NEARCON 2022 | Layer 1 Stage - Day 1

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

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   good morning near khan the layer 1 ready stage will begin in 10 minutes

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   so good morning near khan the layer one ready stage will begin in five minutes

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    good morning and welcome the main stage will begin in two minutes that is when we will start at 1102 so so so

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    so good morning near khan please make your way in find your seat near khan 2022 is about to begin ladies and gentlemen gentlemen gentlemen and gentlemen builders of the open web please welcome you to neocon 2022 we have jack collier cmo of the neo foundation david morrison tick tock extraordinaire

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    it's so great to be here it's so great to see you all even despite this uh inclement weather would you say david yeah a little bit i know i know we had liquidity but i didn't realize we had this much right cool right so hopefully the clicker works yeah the rain's got to that too all right well we have got an incredible incredible agenda for you here at near con we've got over 200 speakers from all over the ecosystem and all over uh and

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    beyond basically across four incredible stages well three well three yeah let's not talk about the proof of sound stage that's open tomorrow um but we've got some incredible speakers we're currently here in the layer one stage and that is uh this is the main stage we've got two other incredible stages and we've got some pretty inspirational speakers haven't we david we absolutely do and compared to last year

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    neocon is five times bigger with 3 000 tickets sold a complete sellout right there are almost 1 000 projects building on near protocol today and a lot of them are in the room with us right now brilliant and uh so some of the speaker highlights david we've got some incredible names you know we've got the likes of sheila warren from the wef we've got brendan ike the creator of javascript and founder of brave

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    we've got uh baron davis ex-nba all-star we've got alex shivchenkov the goat behind the aurora evm uh we've got david morrison the legend at the near foundation hey and we've got jack oh hey stop we've got well you're here for sure we've got a bunch of incredible speakers lined up for you this week brilliant okay so what can you expect on the ground here at nikon we have like i said we've got some amazing speakers but we've also got some amazing projects here you know you guys are the builders

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    you guys are the creators you guys are the visionaries that are making a web 3 vision come to life and many many of you are here obviously on the ground with proper booths proper activation so i highly recommend all of you going around checking out the 40 projects that we've got and and talking and learning about what's going on in the ecosystem david there is a revolution happening

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    right now and it's not one that is built on scorched earth and burnt buildings it's a revolution powered by the clicking and clacking of keyboards and mice around the world and by everybody in this room yes absolutely yeah i got too into it you do back down to earth right let's get back on to some of the specifics so um what can you expect on the ground well david did you like pokemon growing up as a kid did alexander skidenov and iliopolissukan develop the greatest

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    sharding architecture in the world of web3 well then you're going to love what we've got in store for you now so um across the three days we're running our digital collectibles hunt this is across many of the stages and on the legendary cube outside there will be qr codes uh displayed across the three days um all you've got to do scan them redeem your nfts that are special nfts for nikon and if you would collect all seven you could

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    be in to win a fantastic prize yeah okay yeah you're going to love it but seriously check it out uh highly recommend that you've got to catch them all right got it you've got it right now we um we want you to tweet not just the water features we've got outside but also what's going on in the events and uh in in the activations that on stage and uh david uh if people want to uh sort of tweet what hashtag should they it doesn't matter if you wanna tweet you

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    wanna post on linkedin you wanna post on bumble on tinder on myspace snapchat whatever you want to do you just need to use the hashtag neocon right we made it easy easy peasy brilliant and um we've also set up a special dedicated telegram chat for you it's the um neocon underscore assist so if you have any questions over the next three days whether that be you want help on boarding you want to learn more about specific projects what's going on on the ground just any question and you can't find someone on the ground to talk to just just uh you know add them on

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    telegram and they'll be happy to help easy right well um that's enough of david and i um we're going to leave you now in the very capable hands of the incredible uh marie flemon ceo of the near foundation and the legendary ilya polisookin and they're going to show you why at nikon it's all about okay we're going to do it it's all about building beyond miss you the sun and we got you the rain but on the rest we promise we'll deliver

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    hello everyone it's amazing to see this group here it's been a kind of an interesting year it's been an interesting start of the day as well for everyone but we're super excited to have kind of near ecosystem coming together in this kind of celebration of you of your creativity of kind of creativity of the space a year ago or almost a year ago i remember going to nircon and i was there actually incognito i was trying to figure out what was going on on the

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    ground i think we had something like 600 participants and this year it's absolutely phenomenal to see that we've been sold out way earlier that we could even possibly envision we have over 3000 people who are going to attend but not only that i think the diversity and inclusion and the representation that we have is absolutely astonishing 176 countries represented 38 of women i think that's actually absolutely phenomenal and a true representation of

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    the near community and obviously you know we're builders so we have a hackathon happening we have 700 hackers kind of coming in there's obviously you know super exciting projects that are going to be coming out and we want to thank you the sponsors the ecosystem the community for coming together to actually make this happen right it's not just you know near foundation or some of the you know major

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    folks like aurora and pagoda but it's really kind of every single one of you right the community is you know the nft projects the kind of projects that are building across the world coming together you know creating activations creating exciting spaces for everyone to experience what you can actually do on there and so thanks to sponsors please check it out there's kind of really cool things happening talk to people see what

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    they're building so we're extremely grateful for our sponsors we're actually extremely grateful for our media partners uh special thanks to coindesk for being here on the ground with us and actually with a ton of their journalists this is important for you for the community because whatever you're going to announce in the next couple of days just know that you have coverage from media partners all over

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    the globe so really important and super proud to have that for you today so building away on the hype what is it yeah what does it even mean yeah so near started in august 2018 right if people remember those those times this was like you know january 2018 market peaked everybody started selling out people were kind of becoming less and less excited about the space there was a lot of stuff that didn't work a lot of things that were really kind of promised but not delivered and

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    really kind of when we started the our main thing was like hey we want to build something for developers for builders for creators right we ourselves wanted to use blockchain for our own kind of use case for our own application and we were not kind of finding the infrastructure the ecosystem where we can do this and so that's really kind of how we started and how we continued to

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    do right we built through 2019 kind of where you know market was completely not there right people were not joining crypto that much and we know continue to build on this vision and so we want to celebrate this we want to kind of reinforce this that this is not about you know kind of building a buzz about some promise it's actually about a clear things that people can use the things that actually delivered the things that are real that you can try right and so that's really the theme that we want to build here and obviously

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    given you're here you need to hype it up that's the whole point so hashtag near con on twitter otherwise no announcements for you so this is obviously the intro but we also wanted to share a little bit with you what we are excited about in the next couple of days and what are some of the things that are coming up and that we hope you'll enjoy and participate into uh on the side of speakers we have over

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    220 speakers that are joining us from a whole range of different verticals and industries and actually i think that's a true testament to how big the near community has grown but also the interest from many different places of the world to actually build on there so a couple of those that i'm looking forward to will join us remotely not unfortunately in person but we have hasib from

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    dragonfly that's going to talk about being bullish on air and i'm really looking forward to hear what he's got to say in terms of speakers remote we also had jeremy eller and ryan selkis so jeremy aller from circle and ryan selkis from messerie this is pre-recorded i did them i hope you'll enjoy them i know they have some really interesting things to say not only that but from the world of sports actually as you can see

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    we have more and more participation from that front baron davis has been mentioned before baron davies playing 13 years in the nba and now he's a professional athletes turn into an entrepreneur and looking also at the world of web 3. cell gp has been a partner of ours sir russell kutz who is the ceo of cell gp but also a extremely accomplished sailor winner of the americas cup gold medalist is going to

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    be here also with us on stage we have an amazing representation of our backers and our vcs and especially looking forward to actually what they'll do and what they'll see into the events that we have coming up and chatting with them i think in today's world we cannot have any event without talking about the world of regulation and what's happening there uh sheila warren is going to join us mario beth buchanan is also joining

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    us those are absolutely astonishing women who are at the front line of actually helping us enable the vision of what we want to do and what we want to see happen in in web3 what are you excited about for speakers well i mix first of all i'm excited about all the builders who are going to be talking i'm excited for you know to see the project that you're launching but obviously i'm excited about my fireside chat with brendan ike

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    you know the person who actually invented javascript you know uh was a co-founder with mozilla and now runs brave right pretty much like all the things we're using at near right is webassembly rust javascript for smart contracts all were invented and kind of under brandon supervision at mozilla so this is really exciting obviously we have kind of tons of other technical speakers um that you will see but i'm especially excited about all the announcements right there's going to be a ton of stuff people have been not

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    shipping which i'm not really happy about and we're waiting for near con so next time ship first but uh there's a lot of stuff that's actually been shipped at near con right things you know everything from like new products to uh kind of talking launches to you know things that people can start using here and so first of all if you are uh not walking and you're not sweating you're doing something wrong and if you don't know what i mean check out the sweatcoin booth there's a ton of really exciting as i

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    said products and uh even more exciting you know we've been uh kind of building not just the protocol not just infrastructure but our ecosystem and join me for my talk i'll talk more about how i think about it but there's a lot of kind of regional representation here already and it's going to continue expanding right new ecosystem is truly global with really powerful local hubs everywhere and we are kind of coming even stronger both now and in the future

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    so a ton of announcement coming up um and it's great to see that nircon has been actually a forcing function for having all these great ideas being shipped out not only that but events and side events so first thank you to our near degens to actually have put up a map that uh has all the ton of event i know there's so many changes of actually directions for side events because of the rain but we'll have to embrace what's happening the say control what

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    you can control can't control the rain but thank you so much for that there is a ton of yeah that's a next infrastructure project to be clear that's why in terms of parties um we're very excited to see that there are so many that's fantastic to see uh especially i'm excited to see the event from the near ukraine team uh with onuka which is a group and singer coming every donation made for that event will go to ukraine so please attend and join i think it's fantastic to see that we have

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    that which party are you excited about what are you joining i am uh i'll try to join as much as possible but i'm really excited about the hackathon honestly like you you cannot and yeah yeah so you know we're to be there we're going to be judging so going to be excited to see what people build so yeah i invite everyone to hack if you're a hacker to you know kind of check it out help them you know

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    hackers not just need you know developer help sometimes they need help with marketing sometimes i need help with positioning design product feedback of what makes sense right so you know i kind of encourage everyone to participate so on that note actually you've already heard that but we're trying to actually simplify everything you see for near con so super simple if you need help nercon assist is there to help you out

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    and if you want to actually help get the word out for all the amazing things that you're going to hear today use hashtag nearcom there is many more talks i'm looking forward to uh the talk i'm doing later elay's also talking later on stage plenty of things it's absolutely fantastic to see all of you join and i hope you'll enjoy yourself during those couple of days yeah stay dry

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    thank you developer and community relations team at near foundation such an honor to be here ready to shower you with amazing content today um hope you all brought your swimsuits um so yeah i guess you know a couple of housekeeping announcements so obviously there is a hackathon going on there are over 700 hackers here hacking away right now and

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    shade stage due to this unprecedented rain we are about 30 minutes behind which works out so just keep that in mind as you take a look at the agenda and are making plans to visit sessions you'd like to attend so without further ado i would like to introduce you our next speaker james truman's from google cloud hello everybody my name is james tromans i just want to say what a privilege and honor is to be here there's so much energy in the room near has grown so

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    much over the last years we've just heard and i love walking around these events and just seeing what everyone's up to and what everyone is building so i lead google cloud's relatively new web 3 efforts so i'm primarily focused on our products and engineering work but of course there's a lot more that's going on that many of you can also take advantage of as time unfolds and we'll talk a little bit about what we're up to later on

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    so the title of this session obviously a little bit tongue-in-cheek we all know that there's a very important event going on this week uh in the next couple of days in fact and i'm very confident that whatever happens you know as a community we'll all get through this and we'll look back in the rearview mirror and we'll think how important it was but it will just be something that happens something that's behind us and we need to be looking forward to the work that we're all going to need to do if we are to embrace web3

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    and if we are to have many more users adopting this technology and so for me this is what is actually the bigger the longer term challenge that all of the builders all of the founders in this space are going to have to deal with which is how do we on board a much larger material user base who can take advantage of web3 and so to get there we can't forget where we've been what got us to where we are now may not get us to where we're going in the

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    future but there are a lot of lessons that can be learned from the technology that has been built and the technology that you are all going to be building and so i believe in order for us to be able to even dream about this type of adoption we're going to need a lot more developer activity we're going to need to make it easier for developers to build javascript for smart contracts great example that opens up a whole new world to an existing developer base

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    and google cloud has a large existing developer base and we feel that we may have a role to play in helping onboard this large next set of users so a small story as to how at google cloud we kind of made our way into thinking about this space because i was not the first person to say hey like google cloud why don't we like do something for the web3 community what can we do what

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    can we build what can we add and so we know as a large web 2 organization that we come humbly to this space there's a lot we don't know and this is why we're here we're here to learn we're here to listen we're here to understand what developers are building so that we can help developers build faster safer applications and so if we're thinking about web one sure you've heard this analogy before web two and then we get to web three i think that the idea of self-sovereign

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    identity is a really nice example which gives users this idea of the outcome of what web3 really is which is optionality it's choice it's the ability to not use a federated login provider if you don't want to it's about the ability to be in control of your own data to keep it in your wallet if you want to it's about being able to be in control of your online digital identity such that if a federated login provider did not give you access one day you'd still be free to go about your your business

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    on the internet which is your own business and you'll be able to partake in whatever third-party services that you like and so you know just one example but the advent of decentralized identifiers in the verifiable credential space sits alongside web3 for me it's part of it but what it's really about is just another critical example of giving users optionality there will be some users

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    that don't want to store their own private keys there'll be some users that want to give that up give that to someone else to look after for them but these are the sorts of challenges and issues that are the community we need to be building for we need to be inclusive we need to be thinking of all of the different types of the of the developer experiences we want to offer so that the end users can have what they love which is a frictionless user experience

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    that helps them get on with whatever task or problem they're trying to solve for and then move on but do so in a more decentralized way bringing them that optionality so when i think about the challenges that exist in this space you know you guys who have been developing in this space will know them but i refer back to an article i read back in january which feels like an awful long time ago now

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    uh by moxie at signal and he had a particular set of opinions that were his own but he raised some interesting points which is protocols tend to move slower than platforms and he raised another interesting point which is most people don't want to run their own server and yet these two issues are absolutely critical for web3 to continue to move forward to continue to grow and live up to the promise of decentralization so from where i sit the answer

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    is not to ignore those things or even to disagree with them the answer is okay if they are some problems how do we do better how do we build faster and how do we do it in a secure and safe way and so it's our opinion at google cloud that we have an important role to play by bringing the best of what google cloud has to offer from the traditional technology space of the internet and the web and bring it forward into the web

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    free space to help folks that are building maybe very specific domain applications that are solving for a very specific area that don't want to have to build all of the things from scratch and want choice the developers want that optionality too and so for us when i look back and i think about the difference between web one and web two we just call it the web and at google cloud we feel that

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    web3 will just become the web it's inevitable we feel that you will have full stack engineers that are building entire normal web applications that are coupled with web3 applications and you won't think of those as special they will just be the web again but enough in order for us to get there and in order for us to have users that are enjoying that experience we need to make it much faster safer and easier for

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    developers to work towards building their applications and so to think about google cloud our role in this is to listen to you to learn and to think about what is an infrastructure provider can we do to make your lives easier so that's where we're starting we think this is table stakes we think that if we can be another place for you to have a node or another place for you to analyze data off chain which is something we've

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    already we're doing for other chains then this is only giving you optionality this is giving you the choice to try something and maybe focus on your area of expertise which is not going to distract you from doing your core work so you know as i think about coming to this event and what we're going to be doing over the next couple of days the hacker houses the hacking events listening to all the developers challenges and what we can do to help

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    get forward i would really welcome you i would urge you all to chat to the google cloud representatives that we have here ping us you know on offline whatever works for you so that we can make sure that we're giving you that optionality that your end users deserve for your own developer experiences and we want to make gcp a great place for web-free developers to build not the only place just a really great place so

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    we think in summary that as we're looking forward now over the next seven years the next 10 years of the internet we want to make sure that it lives up to the promise that the internet offered at the beginning we want to help you make sure that the internet can live up to its fundamental promise and make sure that users have that optionality and we would love to help build that with you

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    so please stay in touch we look forward to hearing from you and it's been my pleasure to talk to you here today thank you very much

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    thank you so much james to continue our conversation on the importance of why web 2.5 is necessary i'd love to bring up our next group of panelists to talk about bridge builders why we need web 2.5 so i would like to bring back james tromans back to up to the stage as well as satish ramakrishnan from bitco susie batt from opera browser and last but not least emily parker from coindesk

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    welcome everybody this is such a dramatic setting for a conference um so let's get right into it um we have an amazing panel you've just been introduced so i'm not going to reintroduce you but let's just start with what this panel is ostensibly about um why we need web 2.5 now i think a lot of people don't even know what web 3.0 is despite all the explainers out there so let's um let's start with web 2.5

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    actually like let's just do a brief round of definitions because i bet your definitions aren't even exactly the same like what is web 2.5 in your view simply succinctly even a child can understand what does that mean i well since i'm right next to you i'll start sure um hi everyone uh i would say 2.5 is using um web 2.0 infrastructure to access web 3 assets it's as simple as that is that simple enough

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    web 2.0 infrastructure to access web 3.0 yes okay all right we'll we'll come back to that in a second that's good very succinct thank you i agree um i think an example of that right what we're looking at right now is centralized exchanges front-ends for dapps front-ends for nft marketplaces you see fiat on-ramp right when you end up opening up a wallet um and you want to be able to use your fiat to be able to buy crypto and then subsequently off

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    ramp off of that crypto to fiat all that is web 2.5 and i think it's essential for us to be able to have web 2.5 to drive adoption really again leveraging those 2.0 infrastructure that we are all very well versed with and accustomed to but leveraging the web 3 assets that are just sprouting up right now yeah i think i agree with the previous comments to me if you're a web 3 native

