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Hartej Sawhney, Hosho | Blockchain Futurist Conference 2018


 

>> Live, from Toronto Canada, it's the CUBE! Covering Blockchain Futurist Conference 2018. Brought to you by the CUBE. >> Hello everyone and welcome back. This is the CUBE's exclusive coverage here in Toronto for the Blockchain Futurist Conference, we're here all week. Yesterday we were at the Global Cloud and Blockchain Summit put on by DigitalBits and the community, here is the big show around thought leadership around the future of blockchain and where it's going. Certainly token economics is the hottest thing with blockchain, although the markets are down the market is not down when it comes to building things. I'm John Furrier with Dave Vellante, here with CUBE alumni and special guest Hartej Sawhney who is the founder of Hosho doing a lot of work on security space and they have a conference coming up that the CUBE will be broadcasting live at, HoshoCon this coming fall, it's in October I believe, welcome to the CUBE. >> Thank you so much for having me. >> Always great to see you man. >> What's the date of the event, real quick, what's the date on your event? >> It's October 9th to the 11th, Hard Rock Hotel & Casino, we rented out the entire property, we want everyone only to bump into the people that we're inviting and they're coming. And the focus is blockchain security. We attend over 130 conferences a year, and there's never enough conversation about blockchain security, so we figured, y'know, Defcon is still pure cybersecurity, Devcon from Ethereum is more for Ethereum developers only, and every other conference is more of a traditional blockchain conference with ICO pitch competitions. We figured we're not going to do that, and we're going to try to combine the worlds, a Defcon meets Devcon vibe, and have hackers welcome, have white hat hackers host a bug bounty, invite bright minds in the space like Max Keiser and Stacy Herbert, the founder of the Trezor wallet, RSA, y'know we've even invited everyone from our competitors to everyone in the media, to everyone that are leading the blockchain whole space. >> That's the way to run an event with community, congratulations. Mark your calendar we've got HoshoCon coming up in October. Hartej, I want to ask you, I know Dave wants to ask you your trip around the world kind of questions, but I want to get your take on something we're seeing emerging, and I know you've been talking about, I want to get your thoughts and reaction and vision on: we're starting to see the world, the losers go out of the market, and certainly prices are down on the coins, and the coins are a lot of tokens out there, >> Too many damn tokens! (laughing) >> The losers are the only ones who borrowed money to buy bitcoin. >> (laughs) Someone shorted bitcoin. >> That's it. >> But there's now an emphasis on builders and there's always been an entrepreneurial market here, alpha entrepreneurs are coming into the space you're starting to see engineers really building great stuff, there's an emphasis on builders, not just the quick hit ponies. >> Yep. >> So your thoughts on that trend. >> It's during the down-market that you can really focus on building real businesses that solve problems, that have some sort of foresight into how they're going to make real money with a product that's built and tested, and maybe even enterprise grade. And I also think that the future of fundraising is going to be security tokens, and we don't really have a viable security exchange available yet, but giving away actual equity in your business through a security token is something very exciting for sophisticated investors to participate in this future tokenized economy. >> But you're talking about real equity, not just percentage of coin. >> Yeah, y'know, actual equity in the business, but in the form of a security token. I think that's the future of fundraising to some extent. >> Is that a dual sort of vector, two vectors there, one is the value of the token itself and the equity that you get, right? >> Correct, I mean you're basically getting equity in the company, securitized in token form, and then maybe a platform like Securitize or Polymath, the security exchanges that are coming out, will list them. And so I think during the down-markets, when prices are down, again I said before the joke but it's also the truth: the only people losing in this market are the ones who borrowed to buy bitcoin. The people who believe in the technology remain to ignore the price more or less. And if you're focused on building a company this is the time to focus on building a real business. A lot of times in an up-market you think you see a business opportunity just because of the amount of money surely available to be thrown at any project, you can ICO just about any idea and get a couple a million dollars to work