there's a single 12 word seed that you can use to back up your wallet-

T-IY1 HH-IY1 R-IH1 Z-AH0 S-IH1-NG G-AH0-L T-W-EH1-L V-W-ER1-D S-IY1-D DH-AE1 T-Y-UW1 K-AE1 N-Y-UW1-Z T-UW1 B-AE1 K-AH1 P-Y-AO1 R-W-AO1 L-AH0-T


... all your coins and sync them across different devices.

AO1 L-Y-AO1-R K-OY1-N Z-AH0-N-D S-IH1-NG-K DH-EH1 M-AH0 K-R-AO1-S D-IH1 F-ER0 AH0-N-T D-IH0 V-AY1 S-AH0-Z


talk about devices. they're on pretty much any device that you can think of. you can get it on pc, mac-

T-AO1 K-AH0 B-AW1-T D-IH0 V-AY1 S-AH0-Z TH-EH1 R-AA1-N P-R-IH1 T-IY0 M-AH1 CH-EH1 N-IY0 D-IH0 V-AY1-S DH-AE1 T-Y-UW1 K-AE1-N TH-IH1-NG K-AH1 V-Y-UW1 K-AE1-N G-EH1 T-IH1 T-AA1-N P-IY1 S-IY1 M-AE1-K


in jaxx, you can actually change different cryptocurrencies for each other-

IH0-N JH-AE1-K S-Y-UW1 K-AE1 N-AE1-K CH-AH0 W-AH0 L-IY0 CH-EY1-N-JH D-IH1 F-ER0 AH0-N-T K-R-IH1-P K-AH0 Y-ER2 AH0 S-N-IY0-Z F-AO1 R-IY1 CH-AH1 DH-ER0


... it's used for the masses. make sure to get your own jaxx wallet at jaxx.io.

IH1-T S-Y-UW1-Z-D F-AO1-R DH-AH0 M-AE1 S-AH0 Z-M-EY1-K SH-UH1-R T-UW1 G-EH1 T-Y-AO1 R-OW1-N JH-AE1-K S-W-AO1 L-AH0 T-AE1-T JH-AE1-K S-IY0 OW0


we can get it from any of their app stores-

W-IY1 K-AE1-N G-EH1 T-IH1-T F-R-AH1 M-EH1 N-IY0 AH1-V DH-EH1 R-AE1-P-S T-AO1-R-Z


... here. we talked with you about it once before.

HH-IY1 R-W-IY1 T-AO1-K T-W-IH1 DH-Y-UW1 AH0 B-AW1 T-IH1 T-W-AH1-N-S B-IH0 F-AO1-R


so, what has happened since then?

S-OW1 W-AH1-T HH-AE1-Z HH-AE1 P-AH0-N-D S-IH1-N-S DH-EH1-N


we did an equity crowd sale on the bank of the future platform with great help from simon nixon over there, who i know you guys have talked to him.

W-IY1 D-IH1 D-AE1 N-EH1 K-W-AH0 T-IY0 K-R-AW1-D S-EY1 L-AA1-N DH-AH0 B-AE1-NG K-AH1-V DH-AH0 F-Y-UW1 CH-ER0 P-L-AE1-T F-AO2-R M-W-IH1-DH G-R-EY1-T HH-EH1-L-P F-R-AH1-M S-AY1 M-AH0-N N-IH1-K S-AH0 N-OW1 V-ER0 DH-EH1-R HH-UW1 AY1 N-OW1 Y-UW1 G-AY1-Z HH-AE1-V T-AO1-K-T T-UW1 HH-IH1-M


bottom line is we raised some money over there on the idea of taking and connecting cryptocurrency and crowdfunding and-

B-AA1 T-AH0 M-L-AY1 N-IH1 Z-W-IY1 R-EY1-Z-D S-AH1-M M-AH1 N-IY0 OW1 V-ER0 DH-EH1 R-AA1-N DH-AH0 AY0 D-IY1 AH0 AH1-V T-EY1 K-IH0 NG-AH0-N-D K-AH0 N-EH1-K T-IH0-NG K-R-IH1 P-AH0 K-Y-AH0 N-ER0 SH-IY0 AH0-N-D K-R-AW1-D F-AH0-N D-IH0 NG-AH0-N-D


... which we've seen become very prominent but in the actual traditional rewards-based crowdfunding type of space.

W-IH1 CH-W-IY1-V S-IY1-N B-IH0 K-AH1-M V-EH1 R-IY0 P-R-AA1 M-AH0 N-AH0-N-T B-AH1 T-IH0-N DH-AH0 AE1-K CH-AH0 W-AH0-L T-R-AH0 D-IH1 SH-AH0 N-AH0-L R-IY0 AO1 R-AH0-S-D B-AH0-S K-R-AW1-D F-AH0-N D-IH0-NG T-AY1 P-AH1-V-S P-EY1-S


and the argument behind that is basically that rewards-based crowdfunding has a meaningful problem with refunds. where basically, if-

AH0-N-D DH-AH0 AA1-R G-Y-AH0 M-AH0-N-T B-IH0 HH-AY1-N-D DH-AE1 T-IH1-Z B-EY1 S-IH0 K-L-IY0 DH-AE1 T-R-IY0 AO1 R-AH0-S-D B-AH0-S K-R-AW1-D F-AH0-N D-IH0-NG HH-AE1 Z-AH0 M-IY1 N-IH0-NG F-AH0-L P-R-AA1 B-L-AH0 M-W-IH1 DH-R-IY1 F-AH2-N-D Z-W-EH1-R B-EY1 S-IH0 K-L-IY0 IH1-F


... i backed something on a crowdfunding platform, that money and it successfully funds... that money then goes to the-

AY1 B-AE1-K-T S-AH1-M TH-IH0 NG-AA1 N-AH0 K-R-AW1-D F-AH0-N D-IH0-NG P-L-AE1-T F-AO2-R-M DH-AE1 T-M-AH1 N-IY0 AH0-N D-IH1-T S-AH0-K S-EH1-S F-AH0 L-IY0 F-AH1-N-D-Z DH-AE1 T-M-AH1 N-IY0 DH-EH1-N G-OW1-Z T-UW1 DH-AH0


... a person who's going to do the project and they spend the money doing the project. and then at the end i get my thing.

AH0 P-ER1 S-AH0-N HH-UW1-Z G-OW1 IH0-NG T-UW1 D-UW1 DH-AH0 P-R-AA1 JH-EH0-K T-AH0-N-D DH-EY1-S P-EH1-N-D DH-AH0 M-AH1 N-IY0 D-UW1 IH0-NG DH-AH0 P-R-AA1 JH-EH0-K T-AH0-N-D DH-EH1 N-AE1-T DH-AH0 EH1-N D-AY1 G-EH1 T-M-AY1 TH-IH1-NG


but the problem is that without token-

B-AH1-T DH-AH0 P-R-AA1 B-L-AH0 M-IH1-Z DH-AE1 T-W-IH0 TH-AW1-T T-OW1 K-AH0-N


... is a promise from the person who's going to do it. and the problem with that promise is that it's not transferable-

IH1 Z-AH0 P-R-AA1 M-AH0-S F-R-AH1-M DH-AH0 P-ER1 S-AH0-N HH-UW1-Z G-OW1 IH0-NG T-UW1 D-UW1 IH1 T-AH0-N-D DH-AH0 P-R-AA1 B-L-AH0 M-W-IH1-DH DH-AE1-T P-R-AA1 M-AH0 S-IH1-Z DH-AE1 T-IH1-T S-N-AA1-T T-R-AE0-N-S F-ER1 AH0 B-AH0-L


... it's not a tangible thing that i can actually do what i want with. i just have to kind of wait-

IH1-T S-N-AA1 T-AH0 T-AE1-N JH-AH0 B-AH0-L TH-IH1-NG DH-AE1 T-AY1 K-AE1 N-AE1-K CH-AH0 W-AH0 L-IY0 D-UW1 W-AH1 T-AY1 W-AA1-N T-W-IH1 DH-AY1 JH-AH1-S-T HH-AE1-V T-UW1 K-AY1-N D-AH1 V-W-EY1-T


... and then it's a marker being kept on their side that tells them that i am owed one of these things. but if-

AH0-N-D DH-EH1 N-IH1-T S-AH0 M-AA1-R K-ER0 B-IY1 IH0-NG K-EH1-P T-AA1-N DH-EH1-R S-AY1-D DH-AE1-T T-EH1-L-Z DH-EH1-M DH-AE1 T-AY1 AE1 M-OW1 D-W-AH1 N-AH1-V DH-IY1-Z TH-IH1-NG-Z B-AH1 T-IH1-F


... in the middle of this project-

IH0-N DH-AH0 M-IH1 D-AH0 L-AH1-V DH-IH1-S P-R-AA1 JH-EH0-K-T


... for example, i have a student loan, right, that i really need to pay, and this was-

F-AO1 R-IH0-G Z-AE1-M P-AH0 L-AY1 HH-AE1 V-AH0-S T-UW1 D-AH0-N T-L-OW1 N-R-AY1-T DH-AE1 T-AY1 R-IH1 L-IY0 N-IY1-D T-UW1 P-EY1 AH0-N-D DH-IH1 S-W-AA1-Z


... verbal now. so i need to get a refund in order to pay this student loan payment that's super important.

V-ER1 B-AH0-L N-AW1 S-OW1 AY1 N-IY1-D T-UW1 G-EH1 T-AH0 R-IY1 F-AH2-N D-IH0 N-AO1-R D-ER0 T-UW1 P-EY1 DH-IH1-S-S T-UW1 D-AH0-N T-L-OW1-N P-EY1 M-AH0-N-T TH-AE1-T-S S-UW1 P-ER0 IH0-M P-AO1-R T-AH0-N-T


what do you do there? and the answer right now is you complain to the person that operates the-

W-AH1-T D-UW1 Y-UW1 D-UW1 DH-EH1 R-AH0-N-D DH-AH0 AE1-N S-ER0 R-AY1 T-N-AW1 IH1 Z-Y-UW1 K-AH0-M P-L-EY1-N T-UW1 DH-AH0 P-ER1 S-AH0-N DH-AE1 T-AA1 P-ER0 EY2-T-S DH-AH0


... project and they basically have nothing that they can do about.

P-R-AA1 JH-EH0-K T-AH0-N-D DH-EY1 B-EY1 S-IH0 K-L-IY0 HH-AE1 V-N-AH1 TH-IH0-NG DH-AE1-T DH-EY1 K-AE1-N D-UW1 AH0 B-AW1-T


they have an... kind of impossible choice between-

DH-EY1 HH-AE1 V-AE1-N K-AY1-N D-AH1 V-IH0-M P-AA1 S-AH0 B-AH0-L CH-OY1-S B-IH0 T-W-IY1-N


... either refunding you with the funds coming out of the funds that were actually being used to fulfill the project-

IY1 DH-ER0 R-IH0 F-AH1-N D-IH0 NG-Y-UW1 W-IH1-DH DH-AH0 F-AH1-N-D-Z K-AH1 M-IH0 NG-AW1 T-AH1-V DH-AH0 F-AH1-N-D-Z DH-AE1 T-W-ER0 AE1-K CH-AH0 W-AH0 L-IY0 B-IY1 IH0 NG-Y-UW1-Z-D T-UW1 F-UH0-L F-IH1-L DH-AH0 P-R-AA1 JH-EH0-K-T


... or to not refund you and you're unhappy about that because you're stuck with the situation that you don't like, and you have no options.

AO1-R T-UW1 N-AA1 T-R-IH0 F-AH1-N D-Y-UW1 AH0-N D-Y-UH1 R-AH0-N HH-AE1 P-IY0 AH0 B-AW1-T DH-AE1-T B-IH0 K-AO1 Z-Y-UH1-R-S T-AH1 K-W-IH1-DH DH-AH0 S-IH2 CH-UW0 EY1 SH-AH0-N DH-AE1 T-Y-UW1 D-AA1-N T-L-AY1 K-AH0-N D-Y-UW1 HH-AE1 V-N-OW1 AA1-P SH-AH0-N-Z


so, if you introduce tokens into this and you say, "all right-

S-OW1 IH1 F-Y-UW1 IH2-N T-R-AH0 D-UW1-S T-OW1 K-AH0-N Z-IH0-N T-UW1 DH-IH1 S-AH0-N D-Y-UW1 S-EY1 AO1-L R-AY1-T


... you've paid me for this thing. i'm giving you back a token that represents-

Y-UW1-V P-EY1 D-M-IY1 F-AO1-R DH-IH1-S TH-IH1 NG-IH1-M G-IH1 V-IH0 NG-Y-UW1 B-AE1 K-AH0 T-OW1 K-AH0-N DH-AE1 T-R-EH2 P-R-AH0 Z-EH1-N-T-S


... retail. i might even get better than retail if it's something that is limited in supply."