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    you're born on chain you're writing smart contract technology as the primary thing that you do and it's going to be the majority of your code base whereas i think the web 2 to web 2.5 companies that are helping critical to building the on-ramps for web3 users are folks that actually maybe have a majority of their code base still targeting traditional infrastructure in you know well javascript or traditional language but in traditional web

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    languages and they are actually enabling the uptake of folks that are building purely for on-chain okay all right so i think we have a general agreement here on what web 2.5 is it's sort of like using the existing web.20 infrastructure to access web 3.0 and also it's basically a certain degree of centralization as an on-ramp to decentralization we're all on the same page but before we move on quickly let's

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    just what's web 3.0 in your definition because i don't think there's even a consensus on that uh well let's talk about blockchain adoption in web 3.0 um the ico boom in 2017 defy summer 2020 the nft wave in 2021 um we now i think defy lama quoted um 3 million 300 million people around the world used crypto just at the end of last year so with mostly d5 and nft products um web 3 approach is ownership is creator economy

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    you want to add to that yeah like web 3.0 we've had several terms right um trustless permissionless decentralized internet built on blockchain technology for me web3 really is that movement towards complete digital ownership right the same way we are able to physically own and have that self-custody of objects things in the physical world like a phone if i draw a painting i have ownership self-custody of that painting i subsequently am able to take that

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    painting give it to someone else i can take that painting and move and travel from you know new york san francisco to lisbon it's still my painting it's me i'm able to take that from point a to point b how are we able to replicate that on web 3 and still maintain that complete digital ownership without intermediary so for me web 3 really is around complete digital ownership digital ownership and sovereignty of that ownership and the ability to maintain control over your assets as

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    they are belonging to you and reducing the ability for others who maybe ought to have perturbed the ownership of their assets from being able to do so and i think that that's captured with the phrase decentralization i also mentioned optionality a lot i think web 3 is a as a movement is giving more optionality to both end users and developers to be able to have choice around how they choose to

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    operate online and you know but then i also wondered why do we need the phrase web 3 is it to distinguish somehow between the old way in the new way is it an us and then them type of thing like what's it serving as a label and so i get a bit uncomfortable with like having to have a label anyway but if as far as it goes to like describing the future then it works okay thank you those are all really good

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    definitions you guys are much better at defining things than the average crypto person so that's that's good um i think there's a lot of confusion about what these terms mean but so the title of this panel is why do we need web 2.5 and i actually really want to dig into that because i don't think it's obvious that we need web 2.5 and i think this is actually kind of a controversial topic um because you know web 3.0 is this very idealistic visionary thing

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    decentralization ownership as you said i think we could say that we're not really there yet um you know this whole idea of like crypto being intermediary list there's a lot of intermediaries that are still very involved right you have all the old players you know visa mastercard google you know that are still kind of involved in this space um and yeah there's a lot of controversy around it so what just i mean do you think we need web 2.5 or

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    did they just put you on this panel um so let's first start with that i um i think we 100 need web 2.5 to ultimately get to this north star vision of web3 we need further adoption from larger companies that exist right now we need further adoption from developers right they're just entering the space even understanding the tools that they have access to in web3 how do we make that simple and the way we make it simple is by providing them tools and again web to infrastructure that they're familiar with and

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    throughout over time decentralizing parts of the overall like web 2 stack into the web 3 stack and i think right now we have great like l1 protocols that are obviously decentralized and as you go above the stack slowly one by one there are a lot of different projects that are decentralizing you know or making attempt to decentralize parts of the stack whether it be data um with with are weave or

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    you know even front-end applications uh so we don't see scenarios like um you know github obviously uh being you know their code code being taken off um so i'd say 100 need web 2.5 to bring that adoption i i would add that what hinders web 3 adoption is this legal ambiguity um ui ux really rough um and we do just need time for decentralization to mature i think i remember listening um to a podcast and

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    they had talked about um we're at this period of like this tween um maturation point where we're not quite in full-fledged teen hood we're in between and it takes time to to mature and we know that because we haven't replaced the web to tech stack yet we're still using it to onboard to all these crypto platforms and and that's okay centralized exchanges um and uh we haven't fully removed that

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    on ramping i mean the question is do we think web 2.5 is important and i mean maybe i've already shown my colors but yeah of course i think that it's a transition and i also don't think that it's all or nothing i i feel that the ability for people to move at their own pace to understand the new technology at their own pace is going to be critical to getting more but the more developers and more end users

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    say yeah i think we need web 2.5 so i think those are all really good points i mean honestly i'm a little uncomfortable with the concept of web 2.5 just because you know and i'd love to hear how you guys respond to this first of all crypto at least its original vision was in largely in response to the perceived failures of web 2.0 right you know we look at social media and the internet people are so excited it's like this is the decentralization of power this is

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    you know empowering the individual and that's not exactly how it worked out it worked out like that to some degree but we also saw you know monopolization we saw big companies we saw abuses of user data and sometimes while on the one hand i totally understand that for mainstream adoption we need like familiar platforms and familiar on wraps sometimes i get nervous that crypto will be repeating some of the same mistakes of the past because you're starting to see literally the same players i'm not

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    going to mention them here but you know who they are you know actually coming in and saying oh we're just helping to ease the transition you know you look at the metaverse you know what's going to stop the big video game giants from kind of like dominating that space so you know i i'm just curious how you respond to that because i think i in theory i got what you're saying but i could also see how this could turn out not that well well it depends i mean goes back to our

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    definition of what is web 2.5 i mean when satoshi wrote the white paper and when bitcoin came into existence and when people started being able to mine and then later trade these things between one another you need an element of education to get the user adoption to a point where you have a critical mass to generate the interest which generates a virtuous cycle right and so how do you do that without leveraging the internet as it was so we're obviously standing on the

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    shoulders of giants all the way up to be able to then be where we are today and then i would also say that i don't think 3 needs to be so divisive in the sense that it's meant the internet has always been meant for everybody and it's taken different directions and obviously people um are building new ways of working because they're unhappy with certain standards of how things are and i think that's great like more diversity more challenge more technology is going to create a better it it always creates

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    better outcomes when you have choice right so i think i i think that technology is iterative in nature and so what we're feeling now is this constant iteration of um our products um the audience is learning and getting more curious um and our ability to um code in this environment all of you who are founders and devs um you know every day we're learning more and more about the robustness of this ecosystem but i would also add we're not there yet because more people need to enter the space

90. 1:02:10

    we have um we've talked about all of you who are part of gen z but did you know that gen alpha is right behind you and in three years time there will be two billion people entering into this gen alpha space these are crypto native children their crypto their mobile first they've lived through this pandemic they've been home schooled this will be our new audience and our new users so are we at web three no but

91. 1:02:48

    we're incrementally moving towards um towards that as new people enter into this space i think one aspect definitely is that iteration right and getting that mass adoption the other aspect that james touched on as well was optionality so over time once we find that parts of the stack aren't decentralized if there are enough you know mass adoption they will go ahead and make parts of the stack decentralized and we're seeing that even with you know social media now they're projects like lens protocol that are

92. 1:03:18

    coming in really evaluating how can we decentralize what is currently centralized of owning the identity in web3 so you don't have to go ahead and create a new profile on you know another social network you're still john doe you don't have 100 versions of john doe or mary um but it's going to take time it's iteration so i mean i guess here's my problem with this though is that it kind of it kind of assumes like web 2.5 this idea assumes that like decentralization is

93. 1:03:49

    the end result and i'm just not convinced that it will be you know because like the the the philosophy behind it i totally understand right the philosophy behind it is like let's make it easy to like on ramp the mainstream population and then little by little it will get more decentralized but like what if it doesn't you know what i mean and what if you just end up creating like for example you look at exchanges right right now users have a choice between centralized exchanges and decentralized exchanges people have a

94. 1:04:14

    choice between storing their crypto on exchanges or in cold wallets many people are choosing the centralized option even though that's like kind of web 2.0 ish because it's convenient and it's easy right like what is going to make them shift you know what i mean so i think that's the and that's the thing with web 2.0 it's like always the convenience thing right like what what would make them or what would i guess my question is like what would prevent web 3.0 from

95. 1:04:39

    just being kind of like a web 2.0 with another name we might just skip web 3 and go to web 5. i i would say that if the promise of web 3 is not lived up to it's because people have chosen to go down a road that is too too centralized again right so the diversity of clients the diversity of where you host those blockchain nodes the diversity of wallets the diversity of it's like when you optimize any system once you've fixed the bit that was slow you've got a new slow bit that's the most slow now

96. 1:05:12

    and you just keep going and i feel like that's true with decentralization like there's so many points of centralization with the way the internet works today and even the way web 3 works today that would we've just got to keep working our way along the chain until we're removing those points of centralization and then what's reasonable like how many developers on any one project makes that a decentralized like contribution for how many different versions of that product do we need for it to be considered the decentralized um solution

97. 1:05:37

    because you've got enough choice and we don't have answers to this but the the the idea is to tend in that direction and see where we go and i mean if you're if you're a believer in web 3 no it's a maxi of decentralization then you may never be fully happy but if you believe that that's the north star and like we need to just be heading in that direction over time working on the problems then i think we're already on a good path and we just need to keep everyone needs to

98. 1:06:03

    keep working towards it i want to know who actually named web3 web3 yeah like do you remember when we all got in the space and it was blockchain and then it was crypto and now it's web 3. i don't know yeah it's just sort of i think we get caught up on the semantics but the real um thesis i think is we as humans we we try to survive and when we're done surviving we want to thrive and we want to grow and how do you grow this

99. 1:06:40

    technology from read in web one to read and write in web 2 to read write and own now in this new paradigm but whatever we call it i think the propensity for us to keep inventing and evolving and iterating is just human spirit and the the curiosity of where this will go is the beauty and the mystery but to say decentralization is the end goal i don't think so okay well just sort of coming back to the sort of web 3.0 question um what do you guys see as the biggest

100. 1:07:22

     obstacle to sort of like reaching web 3.0 i mean where do you see some i mean i'm sort of i guess i have my own obvious obviously my own premise here which is that i do see the danger of you know big companies monopolization happening again even in web 3.0 i don't know if you agree with that or not but i'm curious what you see as some of the obstacles because i think we generally agree that web 3.0 is not here yet right we're not there yet so where where are

101. 1:07:46

     the pain points like what are the what are the things that are preventing web 3.0 from arriving in your opinion i think one for me definitely is just raw education in the space we need to educate we like 0.01 of developers are in web 3 now there's a lot of opportunity to really get more developers into this space and continue to iterate second is you know susie touched on this as well ui ux you know obviously right now when

102. 1:08:11

     you have optionality great you have a self-custody wallet i have complete control quote-unquote control yet no one really understands mnemonic phrases 12-word phrases they don't understand the implications that literally your wallet is that private key how are you able to bring a new quote-unquote a newcomer onto this web 2 to web3 space and empower them to have that right information i think there's a lot of

103. 1:08:34

     opportunities to iterate on uiux on education in addition to all the um you know projects readdress the the web3 tech stack as well yeah i mean i don't have much more to add other than we we heard that there's a whole new generation that's going to be a potential target market for adopting this technology and inevitably they'll get it quickly but the internet is full of people from all different sorts of backgrounds all

104. 1:09:00

     sorts of ages and that is a lesson from web 2 which i think web 3 needs to like pay attention to which is if you're building for everybody then build for everybody like think of all of the user challenges that are going to be you know for someone of a certain older age bracket living in a you know a poorer country versus a younger person living in in the uk right and i think that this

105. 1:09:23

     comes back to education it comes back to ui and ux but these are lessons that have already been learned in web 2 we shouldn't forget them just because we're now talking about web3 i think one more hindrance i would add is time like this summer was off the hook every time i'd wake up there was like another notification of another hack of another breach of another right it was like ptsd every morning he was almost like afraid to watch or to like read your phone but um

106. 1:09:52

     you can't rush time and it takes time to onboard devs to um finance these ventures and um i would say we've got to go through uh the the iterations and um everything in between yeah i think those are good points i think the ui ux is actually really critical um when it comes to crypto because you know we've seen that like humanity tends to um lean towards convenience over privacy or convenience over ownership right and so

107. 1:10:26

     as long as like there are ui ux problems people are just going to go with the trusted actors right that's why they go towards decentral centralized exchanges you know so it's kind of like as you know a lot of centralized exchanges it's like opening up a bank account right you're giving them the same amount of information in terms of like you know it's not you're not really holding your coins um but people are still actively making that choice because it's convenient and because the user experience is familiar right they don't

108. 1:10:50

     want like this lack of familiarity and i think we're seeing that in a lot of different ways we're seeing it also like even with some of the privacy coins like people are not necessarily taking advantage of all those features because they're willing and we've seen this with web 2.0 people are willingly um giving up their privacy for convenience right so this is so i guess that comes down to like with the ui ux thing like what is crypto's problem like you know i mean like why why is it taking so long for

109. 1:11:16

     for because i think there is a ui ux problem in a lot of things you know everything ranging from nfts to metaverse and i know we're like still early but like i'm kind of like how long can we keep saying that it's been 10 years like you know so what do you think is like the the why why why are we still sort of not really there in terms of user experience with a lot of these products are there any ui ux designers in the audience if you are here can you raise your hand

110. 1:11:40

     i see two three four five i mean what's the percentage of that per devs how many devs are in the crowd yeah i i i think you know that's one piece where you need to have the design built in and baked with the overall architecture it's designed almost designed first i mean like yeah i think it's critical right i mean when you think about it right just in terms of like if we're if our goal here is to not repeat the mistakes of the

111. 1:12:15

     past and not having just like the easy user experience win at the expense of decentralization privacy then yeah so i mean it's like i'm curious what you guys think like i mean if you agree that i mean you sort of just said that that uiux is still a problem but like why like what why is that why is crypto have it because this is like an industry full of very smart people very technical people is it just that like people haven't really decided it's a priority

112. 1:12:40

     or like what is it i mean i think this is a similar challenge in web too in the sense that you can have really fantastic server-side or back-end engineers that aren't as strong on the front end and that's normal and then you get people who are great on the front end and on is good on the back end and you get people who can do everything and they're unicorns and that's you know everyone wants to hire one of those and there are just you know we often people go and build things and

113. 1:13:02

     think about the ui last or the user experience last and that is clearly not the right thing to do but i think in this space in particular because it's so technical because there are so many things that can go wrong it's extra important that the ui and ux is considered as part of like the whole you know development life cycle as a first-class citizen and that sort of thought process and then it's a numbers game right like we just saw there are not very many people here and i would

114. 1:13:28

     think in any normal engineering team your ui ux team is usually much smaller than the rest of your development team sometimes if you work in a larger org like i do that's a shared function sometimes depending on the size of your project and so there aren't enough great ui ux people to go around that are also in tune and know web3 really really well if they were i think we'd see some of these challenges that have already been solved

115. 1:13:51

     yeah there's i think uh james um and emily uh you know covered it very well i think it's um it's there's just so much star trek talk in in in crypto and web there are now that we need to be able to abstract it and it comes as james said making sure that design engineering is very very like in the very early stages of development i mean i was speaking with uh um my my cousin who was about like 14 years old got kalugusuko and he's like i just don't trust myself even if i have an

116. 1:14:22

     option to go and have a self-custody wallet not only do i not trust some sometime like the intermediary or the third party i don't trust myself i want to have the ability to recover my assets and current day there is going to be that transition from where we are to obviously this decentralized notion but we need different types of design principles to get us to a point where we can empathize with these new

117. 1:14:44

     users onboarding and educate them i think we also get in our own way and make things over complicated and i know this because i when my kids are on holiday i bring them to conferences so you might have seen them at devconnect or ecc or metaverse summit and i watch them try to onboard whether it's axie or some other metaverse or just even their their wallets because i actually pay their allowance in crypto and um and so i watch them

118. 1:15:19

     try to use it and when um when i when i see those friction points i it's like um a light shines on an opportunity for us to think of things differently different point of view because we're so used to like jumping through eight different hoops to make a transaction or we're used to not having any information uh or checking ether scan to make sure something went through you know we're still used to that that we forget

119. 1:15:51

     so i mean i think a related topic here because this is one of the big disappointments of web 2.0 is privacy right this is like the big elephant in the room um in that you know a lot of the big platforms have not really respected user privacy of abused user data and often that's the sacrifice right convenience for privacy i'm curious like what you guys think um in terms of the current status quo what is this what the privacy situation is do

120. 1:16:16

     you think it's good do you think it's not so good like where are we because this is one of the stated ideals of cryptocurrency but like where are we in terms of privacy right now i think just there's the trade-off between um access and ease of use just like with bridges you have a trade-off between security and ease of use so it's up to the user to evaluate and decide how much they want to forsake in this spectrum

121. 1:16:52

     but i think that's the point in the philosophy of this decentralization yeah i i agree and i think from a from a regulatory perspective as well we're going to be seeing some some iterations and i actually think that's beneficial to the overall ecosystem to grab you know to drive more adoption um i think like the the entire github scenario where users literally had their code removed um from the platform is one example of a privacy same with everything that's

122. 1:17:23

     happening with you know the large like things um in the in the industry but it it's that balance of we're iterating we're identifying parts of the tech stack and um you know we're going to have regulatory outcomes that drive certain decisions whether you're in one domiciled entity versus another but it'll take time yeah from from my perspective when i think about what you can achieve with web3 and privacy together i mean obviously

123. 1:17:53

     there's a lot more technical innovation that needs to happen but the future's very interesting both it's bright and it's also interesting just from a technical perspective this idea that i can have different online digital identities compose together credentials either in whole or in part and present them to a third party and that not be linked to any other digital identity that i have and i can use zero knowledge proofs and all of this what's been around for a long time but

124. 1:18:16

     like being rediscovered and reapplied to these sorts of blockchain technologies is going to create a very interesting um you know privacy consideration in the future and you know coming back to ux and ui and like how this all hangs together i mean if you give your private keys to you know some large company and that large company isn't compelled because of the laws in the region that they operate

125. 1:18:39

     in to do something with those because it's the law and we live in a society where there are laws then that's a difficult situation to be in if you've chosen to give up your keys but if you've chosen to have a multi-sig approach and we've got a great ui for a great maori option and that can't happen like it literally can't happen because the technology is going to prevent it then privacy is more well protected so there's a lot more work to be done but i think the direction of travel is really

