DigiTalk EP4 Recap — Web3 Frontiers-Insights from Token2049 Dubai
On May 3rd, we were honored to invite experts from Crypto Hunters, Layer One X, Bitroot, Simbl and Crypticorn AI to DigiTalk X Space to talk about what happened in Dubai during the Token2049 event. I’m really glad to talk to some of the people that actually got to go and their experience. Let’s go ahead and do a small introduction of the teams here that we have. I’m really excited about today and see what everybody’s building. I think that’s kind of the beauty of crypto is there’s so much innovation going on on an everyday basis, you almost can’t keep up. That’s why the DigiTalk episodes are wonderful to be able to touch bases on what certain teams are building in the unique aspect that they bring to the table.
Mike: I’m Mike, the handler of Layer One X chief. I’m the Chief Strategy Officer for Layer One X, the only truly interoperable blockchain out there.
Leigh Ashlin: This is Leigh Ashlin. I’m the chief recycling officer and founder of Simbl. We’ve gamified recycling, and I’d love to talk to you guys a bit more about that today.
Silvia: I’m the partnership manager at Crypto Hunters. Cryptonites is an innovative mixed reality ecosystem that combines a futuristic reality TV show produced by Hollywood team. They did, for example, Harry Potter, Russia Survivor, the Amazing Base. And it also has like an immersive AR, VR game based on the real world and the twin world. So, we aims to entertain, educate and engage people worldwide.
Johannes: I’m the founder and CEO of Crypticorn AI, and as the name says, we are using AI to predict the cryptocurrency market, different things in the market. So when you are in the market, when you’re investing, when you want to keep your investing, or you want to have the perfect or the best portfolio allocation, we are the place to go. And we are the ones that are using AI and machine learning to predict the market, to trade the market, and to tell you how much of your total portfolio you should hold in BTC, Ethereum and so on to minimize the risk and maximize your gains.
Angie: Hi, everyone. I’m Angie and I’m the business manager at Bitroot. So our project is the fierce programmable asset issuance protocol, so users can create, manage and trade their own digital assets like tokens and NFTs on the bitcoin chain. This is going to give a bigger representation, operability, diversity and innovation to the bitcoin ecosystem in terms of digital assets and functionality expansion. And this expansion is going to be possible thanks to the implementation of smart contracts, complex financial instruments and the Dapps. So we want to bring a lot of innovation and expand the ecosystem of bitcoin.
Q1: What are some of the most compelling insight and discussions that you guys have encountered during the Token2049 Dubai event, what sparked the best encouraging insight and conversation in Web3 and its technologies?
Mike: Probably for our team, the most exciting thing was the constant conversation about being able to go Cross-chain, to be able to go out there and for users not have to use bridges. We go back to the most basics. We’ve got all these fantastic, innovative projects coming along, the ones that you’ve got on here tonight and all the others out there around crypto, such brilliant ideas. And I think it’s probably one of the biggest things in crypto throughout my history of it’s ability for projects and teams to cooperate, to actually work together, to have that common goal. And once again, it was really about how we can enable that by giving people the ability to go Cross-chain.
Host : I kind of agree there in a true sentiment, where each chain is like its own country in a way, and they don’t communicate and talk very well, and they’ll work together, but it takes a long time to get things to work. And I think what you guys are doing there is building infrastructure. And it’s exciting that narrative is still very strong, even though it’s been talked to for many years. It’s only taken so much time to get to the point where it’s like, maturing to the point of reality.
Johannes: My approach was a little bit different, because we are in the AI machine learning business. So for us, everything is about data. I attended mainly the events that has been about AI and data. And one of the most important things I learned was that data will be the new goal. Everyone needs data. Everyone needs data to train their machine learning models, as we do large language models. So all those chatbots and everything was about data. Getting your data on the blockchain, owning your data on the blockchain, create some kind of business revenue from the data you provide, and so on. And that’s what I had the most conversations about, getting data, storing data, accessing data, and then using data, especially for all those different AI machine learning topics.