R-IY1 T-EY2 L-AY1 M-AY1 T-IY1 V-IH0-N G-EH1-T B-EH1 T-ER0 DH-AE1 N-R-IY1 T-EY2 L-IH1 F-IH1-T-S S-AH1-M TH-IH0-NG DH-AE1 T-IH1 Z-L-IH1 M-AH0 T-AH0 D-IH0-N S-AH0 P-L-AY1


and most importantly, it doesn't come out of the project, right? so the project doesn't have a change in the amount of money that they have available to do it-

AH0-N D-M-OW1-S T-IH0-M P-AO1-R T-AH0-N T-L-IY0 IH1-T D-OW1 S-AH0-N-T K-AH1 M-AW1 T-AH1-V DH-AH0 P-R-AA1 JH-EH0-K T-R-AY1-T S-OW1 DH-AH0 P-R-AA1 JH-EH0-K-T D-OW1 S-AH0-N-T HH-AE1 V-AH0 CH-EY1-N JH-IH0-N DH-AH0 AH0 M-AW1-N T-AH1 V-M-AH1 N-IY0 DH-AE1-T DH-EY1 HH-AE1 V-AH0 V-EY1 L-AH0 B-AH0-L T-UW1 D-UW1 IH1-T


... somebody asks for a refund, they get a refund. other people see that they got a refund and they want to get a refund too, because-

S-AH1-M B-AA2 D-IY0 AE1-S-K-S F-AO1 R-AH0 R-IY1 F-AH2-N-D DH-EY1 G-EH1 T-AH0 R-IY1 F-AH2-N D-AH1 DH-ER0 P-IY1 P-AH0-L S-IY1 DH-AE1-T DH-EY1 G-AA1 T-AH0 R-IY1 F-AH2-N D-AH0-N-D DH-EY1 W-AA1-N-T T-UW1 G-EH1 T-AH0 R-IY1 F-AH2-N-D T-UW1 B-IH0 K-AO1-Z


... they see that they're being offered now and it's available. and the projects can effectively run out of money because they start giving refunds in this kind of-

DH-EY1 S-IY1 DH-AE1-T TH-EH1-R B-IY1 IH0 NG-AO1 F-ER0 D-N-AW1 AH0-N D-IH1-T S-AH0 V-EY1 L-AH0 B-AH0 L-AH0-N-D DH-AH0 P-R-AA1 JH-EH0-K-T-S K-AE1 N-IH0 F-EH1-K T-IH0 V-L-IY0 R-AH1 N-AW1 T-AH1 V-M-AH1 N-IY0 B-IH0 K-AO1-Z DH-EY1-S T-AA1-R-T G-IH1 V-IH0 NG-R-IY1 F-AH2-N-D Z-IH0-N DH-IH1-S K-AY1-N D-AH1-V


... like i said, run on the banks sort of way.

L-AY1 K-AY1 S-EH1 D-R-AH1 N-AA1-N DH-AH0 B-AE1-NG-K-S S-AO1-R T-AH1 V-W-EY1


so, that was the pitch that we made, it funded well.

S-OW1 DH-AE1 T-W-AA1-Z DH-AH0 P-IH1-CH DH-AE1 T-W-IY1 M-EY1 D-IH1-T F-AH1-N D-AH0 D-W-EH1-L


the project we were talking about didn't actually matter that much. the majority of the money that we got came from the fact that people-

DH-AH0 P-R-AA1 JH-EH0-K T-W-IY1 W-ER0 T-AO1 K-IH0 NG-AH0 B-AW1-T D-IH1 D-AH0-N T-AE1-K CH-AH0 W-AH0 L-IY0 M-AE1 T-ER0 DH-AE1 T-M-AH1-CH DH-AH0 M-AH0 JH-AO1 R-AH0 T-IY0 AH1-V DH-AH0 M-AH1 N-IY0 DH-AE1 T-W-IY1 G-AA1-T K-EY1-M F-R-AH1-M DH-AH0 F-AE1-K-T DH-AE1-T P-IY1 P-AH0-L


... knew me and had listened to me for a long time. and our biggest backers by far were people whom i had personal relationships with going back. so-

N-UW1 M-IY1 AH0-N-D HH-AE1 D-L-IH1 S-AH0-N-D T-UW1 M-IY1 F-AO1 R-AH0 L-AO1-NG T-AY1 M-AH0-N D-AW1 ER0 B-IH1 G-AH0-S-T B-AE1 K-ER0-Z B-AY1 F-AA1 R-W-ER0 P-IY1 P-AH0-L HH-UW1 M-AY1 HH-AE1-D P-ER1 S-IH0 N-IH0-L R-IY0 L-EY1 SH-AH0-N SH-IH2-P S-W-IH1-DH G-OW1 IH0-NG B-AE1-K S-OW1


... back to the future was great in terms of being a vehicle for us to do the fundraise, but i really did-

B-AE1-K T-UW1 DH-AH0 F-Y-UW1 CH-ER0 W-AA1-Z G-R-EY1 T-IH0-N T-ER1-M Z-AH1-V B-IY1 IH0 NG-AH0 V-IY1 HH-IH0 K-AH0-L F-AO1 R-AH1-S T-UW1 D-UW1 DH-AH0 F-AH1-N D-R-EY2-S B-AH1 T-AY1 R-IH1 L-IY0 D-IH1-D


... the project was secondary to the fact that people just wanted to invest in what we were working on at tokenly

DH-AH0 P-R-AA1 JH-EH0-K T-W-AA1-Z S-EH1 K-AH0-N D-EH2 R-IY0 T-UW1 DH-AH0 F-AE1-K-T DH-AE1-T P-IY1 P-AH0-L JH-AH1-S T-W-AA1-N T-AH0-D T-UW1 IH0-N V-EH1-S T-IH0 N-W-AH1 T-W-IY1 W-ER0 W-ER1 K-IH0 NG-AA1 N-AE1-T T-OW1 K-L-AH0 N-IY0


so, we funded, it was very successful-

S-OW1 W-IY1 F-AH1-N D-AH0 D-IH1 T-W-AA1-Z V-EH1 R-IY0 S-AH0-K S-EH1-S F-AH0-L


... and we started hiring up. we brought the team up from three people-

AH0-N D-W-IY1-S T-AA1-R T-AH0-D HH-AY1 R-IH0 NG-AH1 P-W-IY1 B-R-AO1-T DH-AH0 T-IY1 M-AH1-P F-R-AH1-M TH-R-IY1 P-IY1 P-AH0-L


... which was myself and my two co-founders-

W-IH1 CH-W-AA1 Z-M-AY2 S-EH1-L F-AH0-N D-M-AY1 T-UW1 K-OW0 F-AW1-N D-ER0-Z


... devon and nick. my two co-founders are developers, they both-

D-EH1 V-AH0 N-AH0-N D-N-IH1 K-M-AY1 T-UW1 K-OW0 F-AW1-N D-ER0 Z-AA1-R D-IH0 V-EH1 L-AH0 P-ER0-Z DH-EY1 B-OW1-TH


... went full-time on the project. and we brought in two business development people, two people on the-

W-EH1-N-T F-UH1-L T-AY2 M-AA1-N DH-AH0 P-R-AA1 JH-EH0-K T-AH0-N D-W-IY1 B-R-AO1 T-IH0-N T-UW1 B-IH1 Z-N-AH0-S D-IH0 V-EH1 L-AH0 P-M-AH0-N-T P-IY1 P-AH0-L T-UW1 P-IY1 P-AH0 L-AA1-N DH-AH0


... artistic side and two developers.

AA0-R T-IH1-S T-IH0-K S-AY1 D-AH0-N-D T-UW1 D-IH0 V-EH1 L-AH0 P-ER0-Z


so from there, we basically went through and overhauled all of our-

S-OW1 F-R-AH1-M DH-EH1 R-W-IY1 B-EY1 S-IH0 K-L-IY0 W-EH1-N-T TH-R-UW1 AH0-N D-OW1 V-ER0 HH-AO2-L D-AO1 L-AH1 V-AW1 ER0


and at the same time we were doing this, we were doing meetings with crowdfunding platforms and we were just kind of investigating the space and figuring out where we-

AH0-N D-AE1-T DH-AH0 S-EY1-M T-AY1 M-W-IY1 W-ER0 D-UW1 IH0-NG DH-IH1 S-W-IY1 W-ER0 D-UW1 IH0-NG M-IY1 T-IH0-NG Z-W-IH1-DH K-R-AW1-D F-AH0-N D-IH0-NG P-L-AE1-T F-AO2-R-M Z-AH0-N D-W-IY1 W-ER0 JH-AH1-S-T K-AY1-N D-AH1 V-IH0-N V-EH1-S T-AH0 G-EY2 T-IH0-NG DH-AH0-S P-EY1 S-AH0-N-D F-IH1 G-Y-ER0 IH0 NG-AW1 T-W-EH1 R-W-IY1


and what we discovered once we started sending business development people into these meetings was that nobody wanted to be first.

AH0-N D-W-AH1 T-W-IY1 D-IH0-S K-AH1 V-ER0 D-W-AH1-N S-W-IY1-S T-AA1-R T-AH0-D S-EH1-N D-IH0-NG B-IH1 Z-N-AH0-S D-IH0 V-EH1 L-AH0 P-M-AH0-N-T P-IY1 P-AH0 L-IH0-N T-UW1 DH-IY1 Z-M-IY1 T-IH0-NG Z-W-AA1-Z DH-AE1 T-N-OW1 B-AA2 D-IY2 W-AA1-N T-AH0-D T-UW1 B-IY1 F-ER1-S-T


and that everybody liked the ideas, and everybody thought that there were...

AH0-N-D DH-AE1 T-EH1 V-R-IY0 B-AA2 D-IY0 L-AY1-K-T DH-AH0 AY0 D-IY1 AH0 Z-AH0-N D-EH1 V-R-IY0 B-AA2 D-IY0 TH-AO1-T DH-AE1-T DH-EH1 R-W-ER0


a lot of people who wanted to actually be the first to try this thing out and kind of incur all of these unknowns.

AH0 L-AA1 T-AH1-V P-IY1 P-AH0-L HH-UW1 W-AA1-N T-AH0-D T-UW1 AE1-K CH-AH0 W-AH0 L-IY0 B-IY1 DH-AH0 F-ER1-S-T T-UW1 T-R-AY1 DH-IH1-S TH-IH1 NG-AW1 T-AH0-N-D K-AY1-N D-AH1 V-IH0-N K-ER1 AO1 L-AH1-V DH-IY1 Z-AH0 N-OW1-N-Z


same time, we're quoting on a bunch of different projects and we're just..

S-EY1-M T-AY1 M-W-ER0 K-W-OW1 T-IH0 NG-AA1 N-AH0 B-AH1-N CH-AH1-V D-IH1 F-ER0 AH0-N-T P-R-AA1 JH-EH0-K-T S-AH0-N D-W-ER0 JH-AH1-S-T


kind of digging in as deeply as we could to different use cases.

K-AY1-N D-AH1-V D-IH1 G-IH0 NG-IH0 N-AE1-Z D-IY1 P-L-IY0 AE1 Z-W-IY1 K-UH1-D T-UW1 D-IH1 F-ER0 AH0-N T-Y-UW1-S K-EY1 S-AH0-Z


they needed a way to sell their tokens, they need all this other stuff. so we'll just...

DH-EY1 N-IY1 D-AH0 D-AH0 W-EY1 T-UW1 S-EH1-L DH-EH1-R T-OW1 K-AH0-N-Z DH-EY1 N-IY1 D-AO1-L DH-IH1 S-AH1 DH-ER0-S T-AH1-F S-OW1 W-EH1-L JH-AH1-S-T


build that and people will put stuff into it.

B-IH1-L-D DH-AE1 T-AH0-N-D P-IY1 P-AH0 L-W-IH1-L P-UH1-T-S T-AH1 F-IH0-N T-UW1 IH1-T


but again, you had this disconnect between the people who are interested in it...

B-AH1 T-AH0 G-EH1 N-Y-UW1 HH-AE1-D DH-IH1-S D-IH0-S K-AH0 N-EH1-K-T B-IH0 T-W-IY1-N DH-AH0 P-IY1 P-AH0-L HH-UW1 AA1 R-IH1-N T-R-AH0-S T-AH0 D-IH0 N-IH1-T


versus the people who could create real useful, valuable businesses with it, and we just didn't really see it.

V-ER1 S-AH0-S DH-AH0 P-IY1 P-AH0-L HH-UW1 K-UH1-D K-R-IY0 EY1 T-R-IY1 L-Y-UW1-S F-AH0-L V-AE1 L-Y-AH0 B-AH0-L B-IH1 Z-N-AH0 S-AH0 Z-W-IH1 DH-IH1 T-AH0-N D-W-IY1 JH-AH1-S-T D-IH1 D-AH0-N T-R-IH1 L-IY0 S-IY1 IH1-T


of last year, we essentially settled on one of the use cases that we had been working towards, that was a more specific version of crowdfunding.

