The NEAR Protocol Future: Whiteboard Series with Illia Polosukhin

Captions as YouTube publishes them, usually machine-generated, so product and people names can be misheard.

1. 0:08

   hey everyone this is ilya co-founder of neoprotocol and today i'm gonna do whiteboard with myself we're gonna dive in into near's future and kind of explore the vision for the ecosystem as well as a lot of work ahead to start with nir's mission is a world where people have control over their assets data and power of governance and to build this world right and to bring billions of users we need

2. 0:42

   a number of things and specifically we need a platform to bring them on we need the ecosystem to support it and we need applications for people to use and so kind of across each one of these dimensions there's a number of things that you know already here as well as need still need to be built out and going to be expanding but the way we measure success first and foremost is active users is people who actually are on the on in the ecosystem on the platform using

3. 1:13

   applications getting value and kind of across you know to achieve mainstream adoption force foremost you need the utility you need the value to the users and um that is achieved you know through building great experiences so how do we get there right let's dive in into platform first so platform is a number of things but kind of high level it's the protocol itself right the new protocol that powers

4. 1:53

   with consensus with smart contracts with all things it's also you know set of standards and tools and infrastructure right there's a lot of infrastructure needed for you know beyond just protocol and you know for clarity protocol is just a piece of specification described somewhere and somebody needs to implement it somebody needs to run it and that is part of infrastructure so if we want to get to a billion users right

5. 2:27

   what is what do we need from a protocol to achieve that right well we need it to be simple what does that mean it means that as a user you will not need to figure out how this protocol works right you should not start by reading a white paper of specification to use this right you don't start by reading you know how distributed systems work to use facebook google it also similarly should be simple to build right you should not need to

6. 3:01

   figure out all the details of you know distributed systems to and like how consensus works to build on it um ideally it should support languages that you're familiar with right and so so nier has been really focused on all this and kind of splitting this into user simplicity and developer simplicity for users we have kind of built a lot of things around account model and i'll talk about later there's a lot of videos about it for developers we've been focused on

7. 3:34

   kind of web assembly and so webassembly is an environment that allows kind of generic applications to run and it is something beyond blockchain space there is you know it runs actually in every browser there's a lot of major players uh working with it it's used in iot it's used in um kind of for club for cloud deployments and in blockchain and so what it allows to do is actually to use rust

8. 4:05

   the most loved language and javascript maybe the uh the most used language and so we actually recently uh and launched the first version and it's going to be evolving all the javascript support allowing anyone to just ship their javascript code directly as a smart contract obviously here you have a lot more right on the other side you need to make sure you have all the tooling you need all infrastructure and so this is the

9. 4:37

   kind of a huge effort to make the experience developer experience as close to the what people are used to in kind of f2 now you need to be secure as a platform right if we think about the user kind of mainstream user they should not need to think about will they be scammed by the next application they use will the you know plug-in they install will steal all of their funds and so and similarly they should not need to think about you know will

10. 5:17

    when they send to from one application to another the other application runs on a chain that will disappear tomorrow like there needs to be a level of security that kind of almost transparent as a user but um as a set of standards as a you know economic security presents um presents with kind of framework that protects the user and so obviously you know there's proof of stake there is kind of the approaches you know security audits

11. 5:54

    as well as things like you know red blue teams that constantly auditing and then trying to break the and finding the vulnerabilities and there is kind of user security and i'll talk about this um kind of in the further part but user security is really important because right now normal people are afraid of using like if you're not a tech person if you're not a crypto person you people actually afraid of using because they're afraid of losing their assets they're afraid that something

12. 6:29

    will go wrong and they you know they cannot read the smart contract right to understand what is actually happening and the final part of the platform is it needs to be scalable so again billion users means it needs to actually scale and it will have you know hundreds thousands millions of applications running um some of them you know there's obviously a distribution and so some of them will

13. 7:00

    have hundreds of millions of users and to achieve that you need something that can scale to them and kind of the only way to scale in the world is to run things parallel this is okay every single approach to scalability is writing things in parallel in the web 2 world it's called sharding meaning you have multiple machines that are and kind of ideally ever expanding system where the data the processing is being

14. 7:32

    paralyzed in the blockchain world there is rollups app chains power chains cnets and other things and so kind of sharding became a very specific subset of parallelization but at the end a lot of these things just have a different experience as a user and so the following this kind of pattern we want something that's simple and it's secure so how do we achieve scalability that's simple for a user simple for developer and it's secure and