on it, not as easy during a down-market so you're starting to take a step back, and ask yourself questions like how do we hit $20,000 of monthly recurring revenue? And that shouldn't be such a crazy thing to ask. When you go to Silicon Valley, unless you're two-time exited, or went to Stanford, or you were an early employee at Facebook, you're not getting your first million dollar check for 15 or 20 percent of your business, even, until you make 20, 25K monthly recurring revenue. I say this on stage at a lot of my keynotes, and I feel like some people glaze their eyes over like, "obviously I know that", the majority are running an ICO where they are nowhere close to making 20K monthly recurring and when you say what's your project they go, "well, our latest traction is that we've closed about "1.5 million in our private pre-sale." That's not traction, you don't have a product built. You raised money. >> And that's a dotcom bubble dynamic where the milestone of fundraising was the traction and that really had nothing to do with building a viable business. And the benefit of blockchain is to do things differently, but achieve the same outcome, either more efficient or faster, in a new way, whether it's starting a company or achieving success. >> Yep, but at the same time, blockchain technology is relatively immature for some products to go, at least for the Fortune 500 today, for them to take a blockchain product out of R&D to the mainstream isn't going to happen right now. Right now the Fortune 500 is investing into blockchain tech but it's in R&D, and they're quickly training their employees to understand what is a smart contract?, who is Nick Szabo?, when did he come up with this word smart contracts? I was just privy to seeing some training information for multiple Fortune 500 companies training their employees on what are smart contracts. Stuff that we read four or five years ago from Nick Szabo's essays is now hitting what I would consider the mainstream, which is mid-level talent, VP-level talent at Fortune 500 companies, who know that this is the next wave. And so when we're thinking about fundraising it's the companies who raise enough money are going to be able to survive the storm, right? In this down-market, if you raised enough money in your ICO, for this vision that you have that's going to be revolutionary, a lot of times I read an ICO's white paper and all I can think is well I hope this happens, because if it does that's crazy. But the question is, did they raise enough money to survive? So that's kind of another reason why people are raising more money than they need. Do people need $100 million to do the project? I don't know. >> It's an arm's race. >> But they need to last 10 years to make this vision come true. >> Hey, so, I want to ask you about your whirlwind tour. And I want to ask in the context of something we've talked about before. You've mentioned on the CUBE that Solidity, very complex, there's a lot of bugs and a lot of security flaws as a result in some of the code. A lot of the code. You're seeing people now try to develop tooling to open up blockchain development to Java programmers, for example, which probably exacerbates the problem. So, in that context, what are you seeing around the world, what are you seeing in terms of the awareness of that problem, and how are you helping solve it? >> So, starting with Fortune 500 companies, they have floors on floors around the world full of Java engineers. Full Stack Engineers who, of course, know Java, they know C#, and they're prepared to build in this language. And so this is why I think IBM's Hyperledger went in that direction. This is why even some people have taken the Ethereum virtual machine and tried to completely rebuild it and rewrite it into functional programming languages like Clojure and Scala. Just so it's more accessible and you can do more with the functional programming language. Very few lines of code are equivalent to hundreds of lines of code in linear languages, and in functional programming languages things are concurrent and linear and you're able to build large-scale enterprise-grade solutions with very small lines of code. So I'm personally excited, I think, about seeing different types of blockchains cater more towards Fortune 500 companies being able to take advantage, right off the bat, of rooms full of Java engineers. The turn to teaching of Solidity, it's been difficult, at least from the cybersecurity perspective we're not looking for someone who's a software engineer who can teach themselves Solidity really fast. We're looking for a cybersecurity, QA-minded, quality-assurance mindset, someone who has an OPSEC mindset to learn Solidity and then audit code with the cybersecurity mindset. And we've found that to be easier than an engineer who knows Java to learn Solidity. Education is hard, we have a global