AH1 V-L-AE1-S T-Y-IH1 R-W-IY1 IH0 S-EH1-N SH-AH0 L-IY0 S-EH1 T-AH0-L D-AA1 N-W-AH1 N-AH1-V DH-AH0 Y-UW1-S K-EY1 S-AH0-Z DH-AE1 T-W-IY1 HH-AE1-D B-IH1 N-W-ER1 K-IH0-NG T-AH0 W-AO1-R-D-Z DH-AE1 T-W-AA1 Z-AH0 M-AO1-R-S P-AH0 S-IH1 F-IH0-K V-ER1 ZH-AH0 N-AH1-V K-R-AW1-D F-AH0-N D-IH0-NG


this kind of token element to it that was...

DH-IH1-S K-AY1-N D-AH1-V T-OW1 K-AH0 N-EH1 L-AH0 M-AH0-N-T T-UW1 IH1-T DH-AE1 T-W-AA1-Z


a differentiating factor. instead, we would...

AH0 D-IH2 F-ER0 EH1-N SH-IY0 EY2 T-IH0-NG F-AE1-K T-ER0 IH0-N-S T-EH1 D-W-IY1 W-UH1-D


create a service, a music streaming service basically targeted towards artists that...

K-R-IY0 EY1 T-AH0 S-ER1 V-AH0 S-AH0 M-Y-UW1 Z-IH0-K-S T-R-IY1 M-IH0-NG S-ER1 V-AH0-S B-EY1 S-IH0 K-L-IY0 T-AA1-R G-AH0 T-IH0-D T-AH0 W-AO1-R-D Z-AA1-R T-AH0-S-T-S DH-AE1-T


also had crowdfunding built into it in this way and...

AO1-L S-OW0 HH-AE1-D K-R-AW1-D F-AH0-N D-IH0-NG B-IH1-L T-IH0-N T-UW1 IH1 T-IH0-N DH-IH1 S-W-EY1 AH0-N-D


that used tokens to represent crowdfunding rewards, but...

DH-AE1 T-Y-UW1-S-T T-OW1 K-AH0-N-Z T-UW1 R-EH2 P-R-AH0 Z-EH1-N-T K-R-AW1-D F-AH0-N D-IH0 NG-R-IH0 W-AO1-R-D-Z B-AH1-T


those crowdfunding rewards were actually the reward.

DH-OW1-Z K-R-AW1-D F-AH0-N D-IH0 NG-R-IH0 W-AO1-R-D Z-W-ER0 AE1-K CH-AH0 W-AH0 L-IY0 DH-AH0 R-IH0 W-AO1-R-D


so the product is called token.fm.

S-OW1 DH-AH0 P-R-AA1 D-AH0-K T-IH1-Z K-AO1-L-D T-OW1 K-AH0-N F-EH2-M


kind of the radio format, with the idea that...

K-AY1-N D-AH1-V DH-AH0 R-EY1 D-IY0 OW2 F-AO1-R M-AE2 T-W-IH1-DH DH-AH0 AY0 D-IY1 AH0 DH-AE1-T


rather than putting their music onto every platform out there and having someone buy it on itunes, and then have it not be transferable or convertible into something on spotify...

R-AE1 DH-ER0 DH-AE1-N P-AH1 T-IH0-NG DH-EH1-R M-Y-UW1 Z-IH0 K-AA1-N T-UW0 EH1 V-ER0 IY0 P-L-AE1-T F-AO2-R M-AW1-T DH-EH1 R-AH0-N-D HH-AE1 V-IH0-NG S-AH1 M-W-AH2-N B-AY1 IH1 T-AA1 N-IH1 T-UW0-N Z-AH0-N-D DH-EH1-N HH-AE1 V-IH1 T-N-AA1-T B-IY1 T-R-AE0-N-S F-ER1 AH0 B-AH0 L-AO1-R K-AH0-N V-ER1 T-AH0 B-AH0 L-IH0-N T-UW1 S-AH1-M TH-IH0 NG-AA1-N-S P-AA1 T-AH0 F-AY2


platform, but also eventually on these other platforms as well.

P-L-AE1-T F-AO2-R-M B-AH1 T-AO1-L S-OW0 IH0 V-EH1-N CH-AH0 W-AH0 L-IY0 AA1-N DH-IY1 Z-AH1 DH-ER0 P-L-AE1-T F-AO2-R-M Z-AE1 Z-W-EH1-L


and so that allows you to do kind of all these things. you effectively get the ability to create...

AH0-N-D S-OW1 DH-AE1 T-AH0 L-AW1 Z-Y-UW1 T-UW1 D-UW1 K-AY1-N D-AH1 V-AO1-L DH-IY1-Z TH-IH1-NG Z-Y-UW1 IH0 F-EH1-K T-IH0 V-L-IY0 G-EH1-T DH-AH0 AH0 B-IH1 L-AH0 T-IY0 T-UW1 K-R-IY0 EY1-T


a physical cd.


it's limited like a physical object is, it can only be created in an official...

IH1-T S-L-IH1 M-AH0 T-AH0 D-L-AY1 K-AH0 F-IH1 Z-IH0 K-AH0 L-AH0-B JH-EH1-K T-IH1 Z-IH1-T K-AE1 N-OW1 N-L-IY0 B-IY1 K-R-IY0 EY1 T-AH0 D-IH0 N-AE1 N-AH0 F-IH1 SH-AH0-L


capacity by the person. so it has kind of all the desirable characteristics of something physical.

K-AH0 P-AE1 S-AH0 T-IY0 B-AY1 DH-AH0 P-ER1 S-AH0-N S-OW1 IH1-T HH-AE1-Z K-AY1-N D-AH1 V-AO1-L DH-AH0 D-IH0 Z-AY1 R-AH0 B-AH0-L K-EH2 R-AH0-K T-ER0 IH1-S T-IH0-K S-AH1-V S-AH1-M TH-IH0-NG F-IH1 Z-IH0 K-AH0-L


but it's entirely in the hands of the artist.

B-AH1 T-IH1-T S-IH0-N T-AY1 ER0 L-IY0 IH0-N DH-AH0 HH-AE1-N-D Z-AH1-V DH-AH0 AA1-R T-AH0-S-T


how much it's sold for, they control the monetization and kind of all these other things.

HH-AW1 M-AH1 CH-IH1-T-S S-OW1-L-D F-AO1-R DH-EY1 K-AH0-N T-R-OW1-L DH-AH0 M-AA2 N-AH0 T-AH0 Z-EY1 SH-AH0 N-AH0-N-D K-AY1-N D-AH1 V-AO1-L DH-IY1 Z-AH1 DH-ER0 TH-IH1-NG-Z


that's kind of the short version of where we've come. so we started focused on crowdfunding, we found that crowdfunding platforms themselves had the problem of nobody wanting to be...

TH-AE1-T-S K-AY1-N D-AH1-V DH-AH0 SH-AO1-R-T V-ER1 ZH-AH0 N-AH1 V-W-EH1 R-W-IY1-V K-AH1-M S-OW1 W-IY1-S T-AA1-R T-AH0-D F-OW1 K-AH0-S T-AA1-N K-R-AW1-D F-AH0-N D-IH0 NG-W-IY1 F-AW1-N-D DH-AE1-T K-R-AW1-D F-AH0-N D-IH0-NG P-L-AE1-T F-AO2-R-M-Z DH-EH0-M S-EH1-L-V-Z HH-AE1-D DH-AH0 P-R-AA1 B-L-AH0 M-AH1 V-N-OW1 B-AA2 D-IY2 W-AA1-N T-IH0-NG T-UW1 B-IY1


building our own, not a crowdfunding platform...

B-IH1-L D-IH0 NG-AW1 ER0 OW1-N N-AA1 T-AH0 K-R-AW1-D F-AH0-N D-IH0-NG P-L-AE1-T F-AO2-R-M


but an application that makes tokens valuable that then has crowdfunding built into it, at kind of a base layer.

B-AH1 T-AE1 N-AE2 P-L-AH0 K-EY1 SH-AH0-N DH-AE1 T-M-EY1-K-S T-OW1 K-AH0-N-Z V-AE1 L-Y-AH0 B-AH0-L DH-AE1-T DH-EH1-N HH-AE1-Z K-R-AW1-D F-AH0-N D-IH0-NG B-IH1-L T-IH0-N T-UW1 IH1 T-AE1-T K-AY1-N D-AH1 V-AH0 B-EY1 S-L-EY1 ER0


okay, that's interesting so i'd like to stay on this topic of licensing.

OW2 K-EY1 TH-AE1-T S-IH1-N T-R-AH0-S T-IH0-NG S-OW1 IH1 D-L-AY1-K T-UW1-S T-EY1 AA1-N DH-IH1-S T-AA1 P-IH0 K-AH1 V-L-AY1 S-AH0-N S-IH0-NG


it would be this platform where one could sell licensing and...

IH1 T-W-UH1-D B-IY1 DH-IH1-S P-L-AE1-T F-AO2-R M-W-EH1 R-W-AH1-N K-UH1-D S-EH1-L L-AY1 S-AH0-N S-IH0 NG-AH0-N-D


token.fm will allow for one to sell licensing for...

T-OW1 K-AH0-N F-EH2 M-W-IH1 L-AH0 L-AW1 F-AO1 R-W-AH1-N T-UW1 S-EH1-L L-AY1 S-AH0-N S-IH0-NG F-AO1-R


music. it could be software, it could be artwork, but we could probably see this...

M-Y-UW1 Z-IH0 K-IH1-T K-UH1-D B-IY1 S-AO1-F T-W-EH2 R-IH1-T K-UH1-D B-IY1 AA1-R T-W-ER2-K B-AH1 T-W-IY1 K-UH1-D P-R-AA1 B-AH0 B-L-IY0 S-IY1 DH-IH1-S


use case spreading to different types of areas for content.

Y-UW1-S K-EY1-S-S P-R-EH1 D-IH0-NG T-UW1 D-IH1 F-ER0 AH0-N-T T-AY1-P S-AH1 V-EH1 R-IY0 AH0-Z F-AO1-R K-AA1-N T-EH0-N-T


which is essentially a token. you are given access to the content, not through token.fm plat-

W-IH1 CH-IH1 Z-IH0 S-EH1-N SH-AH0 L-IY0 AH0 T-OW1 K-AH0 N-Y-UW1 AA1-R G-IH1 V-AH0 N-AE1-K S-EH2-S T-UW1 DH-AH0 K-AA1-N T-EH0-N T-N-AA1-T TH-R-UW1 T-OW1 K-AH0-N F-EH2-M P-L-AE1-T


decoupling the license from the content itself. and you then rely on content distribution.

D-IY0 K-AH1 P-L-IH0-NG DH-AH0 L-AY1 S-AH0-N-S F-R-AH1-M DH-AH0 K-AA1-N T-EH0-N T-IH0-T S-EH1-L F-AH0-N D-Y-UW1 DH-EH1 N-R-IH0 L-AY1 AA1-N K-AH0-N T-EH1-N-T D-IH2-S T-R-AH0 B-Y-UW1 SH-AH0-N


platforms like spotify.

P-L-AE1-T F-AO2-R-M Z-L-AY1-K-S P-AA1 T-AH0 F-AY2


whatever other ones.yeah.pandora or whatever.yeah.to get access to the content with this token.

W-AH2 T-EH1 V-ER0 AH1 DH-ER0 OW0 N-IY0 S-IY0 F-OW2 EH1-N D-AO2 R-AH0 N-AO1 R-W-AA2 T-IH0 V-ER0 EY1 T-IY0 AH0 G-EH1 T-AE1-K S-EH2-S T-UW1 DH-AH0 K-AA1-N T-EH0-N T-W-IH1-DH DH-IH1-S T-OW1 K-AH0-N


tail is integration by the biggs in the short term, really it's just...

T-EY1 L-IH1 Z-IH2-N T-AH0 G-R-EY1 SH-AH0-N B-AY1 DH-AH0 B-IH1-G Z-IH0-N DH-AH0 SH-AO1-R-T T-ER1 M-R-IH1 L-IY0 IH1-T-S JH-AH1-S-T


so the token.fm application is a very spotify like...

S-OW1 DH-AH0 T-OW1 K-AH0-N F-EH2 M-AE2 P-L-AH0 K-EY1 SH-AH0 N-IH1 Z-AH0 V-EH1 R-IY0-S P-AA1 T-AH0 F-AY2 L-AY1-K


application, lets you have playlist and lets you have kind of other value enhanced features too, their chat rooms and things.

AE2 P-L-AH0 K-EY1 SH-AH0 N-L-EH1-T S-Y-UW1 HH-AE1-V P-L-EY1 L-IH0-S T-AH0-N D-L-EH1-T S-Y-UW1 HH-AE1-V K-AY1-N D-AH1 V-AH1 DH-ER0 V-AE1 L-Y-UW0 EH0-N HH-AE1-N-S-T F-IY1 CH-ER0-Z T-UW1 DH-EH1-R CH-AE1 T-R-UW1-M Z-AH0-N-D TH-IH1-NG-Z


or if you own an artist's fan token, then they can also create a chat room that grants access via that.