15. 8:08

    the answer is sharding and it's shorting which is hidden from the user right so as a user you should not need to think about is this application a different chart on different app chain bar chain etc will i be able to communicate do i have you know fee like do i have tokens to pay fees on this other chain or roll up or whatever how long it's going to take to withdraw all of that should not be in the user mind and so that's why kind of you know a true sharding the same as in

16. 8:33

    web 2 where you don't need to think about the scalability under the hood you don't you don't think how many machines google run you just enter your query and so that's what near being focused on from the start is how do we achieve that obviously there's a lot of work being put in there's still a lot of work to do and you can check out our roadmap around that and where we are so these are kind of you know basic properties that we believe

17. 9:04

    very little of other protocols and ecosystems are focusing on because a lot of people focus on how we build this product how do we build this consensus or how do we uh kind of you know make these cheap but we really believe that to achieve mainstream adoption simplicity is a key security within simplicity is the key and then given these constraints how do you build scalably systems that's what new protocol is focused on obviously we've made a lot of progress and

18. 9:44

    obviously there's still a lot of work and i invite everyone to join i'll talk about account model just to cover some of that um and then we're gonna start expanding from there so account model is important because this is actually what represents user on chain and kind of in the web 3 world right and so near account model is completely different from everybody else because it's designed to

19. 10:14

    give the user the control they need while allowing developers to build as flexible systems as they want and so it starts with a user id an account id and so my account for example is illya.near so this is maps to kind of a set of things right is you know how much near i have for example um and some other information and this is also kind of across the whole ecosystem maps to other tokens to nfts to

20. 10:49

    you know what are you using in social networks what are you doing in dallas et cetera and so you can pull in all of the information based on this account id now how does blockchain know uh who can access this and so the way is this is done is by having a number of uh so-called keys and so if you're familiar with kind of web 2 approaches it's very similar to so-called oauths where you're actually giving different tokens to different

21. 11:20

    applications or user browser and to to have access to to some application in for example facebook or google and so this case the difference from results is they are actually cryptographic uh public keys and on top they have permissions and so you can program pretty much these keys to have different permissions um to configure how you want so simplest way right my account i have a public key

22. 11:54

    and i have all permissions so called full access key so i can control this account completely i can for example you know move the money i can use apps and i can replace the keys so let's imagine there is something going on with security of uh of even cryptography of this public key what i can do is i can create a new key and add it and then remove the old key now your account while doing this

23. 12:26

    doesn't change right all of the assets you have don't change which means you have just you know just replaced the keys similar how you would change the password right and this is pretty unique actually no other blockchain allows you to do that if you're you know something's wrong with your key in one of the other blockchains you actually need to go and send all the assets to a new account which can be almost impossible if you

24. 12:50

    have lockups if you have some kind of lock drop or anything else now because it has permissions you can actually give other applications other front-ends you know browser game etc some permissions for example i go to a game i log in there give permission to you know interact in a game and now i can play with the game without going to a wallet and signing every transaction right the front end itself has a key that to sign specific set of transactions you can give a permission for somebody

25. 13:22

    else to recover your key so this is going into a little bit um what you can do with user security because what if you lost this key now the you know account is fully locked but you can say hey you know my friend john or a set of friends or maybe a bank or maybe somebody else can have a recovery key and so this recovery key has the only permission is to add key with delay so very simple right it's and you know this can be 2fa this can be like you

26. 14:02

    know multi-sig so there's multiple parties need you know what if three banks need to actually do this at the same time why is this important is because if you losses your key for example from one of your devices or you know you should probably have different devices with different keys you lost all of them you can go to them you know and start this recovery process it's a delay for example a week or you know months whatever whatever you want and you get you know access to the account back

27. 14:33

    if they try to do it themselves right you know for example not very trusted worthy bank you'll see that and you can actually stop it you can remove their key and you can complain on twitter and potentially sue them if there's a bank so you actually have an ability to create recovery methods on this account now beyond that you can actually have a single use key this is just again

28. 15:03

    the same pattern the same the same system you can add a key that is programmed to be used one time for one transaction only for calling specifics at a function and then it gets deleted why this is used for example the near account actually is an account itself and you can call it to register with some you know near nfts you know fungible tokens etc and with a single use public key and now you can give the private key from from this

29. 15:37

    right the previous password from this to somebody else to call listener account to create new account for them right let's say robert.nir which will receive the near the nfts you know whatever stables etc that you send to them this allows to have a single link with a private key just you know that you send to a person who does not have an account yet to click on to create account to get all the assets to get