shortage of qualified engineers in this space. >> So cybersecurity is a good cross-over bridge to Solidity. Skills matters. >> If you're in cybersecurity and you're a full sec engineer you can learn just about any language like anyone else. >> The key is to start at the core. >> The key is to have a QA mindset, to have the mindset of actually doing quality assurance, on code and finding vulnerabilities. >> Not as an afterthought, but as a fundamental component of the development process. >> I could be a good engineer and make an app like Angry Birds, upload it, and even before uploading it I'll get it audited by some third party professional, and once it's uploaded I can fix the bugs as we go and release another version. Most smart contracts that have money behind them are written to be irreversible. So if they get hacked, money gets stolen. >> Yeah, that's real. >> And so the mindset is shifting because of this space. >> Alright, so on your tour, paint a picture, what did you see? >> First of all, how many cities, how long? Give us the stats. >> I just did about 80 days and I hit 10 countries. Most of it was between Europe and Asia. I'll start with saying that, right now, there's a race amongst smaller nations, like Malta, Bermuda, Belarus, Panama, the island nations, where they're racing to say that "we have clarity on regulation when it comes to "the blockchain cryptocurrency industries," and this is a big deal, I'd say, mainly for cryptocurrency exchanges, that are fleeing and navigating global regulation. Like in India, Unocoin's bank has been shutdown by the RBI. And they're going up against the RBI and the central government of India because, as an exchange, their banks have been shut down. And they're being forced to navigate waters and unique waves around the world globally. You have people like the world's biggest exchange, at least by volume today is Binance. Binance has relocated 100 people to the island of Malta. For a small island nation that's still technically a part of the European Union, they've made significant progress on bringing clarity on what is legal and what is not, eventually they're saying they want to have a crypto-bank, they want to help you go from IPO to ICO from the Maltese stock exchange. Similarly also Gibraltar, and there's a law firm out there, Hassans, which is like the best law firm in Gibraltar, and they have really led the way on helping the regulators in Gibraltar bring clarity. Both Gibraltar and Malta, what's similar between them is they've been home to online gambling companies. So a lot of online casinos have been in both of their markets. >> They understand. >> They've been very innovative, in many different ways. And so even conversations with the regulators in both Malta and Gibraltar, you can hear their maturity, they understand what a smart contract is. They understand how important it is to have a smart contract audited. They already understand that every exchange in their jurisdiction has to go through regular penetration testing. That if this exchange changes its code that the code opens it up to vulnerabilities, and is the exchange going through penetration testing? So the smaller nations are moving fast. >> But they're operationalizing it faster, and it's the opportunity for them is the upside. >> My only fear is that they're still small nations, and maybe not what they want to hear but it's the truth. Operating in larger nations like the United States, Canada, Germany, even Japan, Korea, we need to see clarity in much larger nations and I think that's something that's exciting that's going to happen possibly after we have the blueprint laid out by places like Malta and Gibraltar and Bermuda. >> And what's the Wild West look like, or Wild East if you will in Asia, a lot of activity, it's a free-for-all, but there's so much energy both on the money-making side and on the capital formation side and the entrepreneurial side. Lay that out, what's that look like? >> By far the most exciting thing in Asia was Korea, Seoul, out of all the Asian tiger countries today, in August 2018, Seoul, Korea has a lot of blockchain action going on right now. It feels like you're in the future, there's actually physical buildings that say Blockchain Academy, and Blockchain Building and Bitcoin Labs, you feel like you're in 2028! (laughs) And today it's 2018. You have a lot of syndication going on, some of it illegal, it's illegal if you give a guarantee to the investor you're going to see some sort of return, as a guarantee. It's not illegal if you're putting together accredited investors who are willing to do KYC and AML and be interested in investing a couple of hundred ETH in a project. So, I would say today a lot of ICOs are flocking to Korea to do a quick fundraising round because a lot of successful syndication is happening there. Second to Korea, I would say, is a battle between