AO1 R-IH1 F-Y-UW1 OW1 N-AE1 N-AA1-R T-AH0-S-T-S F-AE1-N T-OW1 K-AH0-N DH-EH1-N DH-EY1 K-AE1 N-AO1-L S-OW0 K-R-IY0 EY1 T-AH0 CH-AE1 T-R-UW1-M DH-AE1-T G-R-AE1-N-T S-AE1-K S-EH2-S V-AY1 AH0 DH-AE1-T


'cause we built a front end because there were no front ends, and the backend actually uses the alexandria project.

K-AA1 Z-W-IY1 B-IH1-L T-AH0 F-R-AH1-N T-EH1-N-D B-IH0 K-AO1-Z DH-EH1 R-W-ER0 N-OW1 F-R-AH1-N T-EH1-N-D Z-AH0-N-D DH-AH0 B-AE2 K-EH1-N D-AE1-K CH-AH0 W-AH0 L-IY0 Y-UW1 Z-IH0-Z DH-AH0 AE2 L-AH0-G Z-AE1-N D-R-IY0 AH0 P-R-AA1 JH-EH0-K-T


i'm not sure if your listeners are familiar with that.

IH1-M N-AA1-T SH-UH1 R-IH1 F-Y-AO1-R L-IH1 S-AH0 N-ER0 Z-AA1-R F-AH0 M-IH1 L-Y-ER0 W-IH1-DH DH-AE1-T


but you've heard of these different types of content chains that are out there that are essentially for putting the metadata of content.

B-AH1 T-Y-UW1-V HH-ER1 D-AH1-V DH-IY1-Z D-IH1 F-ER0 AH0-N-T T-AY1-P S-AH1-V K-AA1-N T-EH0-N-T CH-EY1-N-Z DH-AE1 T-AA1 R-AW1-T DH-EH1-R DH-AE1 T-AA1 R-IH0 S-EH1-N SH-AH0 L-IY0 F-AO1-R P-AH1 T-IH0-NG DH-AH0 M-EH2 T-AH0 D-EY1 T-AH0 AH1-V K-AA1-N T-EH0-N-T


the idea here is that you can create a distributed directory of content metadata that lives on a blockchain.

DH-AH0 AY0 D-IY1 AH0 HH-IY1 R-IH1-Z DH-AE1 T-Y-UW1 K-AE1-N K-R-IY0 EY1 T-AH0 D-IH0-S T-R-IH1 B-Y-AH0 T-AH0-D D-ER0 EH1-K T-ER0 IY0 AH1-V K-AA1-N T-EH0-N T-M-EH2 T-AH0 D-EY1 T-AH0 DH-AE1 T-L-IH1-V Z-AA1 N-AH0 B-L-AA1-K HH-EY2-N


and the cool part about that, is that if you put the metadata onto a blockchain, then anybody who looks at that blockchain can see the metadata.

AH0-N-D DH-AH0 K-UW1-L P-AA1-R T-AH0 B-AW1-T DH-AE1 T-IH1-Z DH-AE1 T-IH1 F-Y-UW1 P-UH1-T DH-AH0 M-EH2 T-AH0 D-EY1 T-AH0 AA1-N T-UW0 AH0 B-L-AA1-K HH-EY2-N DH-EH1 N-EH1 N-IY0 B-AH0 D-IY0 HH-UW1 L-UH1-K S-AE1-T DH-AE1-T B-L-AA1-K HH-EY2-N K-AE1-N S-IY1 DH-AH0 M-EH2 T-AH0 D-EY1 T-AH0


and so if you have tokens that represent licenses and those tokens are on a blockchain, and you have some other way to determine that those represent licenses.

AH0-N-D S-OW1 IH1 F-Y-UW1 HH-AE1-V T-OW1 K-AH0-N-Z DH-AE1 T-R-EH2 P-R-AH0 Z-EH1-N T-L-AY1 S-AH0-N S-IH0 Z-AH0-N-D DH-OW1-Z T-OW1 K-AH0-N Z-AA1 R-AA1 N-AH0 B-L-AA1-K HH-EY2 N-AH0-N D-Y-UW1 HH-AE1-V S-AH1 M-AH1 DH-ER0 W-EY1 T-UW1 D-AH0 T-ER1 M-AH0-N DH-AE1-T DH-OW1 Z-R-EH2 P-R-AH0 Z-EH1-N T-L-AY1 S-AH0-N S-IH0-Z


and anything that looks at that blockchain can then recognize those licenses without taking custody of...

AH0-N D-EH1 N-IY0 TH-IH2-NG DH-AE1 T-L-UH1-K S-AE1-T DH-AE1-T B-L-AA1-K HH-EY2-N K-AE1-N DH-EH1 N-R-EH1 K-AH0 G-N-AY2-Z DH-OW1 Z-L-AY1 S-AH0-N S-IH0 Z-W-IH0 TH-AW1-T T-EY1 K-IH0-NG K-AH1-S T-AH0 D-IY0 AH1-V


them, right. that's the nice part, is that the person still retains...

DH-EH1 M-R-AY1-T TH-AE1-T-S DH-AH0 N-AY1-S P-AA1-R T-IH1-Z DH-AE1-T DH-AH0 P-ER1 S-AH0-N-S T-IH1-L R-IH0 T-EY1-N-Z


this person really does actually have this, so what token lee does is.

DH-IH1-S P-ER1 S-AH0 N-R-IH1 L-IY0 D-AH1 Z-AE1-K CH-AH0 W-AH0 L-IY0 HH-AE1-V DH-IH1-S S-OW1 W-AH1-T T-OW1 K-AH0 N-L-IY1 D-AH1 Z-IH1-Z


we make it so that rather than having to look at the blockchain, which we found a lot of resistance to...

W-IY1 M-EY1 K-IH1-T S-OW1 DH-AE1 T-R-AE1 DH-ER0 DH-AE1-N HH-AE1 V-IH0-NG T-UW1 L-UH1 K-AE1-T DH-AH0 B-L-AA1-K HH-EY2 N-W-IH1 CH-W-IY1 F-AW1-N D-AH0 L-AA1 T-AH1 V-R-IH0 Z-IH1-S T-AH0-N-S T-UW1


instead you just integrate our api and...

IH0-N-S T-EH1 D-Y-UW1 JH-AH1-S T-IH1-N T-AH0 G-R-EY2 T-AW1 ER0 AA1 P-IY0 AH0-N-D


you're uploading it to the floor and coin blockchain. that's where the metadata is going and it's stored long form there, right. so all of your monetization, all of your ownership...

Y-UH1 R-AH0 P-L-OW1 D-IH0 NG-IH1-T T-UW1 DH-AH0 F-L-AO1 R-AH0-N-D K-OY1-N B-L-AA1-K HH-EY2-N TH-AE1-T S-W-EH1-R DH-AH0 M-EH2 T-AH0 D-EY1 T-AH0 IH1-Z G-OW1 IH0 NG-AH0-N D-IH1-T-S-S T-AO1-R D-L-AO1-NG F-AO1-R-M DH-EH1-R R-AY1-T S-OW1 AO1 L-AH1 V-Y-AO1-R M-AA2 N-AH0 T-AH0 Z-EY1 SH-AH0 N-AO1 L-AH1 V-Y-AO1 R-OW1 N-ER0 SH-IH2-P


information is actually stored long form in the...

IH2-N F-ER0 M-EY1 SH-AH0 N-IH1 Z-AE1-K CH-AH0 W-AH0 L-IY0-S T-AO1-R D-L-AO1-NG F-AO1-R M-IH0-N DH-AH0


floor and coin blockchain. and then the files themselves are hosted on interplanetary file system.

F-L-AO1 R-AH0-N-D K-OY1-N B-L-AA1-K HH-EY2 N-AH0-N-D DH-EH1-N DH-AH0 F-AY1-L-Z DH-EH0-M S-EH1-L-V Z-AA1-R HH-OW1-S T-IH0 D-AA1 N-IH2-N T-ER0 P-L-AE1 N-AH0 T-EH2 R-IY0 F-AY1-L S-IH1-S T-AH0-M


permission napster type of thing, to be perfectly honest with you. where having the token that represents the license, enables you to engage...

P-ER0 M-IH1 SH-AH0-N N-AE1-P-S T-ER0 T-AY1 P-AH1-V TH-IH1-NG T-UW1 B-IY1 P-ER1 F-AH0-K T-L-IY0 AA1 N-AH0-S T-W-IH1 DH-Y-UW1 W-EH1-R HH-AE1 V-IH0-NG DH-AH0 T-OW1 K-AH0-N DH-AE1 T-R-EH2 P-R-AH0 Z-EH1-N-T-S DH-AH0 L-AY1 S-AH0-N S-EH0 N-EY1 B-AH0-L Z-Y-UW1 T-UW1 EH0-N G-EY1-JH


in peer to peer network with other people who actually own the license. so...

IH0-N P-IH1-R T-UW1 P-IH1-R N-EH1 T-W-ER2 K-W-IH1 DH-AH1 DH-ER0 P-IY1 P-AH0-L HH-UW1 AE1-K CH-AH0 W-AH0 L-IY0 OW1-N DH-AH0 L-AY1 S-AH0-N-S S-OW1


it's a really cool thing, where we can take the napster model...

IH1-T S-AH0 R-IH1 L-IY0 K-UW1-L TH-IH1 NG-W-EH1 R-W-IY1 K-AE1-N T-EY1-K DH-AH0 N-AE1-P-S T-ER0 M-AA1 D-AH0-L


and apply these licenses to it. 'cause there doesn't need to be a platform that's managing the licenses.

AH0-N D-AH0 P-L-AY1 DH-IY1 Z-L-AY1 S-AH0-N S-IH0-Z T-UW1 IH1-T K-AA1-Z DH-EH1-R D-OW1 S-AH0-N T-N-IY1-D T-UW1 B-IY1 AH0 P-L-AE1-T F-AO2-R-M TH-AE1-T S-M-AE1 N-AH0 JH-IH0-NG DH-AH0 L-AY1 S-AH0-N S-IH0-Z


that seems like an interesting sort of niche application that certain artists may want to adopt. i'm looking at the...

DH-AE1-T S-IY1-M Z-L-AY1 K-AE1 N-IH1-N T-R-AH0-S T-IH0-NG S-AO1-R T-AH1 V-N-IH1 CH-AE2 P-L-AH0 K-EY1 SH-AH0-N DH-AE1-T S-ER1 T-AH0 N-AA1-R T-AH0-S-T S-M-EY1 W-AA1-N-T T-UW1 AH0 D-AA1-P T-IH1 M-L-UH1 K-IH0 NG-AE1-T DH-AH0


you want to try to get this integrated by the biggs.

Y-UW1 W-AA1-N-T T-UW1 T-R-AY1 T-UW1 G-EH1-T DH-IH1 S-IH1-N T-AH0 G-R-EY2 T-AH0-D B-AY1 DH-AH0 B-IH1-G-Z


on a [inaudible 00:06:29] cd. well, one question i would have is what incentive would they have to onboard, how would they make money?

AA1 N-AH0 IH0 N-AO1 D-AH0 B-AH0-L Z-IH1 R-OW0 AW1 ER0-Z S-IH1-K S-M-IH1 N-AH0-T S-AH0-N-D T-W-EH1-N T-IY0 N-AY1-N S-EH1 K-AH0-N-D-Z S-IY1 D-IY1 W-EH1 L-W-AH1-N K-W-EH1-S CH-AH0 N-AY1 W-UH1-D HH-AE1 V-IH1 Z-W-AH1 T-IH0-N S-EH1-N T-IH0 V-W-UH1-D DH-EY1 HH-AE1-V T-UW1 AA1-N B-AO2-R-D HH-AW1 W-UH1-D DH-EY1 M-EY1 K-M-AH1 N-IY0


these platforms where the user experience is really great. and there's these network effects, if you take something like spotify.

DH-IY1-Z P-L-AE1-T F-AO2-R-M Z-W-EH1-R DH-AH0 Y-UW1 Z-ER0 IH0-K-S P-IH1 R-IY0 AH0-N S-IH1 Z-R-IH1 L-IY0 G-R-EY1 T-AH0-N-D DH-EH1-R-Z DH-IY1 Z-N-EH1 T-W-ER2 K-IH0 F-EH1-K-T S-IH1 F-Y-UW1 T-EY1-K S-AH1-M TH-IH0 NG-L-AY1-K-S P-AA1 T-AH0 F-AY2


millions of people using this platform, people have their friends...

M-IH1 L-Y-AH0-N Z-AH1-V P-IY1 P-AH0 L-Y-UW1 Z-IH0-NG DH-IH1-S P-L-AE1-T F-AO2-R-M P-IY1 P-AH0-L HH-AE1-V DH-EH1-R F-R-EH1-N-D-Z


there, they can share playlists and whatever.