30. 16:07

    even potentially join a dao stu you know get some nfts this is pretty unique because you actually cannot do this in centralized system you cannot send something to somebody in venmo if they don't have an account but you can in near so generally get a very flexible model this model also allows to create subaccounts so only nier can create something dot near only ilio.nir can create something x.dillio.net so you have this ability to create subspaces which are controlled by your kind of smart contract on this

31. 16:42

    account and by the way every account is a contract as well so every account is actually an app and just by default it's an empty app there's nothing there but you can obviously add and remove app sub upgrade and your permissions define how you use it so you can have you know upgradeable in place apps if you want you can also have non-upgradable apps by removing all the keys and not programming upgradability

32. 17:06

    into contract and you can allow them to create subspaces which you operate so very flexible model a lot of functionality a lot of flexibility and designed to be kind of to give the simplicity to the user right they don't need to know about you know hashes even public keys like all of the stuff actually doesn't need to be shown to the user this can be mapped to a device name right this is my you know iphone this is

33. 17:37

    my macbook and this is you know a trustworthy bank or you know a set of trustworthy friends right so you can have like the keys actually can be the mapped into what they represent and so now and permissions they are allowed to do so you can give this to normal to kind of people who are not technical who don't know how crypto works and explain to them you know here's your account here's you know add your devices um here's a recovery way of doing things

34. 18:09

    and then starting boarding building users so that's account model there's a lot more infra that as i mentioned kind of at the core of this right we have near protocol and so if you're familiar with an open source right you have linux then there's linux kernel there's a lot of linux um kind of utilities and projects around it they're all open source they're all being contributed by a lot of different parties and then there's companies that

35. 18:43

    are work actually doing the work and contributing and building business around and so similarly near protocol is an open source protocol there is kind of everything is there you can contribute to it you can work on it and there's companies that are working with it right so one of the kind of main companies that focus on infrastructure is called pagoda and it's designed to work to uh to

36. 19:06

    deliver kind of web three startup platform and so uh this is a place where you can you know have a lot of developer tooling you have uh rpcs sdks and uh where you you know you get kind of integration of analytics triggers indexing all the tooling you need to build your web three kind of platform you have things like calimera calimera is a private chart is a way to run for example for enterprise or for a

37. 19:38

    dow something that's not publicly visible not all data is public visible while still connected to the near to the main chain to the protocol and obviously they contribute to the protocol itself you have aurora aurora is runs on top of near it's a smart contract on top of near it uses all of the facilities of mir and then on top provides a way to launch ethereum applications and use all the ethereum tooling really easily right they contribute to the new protocol they

38. 20:10

    actually have been one of the biggest drivers for the performance improvement that protocol has done in past year which allowed us to launch javascript and obviously they built a lot of tooling including some of the user experience things to actually remove the fees from the user side you have things like octopus right so beyond kind of scalability of sharding you may need more parallelization and you need more capacity and you may need more customization and so octopus allows you to run app chains custom app chains

39. 20:43

    that's still linked to near that are actually you know still interactive with new wallets and uh connect to the infrastructure and ecosystem um you have uh kind of a lot of different storage solutions one one of the newer ones called on machina you have you know a number of but also like falcone saya et cetera you have uh oracles like flux and others and kind of you have more and more of this of those things popping up

40. 21:17

    right um there's rainbow bridge um which allows to communicate with ethereum and with other chains and there's other bridges here so there's a lot of infrastructure a lot of it is either using contributing you know asking others to build pieces and kind of continuously evolving the new protocol and standards and so that's a platform that you can rely on right that's a platform that is actually decentralized not just because the protocol is decentralized and run by number of validators

41. 21:48

    kind of ever growing with more shards but also because you have a lot of different parties building different pieces of the infrastructure contributing to the protocol and being able to understand and push it forward moving up the stack we have ecosystem why is ecosystem important right let's say you know we have all the technology you have all the nodes everything's running you know go build stuff and the

42. 22:14

    reality is you know at some point maybe it's all going to be functioning itself but at the end the whole point of f3 is is the ecosystem is composibility is this interaction of different parties working together and so to bootstrap but also over time to govern and and kind of navigate this right if we're talking about this very decentralized structure we need kind of an understanding how this ecosystem works evolves and