Singapore and Hong Kong. They're both very interesting, It's the one place where you can find people who speak English, but also all four of the languages of the tiger nations: Japanese, Mandarin, Cantonese, Korean, all in one place in Hong Kong and Singapore. But Singapore, you still can't get a bank account as an ICO. So they're bringing clarity on regulation and saying you can come here and you can get a lawyer and you can incorporate, but an ICO still has trouble getting a bank account. Hong Kong is simply closer in proximity to China, and China has a lot of ICOs that cannot raise money from Chinese citizens. So they can raise from anybody that's not Chinese, and they don't even have a white paper, a website, or even anybody in-house that can speak English. So they're lacking English materials, English websites, and people in their company that can communicate with the rest of the world in other languages other than Mandarin or Cantonese. And that's a problem that can be solved and bridges need to be built. People are looking in China for people to build that bridge, there's a lot of action going on in Hong Kong for that reason since even though technically it's a part of China it's still not a part of China, it's a tricky gray line. >> Right, in Japan a lot going on but it's still, it's Japan, it's kind of insulated. >> The Japanese government hasn't provided clarity on regulation yet. Just like in India we're waiting for September 11th for some clarity on regulation, same way in Japan, I don't know the exact date but we don't have enough clarity on regulation. I'm seeing good projects pop up in Korea, we're even doing some audits for some projects out of Japan, but we see them at other conferences outside of Japan as well. Coming up in Singapore is consensus, I'm hoping that Singapore will turn into a better place for quality conferences, but I'm not seeing a lot of quality action out of Singapore itself. Y'know, who's based in Singapore? Lots of family funds, lots of new exchanges, lots of big crypto advisory funds have offices there, but core ICOs, there was still a higher number of them in Korea, even in Japan, even. I'm not sure about the comparison between Japan and Singapore, but there is definitely a lot more in Korea. >> What about Switzerland, do you have any visibility there? Did you visit Switzerland? >> I was Zug, I was in Crypto Valley, visited Crypto Valley labs... >> What feels best for you? >> I don't know, Mother Earth! (laughs) >> All of the above. >> The point of bitcoin is for us to start being able to treat this earth as one, and as you navigate through the crypto circuit one thing as that is becoming more visible is the power of China partnering up with the Middle East and building a One Belt, One Road initiative. I feel like One Belt, One Road ties right into the future of crypto, and it's opening up the power of markets like the Philippines, Thailand, Malaysia, Singapore. >> What Gabriel's doing in the Caribbean with Barbados. >> Gabriel from Bit, yeah. >> Yeah, Bit, he's bringing them all together. >> Yeah, I mean the island nations are open arms to companies, and I think they will attract a lot of American companies for sure. >> So you're seeing certainly more, in some pockets, more advanced regulatory climates, outside of the United States, and the talent pool is substantial. >> So then, when it comes to talent pools, I believe it was in global commits for the language of Python, China is just on the verge of surpassing the United States, and there's a lot of just global breakthroughs happening, there's a large number of Full Stack engineers at a very high level in countries like China, India, Ukraine. These are three countries that I think are outliers in that a Full Stack Engineer, at the highest level in a country like India or Ukraine for example, would cost a company between $2,000 to $5,000 a month, to employ full time, in a country where they likely won't take stock to work for your company. >> Fifteen years ago those countries were outsource, "hey, outsource some cheap labor," no, now they're product teams or engineers, they're really building value. >> They're building their own things, in-house. >> And the power of new markets are opening up as you said, this is huge, huge. OK, Hartej, thanks so much for coming on, I know you got to go, you got your event October 9th to 11th in Las Vegas, Blockchain Security Conference. >> The CUBE will be there. >> I look forward to having you there. >> You guys are the leader in Blockchain security, congratulations, hosho.io, check it out. Hosho.io, October 9th, mark your calendars. The CUBE, we are live here in Toronto, for the Blockchain Futurist Conference, with our good friend, CUBE alumni Hartej. I'm John Furrier, Dave Vellante, be right back with more live coverage from the Untraceable event here in Toronto, after this short break.