DH-EH1-R DH-EY1 K-AE1-N SH-EH1-R P-L-EY1 L-IH0-S-T S-AH0-N D-W-AH2 T-EH1 V-ER0


and also we've gotten used to this...

AH0-N D-AO1-L S-OW0 W-IY1-V G-AA1 T-AH0 N-Y-UW1-Z-D T-UW1 DH-IH1-S


subscription model, through things like netflix, spotify...

S-AH0-B-S K-R-IH1-P SH-AH0-N M-AA1 D-AH0-L TH-R-UW1 TH-IH1-NG Z-L-AY1 K-N-EH1-T F-L-IH0-K-S-S P-AA1 T-AH0 F-AY2


the subscription model is very useful. if i have to start paying...

DH-AH0 S-AH0-B-S K-R-IH1-P SH-AH0-N M-AA1 D-AH0 L-IH1-Z V-EH1 R-IY0 Y-UW1-S F-AH0 L-IH1 F-AY1 HH-AE1-V T-UW1-S T-AA1-R-T P-EY1 IH0-NG


token by token, even though it's...

T-OW1 K-AH0-N B-AY1 T-OW1 K-AH0 N-IY1 V-IH0-N DH-OW1 IH1-T-S


even though in terms of cost, it can be...

IY1 V-IH0-N DH-OW1 IH0-N T-ER1-M Z-AH1-V K-AA1-S T-IH1-T K-AE1-N B-IY1


a reasonable amount. i'm so use to paying this $10 a month or whatever.

AH0 R-IY1 Z-AH0 N-AH0 B-AH0 L-AH0 M-AW1-N T-AY1 AE1-M S-OW1 Y-UW1-S T-UW1 P-EY1 IH0-NG DH-IH1-S T-EH1-N D-AA1 L-ER0 Z-AH0 M-AH1-N TH-AO1 R-W-AH2 T-EH1 V-ER0


how do you think, 'cause if it feels like...

HH-AW1 D-UW1 Y-UW1 TH-IH1-NG-K K-AA1 Z-IH1 F-IH1-T F-IY1-L Z-L-AY1-K


people will have to go back to this other model of, i want this piece of content i want to...

P-IY1 P-AH0 L-W-IH1-L HH-AE1-V T-UW1 G-OW1 B-AE1-K T-UW1 DH-IH1 S-AH1 DH-ER0 M-AA1 D-AH0 L-AH1 V-AY1 W-AA1-N-T DH-IH1-S P-IY1 S-AH1-V K-AA1-N T-EH0-N T-AY1 W-AA1-N-T T-UW1


once and you have access to all this stuff and...

W-AH1-N S-AH0-N D-Y-UW1 HH-AE1 V-AE1-K S-EH2-S T-UW1 AO1-L DH-IH1-S-S T-AH1 F-AH0-N-D


and other services, like curation and there's a really cool thing on spotify...

AH0-N D-AH1 DH-ER0 S-ER1 V-AH0 S-AH0 Z-L-AY1-K K-Y-UW0 R-EY1 SH-AH0 N-AH0-N-D DH-EH1-R Z-AH0 R-IH1 L-IY0 K-UW1-L TH-IH1 NG-AA1-N-S P-AA1 T-AH0 F-AY2


yeah, so that's a totally good point and it's something we ran into too. and this is something that actually is the case with...

Y-AE1 S-OW1 TH-AE1-T S-AH0 T-OW1 T-AH0 L-IY0 G-UH1-D P-OY1-N T-AH0-N D-IH1-T-S S-AH1-M TH-IH0 NG-W-IY1 R-AE1 N-IH0-N T-UW1 T-UW1 AH0-N-D DH-IH1 S-IH1-Z S-AH1-M TH-IH0-NG DH-AE1 T-AE1-K CH-AH0 W-AH0 L-IY0 IH1-Z DH-AH0 K-EY1 S-W-IH1-DH


everything, when it comes to cryptocurrency and token applications is that, these network effects are huge. there are meaningful...

EH1 V-R-IY0 TH-IH2 NG-W-EH1 N-IH1-T K-AH1-M-Z T-UW1 K-R-IH1 P-AH0 K-Y-AH0 N-ER0 SH-IY0 AH0-N-D T-OW1 K-AH0 N-AE2 P-L-AH0 K-EY1 SH-AH0-N Z-IH1-Z DH-AE1-T DH-IY1 Z-N-EH1 T-W-ER2 K-IH0 F-EH1-K-T S-AA1-R HH-Y-UW1-JH DH-EH1 R-AA1-R M-IY1 N-IH0-NG F-AH0-L


problems kind of with all of this stuff. and people are used to subscriptions, and

P-R-AA1 B-L-AH0-M-Z K-AY1-N D-AH1 V-W-IH1 DH-AO1 L-AH1-V DH-IH1-S-S T-AH1 F-AH0-N-D P-IY1 P-AH0 L-AA1 R-Y-UW1-Z-D T-UW1 S-AH0-B-S K-R-IH1-P SH-AH0-N Z-AH0-N-D


subscriptions are terrible when it comes to cryptocurrency, it's a.

S-AH0-B-S K-R-IH1-P SH-AH0-N Z-AA1-R T-EH1 R-AH0 B-AH0 L-W-EH1 N-IH1-T K-AH1-M-Z T-UW1 K-R-IH1 P-AH0 K-Y-AH0 N-ER0 SH-IY0 IH1-T S-AH0


meanwhile, they're also terrible for music.well, the platforms are terrible for.

M-IY1 N-W-AY2-L TH-EH1 R-AO1-L S-OW0 T-EH1 R-AH0 B-AH0-L F-AO1-R M-Y-UW1 Z-IH0 K-AH0-L DH-AH0 P-L-AE1-T F-AO2-R-M Z-AA1-R T-EH1 R-AH0 B-AH0-L F-AO1-R


but honestly it doesn't have a lot to do with the platforms, it doesn't...

B-AH1 T-AA1 N-AH0-S T-L-IY0 IH1-T D-OW1 S-AH0-N-T HH-AE1 V-AH0 L-AA1-T T-UW1 D-UW1 W-IH1-DH DH-AH0 P-L-AE1-T F-AO2-R-M Z-IH1-T D-OW1 S-AH0-N-T


make these agreements. if you look at spotify...

M-EY1-K DH-IY1 Z-AH0 G-R-IY1 M-AH0-N-T S-IH1 F-Y-UW1 L-UH1 K-AE1-T-S P-AA1 T-AH0 F-AY2


there's a bit of exclusivity that happens there.

DH-EH1-R Z-AH0 B-IH1 T-AH1 V-EH2-K-S K-L-UW2 S-IH1 V-AH0 T-IY0 DH-AE1-T HH-AE1 P-AH0-N-Z DH-EH1-R


so, regarding subscription models, i totally agree...

S-OW1 R-AH0 G-AA1-R D-IH0-NG S-AH0-B-S K-R-IH1-P SH-AH0-N M-AA1 D-AH0-L Z-AY1 T-OW1 T-AH0 L-IY0 AH0 G-R-IY1


with you. we have had such a time trying to figure out how to price this in a way that actually makes sense. and what we've come to...

W-IH1 DH-Y-UW1 W-IY1 HH-AE1-V HH-AE1-D S-AH1 CH-AH0 T-AY1-M T-R-AY1 IH0-NG T-UW1 F-IH1 G-Y-ER0 AW1-T HH-AW1 T-UW1 P-R-AY1-S DH-IH1 S-IH0 N-AH0 W-EY1 DH-AE1 T-AE1-K CH-AH0 W-AH0 L-IY0 M-EY1-K-S S-EH1-N S-AH0-N D-W-AH1 T-W-IY1-V K-AH1-M T-UW1


is what we call a play as you go model.

IH1 Z-W-AH1 T-W-IY1 K-AO1 L-AH0 P-L-EY1 AE1 Z-Y-UW1 G-OW1 M-AA1 D-AH0-L


and you get enough credits within our system.

AH0-N D-Y-UW1 G-EH1 T-IH0 N-AH1-F K-R-EH1 D-IH0-T S-W-IH0 DH-IH1 N-AW1 ER0 S-IH1-S T-AH0-M


you get enough credits within our system to play, i believe it's about 17 hours...

Y-UW1 G-EH1 T-IH0 N-AH1-F K-R-EH1 D-IH0-T S-W-IH0 DH-IH1 N-AW1 ER0 S-IH1-S T-AH0-M T-UW1 P-L-EY1 AY1 B-IH0 L-IY1 V-IH1-T S-AH0 B-AW1-T S-EH1 V-AH0-N T-IY1 N-AW1 ER0-Z


worth of music that you don't own, using the credits. and then if you want to buy more credits than it costs about a two and a half cents...

W-ER1 TH-AH1 V-M-Y-UW1 Z-IH0-K DH-AE1 T-Y-UW1 D-AA1-N T-OW1 N-Y-UW1 Z-IH0-NG DH-AH0 K-R-EH1 D-IH0-T S-AH0-N-D DH-EH1 N-IH1 F-Y-UW1 W-AA1-N-T T-UW1 B-AY1 M-AO1-R K-R-EH1 D-IH0-T-S DH-AE1 N-IH1-T K-AA1-S-T S-AH0 B-AW1 T-AH0 T-UW1 AH0-N D-AH0 HH-AE1-F S-EH1-N-T-S


per song, you want to play twice because you get to play them twice in this paper, listen model. and then...

P-ER1 S-AO1 NG-Y-UW1 W-AA1-N-T T-UW1 P-L-EY1 T-W-AY1-S B-IH0 K-AO1 Z-Y-UW1 G-EH1-T T-UW1 P-L-EY1 DH-EH1-M T-W-AY1 S-IH0-N DH-IH1-S P-EY1 P-ER0 L-IH1 S-AH0-N M-AA1 D-AH0 L-AH0-N-D DH-EH1-N


if you actually own the token that corresponds with something, then you don't have to pay anything.

IH1 F-Y-UW1 AE1-K CH-AH0 W-AH0 L-IY0 OW1-N DH-AH0 T-OW1 K-AH0-N DH-AE1-T K-AO2 R-AH0-S P-AA1-N-D Z-W-IH1-DH S-AH1-M TH-IH0-NG DH-EH1 N-Y-UW1 D-AA1-N-T HH-AE1-V T-UW1 P-EY1 EH1 N-IY0 TH-IH2-NG


so we do actually have both of these models, and the reason why we went with a subscription model was both because of user behavior...

S-OW1 W-IY1 D-UW1 AE1-K CH-AH0 W-AH0 L-IY0 HH-AE1-V B-OW1 TH-AH1-V DH-IY1 Z-M-AA1 D-AH0-L Z-AH0-N-D DH-AH0 R-IY1 Z-AH0 N-W-AY1 W-IY1 W-EH1-N T-W-IH1 DH-AH0 S-AH0-B-S K-R-IH1-P SH-AH0-N M-AA1 D-AH0 L-W-AA1-Z B-OW1-TH B-IH0 K-AO1 Z-AH1 V-Y-UW1 Z-ER0 B-IH0 HH-EY1 V-Y-ER0


and because we've stopped being purists.

AH0-N-D B-IH0 K-AO1 Z-W-IY1-V-S T-AA1-P-T B-IY1 IH0-NG P-Y-UH1 R-AH0-S-T-S


makes way more sense to create something that people don't have to use cryptocurrency at all for, in order for them to use cryptocurrency.

M-EY1-K S-W-EY1 M-AO1-R S-EH1-N-S T-UW1 K-R-IY0 EY1-T S-AH1-M TH-IH0-NG DH-AE1-T P-IY1 P-AH0-L D-AA1-N-T HH-AE1-V T-UW1 Y-UW1-Z K-R-IH1 P-AH0 K-Y-AH0 N-ER0 SH-IY0 AE1 T-AO1-L F-AO1 R-IH0 N-AO1-R D-ER0 F-AO1-R DH-EH1-M T-UW1 Y-UW1-Z K-R-IH1 P-AH0 K-Y-AH0 N-ER0 SH-IY0


and so that's really where we've gone with this product is that if you don't have cryptocurrency, if you don't have a wallet...

AH0-N-D S-OW1 TH-AE1-T S-R-IH1 L-IY0 W-EH1 R-W-IY1-V G-AO1 N-W-IH1-DH DH-IH1-S P-R-AA1 D-AH0-K T-IH1-Z DH-AE1 T-IH1 F-Y-UW1 D-AA1-N-T HH-AE1-V K-R-IH1 P-AH0 K-Y-AH0 N-ER0 SH-IY0 IH1 F-Y-UW1 D-AA1-N-T HH-AE1 V-AH0 W-AO1 L-AH0-T


and you can still get the benefit of them...

AH0-N D-Y-UW1 K-AE1-N-S T-IH1-L G-EH1-T DH-AH0 B-EH1 N-AH0 F-IH0 T-AH1-V DH-EH1-M


even if you are only using credit cards and have no wallet and stuff like that. so that's...

