WEBVTT 1 00:00:00.440 --> 00:00:04.120 Making sure they don't have to do all that things 2 00:00:04.120 --> 00:00:08.039 that's easy to get wrong and very boiler play stuff. 3 00:00:08.320 --> 00:00:11.279 And then we build you know tools on top of that. 4 00:00:11.359 --> 00:00:14.880 The building blocks you know, solve the logging problems, so 5 00:00:14.880 --> 00:00:18.679 so the onboarding problem solve you know a lot of 6 00:00:18.719 --> 00:00:23.960 their liquidity problems. So finally we have USDC on street today. Yeah, 7 00:00:24.120 --> 00:00:27.239 all that problem right, It's what it takes to make 8 00:00:27.320 --> 00:00:33.759 a great development platform. 9 00:00:34.159 --> 00:00:36.719 This episode is brought to you by Uphold, which is 10 00:00:36.719 --> 00:00:39.479 one of the top crypto platforms in the industry. I've 11 00:00:39.479 --> 00:00:42.479 been a user of Uphold since twenty eighteen. 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Now 22 00:01:13.680 --> 00:01:16.599 the four point nine percent APY is only on balances 23 00:01:16.640 --> 00:01:19.959 over one thousand dollars below one thousand, it's two percent. 24 00:01:20.359 --> 00:01:23.920 But what's great about this product, guys, is there's no 25 00:01:24.040 --> 00:01:27.000 lock ups, there's no monthly fees, there's no subscriptions, and 26 00:01:27.079 --> 00:01:30.280 best of all, it is FDIC insured, just like a bank. 27 00:01:30.519 --> 00:01:33.239 So if you'd like to learn more about Uphold, visit 28 00:01:33.280 --> 00:01:37.079 the link in the description. Welcome into the Thinking Crypto podcast. 29 00:01:37.120 --> 00:01:39.280 I'm your host, Tony Edward and with me today is 30 00:01:39.319 --> 00:01:42.400 Evan Chang, who's the co founder and CEO of myst 31 00:01:42.439 --> 00:01:44.359 and Labs. Evan, great to have you on. 32 00:01:45.680 --> 00:01:49.200 It's great to be here. Thank you for having me today. 33 00:01:49.760 --> 00:01:52.599 Yeah, Evan, I'm super excited to speak with you. Last 34 00:01:52.599 --> 00:01:56.079 week we met in person at the Sui event in 35 00:01:56.120 --> 00:01:59.560 New York City. After Mayet and Sue has been getting 36 00:01:59.560 --> 00:02:01.079 a lot of a adoption. There's been a lot of 37 00:02:01.120 --> 00:02:04.319 news around this blockchain and I want to learn more. 38 00:02:04.519 --> 00:02:07.280 So really excited to have you on. But let's start 39 00:02:07.319 --> 00:02:09.599 with your background. Tell us about yourself. Where are you 40 00:02:09.639 --> 00:02:11.560 from and what's your professional background. 41 00:02:13.159 --> 00:02:15.360 Well, it's a long story, so I don't want to 42 00:02:15.400 --> 00:02:17.360 take up all the time, but yeah, I was born 43 00:02:17.360 --> 00:02:22.280 in Taiwan. You know, like Nvidio Jenson one Taiwanese founders, 44 00:02:22.319 --> 00:02:25.439 all the other age these days. But you know, I 45 00:02:26.159 --> 00:02:29.479 grew up sort of being kind of had the education 46 00:02:29.599 --> 00:02:32.599 that allowed me to kind of think freely, kind of 47 00:02:32.599 --> 00:02:37.800 a very unusual type of education. So fast forwards, right, 48 00:02:37.960 --> 00:02:43.520 So I actually had a very interesting kind of educational background. 49 00:02:43.719 --> 00:02:46.639 I didn't finish high school. I tricked my way into 50 00:02:46.680 --> 00:02:50.520 college and finished it very quickly, and then later on 51 00:02:50.599 --> 00:02:53.680 drop out a PhD program after I wrote four chapter 52 00:02:53.919 --> 00:02:57.639 of thesis and just wasn't inspired by my own work 53 00:02:57.680 --> 00:02:59.759 and just kind of literally just walk away one day. 54 00:02:59.800 --> 00:03:04.919 But anyway, so I spent a number of years doing 55 00:03:05.000 --> 00:03:09.080 startup kind of early in my career that that didn't 56 00:03:09.080 --> 00:03:12.120 work out. So I think I made fifty k uh 57 00:03:12.240 --> 00:03:16.639 that startup experience after seven years, and then I joined Apple. 