43. 22:45

    functions to really guide that kind of as a whole and so the originally kind of it started was near foundation right near foundation was there to launch the near protocol although even at launch right it already pulled in a lot of validators to actually vote to participate to drive and work with delegators and so the launch itself was already centralized but now beyond that there's a number of go-to-markets like

44. 23:24

    teams and companies that have popped up which are focused on different aspects of of the ecosystem and so one of them is proximity um there's human guild there is metavap move and others so for example proximity focuses specifically on finance and defy right they've have a team that you know does everything from helping investing giving grants building and kind of connecting pieces and dots

45. 24:05

    for d5 applications there's a wide variety obviously of applications that are coming and so they you know understand which ones will work right now which ones need to be help what are the missing pieces and then kind of trying to help out and fill them in you have very similar approach on human guild side but for gaming they're trying to build a kind of whole ecosystem of founders of game developers who will help each other build their game successfully in web 3 right there's still a lot of research how to build

46. 24:37

    games they still are learning and so they you know hosting founder to founder helping office hours and then you have lots of kind of eco funds that are funding different uh different applications and teams in the ecosystem and then beyond that you know given near as very global there is a number of kind of regional hubs which are focused on kind of different markets in the world right and obviously all of them start

47. 25:16

    in the market and then expand um they focused on everything from community and ecosystem development in that market finding developers finding projects and then you know connecting with the government connecting with enterprises connecting with um vcs and kind of funding in that area and so they're kind of becoming a representation of near but they all are folk kind of you know are incentivized and and in a way building this ecosystem because they

48. 25:47

    want their projects and their you know investments to be successful and so that allows to kind of have a presence around the world that's you know very driven by kind of investment product building ecosystem development around the world as well as around different aspects of the ecosystem so you know if you think of it as kind of a matrix right you have defy nft gaming etc you have you know

49. 26:19

    like countries and so you have kind of coverage across each dimension and they work with each other and coordinate with each other when when this intersects now we'll see this evolving right like right now i think with five different regional hubs we expect you know over the next few years this to continue growing to 20. potentially some of them you know actually probably times themselves

50. 26:43

    uh and similarly you know with zika funds and with verticals there's a number of new verticals you know as people are actually figuring out where even more like where things are actually ready to be immature to be built in web 3 more verticals are being developed okay and the third part is apps at the end this is what users use right this is what they come for this is where the value is and so all of the other pieces are really just two bootstrap build expand

51. 27:22

    retain users now this is going back to why blockchain why web3 right the mission is people controlling their assets data power governance we on one side believe that the current approach where users don't have control over data they were signed off in terms of service and you know banks control their assets and can deposit seven can go out of business not just banks uh centralized applications as well um

52. 27:57

    and at the same time you know people actually don't have much say on how those things evolve and this is somewhat true in many places of the world about kind of broader um broader decision making in the in the countries and so all of this right are kind of you know core properties that we want to achieve and the question is a how do we get there b what are the best apps that surfaces right and so obviously finance has been

53. 28:28

    the most clear use case because with finance you know this is where the assets are we've seen multiple failures including you know in in blockchain with centralized parties um over past all 10 years to be clear where things you know if if you don't control your assets they're not yours and you may not be able to get them at the same time the other part is social right social became you know social is our

54. 29:04

    life social is how we communicate how we you know read the information how we propagate it as well and right now it is you know controlled by centralized systems it's kind of everything from you know the data you put in to how it's shown is fully controlled and fully owned by those centralized parties and to be clear those centrist parties actually don't want that either but economically they are you know that's their mode and

55. 29:34

    so they are you know continue doing that uh they're not able to break out of that loop even however you know even some of the founders want to and so it's pretty clear that you know this will shift and it's already been shifting kind of in different aspects in web 3.

56. 29:53

    and the final part is is the creator economy is is creators because you know the social have kind of across instagram youtube facebook have kind of created a platform massive platforms where creators are able to um have their audiences but they also have you know naturally through their own incentives dominated the economy of this right as an influencer as a writer as um you know artists you pretty much giving up your ownership and they can you know

57. 30:32

    they can kind of target your audience they can you know put their ads they can you know change how it's shown and they can ban you at any time and so what we've seen again with blockchain the kind of opening of this economy for creators around the world you know removing the barriers giving the direct access to the users to the audience have been a huge uh kind of economic boost for everyone although we still don't have all of the tools and all of the platforms built out