Published Date : Aug 15 2018

SUMMARY :

Live, from Toronto Canada, it's the CUBE! that the CUBE will be broadcasting live at, And the focus is blockchain security. and the coins are a lot of tokens out there, The losers are the only ones who not just the quick hit ponies. It's during the down-market that you can really focus on But you're talking about real equity, but in the form of a security token. just because of the amount of money And the benefit of blockchain is to do things differently, But the question is, did they raise enough money to survive? But they need to last 10 years to and a lot of security flaws as a result in some of the code. at least from the cybersecurity perspective So cybersecurity is a good cross-over bridge to Solidity. you can learn just about any language like anyone else. The key is to have a QA mindset, of the development process. and even before uploading it I'll get it audited First of all, how many cities, how long? Like in India, Unocoin's bank has been shutdown by the RBI. and is the exchange going through penetration testing? But they're operationalizing it faster, and it's the Operating in larger nations like the United States, and the entrepreneurial side. It's the one place where you can find people Right, in Japan a lot going on but it's still, I'm not sure about the comparison between I was Zug, I was in Crypto Valley, is the power of China partnering up with the Middle East Yeah, I mean the island nations are and the talent pool is substantial. China is just on the verge of surpassing the United States, no, now they're product teams or engineers, They're building their own things, And the power of new markets for the Blockchain Futurist Conference,

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Anthony Diiorio, Ethereum | Polycon 2018


 

>> Announcer: Live from Nassau in the Bahamas. It's the Cube, covering Polycon 18. Brought to you by Polymath. >> Hey, welcome back everyone. We're here, live in the Bahamas for Polycon 18. It's the Cube's exclusive coverage for day one, wrapping up the segment here. I'm John Furrier with my coach Dave Vellante, co-founder with me at SiliconANGLE media at the Cube. Our guest wrap-up, old co-host. Anthony Di Iorio, co-founder of Ethereum also CEO of Jaxx and Decentral. We had a great chat yesterday. Welcome to joining our wrap-up for day one. >> Thanks for having me on again. >> Yeah, we do live this time. >> Alright that's a lot better. >> Kay, got it, genies out of the bottle on everything so we had bloopers on the last segment, little water break but on serious note, Dave and I want to wrap up the show. We do this every time. Day one, a lot of excitement from the panels. People in the hallway were buzzing, people doing deals. A lot of intimate conversations, Dave we see this early on at these shows. Anthony you've been out hallways, in sessions, talking to people in meetings, getting things done. What's the day one wrap-up for you like? What's happened here? >> So I'm a little bit different at events, I don't attend many of the sessions, I never have. This is more of a way for me to connect with people that I haven't seen for a while. I try not to do too many conferences anymore. I've been doing this for six years now, in the Blockchain space and I realized a couple years ago, it's really about focusing on what I need to do. So this was a little bit different. I did the keynote here yesterday and I'd asked if I could send my hologram instead but they're like, no, you got to come. We can't do that. So generally at my conferences, I don't really do many of the sessions. I'm, you know, just chilling out and kind of use them as vacation times too but it has been pretty busy. It has been good, I've had a number of meetings and yeah it's quite a good buzz. >> What are some of the things you're talking with your friends and colleagues and partners in the business and the industry? Is it tech? You talking tech, you talking personal? What are some of the things going on here? Because these events have a mishmash of all that. >> Yeah, I try to keep them both ways. There's business and personal stuff. I think, business I'm just going to get drained too much and it's nice to make things a little bit lighter. A lot of my meetings have been with people that are, they're looking to know what's going on. People, you know think about security tokens now and it's a change from the traditional utility tokens and it's a lot of just trying to pick my brain about what's happening, what am I seeing, what am I investigating, what are the different things that I'm looking for. It's that. Meeting people that I haven't been able to connect with for a while which is always good. Aligning other events and things coming up and then also spending quite a bit of day by the pool and catching up on emails. You got to make sure you do that stuff. >> Good, I wish I could have been there. We're doing interviews all day but we're doing whatever it takes get the videos out there. We had some interesting guests on, We'll get your reaction to. We had Hartej Sawhney who's, Oshi.io, co-founder, they do audits on smart contracts. >> Yeah. >> And some other folks. But the general observation, I don't think he said this but he was kind of validating and other things that Ethereum is by far the most developer-oriented chain. It has a lot more traction and smart contracts are getting better and better. We've been trying to get, kind of an answer, just kind of order-of-magnitude relevant to developer communities, what is a ballpark order-of-magnitude percentage in your mind of developers