Host : I’ve done some work with a few teams, and until they open my eyes on how powerful the infrastructure for data is really going to be. People don’t realize that the amount of farms and farms of warehouses that are just holding data and the cost and how ineffective it is. The true data on the blockchain is going to be revolutionary not only in space and commercialization of data centers, but also allow you to be able to monetize or functionally keep your data secure overall. So there’s definitely a lot of little cool technology coming out in the data center. Having control over your own personal data and/or data that can be monetized, I think is an important aspect that blockchain will be followed and then develop over the next decade for sure.
Johannes: Exactly. And as you said, owning your data on the blockchain, I think I have been speaking to three projects that are trying to build a way where you can provide your data on the blockchain and then earn from the data you provide. Everyone from us is active in the Web3 space. We are leaving our digital footprint. And that’s what these people try to monetize. So you actually own your data and you can share your data. In a way, you earn something from that.
Host : I totally, totally agree there. It’s a huge ecosystem that’s still so early, but very robust overall because everybody’s data is constantly growing. So it’s not like you’re just going to put your data there and then that’s it. Every single day your life, your doctor visits, everything overall is your personal data. And I think that a lot of it is misused. So definitely it’s cool to see you guys fostering some new technology innovation within that space because it’s going to be extremely prevalent as more and more people come and data is needed to, like what they use it now to drive certain products or to be monetized. Let’s say I want to be able to have my stuff monetized and use on the blockchain for better data acquisition for other products. I would love to get paid versus the corporate getting paid. So it’s definitely a cool aspect that I think still needs. It still needs a lot of maturity, but it’s good that we got the right people, or at least strong projects that are doing big things in the industry are trying to develop those utilities.
Johannes: Let me just add another thought, because for people, it’s very hard to understand what this data is. One very simple example, maybe for some of you are on Spotify, Netflix, YouTube, whatsoever, you watching or listening to music. And that is the data people can trade machine learning AI models on because you are listening to certain music that tells you a lot about your character. And then these normal companies that are not in the Web3 so far, are using the data and then they are trying to predict you and the things you like. So that is the data you give away for free. And with these new data solution projects, you own the data and then you can decide what to do. Because in the end, this data is most likely used for marketing purposes for suggesting you the right products based on the things you like, the things you’re listening to and the things you are watching. And you can own the data and you can monetize that data.
Host : It’s going to be an interesting way to make passive income while you’re on the blockchain wheel. I think your data will be something might not be huge value, but it’s still inherent value that you deserve to be rewarded versus someone else.
I actually had one little comment on Simbl.I didn’t know how much environment was talked there, but maybe you can touch on a little bit of it just so people can realize that environment and taking care of our earth is just as important as making bridges in crypto.
Leigh Ashlin: All I can say is we were really busy because the focus that Simbl has on sustainability is paramount to our business model. We’ve gamified recycling. With the Simbl app, you can scan a product, the product will tell you what’s been to put it in scan a QR code on the bin and you get a cryptocurrency reward for recycling in SimBux, our native tokens and you can choose to donate that reward to environmental organizations and that there is a way for companies to connect with consumers at the bin in a positive and sustainable way. And although there weren’t that many product makers, of course, because that’s a Web2 traditional industry there. There were a lot of people in finance, in venture capital, in funds management, asset managers, traditional finance and media that were at Token2049. And they showed a very, very strong interest in this area and they reiterated just how important it is to them and important it is into their ESG strategies, the way that they connect with stakeholders, shareholders and community. Because recycling is important and the environment is important. We all find recycling difficult and frustrating and confusing and we all make mistakes and we all need a little bit of help. And what Simbl is doing is tokenizing the biggest real world asset of all on the planet, and that’s wasted.
Host : It’s a corporate event, but I know sustainability, environment control is a hot topic. Like you just even said, it’s part of their financial roadmap because of the ESG rating. I think that’s extremely important to be able to foster a reward system because that’s, in a turn, will encourage people, because if I had that set up, even though I’m making rewards on it and I might be too lazy, I might have my kids do it and then teach them good at morals and ethics when they grow up.