58. 31:05

    but these three things actually create almost a kind of a flywheel and we call like this whole thing you know ownership creator economy because you know this is where the platform and distribution is this is where liquidity and um and kind of uh financing is and this is where the you know the creation and kind of value add is because at the end you know you cannot just have an economy that's based on um on a circle like on a circular economy

59. 31:38

    so value value creation is important kind of supply chain is important now there's a missing piece in this which is like this is all good some of these pieces have been you know existing in web 3 for a while now but they have been very much existing just in web 3 right if we think about you know it's really hard to onboard new users it's what's really hard to kind of go back and forth between crypto and non-crypto

60. 32:10

    and kind of it's really hard to interact and experience with it for norm for people who don't who don't have an economy yet and so the missing piece here has been a pretty much a massive user onboarding something that can bring you know tens to hundreds of millions of users and now we have few of these things already and you know more are coming and these are web 2 apps that are actually already have the audience that already have the distribution

61. 32:52

    but don't have the mode they don't have the control and they are interested in kind of bringing these users to this economy and so a good example is sweatcoin but also brave and and and others like that is apps you know browsers or you know move to earn and other forms of to earn which on board users and use pretty much their attention right in both in both ways to kind of bring them into this economy

62. 33:25

    and you know these things are what gonna be like putting the fire on this flywheel and and creating kind of bigger and bigger circles now let's dive in in each one of these because each one has a number of pieces um that are important and so starting with finance right there is a whole slew of kind of things right that start with you know stable coins it's very hard to you know transact and interact with blockchain if you don't have a stable coin you need daxes

63. 34:08

    and you know here you need order book decks you need you know mmm for kind of like liquid stuff you need lending facility you need insurance you need you know options and derivatives that create kind of big bigger liquidity so all of the kind of standard you know if we think of this part is standard traditional finance that we're pretty much rebuilding in the in the blockchain based on kind of this ownership of

64. 34:48

    assets as well some of the economy and so to expand this right like if it's all in crypto it's very self-referential you know you're just kind of creating a derivative on the token that order book is traded on other book that you know is issued by a lending protocol what you need is real world assets and you need kind of banking facility and so when i say banking maybe it's better to say neo banking

65. 35:21

    but its ability for normal users to sign up to issue a credit card to you know accept wire to send out you know ech et cetera right like all of the things that people are used to in normal banking but it's hooked in directly into your kind of account and all of the financial infrastructure that's here right and there's few few people building this kind of hooking in and so on near this

66. 35:54

    kind of the benefit a huge benefit is that because your account is so programmable you can directly build your banking infrastructure on near so you don't need to have even potentially custody to offer some of this value and obviously like to do this you need still kyc compliance and many other pieces and then you have you know as soon as you have this you now have treasury you have yield optimizers you know then you build all of the kind

67. 36:26

    of large financial uh management tooling to do this but this is kind of you know stable coins real world assets banking are the thing and then you know taxes lending are the fundamental pieces that actually create kind of a fully functioning infrastructure and now you still need you know this how it connects to social and creator you have you know kind of a token facility right so token facility is what will create new value new assets that are either backed by

68. 36:59

    you know create a community by social by you know new projects launching etc and then you know they go through taxes and kind of start creating economy land in your you know bank account and you can spend it with your credit card obviously a lot more pieces you know there's a lot of projects building this there's a lot of still missing pieces here insurance is important across a

69. 37:24

    whole set of spectrums right you know everything from you know like failure of of d5 projects to you know ensuring something real world to you know ensuring your account how fdic does like you can actually do that directly on crypto uh and allow to um to provide some like account level insurance okay now let's dive in into social so usually kind of before we would call social dowse and

70. 38:07

    on one side it's true because that was actually a social construct and any kind of social gathering on blockchain ends up one way or another hidal or token or something on the other side there's a lot more to social adventure styles and kind of we see more and more things are being built out to facilitate interactions facilitate the communication between people and uh you know a kind of organization

71. 38:36

    that doesn't always involve money and kind of down in many ways is more of a decision making and money money transmission so for me dao is you know social that has direct linkage to financial infrastructure to find to financing to to bank account right like facebook groups with bank accounts and so here's the important pieces obviously you know kind of everything from user profile to social graph

72. 39:14

    to you know reputation and then beyond that you know content and uh you know you grow from there and so kind of just to stop by and see the things user profile is really interesting because you have actually two sides you have the user side kind of what user wants to leave then you have the kind of the external side what others want to talk and because in blockchain and especially on mir there's no difference between the user