58 00:03:17.280 --> 00:03:20.199 So this is where I started doing uh kind of 59 00:03:20.400 --> 00:03:24.960 some serious compiler work. You know. L v M is 60 00:03:25.159 --> 00:03:29.080 sort of my you know, kind of big, big accomplishment 61 00:03:29.439 --> 00:03:33.439 along with my friend and partner, Chris Laantner. So we 62 00:03:34.080 --> 00:03:37.000 sort of build something that really really had a massive 63 00:03:37.039 --> 00:03:40.719 impact on the on the industry, not just in terms 64 00:03:40.759 --> 00:03:44.479 of kind of you know, sort of like the geeky 65 00:03:44.560 --> 00:03:48.199 developer tooling kind of work. But but also this this 66 00:03:48.319 --> 00:03:52.960 impact consumer products in a lot of different ways. It's 67 00:03:53.039 --> 00:03:59.159 literally running pretty much every smartphone, every smart device these days. 68 00:03:59.520 --> 00:04:04.919 Then I went down to Facebook, so where I was 69 00:04:05.639 --> 00:04:10.560 leading the program language and rent and organization before I 70 00:04:10.599 --> 00:04:15.759 got repilled into going to Crypto. So I was sort 71 00:04:15.800 --> 00:04:20.759 of looking at you know, Ether twenty fifteen, twenty sixteen, 72 00:04:20.959 --> 00:04:25.160 kind of figuring out. I got excited about the space, 73 00:04:26.319 --> 00:04:29.519 got excited about the opportunity, you know, given up my background. 74 00:04:29.600 --> 00:04:34.000 I felt like the industry really really need a lot 75 00:04:34.079 --> 00:04:37.959 more sort of kind of formal thinking about what programming 76 00:04:38.040 --> 00:04:43.399 language for developer tooling, developer environment would look like for 77 00:04:43.519 --> 00:04:46.800 a smart contract platform. And that was where I really 78 00:04:46.839 --> 00:04:49.439 want to get, you know, sort of like get involved. 79 00:04:49.920 --> 00:04:54.680 So when the liber project came around, I was just 80 00:04:54.720 --> 00:04:57.639 sort of raised my hands. I me, me, me right. 81 00:04:57.720 --> 00:05:01.720 So I already sort of I doing a sort of clubs, 82 00:05:01.879 --> 00:05:06.600 right blockchain club crypto, you know, people talk crypto inside Facebook. 83 00:05:07.800 --> 00:05:11.519 I want to be part of that project, and I 84 00:05:11.639 --> 00:05:13.959 end up sort of leading the R and D side 85 00:05:13.959 --> 00:05:15.959 of the of the project. 86 00:05:16.680 --> 00:05:19.480 Wow, that's amazing. So you help work on Libra and 87 00:05:19.519 --> 00:05:22.759 we know, eventually there was some regulation blocking there rights 88 00:05:22.759 --> 00:05:26.720 and rodblocks that came up from the government. On that note, 89 00:05:27.079 --> 00:05:30.800 Being at two major companies like Apple and Facebook, giants 90 00:05:30.839 --> 00:05:35.720 in the tech space, what do you think or when 91 00:05:35.720 --> 00:05:39.399 do you think they may fully adopt blockchain, Whether it's 92 00:05:39.519 --> 00:05:42.680 Facebook putting profiles on the blockchain and we have more 93 00:05:42.800 --> 00:05:46.879 verifiable profiles and so forth, or Apple maybe using blockchain 94 00:05:46.920 --> 00:05:50.639 for logistics and where they get their different supplies, or 95 00:05:50.680 --> 00:05:53.800 integrating stable coins for payments and so forth. What do 96 00:05:53.839 --> 00:05:55.000 you think that may happen. 97 00:05:58.079 --> 00:06:01.160 That's a good question. I don't see anybody knows, right. 98 00:06:01.240 --> 00:06:04.399 So when you talk about the biggest companies in the world, 99 00:06:04.720 --> 00:06:09.240 they tend to have their business model whether that fits 100 00:06:09.279 --> 00:06:12.439 them right. So you know, you take a look at Apple, 101 00:06:12.600 --> 00:06:16.319 Apples is you know, locking in a lot of way. 102 00:06:16.959 --> 00:06:19.360 You know, you want they want you to be awe 103 00:06:19.480 --> 00:06:24.519 in the Apple universe, right, Apple device, Apple services. You know, 104 00:06:24.600 --> 00:06:29.079 it's like if you use a message, right, you want 105 00:06:29.439 --> 00:06:31.920 you want a blue tick, not a not a green tech. 106 00:06:32.399 --> 00:06:35.360 I'm a green tech, right. So there's a lot of 107 00:06:35.399 --> 00:06:39.120 these kind of you know, app store they take you know, 108 00:06:39.240 --> 00:06:42.800 they take cuts right, and the same thing right to 109 00:06:42.800 --> 00:06:46.560 to away on the Google side. Uh, perhaps a little 110 00:06:46.639 --> 00:06:50.160 less so because uh it's more of advertising kind of 111 00:06:50.160 --> 00:06:52.920 business rather, you know, that's