Leigh Ashlin: Speaking of kids, just three weeks ago, we launched our augmented reality recycling solution for schools. So if you got an iPhone, go to Simbl on the App Store, Simbl, download the app, and then you can take it to your kid’s school. The app teaches kids how to recycle into the right bins using augmented reality. They scan the product, iPad on a stand. The stand looks at the bins and then tells the kids which bin to put the waste in. To use an augmented reality, they can put it into paper, plastic, metal. The app will show them which bin to put it in. And it’s super exciting. The rewards, the school can decide the environmental organization to support for the rewards to go to, or the kids can support the school. So this is a new innovation that we’ve just rolling out. So I encourage you all to download it today and take it back and start putting it in your schools. And that’s teach kids how to recycle and get the next generation of kids really supporting the environment and cleaning up the world’s oceans.
Host : Being able to foster that innovation for them is pretty cool and exciting. I know that kids actually like stuff like that, regardless if it’s just recycling., Being rewarded for that, they can encourage them to do this, learn this and be active doing it. Being rewarded in order to have like a pizza party or some type of event for the school to be able to have by earning. I know that a lot of schools are underfunded, and so this is a way that they can buy books, pencils, or other activities that they can do with the kids. And I think that fostering the next generation of understanding of technology and blockchain also on top of that is brilliant idea and it’s going to foster growth in 10, 20 years from now.
Q2: How do you guys envision Web3 technologies reshaping traditional industries and business models?
Johannes: One of the things I see that will be changing the traditional businesses a lot will be the transparent nature of the blockchain technology. I see that more things will find their way onto the blockchain, starting from real world assets, tokenization all that stuff. So these are the things that will reshape how traditional businesses work, how they internally work. Because I can imagine that a lot of businesses will be putting a lot of the data on through blockchains, maybe not publicly available, but for them internally. So I think that is one of the main things that will reshape the whole industry. We will see more transparency, more things connected to the blockchain, to a nature that can’t be changed. So once the past is written, it will be written onto the blockchain and it can’t be changed. That’s one of the things I saw that I’ve been discussing with a lot of people.
Leigh Ashlin: Something that I really noticed and took notice of was just the amount of, or the movement that I see into the traditional finance space, the amount of money maker. So market makers that were in the room was significant. And some of these market makers have got billion dollar valuations. And so what they’re doing with that, obviously, because they’ve got a very important space in the industry with exchanges and layer 1 and layer 2 and projects and all the rest of it, is that now they’re moving into the traditional finance space, they’re getting licenses. But we started seeing it with the exchanges and then being sort of forced to move into the regulated space. But now the market makers, they’re making the choice to expand their product offerings and start to move into the traditional asset classes. So I think that’s kind of exciting. Because that’s the emergence of blockchain into everyday life of everyone in the Web2 space.
Johannes: I have to fully agree with you. I have been also talking to a lot of market makers that are new to the space, that start to explore the overall Web3 space and where they could fit in. So there have been a lot of traditional market makers now exploring this new space, trying to adjust the technologies that are already working for the traditional markets now for the new Web3 space.
Host : I agree also, it has definitely been not only an explosion of the money market, but just the corporate industry coming in and looking at it much different. Moneymakers are constantly growing. And I think it’s exciting because it’s not the bull run that’s causing the cum. It’s the actual realization that we’re not going anywhere and we’re going to continue this cycle forever.
Mike: I think it’s across multiple industries within blockchain, whether it’s gaming, being able to tokenize or move across Web2 games across into Web3, and enable really micro payments, something that’s not really possible in Web2, where you get a lot of these big corporations out there, the Microsofts and all the other gaming groups, and they’re relying on traditional payment methods, whereas blockchain can introduce some very simple and easy to use tools for those projects.
We’re doing that with a couple of projects right now. Then we look into the crypto space and start looking at real world assets. That to me has got to be probably one of the most exciting areas. We’ve got a number of projects out there that we’re working with around tokenization of residential properties for residential borrowing and also the lending side of it, but also around commercial. So another project which again we’re working with is tokenizing commercial real estate as a starting point, but their future state will be around not just real estate but other financial products as well to actually create.