73. 39:47

    account a dao account an application account fundamentally you can actually have a profile for the app for your dow for anything you know you want to represent there's an account on there which you can do pretty much with everything and so that allows you to then have a social graph of this profiles right so you can follow a project you can uh you know interact with it the project

74. 40:12

    itself cannot like can be you know linked to a doubt but then interacts with somebody else and so social graph then becomes extremely important piece because in this you know facebook knew it and they closed the access to it at some point because you can build so much more businesses around this right you can kind of the the amount of things you can do kind of mashups and thing and ways to interact with users

75. 40:44

    that you can build if there is a social graph that you know owned by the user not by the platform is amazing and so i'm excited to see over the next couple years how this evolves because as we kind of see these pieces both on chain and you know some of them will be using decentralized storage um we'll see a lot of the kind of this composibility coming out and for example reputation right so reputation in many ways is based on your social graph it's based on interactions

76. 41:13

    it's based on your profile it's based on your content and so but then reputation becomes extremely important signal into lending into insurance into you know interactions with dows and everything right so like you have this kind of you know way where then it comes back again and when you you know look at the user profile you can actually see the reputation content and this is important as it goes into greater economy is obviously you know for thinking of social right it's first

77. 41:44

    and foremost a creator platform is communication platform is a way to interact and obviously there's a message platform here as well um content is a way to for people to create interact communicate and so again it's linked with reputation as well right like you want to read repeatable content you want to read content that um you know coming from maybe your friends or from things you follow or from you know apps apps that you're using

78. 42:19

    which which is why you know this goes into certification which you know potentially goes back into kind of content like you know you want to know this is a um there's a moderation here as well you want to know this is for example from a reputable journal and so they certify it and then you have you know a set of moderators like a community based moderation that ensures that this content you know

79. 42:50

    passes some set of filters and then you as a user can pick which moderators you want to interact with and so all of this kind of they interconnected right they're all pieces of the puzzle and as they're getting built out they you know provide us a better infrastructure that you can build and a lot of other pieces on right you can build your new media on top of this because it's you know more trustworthy

80. 43:13

    it's easier to connect other things it has you know cryptographic certification that content is not modified after it's published it has you know a like linked into network of moderators who are you know trustworthy by you because you you know you're following them and so there's a number of ways how you can like position this and and package this for the specific users but at the end you know it's common data platform common account model common uh usage model and all this can be you know the

81. 43:45

    applications can be doing this you know the application can be messaging the user um through their account model as well and so you can create kind of all those different aspects of uh of interactions and so yeah and obviously to not forget the down infrastructure here right is what allows for you know for the users to interact with financial things which then goes into talking facility right the dao is where you can actually launch

82. 44:18

    a token as a community you can issue it you can you know interact with it you can for example start then connecting content and talking and kind of create uh creator economy from there so so this is where kind of this thing span right now we have you know very basic things here with like user profiles and dows but you know as this stuff gets built out you kind of get richer and richer interactions here

83. 44:49

    and so finally coming to the creator economy and creators right the kind of it starts with social starts with you know there's no creator that doesn't want people to follow into you know to interact with them so it starts with social but obviously there is you know new primitive of nfts that's been created that allows to have an ownable piece of of creation right so you have this content now

84. 45:23

    and this content can be you know everything it's images videos music but also it's programs you know it can be levels for the game like anything that the user generated right uh modifications you know is the content it can be ownable it can create you know royalties that can be then linked to a dao that then issues a token right so so really the creator economy is this kind of linkage of ownership of the

85. 45:56

    assets some form of following and social and linked to some economy that gets linked into the finance so that's why the creator creator economy really kind of links these pieces social and finance through kind of creation i know this is a lot of tooling there's a lot of applications and things to do with nfts everything from minting selling you know interacting utility like now you know you can use it for ticketing you can use it for

86. 46:28

    you know art you can use it for you know games etc right and so that's why uh you know when we think of games like in a way this is just a part of the creator thing because you have the games that creating nfts but also allowing maybe users to you know to potentially kind of combine multiple nfcs into new ones etc and then they interact and sort it out to their users to their economy and then you know creating new tokens in

87. 47:01

    game to interact with it so like all of this is kind of you know interlinking and because it choses primitives is very composable and they're like their own blockchain is very you know like there's a set of properties that you can rely on when you're using it you can start building kind of this different interactions and you know we will see more and more people kind of building out new things that we haven't seen