where the revenue come from. 112 00:06:53.079 --> 00:06:58.319 Let's a little bit less unlocking. Uh. I think I 113 00:06:58.360 --> 00:07:02.199 think you all may eventually happen in some way. As 114 00:07:02.199 --> 00:07:06.439 you say, it's not like adopting blockchain across the board 115 00:07:06.600 --> 00:07:10.560 like every aspect of their business. But they could offer 116 00:07:11.000 --> 00:07:15.480 you know, as you say, crypto based payment service because 117 00:07:15.759 --> 00:07:23.199 more efficiency, you know, logistic could happen. You know, we 118 00:07:23.319 --> 00:07:28.120 talk about how blockchain is a coordination kind of solving 119 00:07:28.319 --> 00:07:30.639 a lot of coordination problems. So a lot of it 120 00:07:30.879 --> 00:07:34.639 is you know efficiency, you know, kind of a reduced cost, 121 00:07:35.879 --> 00:07:41.079 you know, more automation with especially with AI, Right, you 122 00:07:41.360 --> 00:07:44.079 have to imagine everything will be more and more automated 123 00:07:44.199 --> 00:07:48.639 rather than sort of still very much human involved in 124 00:07:48.680 --> 00:07:53.600 a lot of ways. So timeline, nobody really knows these 125 00:07:54.519 --> 00:07:58.360 They are not necessarily going to be the first adoption 126 00:07:58.839 --> 00:08:01.519 adoptor right, They're not going to be the first mover. 127 00:08:02.639 --> 00:08:06.759 Looks like Google is a partner, they actually are moving 128 00:08:06.879 --> 00:08:09.720 much much more aggressively. In turn, it off out looking 129 00:08:09.759 --> 00:08:12.800 at the web tree in the business, especially from the 130 00:08:12.800 --> 00:08:17.319 infrastructure side. Apple so far has not shown a lot 131 00:08:17.319 --> 00:08:20.839 of interest. But you know, it's every company is different. 132 00:08:21.319 --> 00:08:24.959 It comes down to the business model, how they make money, 133 00:08:24.959 --> 00:08:27.879 how do they deserve their customer right. So too oftent 134 00:08:27.920 --> 00:08:32.320 time people talk about, you know, sort of building crypto 135 00:08:32.799 --> 00:08:38.279 or web consumer products. I think what people missing is, well, 136 00:08:38.480 --> 00:08:41.399 you've got to empower the builders, right, they have to 137 00:08:41.440 --> 00:08:44.679 make money, they have to have a lasting business for 138 00:08:44.759 --> 00:08:49.360 them to adopt the technology. So always look at both sides. Yeah, 139 00:08:49.399 --> 00:08:53.919 so I think it's it will happen, but when nobody really. 140 00:08:53.639 --> 00:08:56.360 Knows, Yeah, for sure. And I know one of the 141 00:08:56.360 --> 00:08:59.960 biggest use cases and this is more on the being 142 00:09:00.039 --> 00:09:03.559 a feuduciary. Uh, many companies are looking to add bigcoin 143 00:09:03.639 --> 00:09:06.360 and their balance sheet to protect their cash reserves from 144 00:09:06.399 --> 00:09:10.000 the basement. So that's another avenue. But you know that 145 00:09:10.120 --> 00:09:13.360 in itself, I mean that's nice, but I'm waiting to 146 00:09:13.399 --> 00:09:16.919 see when these companies adopt suite, you know, and blockchains 147 00:09:16.919 --> 00:09:18.879 and just start building on them and so forth. But 148 00:09:19.200 --> 00:09:22.200 to your point, no one knows on the lines of Google, 149 00:09:22.840 --> 00:09:25.679 tell us about how you're working with them, and you know, 150 00:09:25.720 --> 00:09:28.679 what's their vision that they've shared with you guys. 151 00:09:30.480 --> 00:09:35.360 I think they see this as an emergent kind of market, 152 00:09:35.440 --> 00:09:39.960 emergent technology they want to be close to. So so 153 00:09:40.200 --> 00:09:48.399 they you know, search right indexing. You know, we use 154 00:09:48.639 --> 00:09:55.240 some of the cloud infrastructure products. You know, we talk 155 00:09:55.279 --> 00:09:58.559 about you know, for example z K locking, so that 156 00:09:58.799 --> 00:10:04.879 utilize Google Gmail, you know, as one options one the 157 00:10:04.960 --> 00:10:08.879 primary options for the social logging, and they're very supportive that. 158 00:10:10.480 --> 00:10:13.960 We talk about a lot of future opportunity as well, uh, 159 00:10:14.559 --> 00:10:17.440 you know sort of you know, sort of like sound 160 00:10:17.440 --> 00:10:22.120 of security aspects, cybersecurity kind of products that we we 161 00:10:22.240 --> 00:10:26.879 have done and shown some early poc as well. So 162 00:10:27.039 --> 00:10:29.519 so all that right, So there's a it's a long 163 00:10:29.639 --> 00:10:34.200 term kind of a you know, partnership that we intend 164 00:10:34.240 --> 00:10:39.360 to explore a lot of options. Also AI Gemini. We 165 00:10:39.480 --> 00:10:45.320 we're done uh sort of AI powered kind of smart 166 00:10:45.320 --> 00:10:49.559 contry auditing or but funding tool. You know, you may 167 00:10:49.600 --> 00:10:51.840 not have heard much of it, right, we're actually building 168 00:10:51.879 --> 00:10:55.440 it and it's actually funding bugs these days, not just 169 00:10:55.519 --> 00:11:00.159 on Sweet smart contract, but other smart contract platform as well. 170 00:11:00.200 --> 00:11:03.840 So there's a lot of a wide variety of kind 171 00:11:03.879 --> 00:11:06.480 of projects that we're working on together. 172 00:11:07.720 --> 00:11:11.000 And I was just listening to a podcast yesterday where 173 00:11:11.039 --> 00:11:13.399 they were talking about Google has a lot to lose 174 00:11:14.039 --> 00:11:17.639 with its search business due to AI, and obviously integrating 175 00:11:17.639 --> 00:11:21.240 blockchain will be very important for them. So it's great 176 00:11:21.240 --> 00:11:23.919 to hear that they are making these moves, doing proof 177 00:11:23.960 --> 00:11:27.320 of concepts and all that because the disruptions at their 178 00:11:27.360 --> 00:11:29.720 door and it's you know, they have to adopt this 179 00:11:29.840 --> 00:11:31.320 technology sooner than later. 180 00:11:31.919 --> 00:11:36.759 Yeah, you touch on an important word, disruption, right, because 181 00:11:36.840 --> 00:11:38.840 when you ask the questions like who is going to 182 00:11:38.840 --> 00:11:42.039 adopt the first is it Apple? Is Google? Well, it's 183 00:11:42.080 --> 00:11:45.000 always going to be probably some of the companies that 184 00:11:45.200 --> 00:11:48.840 feel like their business is about to be disrupted, or 185 00:11:48.879 --> 00:11:51.559 the smaller company that say, well, here's the opportunity for 186 00:11:51.639 --> 00:11:56.440 us to disrupt incumbents or they need the edge right 187 00:11:56.480 --> 00:11:59.879 to get ahead of the competitors or get ahead the 188 00:12:00.159 --> 00:12:03.679 coming waves. It's always the case, right, So so you 189 00:12:03.759 --> 00:12:06.440 probably heard me talk about this a number of times. 190 00:12:06.799 --> 00:12:12.600 It's not just a numbers game. Uh, it's it's always uh, 191 00:12:13.039 --> 00:12:16.679 if you're thinking about building uh, you know, sort of 192 00:12:16.720 --> 00:12:20.200 a platform of any sort, especially when there's a developer platform, 193 00:12:20.240 --> 00:12:24.159 it's a hit business. How many you know, kind of 194 00:12:24.279 --> 00:12:27.759 products are kind of arrive on our platform that really 195 00:12:27.840 --> 00:12:34.799 transform people thinking transform consumer experience or turns out enabling 196 00:12:35.399 --> 00:12:38.600 kind of business model shift to allow the builder to 197 00:12:38.639 --> 00:12:42.120 make more money, be more competitive, or given an edge. 198 00:12:42.240 --> 00:12:47.320 That's when things really happen. That's when people get excited about, 199 00:12:47.639 --> 00:12:49.720 you know, either the builder or consumer. It's like, oh, 200 00:12:49.759 --> 00:12:52.399 this is exciting, this is something I want to see 201 00:12:52.480 --> 00:12:56.360 more of, uh, And that's when the magic happens. Oh. 202 00:12:56.399 --> 00:12:59.559 Absolutely. Now for those who may not know, give us 203 00:12:59.600 --> 00:13:02.799 an over you Sweet and missed in labs and essentially 204 00:13:02.799 --> 00:13:04.200 what makes Sweet different. 