IY1 V-IH0 N-IH1 F-Y-UW1 AA1 R-OW1 N-L-IY0 Y-UW1 Z-IH0-NG K-R-EH1 D-AH0-T K-AA1-R-D Z-AH0-N-D HH-AE1 V-N-OW1 W-AO1 L-AH0 T-AH0-N-D-S T-AH1 F-L-AY1-K DH-AE1-T S-OW1 TH-AE1-T-S


i think that's partly because of the way that we've approached this problem, and partly because of the problem that we are approaching, that we are able to do that.

AY1 TH-IH1-NG-K TH-AE1-T-S P-AA1-R T-L-IY0 B-IH0 K-AO1 Z-AH1-V DH-AH0 W-EY1 DH-AE1 T-W-IY1 V-AH0 P-R-OW1-CH-T DH-IH1-S P-R-AA1 B-L-AH0 M-AH0-N-D P-AA1-R T-L-IY0 B-IH0 K-AO1 Z-AH1-V DH-AH0 P-R-AA1 B-L-AH0-M DH-AE1 T-W-IY1 AA1 R-AH0 P-R-OW1 CH-IH0-NG DH-AE1 T-W-IY1 AA1 R-EY1 B-AH0-L T-UW1 D-UW1 DH-AE1-T


... but is our pre firm belief that most of the users who are going to be using this product are not going to be people-

B-AH1 T-IH1 Z-AW1 ER0 P-R-IY1 F-ER1-M B-IH0 L-IY1-F DH-AE1 T-M-OW1-S T-AH1-V DH-AH0 Y-UW1 Z-ER0-Z HH-UW1 AA1-R G-OW1 IH0-NG T-UW1 B-IY1 Y-UW1 Z-IH0-NG DH-IH1-S P-R-AA1 D-AH0-K T-AA1-R N-AA1-T G-OW1 IH0-NG T-UW1 B-IY1 P-IY1 P-AH0-L


... something that'll kind of happen because it's... and then as far as why someone would want to use the platform-

S-AH1-M TH-IH0-NG TH-AE1 T-AH0-L K-AY1-N D-AH1-V HH-AE1 P-AH0-N B-IH0 K-AO1 Z-IH1-T S-AH0-N-D DH-EH1 N-AE1-Z F-AA1 R-AE1 Z-W-AY1 S-AH1 M-W-AH2 N-W-UH1 D-W-AA1-N-T T-UW1 Y-UW1-Z DH-AH0 P-L-AE1-T F-AO2-R-M


the basic reason is that we are going after artists through a couple of different channels with the argument-

DH-AH0 B-EY1 S-IH0 K-R-IY1 Z-AH0 N-IH1-Z DH-AE1 T-W-IY1 AA1-R G-OW1 IH0 NG-AE1-F T-ER0 AA1-R T-AH0-S-T-S TH-R-UW1 AH0 K-AH1 P-AH0 L-AH1-V D-IH1 F-ER0 AH0-N-T CH-AE1 N-AH0-L Z-W-IH1-DH DH-AH0 AA1-R G-Y-AH0 M-AH0-N-T


...that this enables the direct connection that basically every-

DH-AE1-T DH-IH1 S-EH0 N-EY1 B-AH0-L-Z DH-AH0 D-ER0 EH1-K-T K-AH0 N-EH1-K SH-AH0-N DH-AE1-T B-EY1 S-IH0 K-L-IY0 EH1 V-ER0 IY0


...artist we've ever talked to has said that they want it with their fan base.

AA1-R T-AH0-S T-W-IY1 V-EH1 V-ER0 T-AO1-K-T T-UW1 HH-AE1-Z S-EH1-D DH-AE1-T DH-EY1 W-AA1-N T-IH1 T-W-IH1-DH DH-EH1-R F-AE1-N B-EY1-S


it's both for communication for monetization, for other things.

IH1-T-S B-OW1-TH F-AO1-R K-AH0 M-Y-UW2 N-AH0 K-EY1 SH-AH0-N F-AO1-R M-AA2 N-AH0 T-AH0 Z-EY1 SH-AH0-N F-AO1 R-AH1 DH-ER0 TH-IH1-NG-Z


the way that most musicians work, as far as getting their work onto other people's platforms-

DH-AH0 W-EY1 DH-AE1 T-M-OW1-S T-M-Y-UW0 Z-IH1 SH-AH0-N Z-W-ER1 K-AE1-Z F-AA1 R-AE1-Z G-EH1 T-IH0-NG DH-EH1 R-W-ER1 K-AA1-N T-UW0 AH1 DH-ER0 P-IY1 P-AH0-L-Z P-L-AE1-T F-AO2-R-M-Z


...is by using companies that effectively you-

IH1-Z B-AY1 Y-UW1 Z-IH0-NG K-AH1-M P-AH0 N-IY0-Z DH-AE1 T-IH0 F-EH1-K T-IH0 V-L-IY0 Y-UW1


...pay them 50 bucks a year or $10 an album or something like that-

P-EY1 DH-EH1-M F-IH1-F T-IY0 B-AH1-K S-AH0 Y-IH1 R-AO1-R T-EH1-N D-AA1 L-ER0 Z-AE1 N-AE1-L B-AH0 M-AO1-R S-AH1-M TH-IH0 NG-L-AY1-K DH-AE1-T


...and they go to the 150 biggest platforms out there and they put your music on to everything.

AH0-N-D DH-EY1 G-OW1 T-UW1 DH-AH0 W-AH1-N HH-AH1-N D-R-AH0 D-AH0-N-D F-IH1-F T-IY0 B-IH1 G-AH0-S-T P-L-AE1-T F-AO2-R-M Z-AW1-T DH-EH1 R-AH0-N-D DH-EY1 P-UH1 T-Y-AO1-R M-Y-UW1 Z-IH0 K-AA1-N T-UW1 EH1 V-R-IY0 TH-IH2-NG


someone will pick a platform and then that's the platform that they use and you go there to find-

S-AH1 M-W-AH2 N-W-IH1-L P-IH1 K-AH0 P-L-AE1-T F-AO2-R M-AH0-N-D DH-EH1-N TH-AE1-T-S DH-AH0 P-L-AE1-T F-AO2-R-M DH-AE1-T DH-EY1 Y-UW1 Z-AH0-N D-Y-UW1 G-OW1 DH-EH1-R T-UW1 F-AY1-N-D


...because it's so fragmented. so we don't really have to convince people that our service is the best and it's better than spotify.

B-IH0 K-AO1 Z-IH1-T-S S-OW1 F-R-AE1 G-M-AH0-N T-IH0-D S-OW1 W-IY1 D-AA1-N T-R-IH1 L-IY0 HH-AE1-V T-UW1 K-AH0-N V-IH1-N-S P-IY1 P-AH0-L DH-AE1 T-AW1 ER0 S-ER1 V-AH0 S-IH1-Z DH-AH0 B-EH1-S T-AH0-N D-IH1-T-S B-EH1 T-ER0 DH-AE1-N-S P-AA1 T-AH0 F-AY2


our system actually pays 20 times better per stream for the artist-

AW1 ER0 S-IH1-S T-AH0 M-AE1-K CH-AH0 W-AH0 L-IY0 P-EY1-Z T-W-EH1-N T-IY0 T-AY1-M-Z B-EH1 T-ER0 P-ER1 EH1-S T-R-IY1-M F-AO1-R DH-AH0 AA1-R T-AH0-S-T


...that they do. and so there is actually a rather large incentive for them to do it.

DH-AE1-T DH-EY1 D-UW1 AH0-N-D S-OW1 DH-EH1 R-IH1 Z-AE1-K CH-AH0 W-AH0 L-IY0 AH0 R-AE1 DH-ER0 L-AA1-R JH-IH0-N S-EH1-N T-IH0-V F-AO1-R DH-EH1-M T-UW1 D-UW1 IH1-T


so that's the thing it's like the $7 per month fee, right?

S-OW1 TH-AE1-T-S DH-AH0 TH-IH1 NG-IH1-T S-L-AY1-K DH-AH0 S-EH1 V-AH0-N D-AA1 L-ER0-Z P-ER1 EH1 M-AH1-N-TH F-IY1 R-AY1-T


that's with paying the artists 20 times-

TH-AE1-T S-W-IH1-DH P-EY1 IH0-NG DH-AH0 AA1-R T-AH0-S-T-S T-W-EH1-N T-IY0 T-AY1-M-Z


...better than spotify does. if we weren't paying the artist 20 times better than spotify-

B-EH1 T-ER0 DH-AE1-N-S P-AA1 T-AH0 F-AY2 D-AH1 Z-IH1 F-W-IY1 W-EH1 R-AH0-N-T P-EY1 IH0-NG DH-AH0 AA1-R T-AH0-S-T T-W-EH1-N T-IY0 T-AY1-M-Z B-EH1 T-ER0 DH-AE1-N-S P-AA1 T-AH0 F-AY2


... but we think that it's really an important part of the value proposition-

B-AH1 T-W-IY1 TH-IH1-NG-K DH-AE1 T-IH1-T S-R-IH1 L-IY0 AE1 N-IH0-M P-AO1-R T-AH0-N-T P-AA1-R T-AH1-V DH-AH0 V-AE1 L-Y-UW0 P-R-AA2 P-AH0 Z-IH1 SH-AH0-N


...to... basically what we're trying to do is create this platform in such a way, so that-

T-UW1 B-EY1 S-IH0 K-L-IY0 W-AH1 T-W-ER0 T-R-AY1 IH0-NG T-UW1 D-UW1 IH1-Z K-R-IY0 EY1-T DH-IH1-S P-L-AE1-T F-AO2-R M-IH0-N S-AH1 CH-AH0 W-EY1 S-OW1 DH-AE1-T


...they want to engage with most and want to monetize most, and we enable them to do that.

DH-EY1 W-AA1-N-T T-UW1 EH0-N G-EY1 JH-W-IH1 DH-M-OW1-S T-AH0-N D-W-AA1-N-T T-UW1 M-AA1 N-AH0 T-AY2 Z-M-OW1-S T-AH0-N D-W-IY1 EH0 N-EY1 B-AH0-L DH-EH1-M T-UW1 D-UW1 DH-AE1-T


right. so i guess that the real challenge for you guys is going to be-

R-AY1-T S-OW1 AY1 G-EH1-S DH-AE1-T DH-AH0 R-IY1-L CH-AE1 L-AH0-N-JH F-AO1 R-Y-UW1 G-AY1 Z-IH1-Z G-OW1 IH0-NG T-UW1 B-IY1


...musicians on there. so that as a listener-

M-Y-UW0 Z-IH1 SH-AH0-N Z-AA1-N DH-EH1-R S-OW1 DH-AE1 T-AE1 Z-AH0 L-IH1 S-AH0 N-ER0


...even though there is something like spotify-

IY1 V-IH0-N DH-OW1 DH-EH1 R-IH1-Z S-AH1-M TH-IH0 NG-L-AY1-K-S P-AA1 T-AH0 F-AY2


...where you can pay $10 and there's everything on there."