126. 1:19:02

     really strong but i want to add privacy means different things to different people and like opera operates worldwide 380 million users around the world so what is privacy in one country is either impossible or unnecessary or overkill or whatever in another country so um there are different degrees to that and um depending on where you uh are and operate and culturally cultural fit and we only have like one minute left so let's just try to like maybe put a time

127. 1:19:41

     frame here so you know i assume web 2.5 is not supposed to be the end in itself right like web 2.5 is a bridge to web 3.0 so how long is this going to take like how long is it going to take for us to get to web 3.0 i mean roughly i don't need like an exact date but like you know are we talking about a few years 10 years i mean where where where are we in this in this process i think it's going to take

128. 1:20:05

     the time it's going to take it's it's um there's no time frame like the the the end is not the destination i don't think i think the path is this curiosity this pushing the envelope that's why we're all here this sense of um wonder and awe and like what we're doing and what near khan has done this is like uh really overwhelming um but i i find that this um need for learning uh and getting together like this

129. 1:20:43

     is puts us on the path to wherever we're going but it's certainly a process okay i think we're actually out of time but um thank you guys so much unless you have something really urgent you want to say either of you okay good all right thank you so

130. 1:23:51

     what a wonderful talk thank you so much to our panelists um you know to their point web3 what we're all here for is really about data trans data privacy ownership and personally something that i'm really passionate about is transparency and in that spirit i'd love to bring back marieke to the stage to give us an update on what the near foundation has been up to and to present our very first transparency report

131. 1:24:32

     hello uh welcome to uh the first transparency report from the near foundation before i start that i just want to reiterate something that maybe some of you heard if you were here this morning but a reflection and a personal reflection um almost a year ago i was going to nercon for the first time because i was trying to figure out what was new and what was going on at near and i was so impressed by what i saw then of course it was it was in lisbon it was sunny

132. 1:25:02

     we take what we can have but it was actually a phenomenal fantastic community coming together and now here we are with over 3000 people coming and attending over 60 sponsors 20 media partners 220 speakers and the diversity and inclusion that we see through the floor is absolutely humbling and so i just want to start by saying thank you and it's an absolute honor to be part of the near community

133. 1:25:35

     so that that was the warm-up now over the next 29 minutes or so or whatever that i have there's three things that i want to do with you one is actually reestablish near the vision the mission and actually what is near all about the second part i actually want to share our first transparency report exactly almost a year ago at the last near con we said we were going to spend 800 million dollar in the near ecosystem to help the ecosystem grow and so we owe it to you to actually say where has the

134. 1:26:06

     money gone and actually how we're doing financially so that will be the mid and the core of the presentation and last but not least i want to start looking forward i hope you'll join uh elias talk later today but i want to start looking forward and actually thinking through what does it mean to actually build on near and what is it that is needed when we think of building on air so

135. 1:26:28

     near what is near it's actually quite simple near is the simplest and most usable layer one where mass adoption will happen you heard from the previous panel that actually it's a lot about usability and simplicity and near is the place where you can actually see that and have that happen and why is it on near well because with nier users actually don't need to know the primitives you can have a wallet you can actually very simply set your account and that's one of the very first friction point that actually

136. 1:27:00

     happens why is neo so very simple because if you're dev you can actually choose and javascript which was recently released is actually a major phenomenal step in that direction it's very fine to have everything that's needed for rust and solidity but that's not enough if we want to be real if we want to really have mass adoption we need to open up the doors to more devs and that's why actually simplicity from that front is

137. 1:27:22

     absolutely key and major and last but not least if we want mass adoption to happen we need to have that possible for moving web 2 to web 3. and that can only happen actually if you have apps that can handle transaction on behalf of users and so with that we're actually so very excited to see i don't know how many of you tried that but the sweat app is a perfect representation of that but these three things are why near is so simple and actually why we think it's prime for being the place where mass adoption will

138. 1:27:54

     happen our mission we're here because we want to remove the barriers for web3 creators we want to create an ecosystem that is actually uniquely simple scalable secure and also sustainable and we mean sustainable not just in the sense of actually sustainability for the environment which of course we care deeply we are audited every two years but sustainability also in terms of actually financially how we can all thrive within this ecosystem so that's

139. 1:28:25

     our mission and when we think on where we're going and what we're doing we want to create a world where creativity is no longer held back by any of the technological barrier a world without limits where one billion users can join thank you and so the new ecosystem within that how how does how is that map and how does that work you may have seen that map but the way we think about actually how to tie together the things that are massively decentralized is as follow at the core in the heart our beating heart is the

140. 1:29:06

     near protocol around the near protocol you have all the different pieces of infrastructure that many of you are continuously building and improving every day because we have the near protocol the infrastructure we can envision to have all the different projects being built whether it's things that are related to d5 to nftr to daos and then on the right hand side this is more how we think about actually decentralizing further the treasury and

141. 1:29:30

     the availability of funds that are in there and that's how we think of our regional hubs ecosystem funds but also the foundation so within that the foundation is a pebble amidst like a growing continuously growing ecosystem what's the role of the foundation we exist to do three things one it's actually one of the things that we do is helping raise awareness of near of course but also what three you've heard

142. 1:29:56

     before from the panel if we want mass adoption to happen we actually need to have this movement with two to webster to happen so awareness dejorgenizing making things simple from a language perspective is absolutely fundamental the foundation also of course exists to support the ecosystem and support doesn't just mean financial support but support means building the roads making the connections and enabling actually the new ecosystem to have everything

143. 1:30:20

     that is needed so that it can grow and thrive and last but not least it is very important that we help steewart the governance right decentralized governance is something that many across the world are trying to experiment with how can we be on the forefront of that with pragmatism and how can we continuously decentralize now into numbers that's how much we grew over the last past 12 months in terms of wallets 30x

144. 1:30:54

     and that's absolutely phenomenal and humbling to see such growth but not only in terms of wallets but here the type of metrics that we look at so accounts i just mentioned that developers without if we don't have developers and entrepreneurs coming on and building then we're not going to grow we went from 250 active developers to over 1 500 active developers and i have huge hopes for actually seeing how the hackathon is going to help bring on more not only that but also the fact that we have javascript opens the doors

145. 1:31:25

     to millions of developers a year ago we had 100 projects we now have over 800 projects a year ago we had 25 million transactions we broke 200 million transactions last week and a year ago 50 million in tbl yes it's a bear market but we're still striving with 600 million in tvl now the last number is also extremely important a year ago we had 30 million coming for projects from external sources of funding to be on the near ecosystem and as of today 300 million of external funding has been

146. 1:32:07

     brought in for outside project from externally to the projects that you guys are building this is not included anything that's been brought for example to the foundation i think this is hugely important if we want to grow we need developers we need entrepreneurs and they need to have access to the funding to make their ideas come to reality okay so let's get on that was the warm-up warmed up

147. 1:32:31

     let's get on into the core of of what i want to talk about which is our first transparency report and so we want here to share with you actually the promise that we made a year ago was to say we were going to develop and actually start spending in the ecosystem 800 million dollars to help grow and spare hard the ecosystem and what we said around this 800 million dollar was to say we're going to span out and create proximity our d5 focused lab that has been created highly encourage you to come later today the

148. 1:33:04

     team will be here on stage also hear what they've been doing we said we were also going to spend 250 million from the foundation to spare her grants to basically help people who had ideas but maybe needed just that hump over to start creating because sometimes it means leaving your real job we also said we were going to actually invest in creating hubs local regional hubs but also ecosystem

149. 1:33:29

     funds so that you could have the local footprint that you need and so that you could also actually have the large and the funding that you needed if you wanted your ideas to follow through that's what we said and then we also raised in addition to that which we had the capital for we also raised 560 million from very well renowned backers across the world and so that's just helping the amount of capital that is available through that and i want to highlight here that actually as a foundation we've been extremely

150. 1:33:58

     conservative in how the treasury of the foundation is managed which i think is a very smart thing to do given what we've seen happen in the broader web 3 ecosystem so where was the capital distributed what did we do and did we say did we did we do what we said we were going to do on the proximity defy grants that has been completely handed over and if you want to have more details into actually

151. 1:34:23

     the d5 ecosystem and what's happening on there i highly encourage you to join the proximity talks that are going to happen later in terms of foundation grants i'm going to go into more details and sharing with you actually how we think about these grants and how we're building those but we spend 133 million dollars out of the 250 million dollars that we said we're going to spend startup funds 18 million have been unlocked so far regional hubs

152. 1:34:46

     33 million and we've also spent in education and charity to continue helping foster actually the knowledge that is needed around the world so foundation grants how do we think about foundation grants there's a couple of categories that we look at one is infrastructure and integration think of that as like actually building the roads right if near stays on its own in its small ecosystem then that's fine but we

153. 1:35:12

     also need to be connected web 3 is actually a massively connected space gaming and metaverse dao and nft are the other verticals that we look at so grants for infrastructure and integration what does that mean and what is that i just mentioned that you know if you think of web 3 if there is no way for you to be actually connected to the real world on-ramp off-ramp if there is no real way for you to actually custody your assets then that's not going to work right and we had a lot of work to do on that i think we were quite late

154. 1:35:42

     and therefore we had to invest a large amount of funding to make sure that the roads were built so that what was needed for the ecosystem to thrive was in place some of those examples pagoda highly encourage you to go and actually check the boost that they have but making sure that we can build so that devs can actually develop aurora not only in terms of evm but again making sure that the connection can happen there calimero private shard and octopus network also helping on the evm landscape those are like infrastructure

155. 1:36:13

     foundation that need to be invested in so that again the rest of the ecosystem can thrive in terms of integration we've massively invested in particular for infrastructure we've invested in custodians we've invested in actually making sure for example you heard from brave that all the different wallet integration could be out there not mentioned here but copper switchboard also some of the integration

156. 1:36:37

     infrastructure grants that we've actually made recently so grants for integration and infrastructure are important so that developers and entrepreneurs can build without limits and that users can use without limits grants for gaming and entertainment gaming has revolutionized every part of the history of web and so gaming will revolutionize web3 and that's why it's really important to actually continuously invest into what is gaming and what will be the future of

157. 1:37:11

     gaming now the definition of gaming can be very broad if you walk and actually you earn is that a game or is it you know what is it i think we need to think of gaming actually as very all-encompassing and how we actually define new user journeys so that they can actually get into web3 and the metaverse anyway we believe that actually with our simple scalable tech near can definitely revolutionize the way content is created

158. 1:37:35

     consumed and protected which are absolutely fundamental pillars for creating the next game of the future and so investing in gaming is a priority for uh for nia a couple of examples there i was mentioning but sweat economy we put that in gaming it's you know you could we could debate that for hours but actually i think those are entry points into starting to think how we bridge the real world and actually uh the virtual world

159. 1:38:01

     armor kingdom backed by mila kunis i think the team is also here human guild which is actually a guild helping gamers come to life and have their idea other couple of uh yeah sorry that's it so gaming grants for gaming why do we do that we do that because so that creators can actually create without limits dowse nier has the strongest no code easy to use dow tech so that it's already helping actually to

160. 1:38:32

     decentralize governance for a different ecosystem and to have community come and build together dao will continue to revolutionize how people are coming together and how we are self-organizing and how we are engaging not only in our community but also as fans of sports and entertainment and so we believe that dao are actually extremely important to continue develop on and invest on and with that in mind there are several grants that have been done already on that space for participating in tu dao unchained da was

161. 1:39:02

     an absolutely amazing initiative that was born in less than 48 hours when the ukraine war broke and actually raised a ton of funds and showed us that actually with the dow you can distribute funds extremely fast and extremely rapidly in places where it's needed cell gp the team is also here cell gp is actually putting a dow that now can actually look at creating a new team this is the first

162. 1:39:26

     time that actually a sports entity that is a professional sports entity is looking at having a dao completely own a professional team flamingo da astroda or toolkit are some of the other examples out there so why are we doing grants for dows we're doing grants for dial so that users can vote and participate without limits nft i think we've only seen the beginning of nft and therefore it is actually very important to continue investing in nft because they're a fundamental pillar for wet 3. it's not

163. 1:39:58

     just about collecting nice and looking and good looking things this is also about reinventing ownership and what it will do for web3 and we believe that we've barely scrapped the surface and that we have a unique tech advantage because of our simplicity and programmability to take the lead some of the examples there a lot of grants have been actually done to make sure that we have the infrastructure and the marketplaces that are needed so that the ecosystem that continued continued

164. 1:40:23

     to thrive so grants for nft why so that new models can be created without limits our startup funds so our startup funds the way we think about that is how can we have local ecosystem hubs who have also the knowledge and understanding of what near is about who can raise external additional capital but therefore who can also help the the builders and the programmers that are coming on board meta web is a near native investment fund they recently announced that they raised 30

165. 1:40:56

     million from sequoia in addition to the near foundation they made many investments in particularly niche orderly above land and sender wallet to give another example move capital is also a near native investment fund that raised 13 million from accomplice and dcg in addition to the near foundation they made 15 investment to date some of those are tonic calimero few and far and sweat corn stealth capital another investment fund

166. 1:41:23

     from founders trying to actually get also builders who are maybe on solana and polygon and other chains to actually come and build on air open web collective is an accelerator an investor that builds that helps support the backers that are building on there now regional hubs is another way for us to also think how can we very smartly decentralize actually what's happening and how can we also have a local

167. 1:41:47

     footprint to this day speaking english is a privilege and it is therefore very important to have local communities who will understand not only the local language but also the local subtleties who will be able to actually hand hold that person that actually might be thinking they have a great idea but they don't have access to actually what's going on out there and so this is something we're actually extremely proud of to have you know been able to see not

168. 1:42:11

     only local communities thrive across the world but also from our perspective to be able to actually make sure that those local communities have what they what they need our ukraine hub our kenya hub our balkans hub are the hubs of today and we're looking forward to actually announcing some more hubs i think there's a panel if i'm not mixing up things that is either today or tomorrow but i will get some very big announcements of what are the new hubs that are actually coming up

169. 1:42:42

     on on there and not only that but when we think of region i think diversity and inclusion are absolutely fundamental for the world that we're building if we do not have diversity and inclusion from the start then we will actually fail at having mass adoption so it's extremely important not only to have people who speak local languages and who can be there with all of us but also to think of bringing your allies and bringing

170. 1:43:05

     women and with that we're super proud to announce our first ever women in web 3 change maker list there's been over 170 people who've been actually put forward for creating that list we had thousands of votes on that and later today you'll actually hear about the 10 women who've made the final list i think things like that are actually extremely important to continue helping grow the ecosystem and

171. 1:43:28

     the community in a diverse inclusive and open way so that was the core of the presentation the transparency report is actually available please check it out maybe more if you're sorry i saw some phone up okay do you want a qr code tick tock tick tock one two three done it's on here.org it's gonna it's gonna be there so looking looking ahead um we are committed to remove every barrier

172. 1:44:00

     for web3 creators by creating an ecosystem that is uniquely simple safe scalable and sustainable we will continue to invest and deploy capital in the key verticals that i've actually been sharing but more importantly we're going to continue working on decentralizing and deploying capital around in the ecosystem so that the ecosystem can continue to thrive and with that today i'm actually extremely

173. 1:44:24

     proud to announce that we are launching one of this new eco fund which is going to be focused on entertainment and we are extremely proud to bring with us on that journey nathan pillai who's a veteran from img and endeavor and who has the connections that are needed for us to actually be able to get into that direction so the announcement is going to be live anytime soon but this is uh aimed at being a hundred million fund for basically helping anything that's

174. 1:44:49

     related to sports and entertainment there are many announcements i was hoping to to be able to make more uh now here on stage but there are many more that are going to come so please come and listen to the team in particular i'm super excited to hear what the pagoda team has to say the aurora team has to say proximity and the rest of the near community so please check out the announcements that are coming on that front

175. 1:45:14

     not only that but as an ecosystem and this has always been the vision for the near foundation our role is also to basically shrink as the ecosystem continues to take over and grow and one thing that has happened over the last recent days is actually to see what is going on with the near digital collective and there's basically a group of people that have come together and have put forward a proposal for saying

176. 1:45:37

     how they could get funds and continue helping decentralize the governance i'm extremely happy to see that this is fantastic to see i know the team is going to talk on wednesday or some more about the past that they are thinking through for taking forward the the new digital collective so we are at a turning point this is a sliding door moment and i just me i don't mean just for near i mean this also for the world we live

177. 1:46:03

     in climate change is real it's either burning hot or it's pouring rain this is not normal i think we have in our hands the technology that can help us think through them of those challenges inflation is absolutely rampant if you look at the price you paid for a coffee wherever you were a year ago and the price you paid today it's absolutely astonishing the difference those things have real life consequences on the world we live in and not only that but actually thinking through

178. 1:46:34

     what's happening from the civil rights side of things women's rights are going actually backwards versus where they were tens of years ago and democracy is actually in decrease across the world now when i think of stuff like that it's very easy to get depleted but when i look at the promises of web3 i think we have in our hands a technology that can help us change that we have in our hands the technology that can help us reinvent and help us imagine without limits what we could do

179. 1:47:06

     and so i would like to urge you to actually think about that and when you do think about that please do that on near because you can do that on there without limits on here you can build without limits because you can choose the language you want to choose to actually build on here you can scale without limits because when we add different shards you're not going to see it you're not going to fill it the technology is going

180. 1:47:31

     to scale with you and as you grow and on here you can actually use without limits so that users don't have to think actually about what's happening but also that if you move from web 2 to web3 you can actually do that seamlessly so on here you can create without limits and so that's my call to action it's we are in a place where it's absolutely urgent that we do create and that we change things for the better and

181. 1:47:56

     so please join us create with our limits and do that beyond the hype thank you thank you so much marie for the update so hey guess what it's time to go eat without limits it's lunch time so hey um so we'll have our next panel here or talk here at one o'clock please go and enjoy all of the amazing food we've provided