205 00:13:05.240 --> 00:13:07.600 Well, Missing Lab and Missing Lab you probably see us 206 00:13:07.600 --> 00:13:10.320 building a ton of different products, right with some with 207 00:13:10.399 --> 00:13:14.360 some of the smartest people uh in their respective domain 208 00:13:14.919 --> 00:13:20.240 here with Missing Labs were very dedicated to this mission 209 00:13:20.360 --> 00:13:23.639 to really really make the Internet more fair by by 210 00:13:24.080 --> 00:13:29.519 you know, decentralized people providing dicentralized technology. Right starting Sweet 211 00:13:29.519 --> 00:13:32.840 and wars and you talk us. You may talk about 212 00:13:32.919 --> 00:13:37.840 Scion as well, so you know sort of compute storage 213 00:13:37.919 --> 00:13:43.159 and networking. Now let's talk about three. We set out 214 00:13:43.200 --> 00:13:47.960 to build Sweet, not as a worker anything now following 215 00:13:48.159 --> 00:13:52.919 the sort of architecture of previous blockchains or not, because 216 00:13:53.000 --> 00:13:56.440 we're like, okay, we have to do something different too 217 00:13:57.440 --> 00:14:00.679 to attract attention. In fact, we were, oh, like, why 218 00:14:00.720 --> 00:14:05.480 don't you have IBI and compatibility? Solidity has won, right, 219 00:14:05.600 --> 00:14:07.639 all that sort of thing, which is kind of ignored 220 00:14:07.759 --> 00:14:12.120 because we're first principal think here, thinker here, where we say, okay, 221 00:14:12.440 --> 00:14:15.039 what is the blockchain really about? Right? What what do 222 00:14:15.080 --> 00:14:18.279 you see this kind of you know, kind of delivering 223 00:14:18.320 --> 00:14:23.039 impact while we think about this is uh a platform 224 00:14:23.120 --> 00:14:28.039 where you want to allow developer to model different kinds 225 00:14:28.080 --> 00:14:31.879 of assets. You want them to have these user and 226 00:14:31.960 --> 00:14:35.759 developers and builder think about all these assets or they 227 00:14:35.759 --> 00:14:39.320 intact with each other. Right. Ultimately we understand this is 228 00:14:39.480 --> 00:14:43.399 just really a coordination problem. Anything that looks like to 229 00:14:44.360 --> 00:14:46.879 you know, to side the marketplace, there's a by side 230 00:14:46.919 --> 00:14:50.120 their cell side. Right. If you think, you know, should 231 00:14:50.200 --> 00:14:53.320 be empowered by a block chain, right, you know, so 232 00:14:53.320 --> 00:14:58.080 so examples deep in right, example such as dots right, 233 00:14:58.159 --> 00:15:02.000 our partner that's just launching, uh. You know you have 234 00:15:02.279 --> 00:15:07.519 access capacity. I have IDOL three D printer I want 235 00:15:07.559 --> 00:15:11.879 to make available and there's one hundreds and thousands of them. 236 00:15:12.399 --> 00:15:14.639 At the same time, there's one hundreds and thousands or 237 00:15:14.759 --> 00:15:19.440 millions of users Like, Okay, I find a cool model 238 00:15:19.440 --> 00:15:22.000 I want to you know, kind of realize it into 239 00:15:22.000 --> 00:15:25.240 actual you know, physical product. Well, okay, let me get 240 00:15:25.279 --> 00:15:29.320 on this and find the nearest three D printer that's available. Right, 241 00:15:29.399 --> 00:15:33.960 it's two side of the marketplace, and people really really 242 00:15:34.039 --> 00:15:37.240 extend beyond sort of what people think in terms of 243 00:15:37.399 --> 00:15:42.759 the usual crypto use cases speculations or financial kind of product. 244 00:15:43.039 --> 00:15:46.159 But even financial product, you understand there's a lot of 245 00:15:46.440 --> 00:15:50.480 kind of inefficiency. Right, So you have human getting involved, 246 00:15:51.919 --> 00:15:56.279 you have people realize bank transfers brought to be slow, 247 00:15:56.519 --> 00:15:59.879 why not use crypto rail? Right? And when I have 248 00:16:00.159 --> 00:16:04.840 it solving some the compliance on the complex kind of 249 00:16:04.840 --> 00:16:08.279 business problem where we're add as well. So all that 250 00:16:08.360 --> 00:16:14.759 is happening, right, gaming, everything's happening, So we realize you've 251 00:16:14.840 --> 00:16:18.879 got to model this correctly. Thinking in terms of assets. 