long time but we've been living in a weird environment basically since","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14813s"},{"start_seconds":14821,"text":"the gfc and what we've seen is the fed has tried to raise rates several times in the last 14 years and they've been held hostage","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14821s"},{"start_seconds":14830,"text":"by risk markets and essentially what's happened because inflation wasn't a problem the fed capitulated and that's what we've seen","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14830s"},{"start_seconds":14838,"text":"happen for a very long time that ended about nine months ago because of inflation now we're seeing inflation is completely out of control the fed has","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14838s"},{"start_seconds":14846,"text":"absolutely no choice but to address it and if you look in the united states unemployment's at all time lows inflation at all-time highs","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14846s"},{"start_seconds":14854,"text":"they're in a corner they have no choice as to what they need to do and so from our perspective what we're looking at is more about what's the terminal rate how","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14854s"},{"start_seconds":14862,"text":"much destruction is there going to be in the market and how long are we going to stay there too and so those are the important questions to have from our perspective the risk","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14862s"},{"start_seconds":14870,"text":"markets haven't priced it appropriately and so that's why we've been cautious our cautious stance is going to change","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14870s"},{"start_seconds":14877,"text":"as soon as the risk markets realize that they've been wrong all along and that they need to adjust and that the fed is going to keep their word because what's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14877s"},{"start_seconds":14884,"text":"happened now is the fed has lost credibility and so historically they've been able to say oh we're going to do this the market reacts that transmission mechanism isn't","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14884s"},{"start_seconds":14893,"text":"working as well so the fed needs to re-establish credibility so the long and short of it is short term i think we need to go through a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14893s"},{"start_seconds":14901,"text":"little bit more destruction in the real economy as well as in financial markets and then at some point the fed will have to pivot there's no question about that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14901s"},{"start_seconds":14910,"text":"the question is when and the reason why is we're stuck in this situation with debt and demographics not only in the united states but really everywhere in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14910s"},{"start_seconds":14918,"text":"the world and so at some point that mechanism needs to come back up the fed just needs to elevate in terms of rates they need to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14918s"},{"start_seconds":14926,"text":"do a little bit of quantitative tightening and then hopefully we get back into a place where inflation goes under control but inflation is completely out of control now and it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14926s"},{"start_seconds":14934,"text":"won't stop until probably sometime next year at the earliest okay um corey i'm wondering if you can","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14934s"},{"start_seconds":14941,"text":"weigh in on this from bridge tower capital's point of view does macroeconomic does the macroeconomic current climate affect your strategy like how how does it play into what","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14941s"},{"start_seconds":14949,"text":"you're doing yeah so some of us are old enough to have lived through 2008.","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14949s"},{"start_seconds":14956,"text":"you know these things happen they're cyclical and it's not the uh i mean it's the global everybody in the globe is affected by what's going on i mean it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14956s"},{"start_seconds":14964,"text":"cyclical it's inevitable and i think for crypto it's challenging because you came off of this growth curve like this which most of us know is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14964s"},{"start_seconds":14972,"text":"not sustainable you compound that with global inflation recession i mean i think everybody's got their opinion on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14972s"},{"start_seconds":14980,"text":"i don't think you can deny it exist but again i think there's a great opportunity here i mean as we look at traditional markets and you said it jeff","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14980s"},{"start_seconds":14989,"text":"money's gonna sit and wait or it's gonna look for a good opportunity you take that regulated approach in a very constructive manner and there are","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14989s"},{"start_seconds":14998,"text":"phenomenal products i mean i can put my money in the bank and get a zero percent interest rate or i can invest in a meaningful product","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=14998s"},{"start_seconds":15006,"text":"like these gentlemen have spoke about i can stake and get a nice return and so i think for us it's again it's an","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15006s"},{"start_seconds":15013,"text":"opportunity to educate and get the word out there that yes the global economy it's not going to recover in a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15013s"},{"start_seconds":15021,"text":"few months this is a repeat of history so i think you also have to slow down a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15021s"},{"start_seconds":15028,"text":"little bit and be wise and you know i think the good companies that i've watched in this industry and learned from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15028s"},{"start_seconds":15036,"text":"and we partner with their patient and i think you have to know when to go when to stop and educate so for us right now","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15036s"},{"start_seconds":15045,"text":"it's build we have an infrastructure what can we offer in a safe place for people to convince them to get your","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15045s"},{"start_seconds":15053,"text":"money in the right vehicle and that i think for us is given we've had more traction in the last four or five","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15053s"},{"start_seconds":15062,"text":"months than we have in three years great i'd love to focus a little bit on on there now um from an institutional","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15062s"},{"start_seconds":15069,"text":"perspective what is it about near that makes it more interesting or better to build on compared to the likes of like