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187. 2:09:25

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193. 2:33:53

     greetings near khan the layer one ready stage will begin in two minutes please make your way into the layer one ready stage we will begin in two minutes oh uh

194. 2:35:01

     hey me so

195. 2:36:35

     greetings nericon the layer one ready stage is about to begin near khan please welcome your mc david morrison how are you doing guys having a good time yeah perfect i hope you had a wonderful lunch and you had a bit of a taste of all the different flavors from around the world from some of our regional hubs from kenya to ukraine to asia pacific and beyond if you haven't yet there is a fire truck out there serving beers and i know it's five o'clock somewhere right

196. 2:37:29

     so it's never too early to get started don't sack me um we have an incredible session up next with brett scott and michael casey on cash crypto and the war for our wallets okay all righty hi everyone uh i'm michael casey i'm the chief content officer at coindesk um happy to be picking up on the post lunch hour here people sort of drifting in hopefully we're gonna get a crowd in here to hear from the wonderful brett

197. 2:38:17

     scott um who i've known for a few years now but we haven't really managed to do anything like this for the until now for the first time and uh look brett is unique in the way that he has approached his field uh an expert in really the study of money and the study of finance and social the social elements of that and our intersection with technology and he brings in my mind a really important human perspective on what we're all doing here you know what

198. 2:38:48

     what is real what is and and and what is really actually going to help people's lives so brett has written a book uh called cloud money uh it's cash cards crypto and the ward the war for our wallets um well worth a read he he cuts through a lot of the crap and uh you know identifies real problems and and uh and how to address them so i thought brett would just start off by you giving us a bit of

199. 2:39:20

     a priestess for what that's all about what's the book about and what's your what's your take yeah sure i mean maybe i should give a quick backdrop to how i can came to the book i actually worked in the financial sector during the 2008 financial crisis and the over the counter derivatives markets so kind of like the high finance world and then i actually moved out of that and into the world of sort of financial

200. 2:39:44

     reform and financial working campaigns around finance and how you actually reform the financial sector and i noticed at that time when i was coming out of finance around 2013 or so around sort of 2012 this kind of time a lot of people in the technology world were starting to perceive themselves as offering a kind of alternative form of finance and it was building up the sort of self-image

201. 2:40:07

     of being counter-cultural and i started getting invited into all these kind of circles because they were saying you know hey you into alternative finance we're into alternative finance but what i started to realize over time with the fintech sector that actually what was going on often was they were building technologies that were enabling essentially big tech and big finance to fuse together right so there was a sort of self-identity in the fintech industry which is all like oh we're democratizing

202. 2:40:31

     finance we're doing all this kind of stuff but when you kind of moved away from that sort of that sort of self-image you'd see like on net what they were really doing was enabling these mega scale planetary scale infrastructures right um and so part of what cloud money is doing is it's sort of like cutting through the i guess the stories that are told by the fintech industry to say like what's really going on here what's really going

203. 2:40:54

     on in global corporate capitalism and when we zoom out what we see is increasingly big tech is fusing with big finance via fintech infrastructures and in the process the cash system is being crushed all right now we're told and by this mean the physical physical units of money now we have a story in the public domain that says the reason why that's happening is that ordinary people desire that situation every like

204. 2:41:18

     the ordinary consumer is the one who has agency in the situation and who's pushing this into being whereas what i'm trying to do is sort of rebalance that whole story to say actually when you really look at what's going on in the global economy the ordinary consumer has very little power what's really happening here is these big oligopoly players drive these changes now in this

205. 2:41:36

     context the crypto world kind of formed almost i guess imagining a kind of alternative form of large-scale automation but in a kind of more decentralized fashion so many people in the early crypto days especially in the early bitcoin community for example were actually perceiving the dangers of the situation when you have big tech and big finance fusing and saying okay we need to build

206. 2:42:00

     this alternative but in reality what we're starting to see actually is a large actually fusion now between the kind of tech finance conglomeration and increasingly the world of the crypto world right and and so in the end you know it's great book you know you kind of come down to the conclusion that the the most subversive form of money the most subversive technology if you like for how to

207. 2:42:25

     grapple with all these centralizing threats is actually cash right system yeah good old cash uh the you know the dollars and coins that really i mean i'm here i did not actually get myself any euros to come here i'm sure you would see that as some sort of heretic exercise i'm literally using that card uh as i get around here but um i suppose like where i would counter this and say to

208. 2:42:50

     you is look whether it's good or bad you know this digitization force and that to your point of whether it's actually being driven by the corporate machine or people are with agency making that choice themselves it's kind of happening regardless right we're digitizing shouldn't we be building for that and and like just by saying hey cash is the answer don't you risk sort of labeling yourself a bit of a luddite well bear in mind i'm not i'm not arguing that cash is the answer what i'm

209. 2:43:21

     arguing for is to maintain counter counter power within our systems uh de facto cash is by far the most important payment for most people in the world still and it should remain like that actually because you have to in any system you want to maintain diversity one of the metaphors i'd often use to describe this is to use transport systems so in any good transport system you might have bicycle lanes you might have you know uber you might have train systems and so on so actually the cash system you might want to think about it

210. 2:43:53

     as being the public bicycle system of payments all right now what the digital payments industry does is try to say try to present cash as the horse-drawn cart of payments now that actually also portrays a lack of understanding of monetary systems but that aside that's a very partial way of describing the cash system actually it's far more like the bicycle payments and if you're thinking about if you were in designing resilience monetary systems you really want these multiple options present all right but what we're seeing

211. 2:44:24

     is essentially a kind of enclosure or a takeover of the monetary system by very large private players so i'm not arguing against digital payments all right i'm arguing for the balancing of power in the monetary system which is a different thing which is actually a decentralizing principle actually right the idea that you just yeah you build as many resiliencies within the system exactly and actually if you're interested in decentralization

212. 2:44:48

     cash although it is issued by central issuers is one of the most decentralized forms of money in the sense that it actually goes from hand to hand by peer-to-peer and it percolates away from the view of central institutions actually in the original cryptocurrency movements this was part of what's uh the reason why people talk about digital cash is precisely for this purpose actually if you go back to the original cyberpunk movements and you look at what they're concerned about they're saying in the hypothetical future casual

213. 2:45:13

     society you have huge problems of corporate and state surveillance all right so we need to be thinking about the situation um and so there's actually a lot of intuition that the cash system despite being a kind of like state system actually enables all sorts of commerce to occur without central institutions being able to pry into it all right and uh this is why it actually remains for many people a preferred form of payment

214. 2:45:36

     it's not just you know in the digital payments industry the sort of typical narrative when they when they see people using cash is to say the reason you use cash is that you haven't yet realized that actually you want to upgrade digital money or you haven't yet had the opportunity to but actually many people around the world authentically prefer the cash system because it enables them to not be absorbed into the banking sector often institutions that they don't actually trust

215. 2:46:00

     but is there such a thing as the digital divide this idea that there is a sector of society that are excluded from these technologies and i ask that question in the context of how digital money if we are going to incorporate it into many of the exciting sort of projects that developers are working on here you know with nier and other blockchains um you're going to need some sort of digital form of that and if that's only

216. 2:46:23

     going to be available to people who are in that space aren't we just building a realm in which yet again that section of society is excluded from from all this value creation well this is a big question but i have a kind of like a meta critique of the global economy which will probably take too long to kind of describe but really we've got to understand that actually in large-scale corporate

217. 2:46:48

     capitalist systems we are kind of captured all right you're kind of like captured by huge institutions now if you find yourself not being accepted by those institutions you will start to perceive yourself as relatively excluded all right so actually with a financial inclusion community or often what it's saying is we're going to onboard you into visa mastercard in the banking sector because

218. 2:47:12

     if you're not onboarded into these institutions that have captured most of society you're going to perceive yourself as relatively excluded and so this is how you can present this sort of corporate onboarding process as a kind of a charitable act which is what the financial inclusion community is often actually doing all right now i don't i'm realistic about the world i understand we're in this situation and there's a huge amount of trade-offs to situation

219. 2:47:35

     but we've got to be real about it right we have this sort of euphemistic narrative which is that oh everybody wants to be absorbed into these gigantic institutions and it's like in reality it's like if you're not absorbed you get screwed right and that's the situation yeah i mean i suppose you could say my question is itself a function of me being captured by that right the inevitability narrative is the puppeteer behind me but i i come over to that i'm

220. 2:47:58

     certainly of the belief that subconsciously we absorb a lot of narratives that are actually brought upon us from one eye so i'm not and what's interesting what's interesting about the crypto world is actually the crypto world in part has internalized that same narrative to say actually it's inevitable that we'll have to rely on vast scale automated digital systems so which is actually a kind of corporate narrative right um but it's trying to in a way that's

221. 2:48:23

     what makes it interesting to sort of hybridize that and say okay well let's try to sort of flatten the power dynamics so we'll have a large-scale decentralized form of automation rather than a centralized form of automation but this is what makes the cash system subversive because actually to use cash you're going against the large-scale digital automation impulse all right which actually many human beings like doing right but corporations hate

222. 2:48:48

     so there is a story that i think is real but it's nonetheless i mean it's and it's an important trend although you know in the grand scheme of things in the developing world and certainly the poorest parts of the development world cash is still king that there's rising adoption in parts of africa in parts of latin america and asia of of crypto um it was with bitcoin but now we increasingly hear it around stable coins

223. 2:49:12

     so i wonder where you place that into the context right because that does seem to be something that is happening automatically and it's probably happening in the context of continued pressure on domestic currencies and you know right at this very moment we are experiencing i would argue the beginnings of yet another global currency crisis the the strength of the dollar you know has its mirror image in

224. 2:49:37

     multiple developing countries facing you know inflationary challenges and serious exchange rate risks that raises all sorts of concerns of confidence in those systems confidence in their governments confidence amongst foreign creditors all of this leading to political crises in places like sri lanka and lebanon in those places surely people are going to look for alternatives and stable coins are now sitting there as an option for them like how do you what do you make of

225. 2:50:01

     that phenomenon and is this you know is this relevant is it good bad where is it going with it i mean my family's from zimbabwe i've i've experienced hyperinflations i know it's i know what this is about i know and actually i do get somewhat annoyed with the with the abuse of the zimbabwean example in many for many people who've never actually experienced the situation uh but what are you gonna understand really is that in these these currency

226. 2:50:25

     crisis are political situations political crises right now what happens in those situations is that people might of their course they seek out alternatives but often those alternatives aren't necessarily long-term solutions all right or they come they bring a whole bunch of trade-offs with them um so you know i'm i'm realistic i know that people will find ways ways and means to sort of deal with the situation in zimbabwe people dollarized

227. 2:50:49

     essentially started using the u.s dollar but in doing that you lose sovereignty you're now essentially subject to the u.s federal reserve without having any political say in the u.s all right so you have no no no lag power but you're now reliant upon the decisions of of the federal reserve uh you know chairman so uh and i understand that that's what you do and so for example it's hypothetically possible that my family

228. 2:51:11

     and zimbabwe will start using us dollar stable coins okay fine right i'm sure this could happen but think about what the long-term implications of that are if you're interested in building resilient political institutions in a place like zimbabwe you want to actually have some degree of local autonomy right you don't necessarily want to now be dependent upon you know usdc which is run by you know a particular team sitting in a country very very far away from you

229. 2:51:35

     right now i understand that's sort of like in your short-term world that might pers you might perceive that as a useful kind of like temporary measure but in terms of your actual context and your actual country i mean you're not getting any stronger as a country as a result of that actually you're having your sovereignty undermined so actually if you're interested in sort of long-term solutions in a particular country often you want to rebuild your own institutions rather than saying we're

230. 2:52:00

     going to jump onto like a life raft thrown to us from new york right and i think that's what you've got to be sort of thinking about the real politic of these these kind of like systems right and perhaps you know those with in positions of power the imf and others who you know are there to try to build these systems to be aware of that um but at the same time i mean i think you're alluding to it at least you know it's it's it's almost like the

231. 2:52:24

     the best of a bunch of really bad options right yeah worth a trillion to the dollar and you know from where it was gone then ultimately you got to do something and dollarization happens in that context but i suppose like if if we move towards this this world of de facto or real dollarization and the de facto stuff again if there's stable coin adoption happening on a larger scale then we're

232. 2:52:48

     getting there right this idea of hyper dollarization and by the way i find that a very interesting form of reimagining the global system because it may not have the same surveillance power that the fed and wall street has if if now dollarization happens in this form but to your point you're still giving up sovereignty which i think is an important thing for us to remember in that context right let's just think

233. 2:53:10

     about that as being something that may be inevitable or is going to be forced upon us by a bunch of different outside factors is there another exit and and and you and i talked a little bit about this earlier i want to just dig into it like you have this you could say it's a critique i think it's more just an observation of the fact that bitcoin really isn't a currency um because people counter trade it the

234. 2:53:33

     reference value for bitcoin is always in people's minds the dollar and not big one book killer because one bitcoin it's not it's not the currency of our minds it's it's just the tool by which we get back to dollars so so instead bitcoin is used as a counter trade commodity um but that raises other interesting ideas because counter trade is actually valuable we could think of so yeah so so is there an exit and i suppose

235. 2:53:59

     talking to this room people who are building on things like nia can we look at that world and say okay the answer to solve these people's problems is not necessarily hyper stable coin dollarization but solutions that maybe reference that that give alternative means that restore sovereignty through there oh yeah and i mean one of the great things in the crypto world is that it is spurring lots of creativity um it would be nice that the sort of naive forms of their creativity were cleared away but nevertheless their

236. 2:54:31

     creativity is important all right um but i mean i i think there are i mean in the case of sort of bitcoin um i'm kind of disliked by the bitcoin community a lot of the time because i describe it as a counter-trade object it's essentially a monetary parasite all right and uh when i say that i don't mean that in a kind of in an ecosystem of parasites are actually very effective they're actually there's nothing wrong with being called a parasite i mean historically an ecosystem these are these are very like effective organisms embrace your inner

237. 2:55:04

     parasite yeah and actually so what the how the bitcoin system works is it actually relies upon getting priced in the actual monetary system in order to derive its exchange ability right which is the process i write a lot about all right so essentially it actually parasites it's it's host system as a us dollar and it parasites upon that and then actually that does in turn open up a whole bunch of new possibilities the reason why the bitcoin community doesn't

238. 2:55:27

     like that is it sort of contradicts the self-image that they imagine themselves as a kind of like apex predator that's about to take down the us dollar which is like it's like well you can't have this imagination but this is like has no remote bearing on how it actually works right now so i think it is true right now you can use things like bitcoin as a marginal form of highly volatile uh a counter trade object for forms of like for like swapping for other things right um and that can be sort of

239. 2:55:53

     temporarily useful albeit if you are a person with low amounts of savings in a sort of poor socioeconomic situation and you're suddenly subject now to like 40 swings in volatility that's very very bad for your already frazzled nervous system um if you're in that situation but i think there are a lot of more interesting kind of like crypto systems coming out and in particular what i'm interested in is looking at stuff like um peer-to-peer iou systems right so if we

240. 2:56:19

     look at the actual actual monetary system it expands and contracts it has a kind of dynamic structure to it it doesn't have the strange static structure that a lot of these sort of original cryptocurrencies have all right and so i think there's a lot of interesting stuff you can do with building these more peer-to-peer um credit systems that expand and contract actually within uh within communities so that's the kind of thing that i think going forward could be very very interesting and of course you can use things like the neck protocol as your

241. 2:56:44

     sort of substrate upon which to build those types of systems so quickly here because we're running a little lower time the i mean first thing just an observation just remember that a parasite basically uh paralyzed the entire world uh for the last two and a half years so you know parasites can be pretty powerful they can be very very powerful i mean and they can be useful yes they could be useful um just quickly like so if if bitcoin is is not a currency because

242. 2:57:08

     it's counter traded what do you make of eth because clearly within the ethereum ecosystem it really in the minds of many people it is the function gas prices are denominated nobody really questions whether it's in dollar terms and nfts get sold for eth nominated prices i mean it has less currency it has a lot more redeemability in the sense that like it's a bit like an arcade you know when you walk into an arcade and you see all the different

243. 2:57:32

     like pinball machines and stuff and you have to have a native token in order to like operate those machines and then those tokens will actually interface to the the broader world but they will then have a certain degree of an internal coherence so actually the e-system has quite a lot of that and i can imagine the near system could have that as well um but bear in mind if you're doing any kind of currency analysis you've got to see that all kind of like there isn't actually a single currency

244. 2:57:55

     that the whole the whole world's currency system is a giant interlocking system of subsystems so the east tokens really are uh interfacing into the dollar system really which will be perceiving them as saying this is how you get access to the services found within the youth system so they do have a kind of internal uh that you could i think they have a stronger a stronger claim to being called a um currency but we have

245. 2:58:20

     yeah we can go with you because i love this stuff the big picture stuff uh yeah all we have time for now unfortunately look i mean really valuable i think to be able to take that perspective to just really look at the realities of the world we live in because i think we get very narrow and focused on what we're doing which is all important but this bigger picture is valuable and there are very few people who can do that as well as brett scott so a round of applause for for brett and his time thanks very much brett

246. 2:58:44

     coming up next by the way sheila warren shameless plug my co-post oh my god my podcast co-host is coming up so i just wanted to throw that in there wow how brilliant was that right incredible so who do you guys think is going to win

247. 2:59:48

     in this war for our wallets is it the new revolution of crypto or is it the old boring fiat standard well if you want to share your opinion you can do it on twitter linkedin facebook instagram use the hashtag neocon but it is my absolute pleasure to announce the next doozy of a speaker her name is sheila warren she is from the crypto council for innovation on the world economic forum and she's here to speak about new

248. 3:00:20

     frameworks for crypto regulation enjoy hi so how great were brett and michael right now i like throughout all my notes and i have a whole new talk i'm going to give you about frameworks and regulation first of all i'm sheila warren thank you for the kind intro i am the ceo of the crypto council we are an evidence-based policy organization and we work around the world trying to ensure that we get good strong forward-thinking inclusive regulation and policy so that everything