252 00:16:19.240 --> 00:16:23.279 That's the starting point. So it's just you know, sort 253 00:16:23.320 --> 00:16:25.080 of you can look at it. It's a three years 254 00:16:25.120 --> 00:16:28.120 a you know, it's not a camp based model like 255 00:16:28.440 --> 00:16:32.840 most other kind of smart contract platform. It's you know, 256 00:16:34.000 --> 00:16:37.559 assets and asset interacting with each other. And assets are 257 00:16:37.600 --> 00:16:40.360 type objects, right, because you want to define clearly what 258 00:16:40.399 --> 00:16:44.440 that looks like. And to do that, you will also realize, well, 259 00:16:44.440 --> 00:16:47.240 you've got to have make sure all that important information 260 00:16:47.279 --> 00:16:50.559 about the assets look on chain. If it's not on chain, 261 00:16:51.039 --> 00:16:53.960 then you go back to centralization. Right, you got to 262 00:16:53.960 --> 00:17:00.240 rely on some centralized party to manipulate that states as 263 00:17:00.279 --> 00:17:04.799 the asset undergoing changes. Right, So that's important to build 264 00:17:04.880 --> 00:17:09.880 as well. Uh. And people talk about composibility, Uh, people 265 00:17:09.920 --> 00:17:13.720 about talk about intropability. Well, we want it to be 266 00:17:13.880 --> 00:17:17.839 more than protocols talking to each other, because if you 267 00:17:17.880 --> 00:17:21.920 think about everything in the real world, it's asset composing 268 00:17:22.279 --> 00:17:25.599 with each other. Right. I'm literally like showing you example here, 269 00:17:25.960 --> 00:17:30.039 I have a coup with coffee. Right, that's two different assets, 270 00:17:30.160 --> 00:17:33.400 two different items that being composed into one. Now it's 271 00:17:33.440 --> 00:17:39.200 a glass with coffee. So and that applies to pretty 272 00:17:39.240 --> 00:17:44.200 much everything, you know, especially in gaining. Everything is hierarchical, composable. 273 00:17:44.680 --> 00:17:49.400 Things are constantly changing, and assets are being used to 274 00:17:49.559 --> 00:17:53.640 interact with other assets, you know, and that history of 275 00:17:53.720 --> 00:17:57.519 the asset, My my magic stew in this game was 276 00:17:57.559 --> 00:17:59.720 the one that took down the final boss, right, that 277 00:18:00.079 --> 00:18:03.319 street better be there on chain. That make this particular 278 00:18:03.400 --> 00:18:07.200 instance of that that sort of be much more valuable 279 00:18:07.279 --> 00:18:11.000 than others that may not have that history. Right, All 280 00:18:11.079 --> 00:18:14.880 these things require us to think really really differently from 281 00:18:14.960 --> 00:18:19.039 first principle. So the data model is all objects, right, 282 00:18:19.079 --> 00:18:23.400 then the pipeline for processing transaction it's going to be 283 00:18:23.559 --> 00:18:27.200 very different because each one is distinct rather than one 284 00:18:27.279 --> 00:18:31.799 giant global state. We're even reading the states right, trying 285 00:18:31.799 --> 00:18:35.640 to because I just want to look at the information 286 00:18:35.720 --> 00:18:40.039 about my in game asset. You can't do that easily 287 00:18:40.079 --> 00:18:43.160 on the blockchain because you have to look into the 288 00:18:43.200 --> 00:18:47.079 mercle tree and you know, extract on the information. So 289 00:18:47.160 --> 00:18:50.400 this allows us to change the way how you read 290 00:18:50.799 --> 00:18:54.240 a blockchain as well, how we think about everything like 291 00:18:54.400 --> 00:18:58.079 notes and everything, and over time we also change how 292 00:18:58.119 --> 00:19:01.799 we think about you know, concerns. Right, you don't really 293 00:19:01.920 --> 00:19:05.359 need consensus in a lot of cases if you are 294 00:19:05.400 --> 00:19:08.720 a single owned object, right, I own the object. I 295 00:19:08.799 --> 00:19:13.039 want to you know, reduce the amounto coffee in it. 296 00:19:13.720 --> 00:19:17.519 This doesn't need to be sequenced with other transactions because 297 00:19:17.559 --> 00:19:21.480 there's no way other transactions can interfere with it. There's 298 00:19:21.519 --> 00:19:26.519 no contention. So we really really rethink everything from how 299 00:19:26.599 --> 00:19:30.680 we process transactions, how the data is as stored, how 300 00:19:30.759 --> 00:19:37.359 we model the interaction between objects, how we do composibility, 301 00:19:38.200 --> 00:19:42.799 how we think about kind of a cocomposibility. We want 302 00:19:42.839 --> 00:19:46.720 to enable the client side composibility, so we're going to 303 00:19:46.720 --> 00:19:51.480 transaction blocks. So Sui really is not like any of 304 00:19:51.519 --> 00:19:55.039 the blockchains out there, like really really fundamentally, we