on the platforms? Is it is the Ethereum the largest? >> Yeah I'd say so, it was really interesting. We were really good at setting up the communities and we really were focused on devs. There was a lot of setup in the initial structures that was more business oriented but after the crowd sale, everything was down to developers building up communities because that's what we needed. People to actually develop on the platform. >> John: Yeah, of course. >> And Ethereum just had a way, I think it's mostly because of Italic, because of Gavin. They just was a developer project and I think that's what attracted a lot of the people to start building smart contracts, building things on it. And yeah, it's tough to raise the community with developers and I think a Ethereum has done a super job of that and it really is is that developer focus. I mean their event is DevCon right? Or the event is for developers. That's what they're focused on, on their massive conferences that they do. It's all for the developers. So that's definitely been the focus for them. >> It's still tons of upside right? I mean, you said yesterday, that you really don't look for Blockchain developers, you look for good devs >> Mm-hmm and I said to you afterwards, it's probably 'cause there aren't enough of Blockchain devs. >> That's not it really, for us it's that, I didn't... We've already solved a lot of our problems. We've created a platform that goes across many platforms. It syncs very easily, it integrates many platforms in. We don't work on the protocol level of the platforms. Like we're not actually trying to solve problems and create those, creating a platform from scratch that maybe will be valuable a few years. We're letting all of our partners and platforms do that. We're an app that is a... It's something that's not necessarily requiring Blockchain devs to integrate. We do connect to Blockchains, that's fine but we're looking for more traditional stuff that we're doing that actually going to monetize right now and it's based on stuff and technology that doesn't have to be created yet. So we're not looking for those massive problem solvers to develop protocols that need to solve major problems. So we can have good JavaScript developers that's what we require and we need and we can teach them internally what the skills they need on Blockchain. So actually we don't necessarily need Blockchain or we'd be looking for Blockchain devs. We're looking for good JavaScript developers. >> So guys like in traditional enterprise is that right? >> Yeah that's right. That's why it's easy for us to get those in but if you're looking to solve a problem, you're looking to do this core stuff, working on protocol level stuff then you need someone who's been in the Blockchain space for a number of years that can actually help you with that stuff and they're very hard to find right now. >> Yeah and they're also full-stack developers. It's really a unique skill set. New language, full-stack, they've got jobs. >> Yeah they're working tons of projects. They're demanding tons of money. Guys that have been developing on protocol stuff for five years. There's very, very few. There's so much more and they're so high in demand and also they want a lot more, you know, a lot more freedom in the work they're doing because they're so high in demand and I have one guy that's that's it that's a rock star. He works just a few hours a week and when we do have critical issues or critical problems, he's our like consultant that can help us 'cause he's been in the space for a while. He teaches, he's got an Ethereum developer meetup that he runs in Toronto. So he's our go-to guy but we're also just not about Ethereum. We develop, we work with 75 different projects. It's a wide range of things and we can also tap their communities, when we have problems. We go directly to you know the Dash community, hey, there's something going on here. Can you make sure that we're in the loop with this and we'll go right with them and find the >> You should run your, Dave's got a, we always talked about digital transformation. Dave talks about a unique perspective. Share your digital transformation, the role of the developer because that in the impact and get his reaction because we think that the developer on the district line applications is probably the most important trend that I don't think mainstream is talking about. Because it also doesn't really conflict with any other developer movement. It just adds more headroom but we see it from a transformation standpoint. >> Our scenario is that you know, you talk with Cloud, SAS, big data, mobile, social, Web 2.0. That stuff's yesterday's news right and in Blockchain and the developments going on in conferences like these really underscore that momentum and we see that organizations that are succeeding today and taking advantage of that momentum, they have data as their foundational, it's at their core. And there's so many traditional companies where human expertise is the core and data sort of bolted on and that's a big gap so we see Blockchain and this digital transformation converging and developers building this, new web, whatever you want to call it but this matrix of digital services which they tap to build new companies and so the role of the developer is, it's always been critical but now it's >> They got to build it up. >> Their stakeholders and in ways that we've never seen before globally. >> Yeah and they're also, I look at it as these technologies are still very new. They're going to take a long time to displace and disrupt other sectors and I