88. 47:35

    before um so kind of i mentioned the user onboarding right and so user and boarding is really important because again to get to a billion users we need simplicity and so when you think of you know user journey they'll start somewhere where it's you know something that creates value for them that's why something like sweatcoin brave and other kind of onboarding mechanisms are so valuable because they kind of create

89. 48:13

    value they kind of convert in a way their user attention to the direct value to the user right something that you know google and facebook convert to their dollars in their bank account and so the user actually gets you know some token that be brave or um sweat that now is living in some account and so this is important piece because this is where kind of their on-chain life starts right and so it's really important to make this step extremely easy

90. 48:53

    again because of near account model we can create kind of accounts very easily we can on top of it um start with maybe less secure setup right you can actually start with something that you know maybe you just sign up with an email and obviously you should not you know store millions of dollars accessible from your email but when you start you know you're just kind of getting some initial value and by the way like as social matures there will be you know some of this

91. 49:23

    done through social and uh kind of initial value will be coming through that so you sign up as an email you get an account but because it's new accounts and you have you know this ability to change keys to kind of pro like applications can actually guide you through the path where you increasing the security of your um of your account as there's more value being occurred right like again if you're just starting there's a dollar sitting there you don't really care that it's an email right you probably have more more more valuable things there but

92. 49:57

    as you know maybe you in you know got and or got an ft for a dollar and then it went up in price to 10 000 now you probably should set up a more secure setup maybe with you know recovery methods maybe with using hardware maybe you know using custody etc and you can just you know rotate the key change the key um or add you know set up multisig 2fa all of these options are all there so you have this like progressive kind of security which is defined by the apps by the wallets by the interactions you're

93. 50:30

    having and then on the other side you have things like aurora plus right which allow you to kind of interact with this without having tokens on your uh kind of without having to pay fees and so you can start with you know social or with other things that are value generating valuation and get you know first things into this interaction get kind of it into a dao potentially you know get a grand or you know get a salary

94. 51:00

    um or whatever like if you're interacting with like near crowd and so kind of all of this you know some kind of payment like all of this is you know leads to your gaining some some financial interaction in the system and then interacting through that so kind of from the user perspective right focusing on what does a user level value add value creation places onboarding users there and then retaining them through the economy retaining them through through creator economy as well right

95. 51:43

    uh as because they can you know start producing their own value right through content through interaction through gaming you know play to earn and so all of that you know kind of feeds into this value creation loop through kind of value that users are capturing so there's a lot obviously here still to be built and kind of a lot more to figure out how to retain users but it's important to think about

96. 52:19

    users not just investors because i think crypto has been usually thinking of users as investors who you know need to buy in token need to start interacting with this token and so it's a very different interaction versus if you're a user and you actually creating and interacting with value and there's there's something that you're getting for that for creating this value in the system but underlying all this

97. 52:52

    making it really easy kind of hiding a lot of the blockchain right hiding the transaction fees hiding the kind of user and boarding with an email with you know sms with whatever whatever message like google account sign up as well you can do that to really make this barrier to entry really low and so we have platform we have ecosystem we have apps being built obviously the system is continuing evolving and now within our mission is power of governance so how do we coordinate this

98. 53:26

    you know obviously on each level the apps themselves need coordination need governance but we need the governance for the whole ecosystem we need to make decisions we need to deploy capital and we need pretty much a near level governance now that is extremely complicated problem and i've been working on it for a while there's a lot of people been working on for a while both inside new york system and outside um you've probably seen maybe even

99. 53:59

    someone talks about this but at the end we need you know we need to start making progress and kind of start evolving so obviously the big part is you know there needs to be meta governance embedded meaning it should be able to evolve itself because it will be one we're not an experiment the reason why we you know we actually like kind of started astro dial project and splitting that project was to start experimenting to start testing this out and then we

100. 54:30

     have like i don't know 600 now uh some of them are pretty big that being using this tool you can kind of learning from that experience the biggest learning which you know obviously in hindsight but just pure token voting pure token participation doesn't work smaller groups the smaller the better actually make really good progress and as it grows people kind of becoming less less invested in making decisions and participating

101. 55:00

     and so it's pretty clear there needs to be some form of delegation some some some delegates who are active participants who are compensated who are actually um also you know taking responsibility for the decisions they're making and potentially are actively working on you know proposals review of proposals from the community you know kind of and represent community represent different stakeholders in the community and so