don't 305 00:19:55.039 --> 00:20:01.039 even produce blocks, right, We produce checkpoints asynchronously. So transaction 306 00:20:01.160 --> 00:20:05.960 our process immediately it's real time. Thinks has to be 307 00:20:06.000 --> 00:20:10.359 super fast. We also think about not interests capability, We 308 00:20:10.440 --> 00:20:13.640 think about elasticity or you know, kind of a supply 309 00:20:13.680 --> 00:20:18.160 and demands. So that's a little bit worthy answer to 310 00:20:18.200 --> 00:20:20.759 your question, but it's a lot really is a very 311 00:20:20.839 --> 00:20:24.200 very different kind of way we think about kind of 312 00:20:23.880 --> 00:20:25.160 this infrastructure. 313 00:20:25.839 --> 00:20:28.960 No, I appreciate that detail, and it's very important to 314 00:20:28.960 --> 00:20:31.759 get all those details because there's a lot of blockchains 315 00:20:31.799 --> 00:20:34.519 out there right just it's competitive on the layer one space. 316 00:20:34.920 --> 00:20:37.359 You have Ethereum, Salona and so forth. And you know, 317 00:20:37.359 --> 00:20:41.200 it's funny enough, last night I noticed Sueeze transaction volume 318 00:20:41.240 --> 00:20:44.279 I believe surpassed Solona based on some recent data, So 319 00:20:44.319 --> 00:20:47.599 that was really great to see. So what are some 320 00:20:47.680 --> 00:20:50.680 of the use cases and how folks can utilize the 321 00:20:50.720 --> 00:20:55.880 sweet blockchain? Is it tokenization? What are some of the 322 00:20:55.920 --> 00:20:59.200 target use cases that maybe are industries that you're going after. 323 00:21:00.079 --> 00:21:04.000 Only after every industry. And this is the magic, This 324 00:21:04.079 --> 00:21:07.000 is the power of developer platform. We really want to 325 00:21:07.079 --> 00:21:10.759 open it up to allow developer to build for anything. 326 00:21:11.079 --> 00:21:14.599 Right But fundamentally world blockchain is good for right that 327 00:21:14.680 --> 00:21:16.720 we need to understand. We need to build it. Well. 328 00:21:17.160 --> 00:21:19.880 So what is good for is well, it's a platform 329 00:21:20.000 --> 00:21:23.200 for what we talk about coordination a lot, right given 330 00:21:23.240 --> 00:21:26.480 then example, so to deepen and two way in the marketplace. 331 00:21:27.680 --> 00:21:32.519 And but you also think about in terms of this mediation, right, 332 00:21:32.759 --> 00:21:36.279 anytime you're middleman, that's sort of like sort of extract 333 00:21:36.359 --> 00:21:39.279 value out of it that could be replaced with a 334 00:21:39.480 --> 00:21:44.160 blockchain smart contract platform. You know everything, right now, your 335 00:21:44.519 --> 00:21:49.880 human trust intermediary, right, somebody provide trust, I hold on 336 00:21:49.960 --> 00:21:53.160 to your assets. I gave you some benefit, but I 337 00:21:53.279 --> 00:21:56.519 may extract benefit as well. Right, So you're familiar with 338 00:21:56.599 --> 00:22:00.799 any kind of content platform that that's look like that, right, 339 00:22:00.880 --> 00:22:05.119 So they hold on, they help you do discovery, find 340 00:22:05.559 --> 00:22:09.039 essential buyer for your asset that you produce, but they 341 00:22:09.079 --> 00:22:13.599 extract sort of very out of it. That is a 342 00:22:13.640 --> 00:22:19.559 blockchain's job as well. So obviously asset organization, as you say, 343 00:22:19.640 --> 00:22:22.039 because now we model, as I say, right, So it's 344 00:22:22.039 --> 00:22:26.039 all about modeling assets, right, So that's that's the example, 345 00:22:26.319 --> 00:22:31.880 and transfers much of that sort of rules enforcement of 346 00:22:32.000 --> 00:22:36.039 the asset onto the block chain is very very important. 