249. 3:00:58

     you're all building can be realized and used most importantly by everyone everywhere so why is regulation so important i'm going to start off with kind of an exhortation and i want to talk a little bit about something that bret and michael focused on early in their panel which is power dynamics so it's probably not obvious how you connect regulation policy to power but let me tell you after six years being

250. 3:01:22

     full-time in this space focusing on policy regulation research design inclusive growth regulation and policy are a critical way if we are serious about changing to a more user-centric system both financially and technically if we're serious about engaging a multitude of stakeholders in varying different diverse decentralized ways we need a regulatory policy framework that enables that to happen but also incentivizes it and if you're skeptical about that let me give you an example you may have heard of the concept of an accredited

251. 3:01:56

     investor now depending on where you are in the world that is a term defined in regulation and policy and it basically means in our securities frameworks you are only allowed to take on certain kinds of risks to make certain kinds of investments if you are what i call pre-wealthy unless you have a certain net worth a certain annual income you simply cannot engage in certain parts of the financial system

252. 3:02:20

     that to me seems like a hot mess when it comes to crypto that would certainly not import into what any of us are building imagine if suddenly the only people that could hold your token or use your platform or service your building had to be wealthy in advance what might that do to anything you're trying to build how might that shape and incentivize your own hiring your structures where you roll out and everything that you do so regulation can

253. 3:02:45

     have as direct and impact as literally who is allowed and how to engage with what you're building okay so who are the people who regulates crypto and web3 well it's complicated i'm a lawyer by training so i like that that phrase works really well for me so it is complicated depending on where you are in the world you might have one regulator like in singapore you might have an alphabet soup of regulators like

254. 3:03:10

     in the and among those regulators it's not even clear who has what oversight who has what jurisdiction who gets to weigh in on what it's just not obvious in many parts of the world especially in the us right so you don't even know what agency you're engaging with not to mention the fact that you don't even know sometimes how your project is classified is it a security is it a commodity are there tax implications is

255. 3:03:36

     there data protection stuff you got to think about like all of this is really complicated okay so that's my exhortation to all of you to say if you aren't thinking of regulation and policy as part of your build as part of your framework if you aren't getting advice from people who are really smart on these things the time is right now you should be focusing on this right now and i'll talk a little bit at the end about what that actually means

256. 3:04:01

     all right so what we're finding there's some positive stuff here as well i don't mean to be dire it's really positive so i've had over the course i took this role in february and since then and even in the last six years i've had discussions with regulators and policy makers elected officials really all over the world and the good news is they are extremely open to education and that education goes both ways just as i'm

257. 3:04:23

     talking to all of you about why policy is important we're helping them that be educated about why web three why crypto why this is so critical and why this evolution this revolution really is inevitable but also why it is so very very important and important that they figure out how to retain talent how to retain growth within their jurisdiction and not just turn a blind eye or kind of

258. 3:04:46

     ostrich this right pretend it's not happening and we found tremendous growth in the ways people are thinking about this their understanding of how complicated it is and the openness to meeting with people just like you actual builders in the space to get insight into what why how who is this helping how does it work what's coming down the line and the goal of course is to ensure that any policy that gets enacted this is becoming their goal as well as it's always been ours is to make sure that

259. 3:05:18

     that's forward thinking that we're not narrowing the innovation aperture right because again as noted with the accredited investor example it's just one example the policy that we build the world we build is going to lead to complication they're also understanding a bit more what i call kind of the half-pipe vision of regulation and policy and what that is you know there's different ways a half pipe for those who may not know is a skateboarding or a

260. 3:05:42

     snowboarding term right so you go down a half pipe and if you're like me you go down praying the entire time you won't die and you make it out the other end it's not very pretty if you're like you you go down doing flips and twists and something really exciting but the idea is that having a structure like a half pipe gives builders tremendous flexibility what you do within that is up to you but you know that it's a way

261. 3:06:06

     of separating wheat from the chaff separating legitimate projects from those that might have malevolent actors or malicious intention behind them and you can't do that very effectively no matter how good your twitter skills or communication are if you don't have something like a structure that enables you to make those if not apples to apples to say in the states at least fruit to fruit you know comparisons right so all of those things i think are

262. 3:06:32

     becoming more there's more and more awareness happening on the part of policymakers elected officials legislators regulars everybody about why this matters so very very much now what are areas that we're seeing the most hot activity this is a long list so pardon me while i look classification of assets is it a security is it a commodity is it a third thing is it a unicorn what is it and

263. 3:06:55

     therefore who gets to regulate it what does it mean what are the consequences okay so that's a very hot discussion in many parts of the world taxation obviously the oecd with their crypto asset reporting framework we've got bills in the uk we've got them in the u.s like how do you tax this stuff that's something that's near and dear to a lot of people's hearts um aml cft obviously i'm not going to invoke the kraken by naming the recent actions that

264. 3:07:19

     happen but there's a lot of activity both from fatih from ofac from all these different agencies to say how do we make sure that this can be done in a safe way and safety is of course deemed by governments and their establishments and how they think about rogue states and other malevolent actors and then of course there's a lot of activity around cbdc's and stable coins which is relevant to a lot of our spaces

265. 3:07:43

     cbdc's we're seeing 90 of central banks are experimenting in some fashion with cbdc's are looking at it but the only g20 countries really looking at this remain the us uk and mexico so it's interesting how we're seeing a distinction in new experiments that are not really becoming widespread similarly with stable coins the landmark legislation called mika that passed in the u.s in the eu rather that's becoming a big talking point big discussion over

266. 3:08:09

     the course of the fall that had limits in it so uh the you know euro limits on daily transactions are significant they affect what you can and can't do and we are expecting to see some of that as it gets sticky bleed over into crypto regulation as well so the point is in every space you can think about there is attention being paid this is happening all around the world it's not just the us and the in europe which tend to get a

267. 3:08:33

     lot of the air time and the press but there are positive changes afoot as well as long as we all stay involved in education as long as we all take the time to make sure that these well-meaning folks in most cases who are trying to build a better world along with us are trying to protect consumers and users from the scams they hear about in the popular media they are properly educated about how to calibrate the risk of these systems but also about the opportunity and the sheer benefit of

268. 3:09:04

     everything again that all of you are building so how do you get involved okay well the good news is there are a number of public consultations so the government literally says we want to hear from you and guess what they hear from us they have people like us they don't always hear from people like you we maintain on our on our twitter feed uh crypto council we maintain a list of all the open public consultations and that means submit your feedback like this framework

269. 3:09:29

     doesn't work for my company or my project because of these reasons the consequences of this regulation have passed will be x and y we always advise take a tone where you're trying to educate someone who's asked a question not yelling at someone who has issued a command because public consultations are that they want to hear from you they want to be educated they want to learn right don't forget some of this is mandated by legislative process

270. 3:09:54

     that you have to have a consultation but in many cases the questions they ask are questions they're really curious about so the more engagement you have the better off it is going to turn out for all of us and then lastly what can you do in your own projects well the first thing is not to panic so i think the tendency in crypto because everything gets amplified in our social and everywhere else is to say oh my god a thing happened that

271. 3:10:16

     means what does it mean for me and overreact a bit and so what i'll say is most regulatory movements are not necessarily about you they're about a specific thing that probably doesn't have much to do with you so do a proper risk analysis and hire a really good lawyer to tell you is this real is it not does it apply to me or does it not apply to me it's always important to recognize that you have to start building in these frameworks now the time is now you don't want to wait for something to come down

272. 3:10:46

     the pipe because adjusting your build is really complicated okay i'll leave you with this last statement before i bring up some guests for our panel which is the time is now to act the time is now to engage far from all hope is lost we're seeing really positive developments and our hope is that over the course of the next six to nine months we're going to see more and more education and movement that leads us to a better place thank

273. 3:11:09

     you thank you all right great pleasure to introduce our guest nadrup sades a digital economist founder and ceo and elko fili who is at htc collective so thank you for joining me here today we're switching to another really sexy topic which is governance so we went from regulation to governance we're hitting all the all the sexiest topics here so um this panel is titled unpacking the g and

274. 3:11:49

     esg and you've heard you're all you're here a bit about the climate components of this financial inclusion of esg but not a lot of time is spent on governance the g of governance which gets its own capital letter and the abbreviation but we don't dive into what it means so why don't we start we'll start with universe just telling me why is governance so important and then also how what is the opportunity in web 3 for new forms of

275. 3:12:13

     governance yeah that's a great question sheila hi everyone uh navrupsade ceo of the digital economist and um i think it's such a great segue to what you earlier talked about regarding regulation because governance is a lot broader right and then regulation is a subset of it which is where the government comes in and the rules and you know the law of the land what have you but if you think about it our resources are much broader there's a lot more to take care of and and that's

276. 3:12:43

     where governance has a huge part to play whether it's self-governance corporate governance governance of common pool resources something i'm really excited about how do we take care of our shared comments and so if you if you if you look at it that way regulation aside rather than waiting for the regulators to come in and dictate how to govern a certain resource we as a community have to think about and it's so important web three of all the places

277. 3:13:12

     right and so this is nothing new actually eleanor ostrom won the nobel prize in economics 2007-8 around that year uh on governing the commons that's the name of her book and so you know i think we need to revive that uh collective um caretaking of our joint and and common resources and governance is an absolutely critical element it does not exist without the governance factor

278. 3:13:37

     and elko at alpha governance partners you have the name you know in your company yeah so how do you think about governance the opportunity in web3 yeah governance thinks that governance is is very important for builders and in my mind for a simple reason which is adoption and let me expand a bit on that governance is the prime mechanism to get all the stakeholders represented in whatever it is that you do so you got this interaction with your stakeholders i.e people who have an interest at stake

279. 3:14:09

     and those stakeholders as i said they need representation if they feel represent represented that will also help drive your adoption so make your your governance decisions early on when you build make certain that you represent and this will help drive adoption so let's talk a bit about you know governance is often understood through a regulatory regulation and policy frame right so you have to have a certain

280. 3:14:35

     board of directors you have to have a certain structure you know or whatnot how do we think about the intersection of traditional governance models and decentralized systems it doesn't seem to necessarily go together so i don't know who wants to start but how do we even make sense of that yeah um yeah i'm happy to start i think what we're talking about governance is a very specific

281. 3:14:57

     what you described corporate governance that has been codified over time to counter misconduct and internal trading and all those sorts of things particularly for companies that go public right so it's a certain context it's a it's a certain need however to my previous point governing taking care of our resources is a much broader thing right i mean even this is a in your family right you govern your resources right if you look at um cultures around the world that have a

282. 3:15:30

     tested form of governance for example taking care of the local lake or to modern forms of digital governance wikipedia as as the commons right we we have all these structures that are you know so much beyond than the traditional one and so when it comes to decentralized community governance if i were to kind of use all the the right keywords um the need is even more because otherwise they they would fall you know back to what you know i really like what michael and and brett were talking about into the same okay

283. 3:16:04

     corporate onboarding methods and you're part of this centralized uh structure so i shared that view because i think um the idea of building technology is to build a better world for everyone and not just you know the bottom line for a handful of entities yeah so currently in blockchain we are in what i call a pre-regulation phase and everything that is uh let me rephrase that when you transfer

284. 3:16:36

     something of value money risks information identity what have you um there is this notion of investor protection or consumer protection uh market integrity and so on and um regulation especially in the investment space regulates for this risk now in blockchain and crypto we don't have that yet right we are in a sort of pre as a pre-regulation phase but make no mistake the regulators

285. 3:17:02

     are working hard and it's coming so in my mind in order to be ready for that and also to as i say drive adoption you want to already implement a number of concepts from regulation such as kyc or aml what have you in your design choices the moment that you forget these in your design and policy choices in blockchain you will incur this fiduciary responsibility which will be addressed later on so the moment that you design this you're

286. 3:17:35

     better in shape for when regulations are going to kick in that's really interesting right because you're both talking about how do you set the goal and don't let the governance determine the goal let the goal determine the governance right and so in your case talking about the comments that's going to be a particular model or lend itself to certain kinds of models where you're what you're trying to do is preserve the comments and think about

287. 3:17:57

     how you're at you're taking advantage you're just kind of addressing some of the tragedy the commons problems that occur and i think distinctly but related you're talking elco just about how do you engage different stakeholders in your system and ensure that there is power and voice that is retained and that might lead to any number of models but how do you think about who needs to be included like how do you determine what is that is it a finite set is it an

288. 3:18:20

     infinite set you know how do you think about that maybe alcohol will start with you this time yeah so if you are designing a layer one protocol or anything else which has this massive utility then uh the the governance of the commons like governance of water governance of air uh and so on like the united nations almost if you will um that is a good approach to govern that where you'll have poly-centric you know more elements more pockets of governance and you get the people in who are locally active

289. 3:18:53

     in that particular part of an ecosystem if you govern for something else for example for tokenization then all of a sudden your stakeholders become more investor-like and so you would want to borrow from investment governance or corporate governance now if you ask me how do you guess how do you define your stakeholders you will have to ask yourself first what are the conditions

290. 3:19:16

     who has an interest in stake at stake so if i do something who is going to be affected who has the interest at stake these are the people that will um are your stakeholders and so you want to involve these you want to give them a voice you want to give them agency so that you have a proper governance design that would be sort of the start of it in my mind yeah and and i think i'm going to talk about what we with our ongoing work on

291. 3:19:43

     governance have highlighted as a key differentiator when it comes to more typical commons and blockchain right so we really see blockchain as a common a common pool resource a shared resource of the community but the issue is unlike a physical common you cannot exclude so it's the property of non-exclusivity right and that's key and it's really hard to be mapping all the stakeholders

292. 3:20:12

     you know when you do these projects in practice it's it's really difficult to know like who's going to be affected right and and that's also the reason why i think the esg space is has been largely ineffective over the past 20 years you know corporations are just discovering esg again 20 years later you know because the governance piece was missing how do you measure impact and all those things because you know those those boundaries are not clearly defined now there is the eight design principles of eleanor

293. 3:20:43

     ostrom and how to govern the commons and one of them the first of them is to define the boundaries of the commons clearly right second it has to be identified as a common right if you're operating in a legal structure which again i think you can speak a lot more to in a regulatory framework then that resource has to be identified as a common that means there is community governance and that should be acknowledged as as is so there and you know she goes on to explain kind of how

294. 3:21:14

     to build those so i would really encourage everyone to look into that uh if if that's of interest you know and and one more thing to your previous uh comment um elco that i wanted to mention is that what we're seeing um when it comes to blockchain versus ai for example ai has been developed a lot more rapidly and seen a lot more adoption it's pretty much everywhere at this point whether or not you know it is because the governance issue of artificial intelligence and machine

295. 3:21:43

     learning to be more you know specific was pretty high on the radar but that wasn't the case with blockchain so the industry actually suffered because of the lack of governance and the uncertainty to businesses as a result of that and where it could have been compared to where it is now right so so i'll just kind of make that comment to say governance is not a nice to have it is a necessary component if you are

296. 3:22:07

     building seriously something for the long term to preserve the long-term value and perpetuate the long-term value of the resource yeah and that being said it sounds like what you're both also saying is you have to accommodate the evolution of your governance framework right because your community may shift and grow and in fact that's a sign of success as your community becomes larger and larger it incorporates different kinds of stakeholders or different models that themselves could be

297. 3:22:32

     decentralized and so thinking about laying out a framework that builds into itself flexibility in the room to evolve would seem important but how do you do that what are some practical tips for thinking about the longevity of anything you stand up at the time of the initial build yeah i mean you know i don't see myself as a consultant so i'm not just going to say oh here's a framework

298. 3:22:56

     but the short answer at least for me is system thinking you have to think of blockchain even a system of systems right and that mindset the way you look at the world the economy as a complex adaptive network a blockchain system is that you start to uncover you know design choices to your point earlier that are much better than oh here's let's impose a way of designing a system that's sort of reminiscent of like traditionally the way tech is done or corporate governance or even governments are

299. 3:23:28

     set up and we are here because that's not working right we we're facing uh a broken world crisis right all sorts of socio-economic political technological health challenges so the question is are we going to design for better more adaptable anti-fragile systems or are we going to keep replicating the same mistakes and that's really the um choice ahead of us yeah if i came back can pick up on that the um it's true it is we are now in a

300. 3:23:58

     very different world if you look at corporate governance it was designed to govern a static integrated institution and in the investment space we already have been outsourcing things i.e what we now call an ecosystem and so the governance of an ecosystem is actually already more complex and now we have governance requirements of stakeholders which change over time and their interests change over time as well

301. 3:24:22

     and so we need a much more dynamic approach to this you know when you have a governance structure in place for your for your avenger think about looking at again in 12 months from now and say so what are the stakes today what has changed today and how do we need representation designed in you know in our ecosystem and you will see that you get to kind of a negotiated outcome that is valid for a certain period of time which stresses some interest and

302. 3:24:52

     de-stresses some other interest and 12 months later or six months later things change again so you want to have a governance body maybe a council or whatever it is in your ecosystem that has incentivized to look at these interests and redesign that as you as you go and there are examples out there in blockchain that already do that what are some second some examples that you think are yeah so one one example that i really

303. 3:25:17

     like but i should disclose that i was involved in it early on is the enzyme protocol i think there's people around here from avant-garde as well so you want to check that out they used to be known as melonport i'm involved with a japanese company called dev dev protocol where we're doing that for the creative economy as well so there are ventures and and initiatives doing that do you have examples never influence

304. 3:25:41

     sure i think one of our current ongoing partnerships is with the algorand foundation so i i don't know if it's a competitor alert i should give here but um i think they're perhaps the most advanced in involving the community on a fairly regular basis um it is fairly straightforward at this point which is you vote you know on on certain issues on governing the foundation long term but we are working

305. 3:26:08

     on sort of having layers of incentives uh more involved governors versus slightly less governors and i think one important thing i want to mention is that incentives don't just need to be financial and that's something we are like looking to move away from where oh just token value or return and you know x x multiple of the tokens because there are members in the community who want to do better right i mean the main thing is what are you building if you're if you're an entrepreneur what are you