102. 55:33

     um we've had this long-term idea right of different houses pretty much you know house of stake house of kind of geo house of you know developers so kind of getting representatives from different uh types of stakeholders now again in the spirit of simplicity as well as you know being pragmatic you know start with sounds and then evolve this would be important now what is the functions of this the functions are obviously you know fond allocation

103. 56:13

     this is you know it start kind of foundation has been doing some of this but as we you know moving this very much decentralized ecosystem where um there's more and more parties doing various investments various capital locations this new governance right um is becoming kind of a fun to fund strategy deciding where and which aspects to allocate right i mentioned in ecosystem there's different verticals different geographies so

104. 56:46

     kind of this is where proposals will be reviewed proposals for different verticals for new things kind of come get reviewed by community as well as delegates and then you know decided to allocate and kind of and because it's a fun to fund it actually will be uh you know if working working well should be actually replenishing the treasury as well over time as as you know the bets are actually playing out

105. 57:18

     now we don't expect that this governance will be making you know technical protocol decisions like that's just not probable that these delegates are all super technical and able to make them but at the same time we don't want have a stalemate situation where you know there's a proposal that can kind of continuously stuck because nobody is able to make a decision in this and so the biggest role of this is arbitrage it's arbitrage of

106. 57:46

     mul because there's different stakeholders there's different kind of companies participating and contributing to the protocol it's possible that there's also different interests that are misaligned and so this needs to do arbitrage and decide between you know if somebody proposes to whatever reduce uh staking rewards right the you know valdez will be against the developers will employ it like there needs to be

107. 58:10

     some form of decision that needs to be made and so this is governance is how to make these arbitrage decisions and uh the kind of this you know overall strategy right and communication now you don't expect you know a dow a decentralized organization too to do this but it again need to kind of review formalize and can you know confirm that this because again right now a lot of this you know

108. 58:50

     i'm doing some of this work there's a lot of people in the community doing it there's a lot of folks now across different ecosystems different eco funds and geos are doing this but at the end you know it needs to be collected into one place ratified and people need to know this is where they go to uh to see it right and so this can be you know every year publishing research of the ecosystem what have happened and what are the you

109. 59:15

     know upcoming things that should be invested more people should be working more and obviously it should collect feedback from the whole ecosystem go through a review process and you know represent it as it communicates and communication is important right and as we're moving this more decentralized ecosystem right the expectation you know should not be that like foundation will be the voice of the ecosystem it is kind of becoming more and more centralized there's more parties talking

110. 59:47

     and so it's important to have kind of a number of different you know outlets things like near week you know neriuns etc which are kind of serve almost like as a media of the of the ecosystem right and actually working across both you know near governance eco funds regional hubs applications protocol contributors to collect information and and spread it to the community and ecosystem and so

111. 1:00:18

     kind of as we see this right a lot of the function that you know foundation started to do when when it was launching right are moving to the governance to the ecosystem to the funds to really support this kind of continuous decentralization of the ecosystem right and so in a couple of years the expectation is this is will be taking over most of the kind of active functions that we

112. 1:00:41

     you know we've been seeing foundations do and foundation really moving more into the support role and kind of you know in and more being maybe representative in the regulatory side versus this is you know becoming the decision maker the fund allocator and the arbitrator of the of the ecosystem now a lot of work to do i need your participation and so i welcome kind of your feedback across forums as well as

113. 1:01:13

     as it's going to be launching uh directly on on this platform and so with this um to close it up nir has been building a decentralized ecosystem there's a platform that powers this this ecosystem that supports this apps that attracting the users one billion users has a goal we're one percent there but you know extremely uh growing fast and accelerating we have you know the governance

114. 1:01:55

     kind of in in progress and being rolled out and uh we need you know more of everything we need more contributors on the platform side more infrastructure projects we need more eco funds more regional hubs more folks to support ecosystem across marketing across bd across various other roles and we need more applications we need more people building different pieces of this both

115. 1:02:21

     on kind of you know the standards as well as the end user and user side um we need your participation in governance it's extremely important again we're building our mission is to give power of governance and so we need to make it simple we need to make it straightforward for people to participate and we needed to make it to matter as well for people and you know grow the usage bring your

116. 1:02:45

     friends build um build applications that bring more users um i've you know i've heard this like if if every single person brings 10 their friends apps uh you know to participate we're going to have exponential growth in the year everyone one one person months and uh we're going to be growing exponentially as this expense so you know follow follow near protocol on twitter near.org for more details goff.near.org for the governance forum and

117. 1:03:25

     i'll see you out there thank you you