347 00:22:36.680 --> 00:22:40.759 So again we think about everything differently. Right. You're familiar 348 00:22:40.759 --> 00:22:45.599 with the empty marketplace example where they later on decided 349 00:22:45.680 --> 00:22:50.160 not to enforce royalty payments. Right, that's because our human 350 00:22:50.880 --> 00:22:55.079 is in the middle intermediary decided what's beneficial to them, 351 00:22:55.279 --> 00:22:59.359 so they discard the rules. Right, that should be done 352 00:22:59.400 --> 00:23:02.920 by software smart contract that won't lie to you because 353 00:23:03.480 --> 00:23:07.599 or change their mind. That's most important. So really is 354 00:23:08.119 --> 00:23:13.160 every industry, right, people thinking primarily about kind of finance 355 00:23:13.359 --> 00:23:19.759 right DeFi payment definitely, tons working on are being worked 356 00:23:19.759 --> 00:23:23.279 out right there right now, tons of activities, tons of 357 00:23:24.000 --> 00:23:28.960 energy commerce. Right. Once you have payment solve, you have 358 00:23:29.119 --> 00:23:34.960 marketplace solved, a lot of commerce use cases. YEA mean 359 00:23:36.680 --> 00:23:39.839 any kind of sort sharing or resource I'd be deep 360 00:23:39.880 --> 00:23:43.200 in on and on. Pretty much every industry out there 361 00:23:43.279 --> 00:23:46.480 can benefit from this technology. 362 00:23:47.599 --> 00:23:51.680 And how is missed in labs facilitating to get more 363 00:23:51.759 --> 00:23:55.000 developers to build on you know, are you working any 364 00:23:55.279 --> 00:24:00.960 unique Web three developer tools and things like that? 365 00:24:00.960 --> 00:24:06.720 That's our primary focus from the beginning. Ultimately, developer don't 366 00:24:06.839 --> 00:24:10.400 want to know how the all the lot of complexity, 367 00:24:10.680 --> 00:24:13.039 and it is right, I always find the darts right 368 00:24:13.160 --> 00:24:17.880 this industry versus a lot of complexity onto developer that 369 00:24:18.000 --> 00:24:19.960 just want to build products, right. So when I talk 370 00:24:20.000 --> 00:24:25.559 about developer, we primary focus on serving developer build products, right, 371 00:24:25.599 --> 00:24:29.880 and that's what we're about. So developer experience has always 372 00:24:30.160 --> 00:24:34.119 be got the top of mind always and we are 373 00:24:35.240 --> 00:24:40.000 the best. There many many examples people saying don't want 374 00:24:40.039 --> 00:24:42.319 to go back and work on any other kind of 375 00:24:42.319 --> 00:24:45.359 blotting platform. It's not just a language, right. People talk 376 00:24:45.440 --> 00:24:49.279 a lot about Move and Move is exceptionally great and 377 00:24:49.680 --> 00:24:54.119 you know, same exceptional job, you know, conceptualizing, building it 378 00:24:54.160 --> 00:24:57.559 and then growing it and the team alongside as well. 379 00:24:57.880 --> 00:25:01.839 But a platform is much more than just the program language. 380 00:25:02.119 --> 00:25:04.599 It's a tool surround it. It's a documentation, it is 381 00:25:04.640 --> 00:25:08.039 a support we give to the to the developer community. 382 00:25:08.799 --> 00:25:12.960 It's really the Wholet system working together, right. Because we 383 00:25:13.079 --> 00:25:17.119 are in the business allowing developer to model assets and 384 00:25:17.200 --> 00:25:20.039 model the interaction with an asset. We focus so much 385 00:25:20.119 --> 00:25:24.039 on that sort of thing, that area, so you can 386 00:25:24.440 --> 00:25:27.759 send asset to assets right, object to objects, right, you 387 00:25:27.799 --> 00:25:33.279 can compose objects very simply. We take away the untime, 388 00:25:33.319 --> 00:25:35.559 takes away a lot of the sort of things that 389 00:25:35.599 --> 00:25:38.680 can go wrong, right. You know, you're familiar with all 390 00:25:38.720 --> 00:25:43.160 the reinentency problems that could be you know, missing a 391 00:25:43.240 --> 00:25:46.440 check for ownership somewhere, right, that that sort of thing. 392 00:25:46.680 --> 00:25:50.559 So we yeah, absolutely right. So from the beginning, we 393 00:25:50.680 --> 00:25:54.440 focus so much on making sure developers don't have focus 394 00:25:54.759 --> 00:25:58.200 right they should themselves in the foods, making sure they 395 00:25:58.240 --> 00:26:01.759 don't have to do all that things that's easy to 396 00:26:01.920 --> 00:26:05.400 get wrong and very boiler play stuff. And then we 397 00:26:05.519 --> 00:26:08.599 build you know tools on top of that. The building 398 00:26:08.640 --> 00:26:11.960 blocks you know, solve the logging problems, so so the 399 00:26:12.000 --> 00:26:16.759 onboarding problem, solve you know a lot of their liquidity problems. 400 00:26:16.759 --> 00:26:21.000 So finally we have USDC on street today. Yeah, all 401 00:26:21.079 --> 00:26:24.480