306. 3:26:37

     building that will sustain in the long term versus oh i have a cool idea maybe i can get some money from this foundation those are two very different things right and so we see this all the time i mean we do this every day and um when you start to think of things of long term you have to think about how to preserve them as well right and how to uh gather energy around it from within as well as outside and there is an opportunity again because of digital

307. 3:27:07

     technologies you know you can get things off the ground very you know with with i would say a lot less challenges than it was possible before um you know you have social media you have uh all the web 3 technologies um near foundation uh knows supporting so many different projects so there is an opportunity to create new forms of wealth new ways to govern our resources new ways to structure our our communities and you know kind of move more towards the collective the

308. 3:27:39

     inequality in the world right now is pre-world war one levels not a lot of people know this but it's it's shocking we we don't know where for example 23 trillion dollars of wealth is hidden which is around 500 billion dollars of taxes that are lost every year and so and these are the real issues you know the little kind of for me technology is a means to an end and the end is building a better human-centered life-centered uh you know ecosystem uh

309. 3:28:09

     or or more you know broadly the social political system as well yeah i like to pick up on the on the argument on token as you mentioned when we talk about governance in our space in the blockchain space we oftentimes think about token design voting rights quadratic voting these kind of concepts what i like to add is how do we deal with non-token holders who are affected who should have some representation that's one thing you're designed to think about the other thing is that to

310. 3:28:40

     the extent that you can use dowels to uh to come to decisions treasury decisions or other decisions you also want to understand where the limits are around dallas the interaction with the legal system the legal system is not that far yet the other things which are off-chain organizational issues how do you adjudicate issues which are of a large larger value i mean we can adjudicate

311. 3:29:03

     maybe issues in a dow you know maybe up to a million a few million uh dollars what happens if there are billion dollars at stake right so there are a couple of issues there that we need to i think need you know need to be humble and say what can we achieve and what is it that we still need to develop in this in this realm and so governance to talk about governance and blockchain is not limited to token design tokenomics and dao design there are some

312. 3:29:28

     other aspects to to think about and i love that you just said that because just as technology is not a soup to nut solution to a problem in almost all cases unless you're dealing with tech to tech you know similarly a dao is not a soup to nut solution to governance because you have to think about the off chain real world consequences and influences and context at all times and i do think one thing we

313. 3:29:51

     are very good at in web 3 and crypto is forgetting about the context that exists beyond right and i say this a lot in regulation and policy right i mean you're focused on this thing but let me tell you these folks who are enacting these policies have a big wide world they're focusing on it a lot of things they don't see the connections among in between so i guess the question there is you know how do you incentivize people to act in

314. 3:30:16

     a way that is pro-community right as opposed to selfish as i think in the token context we've kind of thought about okay this is your sort of very direct line and why you care and there's pecuniary advantage all kind of thing but how do you motivate that kind of community altruism that is so critical to success in a decentralized governance context and i'm afraid we'll have to end there but maybe we'll start a new group with you and then elko for

315. 3:30:40

     the last word i mean i would say that's really the bleeding edge of the work on governance i don't have a complete answer to it right now but i know that the insights will emerge over the the next few months and years um but we do know a few things right as i mentioned first of all moving beyond just the financial you know the reason why people are involved in governance is because

316. 3:31:02

     it is a way to exert power and influence that humans are naturally motivated to do that and so if you have responsible people and as an obvious kind of answer to that in the right places rather than self-serving just the bottom line sort of situation i think that we start to get to better places and they build better systems put in place better people and honestly we need to have at least 50 women is for me the fastest answer to it we did a bunch of work at mit and we found the

317. 3:31:32

     way to have the highest group intelligence which is different from individual intelligence is to have at least 50 women in the room because they're naturally a lot more empathetic and just cognizant of other folks i think it's uh it's it's really a fast hack to have better systems over to you yeah so very brief uh how do you incentivize them pay them okay so you get people in that get paid in tokens or anywhere else who are able to build their reputation who are elected by the community so you

318. 3:32:04

     get people who want to play this role boards of directors and firms they're paid parliamentarians they're paid okay so everybody who represents us they were being paid so find an incentive scheme that works for them well thank you so much for these insights alcohol alpha governance partners the digital economist i'm sheila warren thank you all for your time and tanir for having us today please join me in

319. 3:32:28

     thanking this panel all right thank you

320. 3:33:36

     so there was something about the web3 space that is about challenging the status quo and creating a better world what excites me the most are the economic possibilities that exist for marginalized communities to level up to gain generational wealth this technology allows them to be able to do that and to do that in a way that generates opportunity for wealth for them there is awareness to how technology and the web

321. 3:34:23

     3 can actually solve real world problems change making is about collective action and collective impact and the collective elevating of all of us together i think long term we're seeing a transformation to a digital economy that's going to be much more inclusive and less path dependent on the actions of giant corporation by showcasing that anyone anywhere can participate i really think we can we can make a change there are a

322. 3:34:48

     lot more ideas use cases of the blockchain than we would hardly scratch the surface right and we are getting there i don't look at it as making a pivot i look at it as just the natural next step if one wants to be at the forefront at the bleeding edge of technology and what we don't know is what exactly that roadmap is going to look like but i think that's one of the reasons that it's you know such an

323. 3:35:11

     exciting and interesting space to be a part of too often we see that there is a glass feeling for women that wants to effectively reach the top i wanted to find more people that look like me i wanted to support their art we need to be able to see ourselves in order for us as people to be able to participate there's a barrier to entry and and that barrier is knowledge i remember i would go on google to try to research blockchain terms and it just gets more difficult i could see that the

324. 3:35:51

     technology was revolutionary but failed to understand why it was relevant for my own life my goal is to see more ladies embrace you know and accept this technology to see more ladies believe that they can offer value being here in the space lets people know that one black women are participating in blockchain as well as it gives a signal to others who are waiting in line to jump in and if we don't start helping women get into this we're going to get left behind

325. 3:36:34

     when i found out that i was a finalist as a change maker man it made me feel honored i was completely in shock it's really amazing to see that all the hard work is being recognized it's that this kind of change-making happens by us opening the doors for other people it's it's amazing right we don't do these things for that kind of recognition ever and we do it because we believe in it but it's just kind of a reminder of the change that

326. 3:36:59

     needs to be made in the world so i feel the responsibility to live up to that brilliant incredible incredible wow thank you all so much thank you to our previous speakers as well for that incredibly informative panel i hope you enjoyed it as much as i did so this year is a very special year because it marks the inaugural year for the women in web 3 change makers list launched by the near foundation in

327. 3:37:38

     partnership with forecast so this list celebrates 10 talented women to acknowledge the industry's female founders engineers developers scientists investors and leaders in the industry who are laying the foundation for growth and innovation over the next generation the three criteria for winning an award are inclusion influence and innovation winners were selected by community voting so all of you on the basis of

328. 3:38:12

     ideas that enable sustainable and socially impactful change the originality of it and how these projects are influencing your communities and peers so please put your hands together and welcome your moderator angie lao and the women in web 3.

329. 3:38:48

     hello beautiful people of near khan it is exceptional to see you here and all of the people in the main stage i am going to project i am going to shout from the mountaintops because the women that were nominated from around the world 170 reflect the best of you men women from asia across africa across europe in the united states and this is truly an international community that we are celebrating today so let's give it up for some of our winners for marie flemon as

330. 3:39:34

     well for putting this all together we got to thank richard as well this is a panel where we're going to discuss what is going to inspire all of you to also support the women the daughters the sisters the spouses in your lives to participate and i see some of you here today who are actively doing this i see you and so richard i want to start with you you're you are very familiar with this space you're a vc

331. 3:40:14

     you are an investor how do you look at this space differently to include the women of web 3 to include more diversity in conversations and leadership thank you and thank you for including me and hi everybody great event we have here for near khan um so by way of a tiny micro background to give a context for people um i helped run a venture firm that has been entirely focused on web3 for five years and we've been kind of quite a lot of focused on web 3 for almost 10 years now and i'm also

332. 3:40:53

     fortunate enough to serve on the near foundation council working a lot with marie um and so yeah we've been focused on the air for a while i guess for me the first thing to say just quickly is it starts with what is the central ethos of web 3.

333. 3:41:11

     it's all about you know the primacy of the individual a celebration of what individuals can accomplish given the right uh incentives opportunity transparency and so forth whomever they are wherever they are and that once you coordinate that effectively of course together we can achieve extraordinary things you can get six of us 60 of us 6 000 of us can can do incredible things finance health care whatever whatever it might be so i think it's inherent in that um

334. 3:41:43

     benefit the capability of web 3 that each individual should be valued and included um i think there already are a tremendous number of women who have done that everyone from beryl lee and indeed amongst our change maker winners half of the uniswap team is is female um you know and then jin lang on the optimism side alleged many different great examples having said all of that um i think it's maybe four or five percent of web 3 entrepreneurs are female and

335. 3:42:22

     i certainly see first-hand uh the the challenge in terms of the numbers that you just see in the um in the funnel of whether it be candidates to join projects or deals or whatever marie i mean when you really committed near to this project and we're thrilled at forecast to co-partner on this for you it was really a mutual conversation of how do we advocate by being cheerleaders and i think that's something for those of you who joined us at our

336. 3:42:54

     our power breakfast this morning where we're literally you know drinking coffee networking and eating breakfast getting ready for today this was one of the comments that you made marik which i thought was so important is how do we also be cheerleaders and support yeah and i think that's actually where it's really important and everybody has a role to play right it's not about just you know women helping women it's really

337. 3:43:18

     about like having this network of cheerleaders around you and when i look for example i i'm my personal example uh i wouldn't be where i am if i didn't have like the supporting network that i have and the people who are around you and saying you know i believe in you and you can do this and this you can move forward so i think that's really important and so that's where everybody has a role to play i would just say the near community even you know before i

338. 3:43:43

     joined was prone to that last year when i was at new york on i could see that and so i think it's something we should cherish and we should actually champion and we should continue pushing forward i think one of the and i think this is a really critical conversation that includes all of you we are really building the foundation the architecture the infrastructure of the future so the developers in this room

339. 3:44:06

     if there is only one flavor of you if there is only one perspective does that truly reflect the international needs of a broader global community it actually serves our purpose collectively as builders as developers as protocols to actually contribute to this ecosystem and to bridge bianca to bridge amy to diverse voices bianca how do you do that you're an investor you're in this space you look at identity in a very

340. 3:44:45

     specific way but how do you also incorporate that broader thinking as we build for everyone i think being being an identity has always been i work in digital identity and that kind of gets to people and when you look at how broken the system is and the current infrastructure and how many people we haven't been able to identify or provide any access to it shows you the biases that were built within the way we constructed any technology infrastructure system in the planet whether you want to have a

341. 3:45:17

     debate of that being web 2 3 or the next generation there's much of the conversation in the design i look at things like principles and ethics and i think that by default brings an interesting crowd of people that are curious about sustainability that understand that things in web 3 require transformation to get adoption absolutely because it's that adoption that includes the rest of the world

342. 3:45:47

     and amy you're working on a really critical project in that how do we as women in many parts in in developed countries in you know to to use that term that that is already a saturated market i feel like we are already educating ourselves and and claiming our platform as women that that is something but we gotta pull up all the women who still struggle in the rural villages in the

343. 3:46:19

     outlier communities the socioeconomic groups where women are still fundamentally a non-uh participant in the global economic system how are you changing that story thank you for that so about nine months ago i went to my first conference and at this conference in new york city there was merely five women in the entire club and i remember speaking to the head of bd of cosmos and she told me like we got to be looking out for each other and i remember being in that moment like this is something wrong in this room why

344. 3:46:57

     don't i see more people like me why do i see more women like me and it was through funding and grants and opportunities that even our male allies gave to us that we were able to sponsor over 150 women to crypto hackathons around the world which includes if rio in brazil and east mexico two weeks ago i think that the way we can truly bring opportunities to underserved communities is by hosting hackathons and hosting community events even in africa with

345. 3:47:29

     kenya which nier is doing an incredible job with bringing educators to the space and creating hackathons so that they can participate but then not just bringing people from the outside but recruiting and training local leaders because we're gonna leave and we need to teach them how to grow their space so that they can learn how to fish for themselves that's right audience take a look around okay just do it roll a twirl with your head just look around check out the audience

346. 3:48:01

     there are a lot of women in this room there are a lot of male allies who support those women but guess what guys the fight ain't over it starts right now 38 of this attendee population of near con 2022 is women third that yeah it is absolutely phenomenal i think it's something we should be again proud of it's by being open inclusive that we can actually attract more so 38 percent of women are attending near home so women out there

347. 3:48:46

     and 176 countries because diversity and inclusion is not just women right it's also like we all come with our different stories and different languages so 176 countries 38 women i think we should be proud of that that is a critical point because it's a global community but we can't ignore our sisters in africa across asia across europe and the us and that is not necessarily new york san francisco it's

348. 3:49:17

     it's in the midwest it's in jacksonville it is in in you know across europe in lisbon it's across africa it's in malaysia it's in not just hong kong and singapore that everybody talks about in china it's in vietnam it's in cambodia it's in laos so in terms of best practices right if there is someone in this crowd or you might already know who they are and they're just a little apprehensive i don't know am i smart enough i don't know anything about this space what can

349. 3:49:50

     i do to contribute i don't know it's really hard what it's i'm not a developer that's for boys you've got two daughters seven to nine richard give them give them a pet top right now pep talk well actually the first thing is that i'm not sure they need much of a pebble uh they tend to be pretty direct with me as to uh what their opinion is and and indeed generate insights um all the time but if um if if we are just for a second to focus i guess the bit that

350. 3:50:23

     um we're predominantly focused on as a as investors that is this you know these decisions at the very early stage um at the point in which you have very very little data about how things going to play out um where if you were to point to one thing actually that you're trying to judge it's often the people in the team that you're investing in um but also just thinking generally about

351. 3:50:48

     the in the decision making process is extremely delicate and why do i say all of that i have seen now numerous times where we have um i mean the nature of the discourse you have around those investment decisions in very subtle ways can steer it one direction or another but also the substance of the judgment of the people of the opportunity in a very subtle way consider it one direction or another and so you need the different opinions around the table the different natures of people the way in which they

352. 3:51:21

     communicate um and it should not be the case either that you expect for example uh women to behave the way men can tend to in in a business context nor should you expect the men to be able to behave the way the way that women do you need to cope with all of it it's a different style right i'm more than familiar with with the power of words and story and narrative when we go to fundraise you know i forget that we are a female founding team

353. 3:51:54

     i talk about the strength of forecast i talk about you know our business strategy our vision but i also recognize that i probably ramp back because i don't want to seem really aggressive or in your face it's not me it's not necessarily always my personality and so to be conscious of that as an investor to you know you might have an introvert founder and very soft-spoken but powerful man so powerful

354. 3:52:25

     are you in that moment going to recognize that i've got to listen differently to this person because this person is from a different part of the world different culture different way of being raised bianca you this is something that you face as an investor as you fundraise for your own fund but also when you talk to founders i think that's something we all face i think often we're not present as people and the moment is very rare that a human

355. 3:53:08

     being is actually present a bit of what we constructed ourselves i guess so i think it's always changing i'm very fortunate to spend time across the world and and i think that's what's so exciting about being an investor is understanding you know we talk here about decentralization we talk about empowerment we talk about property and ownership you know these constructs are cultural societal they are a perception of how people even see themselves of what they can and cannot

356. 3:53:38

     imagine and those imaginations often have limits so i think as an investor you have the job to see the limits to see you know the pitfalls but always just in some countries help them imagine what's possible when i look at the capital deployment and countries in latin america the caribbean or africa that i work in actively they don't it's not even that we're not listening is that they just sometimes

357. 3:54:04

     don't even think it's possible perhaps because we haven't listened so as an investor i hope to talk a lot less marik i'm gonna we've run out of time i'm gonna leave you with some inspo words for this audience what is it that we want to leave for the next year as we ramp up to 2023 women in web 3 change makers list to be inspired by the women that we've honored here today some of them on stage with us and at our breakfast this morning so um this year a hundred and seventy

358. 3:54:38

     women were nominated we had over a thousand seven hundred people actually participating and voting and those women are building in web 3 and it's very important to have their voices and their story heard and next year i hope the list will be 10 times bigger and i hope near khan will be 50 50.