W-EH1 R-Y-UW1 K-AE1-N P-EY1 T-EH1-N D-AA1 L-ER0 Z-AH0-N-D T-IY1 HH-IY1 R-IH1 Z-EH1 V-R-IY0 TH-IH2 NG-AA1-N DH-EH1-R


so i think that getting over that hurdle,-

S-OW1 AY1 TH-IH1-NG-K DH-AE1-T G-EH1 T-IH0 NG-OW1 V-ER0 DH-AE1-T HH-ER1 D-AH0-L


...and i guess the only way to get over that hurdle is going to be by somehow making these tokens so this-

AH0-N D-AY1 G-EH1-S DH-AH0 OW1 N-L-IY0 W-EY1 T-UW1 G-EH1 T-OW1 V-ER0 DH-AE1-T HH-ER1 D-AH0 L-IH1-Z G-OW1 IH0-NG T-UW1 B-IY1 B-AY1 S-AH1-M HH-AW2 M-EY1 K-IH0-NG DH-IY1-Z T-OW1 K-AH0-N-Z S-OW1 DH-IH1-S


we think that that's important. we've talked about those as experiences-

W-IY1 TH-IH1-NG-K DH-AE1-T TH-AE1-T S-IH0-M P-AO1-R T-AH0-N T-W-IY1-V T-AO1-K T-AH0 B-AW1-T DH-OW1 Z-AE1 Z-IH0-K-S P-IH1 R-IY0 AH0-N S-IH0-Z


...which has become sort of a buzz word in the space-

W-IH1-CH HH-AE1-Z B-IH0 K-AH1-M S-AO1-R T-AH1 V-AH0 B-AH1 Z-W-ER1 D-IH0-N DH-AH0-S P-EY1-S


...of unique, personalized experiences, things like that. so yeah, so-

AH1 V-Y-UW0 N-IY1-K P-ER1 S-AH0 N-AH0 L-AY2-Z D-IH0-K-S P-IH1 R-IY0 AH0-N S-IH0-Z TH-IH1-NG Z-L-AY1-K DH-AE1-T S-OW1 Y-AE1 S-OW1


...the token.fm platform ties together with our e-commerce platform, which is called token-

DH-AH0 T-OW1 K-AH0-N F-EH2-M P-L-AE1-T F-AO2-R-M T-AY1-Z T-AH0 G-EH1 DH-ER0 W-IH1 DH-AW1 ER0 IY2 K-AH0 M-ER1-S P-L-AE1-T F-AO2-R M-W-IH1 CH-IH1-Z K-AO1-L-D T-OW1 K-AH0-N


...markets that allows for people to create-

M-AA1-R K-AH0-T-S DH-AE1 T-AH0 L-AW1-Z F-AO1-R P-IY1 P-AH0-L T-UW1 K-R-IY0 EY1-T


...different types of events and different types of-

D-IH1 F-ER0 AH0-N-T T-AY1-P S-AH1 V-IH0 V-EH1-N-T S-AH0-N-D D-IH1 F-ER0 AH0-N-T T-AY1-P S-AH1-V


...like on facebook, except the artist is actually the one that gets the pay as opposed to-

L-AY1 K-AA1-N F-EY1-S B-UH2 K-IH0-K S-EH1-P-T DH-AH0 AA1-R T-AH0-S T-IH1 Z-AE1-K CH-AH0 W-AH0 L-IY0 DH-AH0 W-AH1-N DH-AE1-T G-EH1-T-S DH-AH0 P-EY1 AE1 Z-AH0 P-OW1-Z-D T-UW1


...deep permission systems. the other thing that's really-

D-IY1-P P-ER0 M-IH1 SH-AH0-N S-IH1-S T-AH0-M-Z DH-AH0 AH1 DH-ER0 TH-IH1-NG TH-AE1-T S-R-IH1 L-IY0


...the platform and the front end is just there because-

DH-AH0 P-L-AE1-T F-AO2-R M-AH0-N-D DH-AH0 F-R-AH1-N T-EH1-N D-IH1-Z JH-AH1-S-T DH-EH1-R B-IH0 K-AO1-Z


...we need a front end to kind of show off all the stuff we're doing on the backend.

W-IY1 N-IY1 D-AH0 F-R-AH1-N T-EH1-N-D T-UW1 K-AY1-N D-AH1-V SH-OW1 AO1 F-AO1-L DH-AH0-S T-AH1 F-W-ER0 D-UW1 IH0 NG-AA1-N DH-AH0 B-AE2 K-EH1-N-D


but where we really see this going is both to our-

B-AH1 T-W-EH1 R-W-IY1 R-IH1 L-IY0 S-IY1 DH-IH1-S G-OW1 IH0 NG-IH1-Z B-OW1-TH T-UW1 AW1 ER0


...websites. so the artist doesn't necessarily have to-

W-EH1-B S-AY2-T-S S-OW1 DH-AH0 AA1-R T-AH0-S-T D-OW1 S-AH0-N T-N-EH2 S-AH0 S-EH1 R-AH0 L-IY0 HH-AE1-V T-UW1


...confirm, they can just have them on their website. and because of the way the content licensing is handled,-

K-AH0-N F-ER1-M DH-EY1 K-AE1-N JH-AH1-S-T HH-AE1-V DH-EH1 M-AA1-N DH-EH1 R-W-EH1-B S-AY2 T-AH0-N-D B-IH0 K-AO1 Z-AH1-V DH-AH0 W-EY1 DH-AH0 K-AA1-N T-EH0-N T-L-AY1 S-AH0-N S-IH0 NG-IH1-Z HH-AE1-N D-AH0-L-D


...it's not handled at the platform level. it's handled at-

IH1-T S-N-AA1-T HH-AE1-N D-AH0-L D-AE1-T DH-AH0 P-L-AE1-T F-AO2-R M-L-EH1 V-AH0 L-IH1-T-S HH-AE1-N D-AH0-L D-AE1-T


...the user level with tokens.

DH-AH0 Y-UW1 Z-ER0 L-EH1 V-AH0 L-W-IH1-DH T-OW1 K-AH0-N-Z


they can still do the paid streaming and the artists can actually make money by running their own. basically a little streaming service there for people who want to interact with them on-

DH-EY1 K-AE1-N-S T-IH1-L D-UW1 DH-AH0 P-EY1-D-S T-R-IY1 M-IH0 NG-AH0-N-D DH-AH0 AA1-R T-AH0-S-T-S K-AE1 N-AE1-K CH-AH0 W-AH0 L-IY0 M-EY1 K-M-AH1 N-IY0 B-AY1 R-AH1 N-IH0-NG DH-EH1 R-OW1-N B-EY1 S-IH0 K-L-IY0 AH0 L-IH1 T-AH0-L-S T-R-IY1 M-IH0-NG S-ER1 V-AH0-S DH-EH1-R F-AO1-R P-IY1 P-AH0-L HH-UW1 W-AA1-N-T T-UW1 IH2-N T-ER0 AE1-K T-W-IH1-DH DH-EH1 M-AA1-N


...their website. the other side of it is applications. you very rarely or never see a band come out with their own brand-

DH-EH1 R-W-EH1-B S-AY2-T DH-AH0 AH1 DH-ER0 S-AY1 D-AH1 V-IH1 T-IH1 Z-AE2 P-L-AH0 K-EY1 SH-AH0-N Z-Y-UW1 V-EH1 R-IY0 R-EH1-R L-IY0 AO1-R N-EH1 V-ER0 S-IY1 AH0 B-AE1-N-D K-AH1 M-AW1 T-W-IH1-DH DH-EH1 R-OW1-N B-R-AE1-N-D


...or did streaming application. and if you do, they're huge because again, the licenses are held at the application level.

AO1-R D-IH1-D-S T-R-IY1 M-IH0 NG-AE2 P-L-AH0 K-EY1 SH-AH0 N-AH0-N D-IH1 F-Y-UW1 D-UW1 TH-EH1-R HH-Y-UW1-JH B-IH0 K-AO1 Z-AH0 G-EH1-N DH-AH0 L-AY1 S-AH0-N S-IH0 Z-AA1-R HH-EH1-L D-AE1-T DH-AH0 AE2 P-L-AH0 K-EY1 SH-AH0 N-L-EH1 V-AH0-L


we've separated the licenses from the platform.

W-IY1-V S-EH1 P-ER0 EY2 T-AH0-D DH-AH0 L-AY1 S-AH0-N S-IH0-Z F-R-AH1-M DH-AH0 P-L-AE1-T F-AO2-R-M


so now an artist can build the application.

S-OW1 N-AW1 AE1 N-AA1-R T-AH0-S-T K-AE1-N B-IH1-L-D DH-AH0 AE2 P-L-AH0 K-EY1 SH-AH0-N


it can have all of their music in it highlighted up front and all of that stuff, but a person can-

IH1-T K-AE1-N HH-AE1 V-AO1 L-AH1-V DH-EH1-R M-Y-UW1 Z-IH0 K-IH0 N-IH1-T HH-AY1 L-AY2 T-IH0 D-AH1-P F-R-AH1-N T-AH0-N D-AO1 L-AH1-V DH-AE1-T-S T-AH1-F B-AH1 T-AH0 P-ER1 S-AH0-N K-AE1-N


there are other licenses and just basically enjoy their music collection through this application, even though-

DH-EH1 R-AA1 R-AH1 DH-ER0 L-AY1 S-AH0-N S-IH0 Z-AH0-N-D JH-AH1-S-T B-EY1 S-IH0 K-L-IY0 EH0-N JH-OY1 DH-EH1-R M-Y-UW1 Z-IH0-K K-AH0 L-EH1-K SH-AH0-N TH-R-UW1 DH-IH1 S-AE2 P-L-AH0 K-EY1 SH-AH0 N-IY1 V-IH0-N DH-OW1


...beck or whatever, doesn't actually have any metallica licenses. so as long as they've both issued tokens that represent these-

B-EH1 K-AO1 R-W-AH2 T-EH1 V-ER0 D-OW1 S-AH0-N T-AE1-K CH-AH0 W-AH0 L-IY0 HH-AE1 V-EH1 N-IY0 M-AH0 T-AE1 L-IH0 K-AH0 L-AY1 S-AH0-N S-IH0-Z S-OW1 AE1 Z-L-AO1 NG-AE1-Z DH-EY1-V B-OW1 TH-IH1 SH-UW0-D T-OW1 K-AH0-N-Z DH-AE1 T-R-EH2 P-R-AH0 Z-EH1-N-T DH-IY1-Z


...things, then they work in each other's applications simply because there's no foreseeability.

TH-IH1-NG-Z DH-EH1-N DH-EY1 W-ER1 K-IH0 N-IY1 CH-AH1 DH-ER0 Z-AE2 P-L-AH0 K-EY1 SH-AH0-N-Z S-IH1-M P-L-IY0 B-IH0 K-AO1-Z DH-EH1-R Z-N-OW1 F-AO2-R S-IY0 AH0 B-IH1 L-AH0 T-IY0


i think another reason maybe why there's not that many band specific applications is because-

AY1 TH-IH1-NG K-AH0 N-AH1 DH-ER0 R-IY1 Z-AH0-N M-EY1 B-IY0 W-AY1 DH-EH1-R Z-N-AA1-T DH-AE1 T-M-EH1 N-IY0 B-AE1-N-D-S P-AH0 S-IH1 F-IH0 K-AE2 P-L-AH0 K-EY1 SH-AH0-N Z-IH1-Z B-IH0 K-AO1-Z


...and not just one specific band. and now-

AH0-N D-N-AA1-T JH-AH1-S T-W-AH1-N-S P-AH0 S-IH1 F-IH0-K B-AE1-N D-AH0-N D-N-AW1


...when it becomes interesting to create a separate application, like let's say metallica has their own app. i don't know if they do.

W-EH1 N-IH1-T B-IH0 K-AH1-M Z-IH1-N T-R-AH0-S T-IH0-NG T-UW1 K-R-IY0 EY1 T-AH0 S-EH1 P-ER0 IH0 T-AE2 P-L-AH0 K-EY1 SH-AH0 N-L-AY1 K-L-EH1-T-S S-EY1 M-AH0 T-AE1 L-IH0 K-AH0 HH-AE1-Z DH-EH1 R-OW1 N-AE1 P-AY1 D-AA1-N T-N-OW1 IH1-F DH-EY1 D-UW1


it's because they have enough content to feed that app. so not only music-

IH1-T-S B-IH0 K-AO1-Z DH-EY1 HH-AE1 V-IH0 N-AH1-F K-AA1-N T-EH0-N-T T-UW1 F-IY1-D DH-AE1 T-AE1-P S-OW1 N-AA1 T-OW1 N-L-IY0 M-Y-UW1 Z-IH0-K


...content, but exclusive content and videos and tour days-

K-AA1-N T-EH0-N-T B-AH1 T-IH0-K-S K-L-UW1 S-IH0-V K-AA1-N T-EH0-N T-AH0-N-D V-IH1 D-IY0 OW0 Z-AH0-N-D T-UH1-R D-EY1-Z


...and all that kind of stuff. if you're a small band or maybe even they're relatively successful,-

AH0-N D-AO1-L DH-AE1-T K-AY1-N D-AH1-V-S T-AH1 F-IH1 F-Y-UH1 R-AH0 S-M-AO1-L B-AE1-N D-AO1-R M-EY1 B-IY0 IY1 V-IH0-N TH-EH1-R R-EH1 L-AH0 T-IH0 V-L-IY0 S-AH0-K S-EH1-S F-AH0-L


...getting all that extra content.