Maybe it’s a realisation of a new asset class in crypto around creating that effectively a stable coin that is based on real world assets. You start looking at things like the US dollar or any other currency out there around the world, and you’ve got some major problems with inflation. It’s not going away. How is that ever going to disappear? Once you start being able to tokenize those real world assets properly, you can put them into an index where just like happens on the stock markets, if something doesn’t perform, it’s taken out of one of the indexes, the Nasdaq or anything, apply that same principle across crypto, where you have that new asset class in there that you’re able to, or a manager is able to pull assets out if they’re underperforming, add new assets in, you’ve then got the potential of that stable coin not just being stable, but an increasing in value year on year.
Host : I got a little extra to go on to that because I believe RWAs, and I know it’s been a topic that like even the big wigs have been saying it’s the future. But when you really understand what RWS can do to us, the market, and like you’re saying in real estate, no matter how you look at it, as inflation increases, the market for value of real estate goes up. When the economy goes up and their inflation is low, the real estate and commercial real estate still goes up. So it is literally an inherent value that as years go by, the land becomes more valuable, the property becomes more value overall. And then if the company itself, or real estate, housing, residential area goes up in value overall, it just increases the RWAs value. And what happens is at the end of the bull run, we then have all these tokenized real estate assets and/or other tokenization that’s going to prop up the overall floor of the market. So we should have less of a retrace.
I look at it like before we used to have that inherent value within the ecosystem is once it pulled out, we were just at the bottom. But now, once you tokenize real estate and there’s big earning and it’s constant value going up, I think that in turn is just a huge prop to the overall entire crypto market cap. And I think is a future aspect of constant growth. And like you’re saying, being able to take an asset out when it’s underperforming and bring a new one in will be a constant thing happening because people are going to see the value of tokenizing their real estate instead of the real estate or commercial building just sitting there. So I think that’s a huge value aspect that I definitely see the same way you guys are seeing and for the future. I’m looking for a tokenization of real estate. And all that is constantly going to be growing. And the market, by the time 2050 comes around, real estate is going to be exploding. I think RWAs are going to be probably one of the biggest ecosystems in crypto over the next decade.
Mike: When I talk about tokenization, absolutely, it can be real estate, but sometimes you get a little bit of a downturn in the real estate market and maybe it’s another asset at that point. And real estate might be stable, but it’s not performing. So maybe you remove some of that from the portfolio and maybe it’s something like recycled materials, recycled copper, there’s all sorts of things. Imagine that being an asset I think those sort of projects across into another, maybe another class of asset in there that people can actually invest across in that, but also contribute across to something else in the real world asset class. So many opportunities sitting here that, that are just starting to be seen and realized.
Silvia: They’re like rework assets, they’re like gaming NFTs but also one important thing. So healthcare, we met this company also at the Token event. They got like a 500 million funding I think also from Animoca tour. And they’re like tokenizing like they have can now in India. So they’re doing like a test belong now there. And I think this would also look super, super interesting in the near future.
Angie: I see the Web3 completely revolutionary because we are saying blockchain decentralized networks, a smart contract tokenization gradually reshaping traditional industries, presenting both incredible opportunities and challenges.
So let’s take a closer look at some sectors. For example, in finance, DeFi and asset tokenization are revolutionary in the industry by reducing intermediary costs, enhancing market transparency and democratizing the access to previously inaccessible markets. And with DeFi you can do everything what you do in a bank, but with all the bankers and you can be sure that you have the complete control of your own money.
In the area of the healthcare, blockchain technology offers immense potential to improve data security and efficiency, especially in managing and sharing medical records securely across institutions and in the supply chain. Management area is taking benefits from blockchain’s transparency and tracking capabilities, as well as the automation and transaction and contract execution through a smart contract leading to cost reduction and faster process.
The art and media are being transformed by the NFT technology, which is taken to another level about how artworks are bought as sold and protected, empowering artists with a new income streams and greater control over their work.
And even in government, the Web3 is emerging as a powerful tool to combat the corruption, particularly in elections and government procurement, ensuring that transparency and accountability in every step.
But despite a disadvantage, Web3 technologies face a different challenge, like the technical complexity, scalability, the security issues and legal and regulatory adoptions. However, I believe that Web3 will continue to drive a significant change in business and social structures, opening up new avenues for value creation and distribution.