359. 3:54:56

     thank you thank you congratulations amy and bianca congratulations to our 10 plus one winners and really congratulations to all of you i've noticed that this is a full room this is a full room for a very important conversation take it in as you meet each other as you open your minds this is that community and congratulations to all of you for being here can't wait to meet all of you thank you

360. 3:55:42

     wow give another round of applause for the wonderful women in web 3 change makers wow incredible thank you so much and thank you all for coming here today to watch that incredible panel i do have a little bit of news we're going to take a quick break so if you want a beer you're going to have to beat me to the beer truck uh we're going to be back at 2 45 when we've got the wonderful illya polisoukin see you then

361. 4:00:29

     so so do

362. 4:02:37

     do so

363. 4:04:48

     my greetings nericon the layer one ready stage is about to begin please welcome your mc

364. 4:05:51

     david morrison you having a good time brilliant brilliant brilliant so the past 12 months in the world of web 3 has been nothing less than a roller coaster but we have achieved some incredible things here on near thanks to you because without you we're nothing so thank you you all deserve a round of applause for yourselves brilliant so it's the moment many of you have been waiting for we have

365. 4:06:34

     joining us on stage right now the co-founder of nia protocol ilya polyzookin to discuss the next year on near hello everyone again and to those who just came i'm really excited to be here it's been a kind of you know shaky start but i think things are getting sunny again so it's amazing i want to talk about you you've heard all marieke who talked about kind of the past year the achievements we've had and so i want to go forward right what is

366. 4:07:21

     the next year ahead of us what are things we should do what should we build what do we expect right and obviously there is like i cannot predict everything and there's a lot of innovation that happens but i want to give you kind of some ideas some directions some things that everybody can look forward to so what near really is is the easiest blockchain what we're trying to kind of get to is

367. 4:07:52

     remove all barriers to web3 right there should be no reason for new people be that developer or user to come in and get all the things that we believe web 3 is achieving right the self-sovereignty ability to create the ability to create new economy and so kind of from the start we've been trying to build the ecosystem that achieves that build the protocol that use that the way we measure this right

368. 4:08:24

     to have a clear kpi is by kind of how many users we have how many people are using this and so we kind of set out this really audacious goal to get to a billion users in five years and we we're kind of year one pretty much since i told that last near con and so we went from 1.5 to almost 20 million users on your blockchain still yeah there's still obviously a lot to do to kind of get them more active you know do a lot more things on blockchain but you know we're making progress like this is

369. 4:09:04

     almost 30x uh gross since last year and i'm excited to kind of see the next you know 10x this year as well kind of in the coming year and obviously like big shout out for sweatcoin for doing kind of an amazing job of on bringing tons of users to near so yeah so the way we think of near right is we want it to be simple we want to be secure we want to be scalable and sustainable right and so these are kind

370. 4:09:38

     of like core pillars that we're trying to build around not just for protocol for ecosystem for applications for you know things we invest in for things we kind of promote and so kind of to start with right you want an ecosystem that does not have limits right the ecosystem that attracts people that kind of invites everyone to join that provides a place for everyone and i've been showing this kind of for past i don't know six months where

371. 4:10:10

     we had lots of kind of you know infrastructure we had lots of go to market we had lots of different verticals but the reality is this is actually way bigger and this is obviously not even everything that like it doesn't fit on the screen anymore right like the kind of at the core we have the protocol and we have kind of near digital collective forming right the governance the uh kind of this like the lots of people from community and from different hubs and and

372. 4:10:42

     projects coming together to truly form kind of inclusive governance of the ecosystem we have a number of regional hubs that are kind of expanding like this new seven new hubs that are kind of either already launching or gonna be launching within uh kind of you know next 12 months and obviously there's a lot of funding uh available through the ecosystem and again shout out for 300 million dollars of funding so far and so i'm sure we can

373. 4:11:10

     beat that in i'm sure we can 10x that next year as well and so there's tons of backend infrastructure right like at the end we we kind of you know started there we started with protocol we started with developer tooling so you have everything you need to build kind of applications that are can be like smooth that can you know deliver really good experience you can build with whatever language you want right you have solidity you have rust you have javascript people been playing around with like other environments as well

374. 4:11:43

     like you have the tools that you do there is side chains with octopus there's private charts with calimera right like you can actually now launch kind of different environments with different kind of configuration of what you need for your application we have lots of kind of application infrastructure right things like wallet select on-ramps and there's more things coming you know meta transactions natively allowing to pay

375. 4:12:09

     for p for users uh transactions you have you know remote accounts i'll talk about shielded transactions so like lots of infrastructure coming to make it even easier to build and obviously applications right i mean i'm not going to go over it we just hit 800 on awesomeneer i'm sure this you know we're going to like 10x that in next year but it's really exciting to see kind of the accelerating growth of

376. 4:12:34

     applications so the core here right is we want to remove those limits right we want to give developers what they need to build to remove like the needs like in many ways right if you try to build in web 3 before you kind of always start with infrastructure you don't build the app and that's what we're trying to remove like you don't need to think about infrastructure it's there it's in

377. 4:13:06

     kind of it's available and it's easy to use right and so we started with kind of lots of things already right that you have a flexible account model you are able to onboard users you you're able to have uh progressive security right starting maybe less secure but easy to onboard and then over time they can switch to another key management they can switch their hardware wallet they can switch to kind

378. 4:13:29

     of uh a custodian you have a number of kind of like wide range of developer tooling right data lakes and cli so you have you know ability to kind of customize and take out part of the node and and run that you have languages onboarding and you can if you don't know you can actually package your front end directly into smart contract which removes a lot of security issues which actually allows you to have a fully decentralized apps check out web4 near that page if you if you don't know that

379. 4:14:00

     and now there's still kind of lots of new things are coming in the coming year right i think one of the core things that we've been trying to do is abstracting blockchain right like as a user you are less interested in blockchain at the moment you are more interested in the app and so how do we get you to truly use the app without needing to think what is the thing underneath and so there's a number of things that for example been pioneered in the blog in near

380. 4:14:32

     one shout out is aurora plus which actually removes transaction fees allows to kind of sign up with email tries to kind of reduce his onboarding and so we want to bring that to the whole new ecosystem right so we have meta transactions in transaction on ramp right if you just signed up and it says okay now you don't even use the app you need to buy some tokens right it's really weird why don't you start using the app and when you're actually doing something in the application it offers you to you

381. 4:15:03

     know pay with a credit card pave is uh something else right and so that kind of flow will allow to onboard users who kind of naturally interact with payment system when it comes up when they actually buying something or interacting with some financial tooling not when they just signing up i've started talking about remote accounts the idea is that as a user you actually you like you want to use the app right you don't actually care as much on which

382. 4:15:34

     blockchain it is at that moment and so how do we go away from this like oh i need to like i have meta mask but i need to create a new account i need to bridge it and then i need to log in right that's a lot of steps so remote accounts allow you to log in with your wallet with metamask with you know bitcoin wallet and just use the app and all the proxy and happens underneath like it creates a

383. 4:15:58

     remote account on nearly and it metatron like sends meta transactions your your interactions ux template library forking existing applications and creating more advanced security this is all things we want to build right for developers making sure it's easier so imagine you just go explore existing projects like paris and you can literally just say fork the project right because their smart contracts and their front end are actually open source and you can just go and create the clone of it and start you know customizing

384. 4:16:30

     like you drop in into ide you have the front end a smart contract you have all the tooling to build to deploy to kind of fetch data to even manage the project and over time set up a different tooling for it we launched javascript which you know is not definitely not the safest language and so how do we go beyond kind of and deliver security well why don't we wrap the smart contract in a secure sandbox that actually allows to

385. 4:17:00

     pause to capital control the and limit the smart contract in a way that you know even if you have a issue in the smart contract there is a limit on how much money can be kind of withdrawn and could be paused by a external monitoring and obviously you need to continue managing the apps and and bring it to community and so astrodow astrodown kind of tooling around that is becoming

386. 4:17:25

     richer to actually allow you to do this really easily one of the really cool things is now that we have javascript you can go away from kind of a very you know some it was a flexible model in astra but you can actually configure it with javascript policy you can configure like what logic you want of your dao directly inside kind of a existing dow and just deploy that so that's coming as well

387. 4:17:55

     now this is all cool this is for builders right but everybody asks me like what do we build right like this is you know you gave us a bunch of tools awesome but not everybody knows what they want to build with this so i just want to give you kind of the spirit of what's coming the spirit of what's coming is kind of this infinite combinations of primitives right now on near you have the d5 primitives you have the social primitives you have

388. 4:18:25

     kind of creator primitives right nfts daos some of them you know social aid that eugene will present you have kind of web four you have all those pieces right a lot of infrastructure a lot of things and so now you can start composing them you can specifically compose things that relate to people right you you have a way to now have a social network of people who curate content who curate uh applications who curate the experiences and you can follow them and you can discover new things right this is the

389. 4:18:55

     biggest problem in web 2 actually like yes ownership you know like centralized middlemen changing the rules but even bigger issue is that you don't have a way to control your own distribution you don't have a way to control and interact with your fan base directly it's always through the platform it's always through the kind of uh whatever the platform allows you to do and because there's no way to create

390. 4:19:21

     kind of uh new discovery methods like nobody can go and create a new instagram app that allows people to follow for example a specific sub categories of creators because it's a closed platform but you can do this on in kind of web3 ecosystem and obviously this opens up new value creation right because you have a way to truly kind of monetize and create new business value and align incentives around the ecosystem so i mean obviously things like this

391. 4:19:54

     like everything like i'll just you know give some examples but i'll walk you through a specific flow that the user can take kind of to showcase what you can do so imagine kind of a journey of a user who just got a message from their friend with a link right and say like hey join this community and they click on it it you know creates an account and they receive a phishing rod nft and they actually like

392. 4:20:26

     right away get uh integrated into a fishing community that uh because they have this kind of fishing rod and and this is a kind of a community that's gated by this nfts right so this is showcasing you know the near near's ability to have kind of link drops this showcases ability to onboard users who don't know what web 3 is the showcasing ability to have kind of composibility between nfts and kind of social you

393. 4:20:58

     then in this community right follow like-minded people right and and through that in other places for example you go to explore the apps the other apps that exist in ecosystem you actually see the friends and followers and kind of people you follow what they do in other apps right so for example you can actually see that oh some of the friends uh you follow from fishing community using this app that is you know listen to earn and so you can actually drop in there log in and right away see

394. 4:21:28

     the uh kind of what music they're creating and what music they're listening to the idea here is again this is composibility through a common platform right uh you are able to kind of build up on top of the same social the same following and social graph the across all of the apps in the ecosystem but on top of this right because you have this curation now you have a good attribution of if i discovered a new artist and i'm starting to listen and maybe i go and

395. 4:22:01

     interact with their taos there is a clear attribution through the curator through the kind of this graph kind of how you discover this and that allows you again to build new incentive models for curators new models for discovery like because now as a for example maybe i'm to music maybe i'm not but i'm still going to be creating content and and kind of find new things and will be

396. 4:22:24

     incentivized to do that and so as a fan as a newly you know born fan of this band you find it out you see it's not very popular yet you actually want to participate right you want to invest in the fandom of this band becoming kind of a more involved and becoming a curator of this music as well and so this allows you to again you plug in into the dio ecosystem you have all the defy components to interact with it and so

397. 4:22:57

     now that you like as a user you discover taos you go around to see what other dials on the are the are there and you can you know take a look there's bounties there's tasks that you can do for different dials and so i'll specifically talk about save ocean because actually i was this weekend with some of the sailors from clgp and one of them told me about a netflix show netflix documentary called uh c spiricy

398. 4:23:26

     that actually talks about the kind of how fishing is detrimental for environment and i did not know that and it actually made a big impression on me so if you haven't looked at it just look it up conspiracy but the idea here right um as you join this down right like you you see that you relate to their mission you're able now to participate it's not just you know you always buy in you it's not just you always need to like you know buy the token or buy the nft you

399. 4:23:56

     can actually do things you can do tasks you can have a participation in this and so let's imagine there's an app like sustainability to earn right because at the end the kind of the small nudges that the kind of crypto allows us to do is actually can change behavior right and again sweatcoin is probably one of the great examples of uh kind of making people more active and so through this mechanism you can actually

400. 4:24:27

     help people to you know eat and buy at the more sustainable like sourced places and so again you find out about it in through a social channel which is what dows are you you know install it you start uh earning maybe you are donating it back maybe you're actually using things like near pay to directly set up a credit card and pay for them in your account maybe you're paying with near in in the local store and so you have this kind of a

401. 4:24:59

     full flow where you discovered something you got engaged you're truly using it right where underneath are kind of a whole supply and shade tracking right understanding which restaurants have joined this network ability to understand how kind of when you pay this is attributes but this all happens underneath for the user you just you know go to a restaurant pay and you know you see the

402. 4:25:22

     restaurants in the list that are sustainably uh operating right so this is kind of experience that actually changes behavior that actually can make a change that is really only possible kind of using the technology that's really only possible by leveraging this infrastructure beyond this right you know let's say our user is into finance and so he sees that save ocean dao is not actually well managing their treasury and creates a new dow to offer

403. 4:25:54

     save this dow a way to manage their treasury and so they use a private chart to develop new trading strategies right that are not visible to everyone to uh kind of offer waste how the treasury can be deployed across different entities for example one of them can be investing in the sale gp a team that has a dow ownership as well which aligns very well with the marketing of the save ocean dow and creates kind of a wavering like a reinforcement uh cycle of this so again

404. 4:26:26

     this is example of like you can go from you know participant to an active kind of contributor that is has their own kind of subspace where maybe some other members will join as well and will propose different strategies they will you know kind of use for example a no-code platform to create the strategies and deploy them to calamera through a private chart again to not reveal the exact strategy to the training and obviously beyond that you can become

405. 4:26:56

     curator you can become creator yourself right you you know advance your reputation and at the end you come to neocon next year and you present this uh true story at that point how this happened so i encourage you know people who are into uh this kind of to actually do this so why is this kind of like uh mini story is only on near right i think the core piece here is that there is a robust and flexible technology right you

406. 4:27:28

     have this it's there it's working there's a focus on best user and developer experience right like how do we give you the tools that are truly kind of remove the limits and not uh limit you on what you can do and it's the ecosystem right it's a hubs it's a funds it's you know various guilds and and teams that are actually helping you to build this so this is how you know we are becoming the easiest blockchain

407. 4:28:00

     to build to create to explore so my challenge to everyone here right explore the amazing apps like some of the stuff i mentioned is either already here or like in test net or is possible right now right and there's a ton of things here at neocon imagine new apps right like this is the exercise i did i was like well okay if i'm a user and i'm trying to go through the through kind of the ecosystem what would be the things right you can think of

408. 4:28:30

     like hey if you have the nft you can access some special local events like this is an app right there you can actually build so imagine the experiences if you're not a developer no problem you can talk about it you can tweet about it other people you can go to hackers and suggest it because there's always people looking for what to build and ideas to actually experiment with and you know obviously network and connect with people because at the end this is about the community about the partnerships it's about kind of working

409. 4:29:00

     across the ecosystem so i invite everyone to kind of continue building this amazing community and yeah thank you for listening thank you and now i want to invite brenda nike the creator of javascript the co-founder of brave on stage for a fireside chat okay thanks for coming my pleasure i love lisbon yeah it's uh it's so exciting that it's probably the first time i'm using notes uh in any of my fireside chats uh because i wanted to make sure we have

410. 4:30:02

     the the most amazing conversation here um so last time we kind of talked was actually at consensus and so it wasn't interesting because i was a stage first talking about javascript and you were sitting in the audience and then you came out and i was sitting audience and so we did not actually have a conversation on stage but it was pretty exciting so i do want to talk about kind of obviously as a creator of javascript

411. 4:30:28

     you've seen its you know positive and negative sites over the years um and you kind of seen its amazing growth in the ecosystem so how do you see kind of this opportunity in web 3 for javascript developers for javascript itself compared to rust compared to kind of other things so i made up this catchphrase always bet on javascript in 2011 i think because google's dash memo for the dart language leaked and everyone was worried that javascript

412. 4:31:00

     was going to get replaced and i thought very hard to replace it's dug in pretty deep and at that time i was working on things that would become webassembly i was working on rust as well so everything near is doing is like my children and then seeing seeing the javascript sdk the on-chain javascript is like a dream i i didn't imagine we'll go this far that's cape i joked to my cubicle mate it would either die fast and be replaced by microsoft visual basic script

413. 4:31:31

     or it would live for 25 years and become huge so i was half right um but i'm excited about it because i think you're right there's there's so many developers out there who can then engage with web3 without having to learn a new language or use a low-level language they can use a higher level language that can use other libraries to get leveraged javascript modules so i mentioned some ideas but what would be your ideas that people can go and try to build put you in a spot here so

414. 4:32:04

     i'm interested in dallas um i'm interested in in social as well because let me tell you a story about social i think the curated social story you told is very compelling but it's hard to bootstrap um every always on near if you have people on twitter and facebook so one idea that i've been thinking about is to take the data that you have for your social graph on those platforms project it through the browser and then into near which will be easy because of the javascript sdk

415. 4:32:38

     if you try to do this on the server side by scraping facebook or logging in to a proxy facebook will shut you down right google and twitter fight redressing and bots so they all fight uh people trying to impersonate a user or log in with a user's credentials and they can actually use laws against you like the united states computer fraud and abuse act but if you do it through the browser it's

416. 4:33:01

     your data you're using those social networks you have your friends there that's your value so that is yours to then remap into the alwayson near world so i think that could give a fast start if you if you have enough intelligence and integration with the browser that's why i think blockchain plus browser is more powerful than either yeah so uh here's a for all the hackers chrome extension that pulls data from uh

417. 4:33:25

     social networks and uh integrates it into crypto awesome so i guess on this side like how do you see this you know obviously you've been through evolution of one to web two and you're kind of the one of the uh authors of that and so with this evolution of web 2 to web 3 right with ownership with kind of new monetization methods with kind of direct engagement what do you think is you know what surprised you when this is what's coming

418. 4:33:51

     out but also what to expect you know how it will shift away in next you know five ten years yeah it's a little over my horizon when what next two years web 2 happened in part because i think um firefox happened and um i four five not really six but there was enough um programmability in the browser that people started doing things with ajax or you know xml http request and so you had these primitives people could start building new kinds of social apps and and focus on me systems but they were all web 2 server based they just pulled

419. 4:34:30

     users in on a more equal footing and of course social began youtube began all that stuff i think we're at a very early stage now because you're still going to sites that say try to detect your wallet and they list the wallets they support and it's like this growing list of wallets that try to reverse engineer metamask including all the bugs and non-standard extensions this reminds me of the old days reverse

420. 4:34:54

     engineering internet explorer which we had to do a little bit for firefox to grow but i think the the right model is not to have a bunch of wallet icons but just have standards that emerge for web3 that allow the browser and the user's security key let's hope to be uh the identifier instead of having to log in with the username and password and we're in such an early space there we're still sorting out how to get rid of those wall icons but i think once we get past that especially with with

421. 4:35:26

     blockchains that have more expressive programming languages there'll be a another like cambrian explosion of new life right on web3 and i think it'll happen within the next few years i'm trying to make it happen yeah so i think the evolution here is for sure that right now wallet is almost people feel like this is where like everything surrounds around but the reality is there's two functions there's like kind of i want to use my app function and i want to manage my kind of

422. 4:35:59

     assets function yes and i think it's important to have these two cases handled differently and explicitly versus trying to commingle them in a wallet app yes it's too reductive it's it's also probably going to have some security attack surface exactly yeah and so actually i have a talk tomorrow about this so i invite everyone with with uh spoilers with pagoda and with cameron from banyan uh so please join so obviously like i mean web 3 has still