al","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15069s"},{"start_seconds":15078,"text":"grant avalanche ethereum the competitors uh jeff do you want to start yeah so we're very close to near we know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15078s"},{"start_seconds":15085,"text":"them extremely well we think the technology not only what they've built but also the team itself","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15085s"},{"start_seconds":15093,"text":"is really top grade and they're they're as good as it gets so from that perspective i think there was a panel a few days ago where haseeb from dragonfly","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15093s"},{"start_seconds":15102,"text":"was talking about the bullish case for near and we completely agree with that and i think what's really important to understand is the nuances between the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15102s"},{"start_seconds":15109,"text":"different chains and so the analogy that he began that i'll continue is about different cities so blockchains as cities the perspective that i think is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15109s"},{"start_seconds":15117,"text":"important is from a developer or from a personal standpoint which city do you want to live in there's a lot of personal things that decide where you're","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15117s"},{"start_seconds":15125,"text":"going to go based on culture based on language and based on what you do and it's no different for projects in crypto it'll depend on what language the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15125s"},{"start_seconds":15133,"text":"programmers are in what type of end use case they want to have and culturally what kind of community and ecosystem they want to be","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15133s"},{"start_seconds":15140,"text":"part of and so near has done an amazing job of being very developer friendly and that's that's the theme that you've seen from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15140s"},{"start_seconds":15148,"text":"the beginning if you look at the the language the ability to program in different languages uh the documentation which is is really advanced um it just","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15148s"},{"start_seconds":15157,"text":"makes lives easier for developers and that's a reason why they stand out on top of all the other things that you hear as near being kind of an east 2.0","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15157s"},{"start_seconds":15166,"text":"those are very important nuances but from sort of an investor perspective what's attractive about it i don't know if cory or oliver you want to weigh in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15166s"},{"start_seconds":15175,"text":"on this yeah i think we as as a bank we are relatively l1 agnostic so we are not","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15175s"},{"start_seconds":15183,"text":"necessarily going to invest or at this stage at least select one l1 to to build what we like a lot with near i think as","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15183s"},{"start_seconds":15192,"text":"jeff said i think the community is fantastic i think it's extremely involved obviously the technical features of the blockchain with its scalability","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15192s"},{"start_seconds":15201,"text":"throughput is very impressive and that's helpful as we think about the type of financial products we want to build whether it is um you know","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15201s"},{"start_seconds":15209,"text":"exchanges landing platform micro payments all of that you need the features that near has been rolling out and and that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15209s"},{"start_seconds":15216,"text":"makes it an attractive one to uh to at least continue to support and investigate corey","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15216s"},{"start_seconds":15223,"text":"so i'm going to answer this directly but carefully we i think every layer one","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15223s"},{"start_seconds":15231,"text":"has a unique position they need unique attributes and we support and want to participate and be a good partner to all of them","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15231s"},{"start_seconds":15240,"text":"i will say with near i've been extremely impressed and we've been to most of these events with layer ones","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15240s"},{"start_seconds":15247,"text":"there's a humility that's not tangible but it's an underlying principle of a company and it's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15247s"},{"start_seconds":15255,"text":"to me near as a humble group i mean you see the founders and the ceos they're walking around that's somewhat atypical","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15255s"},{"start_seconds":15264,"text":"i think the javascript and the web 2.5 is a brilliant positioning play i think it's spot on for right now in the times","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15264s"},{"start_seconds":15272,"text":"so i think the tech the structure the positioning and for me you know i like to believe in companies who","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15272s"},{"start_seconds":15281,"text":"interact participate want to get to know the community and we have been completely impressed in","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15281s"},{"start_seconds":15289,"text":"this event it's not the hype and the pomp and the and i'm not saying that's bad i'm not","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15289s"},{"start_seconds":15296,"text":"judging i'm saying for me it shows and we've met several groups out here web 30s there's real projects","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15296s"},{"start_seconds":15303,"text":"and they're down the road i mean these are not just i mean there's great ideas but we've met four or five companies that already have full staffs and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15303s"},{"start_seconds":15312,"text":"they're down the path and i think it is because of this job is brilliant web 25 is brilliant they're bridging a gateway this way","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15312s"},{"start_seconds":15320,"text":"and i think for us we are very excited about nir and we want to be supportive of everyone but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15320s"},{"start_seconds":15328,"text":"there's a reason we're here and giving everything we can to be a good participant as well great thank you i have one last question","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15328s"},{"start_seconds":15336,"text":"we only have a few minutes left um at the moment institutions are primarily focused on bitcoin and eth whether that be through","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15336s"},{"start_seconds":15344,"text":"options trading or investing through etfs um do you think that that's going to expand into