So about our project, it has been bringing the important technical advance and new market opportunities to bitcoin. Because Bitroot is not just about improving bitcoins functionality, it’s about expanding its practical value and fostering innovation within the bitcoin ecosystem. So firstly, Bitroot enhanced the bitcoin functionality by embedding additional data in transaction and transforming bitcoin from a simple currency system into a multiple functional platform, capable of supporting complex transaction and smart contracts. So this expansion increased the diversity and the practical of the bitcoin system. So I’m very excited to see how Bitroot introduces smart contracts asset issuance on the bitcoin chain because this marks the beginning of the bitcoin journey towards a more diverse range of assets. And it’s clear to us that the BTC ecosystem is not just essential, it’s imperative and it’s something that every one of us should care about and support.
Host : Fostering a robust ecosystem for the BTC is huge only because more people know what BTC is than anything else. I think that definitely having an ecosystem to be able to finally give BTC some breath of air, and I think that RWAs will be huge in BTC also because there’s a lot of huge, huge investors that will look to be able to put their money in another store value. So it’s going to be interesting to see that also.
Q3: What is a new trend that you guys are seeing? We all know about the AI trend, the RWA trend, we all are there, but what kind of trend are you guys starting to notice or stuff that you guys talked about during that you guys think might be a trend that is going to hit the Web3 industry and possibly even the business model itself?
Leigh Ashlin: My experience at Token 2049 was just the sheer number of AI projects that all projects that are involving AI symbol itself has got AI to. When you activate Beast mode and you want to recycle lots of products, we turn on AI to make sure that people don’t game the system.
But what I’m seeing as a trend, I believe, and I may be beholden to this, is that the speed and the resistance that blockchain has faced over the years. AI is like, you can think about it as a slow bus. AI is coming over the top of blockchain like a bullet train, and it’s picking up the bus, the blockchain bus, and just connecting it to the back carriage of AI. And AI is going to go faster than what anyone can imagine. And a blockchain is just going to be a major part of the infrastructure that AI connects to.
I think that things are really changing at a rapid pace and I think we’re going to see things. And the acceleration of blockchain projects and blockchain technology into Web 2.5 and into Web2 is nothing like we’ve seen before. And I think it’s going to change very fast for a lot of people. And they’re going to be using technologies that are underpinned by blockchain technology before they even realize that they’re doing it. And I think that that is a trend that’s emerging and a theme that we should all look out for.
Johannes: I have to say that somehow I feel like that with all that AI stuff and so on, we are like three or four steps ahead already. For the people I have been speaking to, they are from the traditional finance market and so on. So they haven’t or they have barely touched into machine learning AI and so on for their finances. So I feel like we are just getting started with the real trend of AI because a lot of new people that are coming into the space, they’re from the traditional markets, they’re using traditional methods for their investings, for their finance, and they are trying to onboard into crypto first before they are getting started with AI.
Overall, when I talk about AI, it’s a little bit different. Because I’m not talking about large language models or not about ChatGPT, all those OpenAI stuff where you have to say in the crypto space, a lot of people are relying on OpenAI, on ChatGPT. So they’re not building their own models, they’re just trying to utilize ChatGPT for the things they do. And we build our own models from scratch. And when we talk to those market makers, institutional investors and so on, they’re using traditional models and that’s what they are trying to apply to the crypto market.
So we at Crypticorn, we already a step ahead and using machine learning and AI. So I guess that AI trend will just get starting over the next few months. Once the people are getting into the market, then they will use AI even for finance and so on. So I think that AI channel that will hold on much longer, as many people need to understand the concepts of AI, what is possible with AI, what they can do and so on.
Host : You guys model, it has to do a lot more in depth, and you also probably have to do a lot more machine learning and everything else, and data acquisition and constantly feeding it with the new data set in order to constantly grow, to get it matured for data. Data is a lot different and you definitely have to learn constantly in the ecosystem to be able to have a model that’s going to constantly scale and grow. So definitely using an open source, just regular basic open ChatGPT might be valuable for a smaller project, doing image or talking or language model, but for where you guys have, it’s definitely a whole different ball game.