423. 4:36:30

     ways to go but i think its spirit is an open source right its spirit is in kind of there so how do you think kind of that evolution as well as like open source evolution as well kind of how we have three affects open source and and do you see that actually changing well it's great to have people putting things on github but there's an open box property which allows you to do the equivalent of view source on html so you

424. 4:37:05

     can you can actually you know decompile a smart contract on all the top blockchains you can see the code uh and that's that's important if you didn't have that property the web wouldn't have grown as it did people were doing copy pasta they were making mistakes this is actually the plan mark andreason said we want javascript to be right there in the page so people can copy it without knowing what they're doing so

425. 4:37:28

     um no i'm a dog chasing a car i don't know what i would do if i caught it um but to be serious i think this kind of broad demonic approach to programming is essential to the web web one two or three and again that's why i'm excited about what you've done with javascript yeah i think this is so i mentioned right the ability to package your front end directly with a smart contract so everything is actually in one place and

426. 4:37:53

     you can like if you want you can fork it really easily and kind of continue expanding on it and i think it's definitely kind of a missing piece right now to just really quickly bootstrap start from something like oh i like this app but i don't like how it works let me kind of bootstrap a new version of this or maybe use the same smart contract but different front end or combine and compose

427. 4:38:15

     with it in a different way right and so like you have all those options when it's open source really easily in front of you and if it's when it's closed even if it's on blockchain it's still not not as easy so i think like we're going that way and yes we also kind of weaving in a lot more of this like kind of the protocol versus public good becomes very interesting spirit so i'm really excited

428. 4:38:38

     to see how that's going to evolve the open source itself as well the open source world has evolved too i remember in the 90s it was the bdfl model it was linus or or you know erasmus and php or quito and python but that's still used but there's been i think improvements along the way to community management uh core team uh operation sort of guardrails and and folkways for doing collaboration because software is hard most of the hard problems in large-scale software end up being human

429. 4:39:10

     problems and management problems and uh design problems that have to precede code because it's much easier to fix design if it isn't fixed code or change code so i i feel like open source is still on this journey that's become industrialized but also uh has a breadth to it it lets people come in who can just show what they can do and then become part of the core team and if they get a job through that's great if they don't they keep doing it

430. 4:39:37

     that's awesome too for sure yeah so maybe switching gears brave's mission is to protect users privacy and so i guess how would you explain to this to both people in web 3 but also people who are new to this so um i think there are variations on this the aphorism is originally supposed like cardinal richelieu give me six sentences from the most honest man and i'll find a way to hang him or deirdre connolly who runs a great

431. 4:40:07

     broadcast with thomas tech and others uh said you know i i want privacy because i don't know what i just said is going to be subpoenaed privacy matters but you don't always know in time and some of that curated social you'll want it you might want a private shard you might also want just shielded uh smart contract operation shielded transactions so i think it's it's an important part of the toolbox and there's a aspect of it that has to be default and that is what i think

432. 4:40:39

     deirdre's twitter tweet said and that's what i agree with because brave trying to move the default of the web to uh more privacy you know there's there's various steps you can go one is all the way to the tour browser and the tournament works faster and it hasn't i think properly been attacked because it's not um used enough but it's also slow still and it breaks sites too much

433. 4:41:03

     brave with our shields that are always on we've tried to find a happy path that gives you privacy and certain properties that we can enumerate we talk about on our site in great detail if you're interested and these should be web standards but unfortunately the web was not about privacy it was about putting the cat and dog picture in the site and then it was about logging in with a cookie so you didn't have to log in every time you step through a navigation

434. 4:41:27

     and the combination of those and images made a huge surveillance system ad tech so we're still in the middle of i think transposing that into a more private web i would like to see that option or default even for certain regions of the always on near or the future blockchains yeah for sure i think this is why like chile transactions are important and i think figuring out where it should be

435. 4:41:52

     default is even more important because at some point like for example if we're talking about assets maybe you don't want everybody to know how much assets you have right and so people right now kind of relying on sudan anonymity which is not really that good like works that good for privacy and the like maybe we should have the tokens itself to be the shield shielded pool which then

436. 4:42:18

     like you only when you move it to something public like a you know amm or some other application then it kind of gets unshielded specifically for that transaction yes but there's also a de minimis amount that might not be material maybe even governments could agree on what this is exactly yeah so i guess in this sense obviously there's a big topic around tornado cache on this and so kind of what is what is your take on state of things and uh how do how do we focus on

437. 4:42:49

     kind of preserving privacy when we also kind of need to almost fight this kind of uh misconceptions almost yeah it's really tough right now especially with the u.s situation people don't know what's what's going to happen um i mentioned deirdre works for zcash now i'm friends with zuko uh i think when i had a chat with zuko after a tornado we both agreed that in some ways it's a wake-up call that's good because it'll cause people who are trying to influence regulators to to

438. 4:43:23

     express themselves so there are some really smart lawyers uh forget some of their twitter handles i know jake chavinsky of course and there is a chance to influence regulators depending on the political season and what's going on in crypto it doesn't help that there were certain cfi operations that blew up and things like that that it's a risk to all of us but i i i've hopes that we'll get um better

439. 4:43:47

     regulations back a few years ago we were talking about just things like safe harbors for innovation or carve outs from the usual uh you know fincen and opaque sort of regulators in the u.s to use those acronyms um and it didn't happen and one of the guys who who was saying oh no we have to have facts and circumstances now works for information horowitz and he's all in favor of

440. 4:44:12

     innovation so there's always a changing of the guard or revolving door but i i hope that we'll see continued evolution including with regulators so we get to a better state of play um because if we if everything is just frozen by fear that's bad for everybody i think exactly yeah i think i mean for me it's always need to go back to the kind of what they're trying to do and what they're trying to do is prevent malicious behavior prevent you know money laundering prevent terrorism financing and so

441. 4:44:44

     we should be working off that versus kind of like oh let's shut down this thing right and so working on that is like how do we build privacy solutions that are still you know preventing and like zcash have been pioneering a lot of work on that side right like there's actually a way to prove that you're not from uh ofac list while you're privately transacting like it's not an impossible problem right proven zero knowledge that you're not a bad actor exactly yeah yeah

442. 4:45:09

     and so and you can chain them as the finances are moving that like there's nobody in a chain who was a kind of uh a bad actor so like all of this is possible and this is like it almost feels like modern regulators should be more in the product then because like the regulations now will like that that's the reason for blockchain is we're moving a lot of the things that before would be like a

443. 4:45:32

     paperwork to become code to become products and so we're enforcing rules with that and kind of enforcement like that's the thing like they enforced tornado cash ban but people are still using it to be like it's and you know if you have enough kind of tooling around that like even if it's not uh like you can still do it and so like that's that's the thing it's like it's it's you cannot stop it so you

444. 4:45:55

     need to build the products and make them used to actually enact change and i think that's that's the thing that's right now is missing from my perspective obviously i'm biased as a product person so how do you see kind of i mean we've talked about you know browser being almost like a front right you are you are interacting with the apps you're interacting with balances you're trying to preserve

445. 4:46:19

     privacy kind of how do you see this as like a in in this in the light of partnerships in light of like working with the ecosystems but also like opening up kind of browser to almost list like world of web 3 flexibility yeah it's the same thing we did at netscape and back then browsers were so new that they had to do more for you so they had to unify multiple protocols under the hyperlink which was a brilliant thing to do and it for a long time meant you still had ftp and gopher and

446. 4:46:50

     waze these protocols died and http tls tended to be the one hammer for all nails but i think uh blockchain and particularly near's approach and maybe some other new protocols are forcing browsers to become muscular clients again which i think should operate on behalf of their users first otherwise the user generally gets betrayed and shorn of their attention like sheep uh and if if brave is leading the way there it will turn into future

447. 4:47:20

     standards so we should have better standards for things like wallets and for things like dap apis that are not about transacting or assets like you said uh we should have um standards that allow us to have multiple chains we should have more secure bridges which is a hot topic and a grounds for hope and research what's in development but uh i think browsers have a role to play there's this uh competitive corner browsers fall into it happened with microsoft and i would say than google

448. 4:47:52

     where they just become this passive thin runtime this sort of blind servant of the web 2 power and uh we're against that we want people to have power through web3 through decentralization yeah i mean the way browser is the ultimate on-edge application right and so through that you know you can kind of fetch through a new protocol the front-end so you can you know kind of interact with other applications and protocols directly which removes a lot of centralization points as well and so

449. 4:48:26

     yeah i think there's a clear role to become kind of a like a gateway right and then open up through that gateway you know like free transactions because you you can trade your attention right already to pay for transaction fees right like in a way like this is you know it's only fair it's a cold there's a cold start problem exactly yeah a cold start problem yeah and this is i mean this is why i'm excited about brave and sweatcoin and these things because they actually solved the qual star problem of like

450. 4:48:58

     almost this attention is one of like probably the most valuable things we have and so people already trading it off but why don't you trade it for something that's actually occurs value back to you yes and keep control of it and keep control of it yeah so i guess like if you have any updates on brave and aurora partnership that you want to share well i guess we're having an ama on september 27th so follow at brave on twitter we'll have

451. 4:49:22

     announcements coming up to it we're working uh with xerox which is a project from the basic attention token year 2017 and uh we had great advice then from world war and we're hoping to get swaps up really soon in our wallet uh through aurora didn't have an update on that for this show but that's coming together this month awesome yeah so uh look after that so i guess if you were not doing brave

452. 4:49:46

     what would you be building in web 3 right now so uh i mentioned um social but i think one of the most interesting things that's happened on the big social platforms uh you know especially youtube uh has been the creator fan relationship finding ways to uh route around the platform owners so often the creator has a link tree or a bunch of links to different ways to fund them and reach

453. 4:50:10

     them on other channels and chat with them and i really like the idea of sort of somehow bootstrapping near to do it all in a way that uses the same addressing if you can be public or lets you discover things and see what other fans are listening to uh it doesn't mean you you you take over the entire internet i mean maybe that's inhibition dfinity right um but not yet but uh but it's an evolutionary step or a co-evolutionary step i think it's very powerful and i think it there's more to do there the the

454. 4:50:43

     creators are still hampered i think by the big web 2 platforms and the fans also yeah i definitely agree i think i mean that's why i kind of built a story around that because i think like social is probably most underdeveloped right now in web 3 but this is where the most potential is to kind of reconnect people in a new way and still have all those different aspects of creativity of finance of kind of the

455. 4:51:09

     things that we are right now doing in blockchain coming together and i really like your idea of yeah just integrate into existing kind of social that already exists just as an overlay and then you know use that as a way to bootstrap kind of the social graph the interactions right like already you know a bunch of people near have their near address directly on twitter so you can actually link up some of these things directly through through

456. 4:51:33

     the overlay so yeah i think there's a lot of kind of a lot more social coming i think there are actually some social projects presenting here as well so yeah i think this is going to be exciting well thank you very much for coming and kind of sharing with us my pleasure yeah always been really excited to meet you and hope you enjoyed this all right

457. 4:52:46

     wow thank you so much to ilya polisukin and brendan ike thank you what an incredible fireside chat now we've been talking a lot today about building a blockchain for the masses one that's easy to use and allows you to create without limits but what about the millions of users and thousands of developers that are already in the world of web3 and are used to that evm that we love so much so i would like to introduce to you alex shivchenko the ceo of aurora labs

458. 4:53:28

     to talk about aurora and the new horizons hello everybody bon dia welcome to lisbon thanks for joining new york on this year it's a great conference even bigger than the previous one and obviously for aurora this is a special conference uh well because aurora is the biggest part of the near blockchain and the new ecosystem today we are going to talk about new stuff not about the things that you already know not about the things that i go just

459. 4:54:10

     planned in the future but the things that i go that are already launched and available to all of you today i have nine announcements and only 20 minutes for you today but please be attentive and please you know focus all of your attention on everything that is going to be today exciting news new horizons for aurora i would like to start with a very very short overview from the point that we are starting and this is about what is aurora

460. 4:54:44

     and the aurora is the evm that is available on near however it is much more than only this evm we also creating additional products that are working inside of the new york system we are the maintainers of the rainbow bridge and developers of the rainbow bridge top three bridge in the world that not have been hacked which is great and besides that four months ago or a little bit less than four months ago we launched aurora plus and this is our

461. 4:55:19

     solution to ease user onboarding to the aurora and new yorker systems this is an insane solution that gives you personalized gas prices which means that this is something that is not available in any blockchains i highly recommend everyone to check out aurora plaza in case you have not checked out it before and some of today's announcements are about aurora plus specifically so going straight to the new horizons and with the first section the tech advances in

462. 4:55:59

     aurora ecosystem and what you are able to use already right now i'm going to start with the absolutely tremendous stack that is aurora cross contract calls and everybody knows that aurora is like an evm and you can launch your solidity code inside of aurora and obviously aurora smart contracts are capable of interacting with each other uh directly through the just calls and delegate calls inside of solidity environment

463. 4:56:31

     however the most important piece for aurora interoperability with other ecosystems is obvious an ability to schedule the calls to directly to the near runtime and in here we have multiple ecosystems besides near native we have also octopus and many others that are yet to come kalimera and you name it on makina and so on so all of these great ecosystems now are connected directly to aurora

464. 4:57:02

     through aurora cross contract calls for all of the techies i encourage you to go and visit doomslac stage tomorrow when marcelo one of the head of the head of head developers of the aurora is going to present this this feature is available at aurora 2.7 release it is deployed on the test net all of the developers can use it right here right now and once it is stabilized it is going to go directly on the maintenance and just to give you one simple example

465. 4:57:36

     how you can use this functionality um you can imagine the use case when for example your decks that you build inside of aurora is using liquidity that is available inside of near native runtime in a single transaction that user sends to aurora this is really a marvelous piece of tech because obviously evm transactions are synchronous while the near transactions are asynchronous so how to connect these

466. 4:58:06

     two runtimes well that was a hell of a challenge however aurora engineers figure out how to do it and now it is available for everybody so for all of the devs check it out not a lot of hype about this stuff but i believe this is the most important announcement today thanks moving on not everybody want to launch their solidity code inside of aurora it will be cool if you can launch solidity code directly in near and interact with near smart contracts from the near native

467. 4:58:46

     runtime and guess what we've developed a solution to do it and starting tomorrow after the talk of arto the city of aurora near will have the solidity support directly in near native run time go to doom slag stage and check it out there but this is again something extremely useful for all of the solidity developers and all of the people from the ethereum ecosystem coming directly into near

468. 4:59:27

     long awaited update to the rainbow bridge and i believe this is one of the best thing that we can offer to all of the applications that are already running in near ecosystem near fungible tokens now can be breached to ethereum over the rainbow bridge so tokens like ref usn paris uh staked near from metapool all of these tokens now can tap in into the liquidity into the liquidity pools on ethereum this this is something that that can happen right here right now

469. 5:00:10

     you don't need to design your token to be multi-chain and be deployed separately on different chains you can bridge your token over the rainbow bridge and moreover you can attach additional messages to it to perform some kind of actions on the ethereum blockchain this is a marvelous piece of tech and i and it is launched in the beta mode at the moment so plea for everybody who has their tokens on your blockchain please connect with aurora team to apply for for this program for the

470. 5:00:43

     white listing of your token as soon as we are going to be sure that this connector and this this tech is not going to be broken we are obviously going to open it to public and as always with rainbow bridge this connector right now it is managed by us but as soon as it's going to go in into full production mode it is going to be trustless permissionless and nobody will be able to control this these are the values that we are fighting for in aurora in general and in

471. 5:01:15

     rainbow bridge particularly and and the last tech stuff that i want to share with you and the things that people already from the community seen it and they actually starting to ask the questions so here is an announcement to you many people in the ethereum ecosystem are complaining about mev many people are saying that this is a bad thing well we in aurora believe that you can turn

472. 5:01:46

     it for good because of mev we are protecting rainbow bridge because of this we are making sure that attacks on the rainbow bridge are mitigated in under a minute all of this just because of this thing that exists mev minor extractable value and we wanted to advance this tech into future with aurora so what we've did what we've done at the moment is a proof of concept for so-called bev broadcaster extractable value this is a new tech that is coming

473. 5:02:23

     together with our partners from calibrio and this technology will be able to get back the value of the mev transactions of the background in transactions back into the ecosystem so inside of the aurora rpc we created a private pool of the transactions and anyone any mav bot is able to connect to this private pool and get the feed of these transactions and participate in the auctions for back running of such transactions

474. 5:02:59

     and only the transaction that is going to do the biggest payout back to the ecosystem is going to be included in the aurora blockchain with this stack we are reducing the spam of the network we are reducing failed transactions and we are still maintaining the open market for all of the mev searchers that are out there when the market is high mev opportunities on aurora are around 5

475. 5:03:29

     million per month this is a great market for anyone who is developing mev tech to tap in proof of concept is done and pretty soon we are going to open this for everyone to participate in in this to connect to this open api and to get the information about the transactions that are only entering near and aurora ecosystems so extremely great tech returning values back to the ecosystem and making sure that there is no spam of the network

476. 5:04:03

     and all thanks for thanks to our partnership with calibria looking forward to moving it even further and now we are transitioning to the things that are the most important for us as a company and as an ecosystem and this is user experience ilia and brandon have been talking about this for some period of time already and everyone is emphasizing this in order to get to the billion users you cannot stay with the ideas of the ordinary

477. 5:04:42

     blockchain tech you need to do something different you need to compete with facebook and google in terms of the user experience because they have these billions of users and we web 3 have only you know some kind of millions right and there is no point in in competing with other web 3 ecosystems because they also have only millions right we need to compete with google we need to compete with apple and the way how they

478. 5:05:13

     they are capturing their users is through excellent user experience that's why we have build aurora plus and that's why we are moving it forward with the following great additions and i would like to kick start with the redesign of the aurora plus dashboard check out everything some of you have already seen because it is live for two days already it was in the stealth mode but i i've seen people already coming to

479. 5:05:43

     me and say that hey something changed right so it is live it is even better it it gives you the information about the booster coefficient that is in there in the aurora's taken mechanics so many of you have not been seeing it and or not have not