other assets like in the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15344s"},{"start_seconds":15352,"text":"near term i think so i mean still you know when you","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15352s"},{"start_seconds":15359,"text":"go and speak to board of big pension funds asset management company and you talk about crypto in vermont it's bitcoin you know no doubt about it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15359s"},{"start_seconds":15367,"text":"and if is you know especially around the merge and all the media attention around it is there but they will and they are gradually","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15367s"},{"start_seconds":15376,"text":"starting to understand that underneath those two big uh kind of coins there is a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15376s"},{"start_seconds":15382,"text":"very wide ecosystem of l1 dabs and gradually i think they will come into this and you know you have equity analysis covering hundreds of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15382s"},{"start_seconds":15391,"text":"small caps over time you'll see you know crypto analysts covering hundreds of small coins and within the sales the trading and the kind of institutional","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15391s"},{"start_seconds":15400,"text":"engagement across us may take a bit of time but it will come yeah i think i would just add to that i would say it's not the appetite right now from","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15400s"},{"start_seconds":15407,"text":"institutions that isn't there it's really the ability to transact and to express their views and realistically there's regulatory clarity that's","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15407s"},{"start_seconds":15416,"text":"missing but there's also the right guard rails and so what we've seen so far is as you mentioned there's there's on-ramps into crypto on blockchain a big","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15416s"},{"start_seconds":15424,"text":"part of that also has been uh funding venture capitalists we've seen a lot of that i think the next step is going to take place because the awareness is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15424s"},{"start_seconds":15432,"text":"there the the willingness to do it is there it's just the ability is not where it there yet but i think that's in the short term","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15432s"},{"start_seconds":15440,"text":"that'll change great give it up for my wonderful panel thank you guys","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15440s"},{"start_seconds":15495,"text":"all right thank you to our wonderful panelists for that amazing talk i know the theme in general right now is winter but it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15495s"},{"start_seconds":15504,"text":"definitely doesn't feel like winter here the weather is beautiful the vibes are immaculate so you know i'm not complaining but","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15504s"},{"start_seconds":15512,"text":"to continue our discussions on winters i'd like to bring up two special speakers um jeff amico from a16z and","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15512s"},{"start_seconds":15521,"text":"jack collier from near foundation to discuss governing in a winner","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15521s"},{"start_seconds":15537,"text":"great hello everyone hi jeff good to have you great to be how are you doing today uh doing great great to be here thank you yeah my pleasure so we're talking about","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15537s"},{"start_seconds":15546,"text":"governing in a crypto winter and jeff you're obviously a partner at a16z specializing in network operations um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15546s"},{"start_seconds":15554,"text":"i guess first of all what is network operations at a16z how do you define it sure so uh network operations really refers to all of our","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15554s"},{"start_seconds":15563,"text":"on-chain participation in the protocols dows networks that we invest in we take the view at a16c that we want to","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15563s"},{"start_seconds":15571,"text":"be an active participant in all of the networks that we're investors in and so it encapsulates everything from on-chain governance you know voting on","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15571s"},{"start_seconds":15580,"text":"proposals proposing things ourselves delegating tokens staking running validator nodes providing liquidity all","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15580s"},{"start_seconds":15587,"text":"the ways that we look to contribute uh to our networks once they're live on chain brilliant thank you so you mentioned governance right so","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15587s"},{"start_seconds":15596,"text":"you know that plays a huge role in web three and uh it's always evolving right um across different ecosystems uh think about it","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15596s"},{"start_seconds":15604,"text":"in different ways and i guess being part of a16z you know you have great sight as to all of you know how the different protocols and projects uh treat","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15604s"},{"start_seconds":15612,"text":"governance so it'd be interesting to hear like what are the most interesting observations that you have seen and like would be good if you go into like the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15612s"},{"start_seconds":15620,"text":"emerging trends you're seeing in the space sure um so as you mentioned we've been investing in the space since 2013","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15620s"},{"start_seconds":15628,"text":"um but more recently you know we've seen the uh i would say the adoption of real on-chain governance in crypto","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15628s"},{"start_seconds":15637,"text":"probably going back i'd say two and a half to three years now beginning with things like compound maker dow uniswap","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15637s"},{"start_seconds":15644,"text":"many of the kind of original d5 protocols in the ethereum ecosystem and i would say over the course of that","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15644s"},{"start_seconds":15651,"text":"time we've seen some interesting lessons some best practices start to emerge","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15651s"},{"start_seconds":15659,"text":"in terms of overall trends i would say we're still very early in putting in place the right type of governance models the right types of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15659s"},{"start_seconds":15668,"text":"incentives um you know in particular this stuff kind of comes to bear in a down market","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15668s"},{"start_seconds":15675,"text":"because that's when you really start to see some of the some of the gaps