Mike: I think the AI side of blockchain is actually starting to come to fruition. We’re starting to see a lot more of those massive big projects launching out there. But the underlying item in there is actually deep in, which is the decentralized physical infrastructure. Now, adding in there all of that additional compute and storage is something that’s going to be needed for the AI side. And I know there’s people working on the software side, but having that infrastructure as well makes a key difference.
But also let’s go back to the very beginning. I think the reference that you used earlier was cities, isolated cities, and they’re like all the existing chains that are out there at the moment. They’re all isolated. But we need that railroad, that system to connect the superhighway railroad, whatever you want to call it, that connects all of those together. And I think that’s where Layer One X comes in to be able to achieve that, to be able to get out there and enable all those AI projects. And potentially then we start seeing things like AI getting into the decentralized finance space. There’s so many opportunities where we’re starting to see all these things starting to join up and interconnect.
Johannes: What I see from all the things, first we need to get the data on the blockchain. We’re talking about real world assets and so on. So let’s keep the example of real estate. We are trying to get the real estate onto the blockchain. And the next thing, when you are having the data on the blockchain, you can start and use AI to predict certain outcomes. So how will the overall price of real estate evolve over the next few months or years and so on? So that’s why I am saying we are quiet early in that stage because a lot of projects are still trying to get data onto the blockchain. And once we are having those infrastructure, as already pointed out, those trains that are connecting everything, then more and more predictive models will emerge on the market predicting certain things, decentralized real world assets and so on. So that’s what I wanted to add that we acquired early in the stage of AI and what will be possible in the future once we have all the data available on the blockchain.
Host : Data needs to be able to be transferred between chains and communicate back and forth and be updated constantly without the issuance of time, frustration and costs. And I think that what we all fostering is in this new era of understanding infrastructure is the communication across chains. There’s so much value that we have segmented across chains if we can start communicating and feel like blockchain is one. I actually said like different countries, how hard it is for two different countries to actually work together and that’s how blockchain is. And it takes so much issues and intermediates that in the end almost feels like you’re still in Web2 finances. And I think what Layer One X is and the data transfer and accurately on chain data will not only alleviate a lot of the pain issues, but also foster new growth within this ecosystem.
Angie: Regarding to the development of the bitcoin ecosystem, we know that now a bitcoin account for more than 50% of the market value on the entire crypto market. And that’s huge. But despite its massive market cap, assets on the bitcoin chain haven’t seen the same returns as those on the EVM chain. We firmly believe that unlocking the potential of these assets will greatly benefit the crypto industry and it will improve the liquidity and asset utilization efficiency, which is a big deal. But the development of the bitcoin ecosystem has been held by bugs, by OTX or model itself, which can implement SK verification. This means no smart contract or layer 2 solution. That’s where Bitroot comes in.
The Bitroot protocol, which is about to be test, will enable the issuance of a smart contract, tokens on the bitcoin chain. This means stable coins, the real world assets inserted, burying assets may and more can be used on bitcoin. And that’s not all. Vera is also pushing for the application of OPCAT that is supported by bitcoin developer community. And this protocol will enable SK verification on the bitcoin chain, allowing for layer 2 development. And that’s a game changer. It means bitcoin can finally enter the smart area. That is a storage moment for crypto.
About the parallel AVM, we believe it has the power to propel Web3 into a new era of application, much like the transition of 2G networks. And Ethereum has already shown us what’s possible with ecosystem development. But imagine what’s possible for the bitcoin ecosystem. So with wisdom, developers can program tokens on the bitcoin to feed their application properly, opening up a word of new possibilities. Just like Ethereum faces challenge in its early days, bitcoin is in its own journey. But with the time and patient, I believe we will see the revolutionary new developments and be here to accelerate that journey.
Q4: What are the challenges if you guys faced on the widespread adoption of Web3 technology, and how do you anticipate these challenges being addressed in the future?
Leigh Ashlin: It’s core to the Simbl strategy to bring a billion Web2 users to Web3. And whether that happens in 1 year, 10 years, or 20 years, we would like to do it along with all the other chains that are trying to do it. And what that means is exploring and spending time in the Web 2.5 space. And that’s where Simbl sits. Our consumers, our customers that use the product are traditional Web2 users. It’s built so that it just looks like any other normal app.