think some people are thinking that they're doing, you know we're going to go from A to Z right away. I've taken the approach that we're going to use a lot of traditional stuff right now and we're going to build and make sure that we can monetize and make sure it's growing. We're going to slowly be adding things in. Where I think if you take a too long approach, you're not be able to actually last. So a lot of stuff is doing what, you're actually building traditional stuff right now too. That's what we do, like we use AWS quite a bit in the stuff that we do. We're not going to centralized storage for how we're storing it's just not proven yet, it's not scalable yet. It's good take a long time to let stuff is and until then you have to make sure that you're actually staying in business, you make sure you doing well. So it's a using a mixture of both things and not going right to the end game. >> You have to de-risk that yeah and take advantage of cloud economics that are that are there today. >> Yeah I mean, if you think about in the space right now. What sector has been disrupted by Blockchain? What has been made faster, better, cheaper? Right now in Blockchain. I can't think of anything. >> Crypto kitties (laughs) >> Yes that's a really important point. >> There hasn't been much value. >> But that's why I bring it back to digital transformation because you think about what's been transformed by you know, digital. Obviously you know publishing, books, you know, ads and I thought well is it bits versus atoms? >> Well is it digital or is it information transfer? >> Well its information transfer that has disrupted that. Now it's value transfer, that's what is coming right? >> Yes and so, but then you'd assume that Blockchain, banking but banking hasn't been disrupted yet? >> Not yet, it's going to take a lot of time. >> And so insurance, healthcare and these industries. >> Well I would say VCs have been disrupted. >> But that's >> I get it. >> Here's my premise, is that risk is the factor that will determine disruption. Maybe it's a little bit of bits versus atoms but it's the risk factors associated with banking, healthcare, insurance, defense, government stuff. The high risk, highly entrenched businesses, organizations but eventually they will be disruptive. >> There'll be signals. >> Yeah but it' a lot of, when we first started Ethereum, there was, we had shirts, at the back would say, Dropbox in five lines and that's just not true. You know at the time this was the goal but when you realize when you try to do it, this isn't scalable this, isn't going to be a done-it, it's going to be too expensive to actually do it if you're actually paying for Ether' to do it. It doesn't make any sense, so that was actually, even I was thinking that's what we're going to be able to do. We're a ways off for that. A problem need to be solved, scalability, biggest problem. Interoperability between all the different chains and how they're all going to work together that needs to be solved. How you going to stop these forking operations that happen at split communities when it went actually a coin forked or something happens you get these battles. Those are problems need to be solved now. So we solved the problem with smart contracts. Now that's the second generation. Now we're looking for other things like Cardan says they're looking at the third generation stuff. It's solving those problems and we're a ways off. So that's why until then you got to still do things with tradition and don't be afraid to use things that are that are proven and work right now in order to get there, yeah. Aright Anthony, well great to have you on the wrap-up. That's day one,we're seeing a lot of great stuff. We had Halsey Minor on, another industry pro. You seeing pros come into this business, you see you know the old dogs, the new dogs, the young guns. I mean, it's a really an amazing community. I got to say reminds me of a lot of trends kind of coming together and that's awesome work that you guys have done. Thanks for coming on. >> Thank you of having me on again. >> We appreciate it. That's the wrap-up a day one, here at the Polycon 18. Token Economics, Cryptocurrency, Blockchain. All the players are here, doing deals, making making it all happen. It's the Cube, it's a wrap up. Thanks for watching. (techno music)

Published Date : Mar 2 2018

SUMMARY :

Brought to you by Polymath. It's the Cube's exclusive coverage for day one, What's the day one wrap-up for you like? I don't attend many of the sessions, I never have. and partners in the business and the industry? and it's a change from the traditional utility tokens but we're doing whatever it takes get the videos out there. that Ethereum is by far the most developer-oriented chain. and we really were focused on devs. and it really is is that developer focus. and I said to you afterwards, that doesn't have to be created yet. for a number of years that can actually help you Yeah and they're also full-stack developers. and also they want a lot more, you know, that the developer on the district line applications and so the role of the developer is, and in ways that we've never seen before globally. and until then you have to make sure that you're actually You have to de-risk that yeah Yeah I mean, if you think about in the space right now. and I thought well is it bits versus atoms? Now it's value transfer, that's what is coming right? but it's the risk factors associated with banking, and that's awesome work that you guys have done. It's the Cube, it's a wrap up.

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