some of the the fault lines in your organizational design or","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15675s"},{"start_seconds":15683,"text":"in your governance model um you know and so you know i think what we've seen in terms of kind of trends more recently has been a little bit of a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15683s"},{"start_seconds":15693,"text":"shift more towards i don't want to say a hierarchical governance model in in certain taos but certainly","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15693s"},{"start_seconds":15700,"text":"a specialization within daos so the idea that you know if there are certain operational decisions to be made","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15700s"},{"start_seconds":15708,"text":"you you want to be sure that you have the right people within your doubt in place to make those decisions so you know if you rewind a few years ago we","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15708s"},{"start_seconds":15716,"text":"didn't really have that kind of specialization in place it was much more of a purely flat kind of hierarchy flat governance model","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15716s"},{"start_seconds":15724,"text":"all token holders decide on all types of decisions i think we've seen some evidence over the course of the last two years that that maybe doesn't","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15724s"},{"start_seconds":15732,"text":"work all that well in in many cases and so i think a major trend is towards specialization","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15732s"},{"start_seconds":15740,"text":"towards you know putting in place specific folks who are experts in a given area and allowing them to decide on what the","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15740s"},{"start_seconds":15749,"text":"key decisions should be uh so just to give an example of that you know something like like maker dow for example uh has","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15749s"},{"start_seconds":15757,"text":"put in place you know what they call core units so these are effectively kind of like sub or like operating groups under the kind of overall make or dow","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15757s"},{"start_seconds":15765,"text":"entity and so you'll have you know a core unit for legal a core unit for growth a core unit for engineering a core unit for","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15765s"},{"start_seconds":15774,"text":"you know any number of other things and in those cases you're kind of entrusting those units to make more of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15774s"},{"start_seconds":15781,"text":"the kind of key governance decisions i think as these things scale and continue to to grow we'll need to continue in that in that general direction","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15781s"},{"start_seconds":15789,"text":"but you know certainly the right governance model i think depends on the particular type of dow that you're you're running","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15789s"},{"start_seconds":15798,"text":"um you know for example something like you know a financial application like a maker dow requires one particular type of","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15798s"},{"start_seconds":15806,"text":"governance model but on the other end of the spectrum you know something that's a little bit less perhaps financial oriented","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15806s"},{"start_seconds":15815,"text":"a little bit less perhaps high stakes in some regards might warrant a different type of governance model so you could imagine at the other end of the spectrum","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15815s"},{"start_seconds":15822,"text":"something like constitution dao for example or nouns dao for those of you who are following you know some of the new kind of nft based uh doubt projects","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15822s"},{"start_seconds":15831,"text":"in those cases you might not need the kind of hierarchical rigid you know cumbersome governance process","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15831s"},{"start_seconds":15839,"text":"um and i'm sure as we'll talk about you know we've actually seen in those cases participation in governance is oftentimes quite a bit higher than it is","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15839s"},{"start_seconds":15847,"text":"in some of these kind of original d5 applications yeah those are just a few uh kind of recent trends yeah absolutely and do you think there's a place for a","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15847s"},{"start_seconds":15854,"text":"really flat uh governance structure in a dao or a project like do you think that can work uh have you seen any good examples of them","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15854s"},{"start_seconds":15862,"text":"i i think it it can work in the case of a dow that is you know a bit more um","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15862s"},{"start_seconds":15870,"text":"you know perhaps one that isn't you know operating a complex you know financial application or isn't trying to build and develop some","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15870s"},{"start_seconds":15879,"text":"complex kind of technical system i think in those kind of models it's just very difficult to have a purely flat governance structure","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15879s"},{"start_seconds":15887,"text":"you really do need to have experts in charge of certain operating verticals you need to entrust them to make decisions","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15887s"},{"start_seconds":15896,"text":"you can't really you know resort to purely flat kind of democratic style governance when what you're building is effectively a company or effectively","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15896s"},{"start_seconds":15904,"text":"some kind of enterprise that's going to be competing with other types of competitive businesses um but you know i think there is still","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15904s"},{"start_seconds":15913,"text":"room for you know flat governance within dows that are more you know based around maybe maintaining","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15913s"},{"start_seconds":15921,"text":"an nft brand or maintaining um or pursuing some kind of social purpose or mission um constitution dao might be a great","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15921s"},{"start_seconds":15930,"text":"example the sale gp initiative i think is another great example where in those cases you know you really do","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15930s"},{"start_seconds":15937,"text":"want to leverage the wisdom of the crowd and in those cases you're not you're not worrying so much about your community","url":"https://www.youtube.com/watch?v=vjXyKn9zAzk&t=15937s"}],"youtube_url":"https://youtube.com/watch?v=vjXyKn9zAzk","url":"https://near-pedia.xyz/videos/vjXyKn9zAzk"}