We need more products like Simbl out there, where you just scan, recycle, and win. And it’s superfluous to the user whether they’re SimBux, cryptocurrency, or SimBux points that they’re having fun. They’re using an app. It’s powered by blockchain. They’re getting cryptocurrency rewards or points that they can use in the app and play with, like you would in Roblox. We’ve got to just have more tools out there that connect with the wider audience to bring them into the world of Web3 without even knowing it. And we need more tools that address real world problems. Real world problems like waste, like the environment, like sustainability and ESG for businesses. Things that touch all parts of society to bring society with us on the journey.
Mike: Probably one of the biggest things that obviously needs to happen, I think I totally echo symbols, comments there around bringing those traditional Web2 users, or just people out there who’ve never touched crypto before to bring them on. We’ve got one project in particular that we’re in the middle of onboarding. We’ve gone past the halfway mark of onboarding over 4 million users with decentralized digital identity. That’s absolutely huge because that means we’re starting to get government level adoption. That is absolutely huge because people will then start having wallets out there that that didn’t have a wallet before, didn’t even know what they were.
That to me is a good starting point. But then you start bringing those Web2 gaming users, you bring in the people in TradFi, traditional finance that world as well. We’re starting to see those projects coming on board. I think when you start combining all those together, people start seeing it’s a no brainer that they need to be in crypto where previously it was something they just didn’t even understand or it was too difficult. We’ve got to make it simpler. Go back to the old principle from God knows how many decades ago. KISS, keep it simple, stupid. Always apply that principle. Always go with it. With the apps that you’re developing. Just remember that you’re not just targeting existing crypto users because we’ve got a finite number in there already. We need to open it up for mass adoption by people who don’t understand crypto. We’ve got to make it easy.
Johannes: I have to fully agree with you. So what I experienced, for example, I was in Dubai during the flood, so one of my taxi rides was almost an hour and I had an hour time to talk to a taxi driver. And I had an amazing conversation with them regarding crypto and the technology. And what I experienced was that, the technology itself, what bitcoin is, how the blockchain works, was fairly new to him. He knew about crypto, about all the things that are going on. But as the speaker before me said, we need to onboard those Web2 people and explain them actually, what is the blockchain? What is bitcoin? That bitcoin is limited to 21 million and there will be no more bitcoin when this limit is reached. Many people have never heard of something that is actually limited and explaining to them how the blockchain works, how they can use crypto, how smart contracts were that smart. That smart contracts can be used to settle the simplest contract that are now on paper by a third party whatsoever can be done on the blockchain. We need to explain them, these things.
And then also what we see, especially the United States, are cracking down on that, the on and off ramps into the crypto world. So I see these two are the main problems we need to solve. So the educational part where we explain them, the basics of blockchain, bitcoin, ethereum, smart contracts and so on. And on the other side, the capability of actually getting into the crypto world, trading their on prem, from fiat into cryptocurrencies and so on. So those are the two main things that need to be addressed.
Silvia: Our ecosystem aims to entertain, educate, and then engage people worldwide. So we created the TV show to onboard as many people from Web2 as possible to, to our like, ecosystem and then educate them on our ecosystem. And then also like let them create, for example, like an account or for a game. And while creating the account with like a normal email address, we would also create their wallet for them. So it’s like super easy onboarding for them for the first step into Web3. I think that’s super important.
Johannes: And furthermore, what we also need to explain to them is the security aspect. There’s self custody. There is a completely new approach to many of them. Many people don’t understand that when they are losing their keys, they lose access to everything. There’s no third party, no one else that can help them to access their funds again, to access their cryptos again. So I think that educational part is one of the most important things that people understand what is actually going on in this completely new space to them.
Host : It’s paramount for education not only to have education stuff out there, content out there, but actually education that’s engaging for every different level of audience. So I think it is definitely an ever evolving thing that we all need to foster. No matter how great we think are an easy and understanding our product is, we should always be trying to educate them for not just our product, but for any product that they utilize outside of your ecosystem. Because we know that once you start getting crypto, you get addicted and you just start putting your money everywhere and that is not safe and it’s not smart. So we always need to foster that good education.