G-EH1 T-IH0 NG-AO1-L DH-AE1 T-EH1-K-S T-R-AH0 K-AA1-N T-EH0-N-T


well, i think that's the thing is that in this type of paradigm, you don't-

W-EH1 L-AY1 TH-IH1-NG-K TH-AE1-T-S DH-AH0 TH-IH1 NG-IH1-Z DH-AE1 T-IH0-N DH-IH1-S T-AY1 P-AH1-V P-EH1 R-AH0 D-AY2 M-Y-UW1 D-AA1-N-T


...need to convince people that your music is the music to listen to you. you need to just say-

N-IY1-D T-UW1 K-AH0-N V-IH1-N-S P-IY1 P-AH0-L DH-AE1 T-Y-AO1-R M-Y-UW1 Z-IH0 K-IH1-Z DH-AH0 M-Y-UW1 Z-IH0-K T-UW1 L-IH1 S-AH0-N T-UW1 Y-UW1 Y-UW1 N-IY1-D T-UW1 JH-AH1-S-T S-EY1


... people talk about game tokens and-

P-IY1 P-AH0-L T-AO1 K-AH0 B-AW1-T G-EY1-M T-OW1 K-AH0-N Z-AH0-N-D


...and like say, oh, blizzard is a good-

AH0-N D-L-AY1-K S-EY1 OW1 B-L-IH1 Z-ER0 D-IH1 Z-AH0 G-UH1-D


...they have all these games, right? it'd be so good for them to connect them together. but-

DH-EY1 HH-AE1 V-AO1-L DH-IY1-Z G-EY1-M Z-R-AY1 T-AY1 T-AH0-D B-IY1 S-OW1 G-UH1-D F-AO1-R DH-EH1-M T-UW1 K-AH0 N-EH1-K-T DH-EH1-M T-AH0 G-EH1 DH-ER0 B-AH1-T


...blizzard actually has the least incentive out of anybody because they already have a platform-

B-L-IH1 Z-ER0 D-AE1-K CH-AH0 W-AH0 L-IY0 HH-AE1-Z DH-AH0 L-IY1-S T-IH0-N S-EH1-N T-IH0 V-AW1 T-AH1 V-EH1 N-IY0 B-AH0 D-IY0 B-IH0 K-AO1-Z DH-EY1 AO0-L R-EH1 D-IY0 HH-AE1 V-AH0 P-L-AE1-T F-AO2-R-M


...that connects their games together without using an extra layer. so what they get from it is really-

DH-AE1-T K-AH0 N-EH1-K-T-S DH-EH1-R G-EY1-M-Z T-AH0 G-EH1 DH-ER0 W-IH0 TH-AW1 T-Y-UW1 Z-IH0 NG-AE1 N-EH1-K-S T-R-AH0 L-EY1 ER0 S-OW1 W-AH1-T DH-EY1 G-EH1-T F-R-AH1 M-IH1 T-IH1 Z-R-IH1 L-IY0


...much, much less than if you were to say, take-

M-AH1 CH-M-AH1 CH-L-EH1-S DH-AE1 N-IH1 F-Y-UW1 W-ER0 T-UW1 S-EY1 T-EY1-K


...10 different indie studios out there that each have one game-

P-OY1-N T-W-AH1 N-OW1 D-IH1 F-ER0 AH0-N T-IH1-N D-IY0-S T-UW1 D-IY0 OW2 Z-AW1-T DH-EH1-R DH-AE1 T-IY1-CH HH-AE1 V-W-AH1-N G-EY1-M


...and connect them together. now they've got something that's really valuable,-

AH0-N-D K-AH0 N-EH1-K-T DH-EH1-M T-AH0 G-EH1 DH-ER0 N-AW1 DH-EY1-V G-AA1-T S-AH1-M TH-IH0-NG TH-AE1-T S-R-IH1 L-IY0 V-AE1 L-Y-AH0 B-AH0-L


...but they can play together. they can have interoperability. so what you see is that it's not that there's no advantage for people who are already big.

B-AH1-T DH-EY1 K-AE1-N P-L-EY1 T-AH0 G-EH1 DH-ER0 DH-EY1 K-AE1-N HH-AE1 V-IH2-N T-ER0 AH0 P-ER0 B-IH1 L-AH0 T-IY0 S-OW1 W-AH1 T-Y-UW1 S-IY1 IH1-Z DH-AE1 T-IH1-T S-N-AA1-T DH-AE1-T DH-EH1-R Z-N-OW1 AE0-D V-AE1-N T-IH0-JH F-AO1-R P-IY1 P-AH0-L HH-UW1 AA1 R-AO0-L R-EH1 D-IY0 B-IH1-G


so it's a level playing field in that somebody who's independent and small-

S-OW1 IH1-T S-AH0 L-EH1 V-AH0-L P-L-EY1 IH0-NG F-IY1-L D-IH0-N DH-AE1-T S-AH1-M B-AA2 D-IY0 HH-UW1 Z-IH2-N D-IH0 P-EH1-N D-AH0-N T-AH0-N-D S-M-AO1-L


...has all of the same advantages and opportunities that somebody already has who is big. that doesn't take away the advantage from the guy that's big, but it does-

HH-AE1 Z-AO1 L-AH1-V DH-AH0 S-EY1 M-AE0-D V-AE1-N T-IH0 JH-IH0 Z-AH0-N D-AA2 P-ER0 T-UW1 N-AH0 T-IY0-Z DH-AE1-T S-AH1-M B-AA2 D-IY0 AO0-L R-EH1 D-IY0 HH-AE1-Z HH-UW1 IH1-Z B-IH1-G DH-AE1-T D-OW1 S-AH0-N-T T-EY1 K-AH0 W-EY1 DH-AH0 AE0-D V-AE1-N T-IH0-JH F-R-AH1-M DH-AH0 G-AY1 TH-AE1-T-S B-IH1-G B-AH1 T-IH1-T D-AH1-Z


...which is good and bad, depending on your perspective.okay. fantastic. well,-

W-IH1 CH-IH1-Z G-UH1 D-AH0-N-D B-AE1-D D-IH0 P-EH1-N D-IH0 NG-AA1 N-Y-AO1-R P-ER0-S P-EH0-K T-IH1 V-IH0 K-IY0 F-AE0-N T-AE1-S T-IH0 K-W-EH1-L


...by the project, or per line of code-

B-AY1 DH-AH0 P-R-AA1 JH-EH0-K T-AO1-R P-ER1 L-AY1 N-AH1-V K-OW1-D


...for less than a dollar, create a customized digital token on the bitcoin blockchain-

F-AO1-R L-EH1-S DH-AE1 N-AH0 D-AA1 L-ER0 K-R-IY0 EY1 T-AH0 K-AH1-S T-AH0 M-AY2-Z-D D-IH1 JH-AH0 T-AH0-L T-OW1 K-AH0 N-AA1-N DH-AH0 B-IH1-T K-AH0-N B-L-AA1-K HH-EY2-N


...which you control and issue at will. and which allows you to know with 100-

W-IH1 CH-Y-UW1 K-AH0-N T-R-OW1 L-AH0-N D-IH1 SH-UW0 AE1 T-W-IH1 L-AH0-N D-W-IH1 CH-AH0 L-AW1 Z-Y-UW1 T-UW1 N-OW1 W-IH1 DH-W-AH1-N HH-AH1-N D-R-AH0-D


...% certainty, that anyone who has your token, must've gotten it from you or someone who first got it from you-

S-ER1 T-AH0-N T-IY0 DH-AE1 T-EH1 N-IY0 W-AH2-N HH-UW1 HH-AE1 Z-Y-AO1-R T-OW1 K-AH0-N M-AH1-S-T V-IH0 G-AA1 T-AH0 N-IH1-T F-R-AH1 M-Y-UW1 AO1-R S-AH1 M-W-AH2-N HH-UW1 F-ER1-S-T G-AA1 T-IH1-T F-R-AH1 M-Y-UW1


...because otherwise it provably could not exist-

B-IH0 K-AO1 Z-AH1 DH-ER0 W-AY2 Z-IH1-T P-R-UW1 V-AH0 L-IY0 K-UH1 D-N-AA1 T-IH0-G Z-IH1-S-T


...which can be given to friends, swapped or saved as the purchaser sees fit and-

W-IH1-CH K-AE1-N B-IY1 G-IH1 V-AH0-N T-UW1 F-R-EH1-N-D-Z S-W-AA1-P T-AO1-R S-EY1-V D-AE1-Z DH-AH0 P-ER1 CH-AH0 S-ER0 S-IY1-Z F-IH1 T-AH0-N-D


...eventually redeemed on your website in place of other payments and in compliance with the rules you-

IH0 V-EH1-N CH-AH0 W-AH0 L-IY0 R-IH0 D-IY1-M D-AA1 N-Y-AO1 R-W-EH1-B S-AY2 T-IH0-N P-L-EY1 S-AH1 V-AH1 DH-ER0 P-EY1 M-AH0-N-T S-AH0-N D-IH0-N K-AH0-M P-L-AY1 AH0-N S-W-IH1-DH DH-AH0 R-UW1-L Z-Y-UW1


...let's talk bitcoin podcast, which the last time i did a conference, which was about-

L-EH1-T-S T-AO1-K B-IH1-T K-AH0-N P-OW1-D K-AE2-S T-W-IH1-CH DH-AH0 L-AE1-S-T T-AY1 M-AY1 D-IH1 D-AH0 K-AA1-N F-ER0 AH0-N S-W-IH1 CH-W-AA1 Z-AH0 B-AW1-T


...maybe 18 months ago. a lot of people had heard of. i'm curious if that's still the case.

M-EY1 B-IY0 EY0 T-IY1-N M-AH1-N-TH S-AH0 G-OW1 AH0 L-AA1 T-AH1-V P-IY1 P-AH0-L HH-AE1-D HH-ER1 D-AH1 V-AY1 AE1-M K-Y-UH1 R-IY0 AH0 S-IH1-F TH-AE1-T-S-S T-IH1-L DH-AH0 K-EY1-S


okay, great. thank you. hi everybody.

OW2 K-EY1 G-R-EY1-T TH-AE1-NG K-Y-UW1 HH-AY1 EH1 V-R-IY0 B-AA2 D-IY0


so i founded the let's talk bitcoin podcast to explore the ideas, people and projects-

S-OW1 AY1 F-AW1-N D-AH0-D DH-AH0 L-EH1-T-S T-AO1-K B-IH1-T K-AH0-N P-OW1-D K-AE2-S-T T-UW1 IH0-K-S P-L-AO1-R DH-AH0 AY0 D-IY1 AH0-Z P-IY1 P-AH0 L-AH0-N-D P-R-AA1 JH-EH0-K-T-S


so it's hard to give this talk because-

S-OW1 IH1-T-S HH-AA1-R-D T-UW1 G-IH1-V DH-IH1-S T-AO1-K B-IH0 K-AO1-Z


...like i said, i haven't done a conference in the last 18 months and that's been, because i fell down a rabbit hole and wound up turning from a journalist-

L-AY1 K-AY1 S-EH1 D-AY1 HH-AE1 V-AH0-N-T D-AH1 N-AH0 K-AA1-N F-ER0 AH0-N S-IH0-N DH-AH0 L-AE1-S T-EY0 T-IY1-N M-AH1-N-TH S-AH0-N-D TH-AE1-T-S B-IH1-N B-IH0 K-AO1 Z-AY1 F-EH1-L D-AW1 N-AH0 R-AE1 B-AH0-T HH-OW1 L-AH0-N D-W-AW1-N D-AH1-P T-ER1 N-IH0-NG F-R-AH1 M-AH0 JH-ER1 N-AH0 L-AH0-S-T


...into somebody who's actually starting a company running one of these things and trying to bring some of these interesting innovations that i saw as possibilities into reality because-

IH0-N T-UW1 S-AH1-M B-AA2 D-IY0 HH-UW1 Z-AE1-K CH-AH0 W-AH0 L-IY0-S T-AA1-R T-IH0 NG-AH0 K-AH1-M P-AH0 N-IY0 R-AH1 N-IH0 NG-W-AH1 N-AH1-V DH-IY1-Z TH-IH1-NG Z-AH0-N-D T-R-AY1 IH0-NG T-UW1 B-R-IH1-NG S-AH1 M-AH1-V DH-IY1 Z-IH1-N T-R-AH0-S T-IH0 NG-IH2 N-AH0 V-EY1 SH-AH0-N-Z DH-AE1 T-AY1 S-AO1 AE1-Z P-AA2 S-AH0 B-IH1 L-AH0 T-IY0 Z-IH0-N T-UW1 R-IY0 AE1 L-AH0 T-IY0 B-IH0 K-AO1-Z


...wasn't happening fast enough.

W-AO1-S-T HH-AE1 P-AH0 N-IH0-NG F-AE1-S T-IH0 N-AH1-F


there we go. tokens and cryptocurrency are like apples and oranges. they're both fruit-

DH-EH1 R-W-IY1 G-OW1 T-OW1 K-AH0-N Z-AH0-N-D K-R-IH1 P-AH0 K-Y-AH0 N-ER0 SH-IY0 AA1-R L-AY1 K-AE1 P-AH0-L Z-AH0-N D-AO1 R-AH0-N JH-AH0-Z TH-EH1-R B-OW1-TH F-R-UW1-T


...but with different characteristics, both cryptocurrencies and tokens use blockchain.

B-AH1 T-W-IH1-DH D-IH1 F-ER0 AH0-N-T K-EH2 R-AH0-K T-ER0 IH1-S T-IH0-K-S B-OW1-TH K-R-IH1-P K-AH0 Y-ER2 AH0 S-N-IY0 Z-AH0-N-D T-OW1 K-AH0-N Z-Y-UW1-Z B-L-AA1-K HH-EY2-N


in contrast an unlimited number of tokens issued by different people can use a blockchain as can use a blockchain like bitcoin.

IH0-N K-AA1-N T-R-AE0-S T-AE1 N-AH0 N-L-IH1 M-AH0 T-AH0 D-N-AH1-M B-ER0 AH1-V T-OW1 K-AH0-N Z-IH1 SH-UW0-D B-AY1 D-IH1 F-ER0 AH0-N-T P-IY1 P-AH0-L K-AE1 N-Y-UW1 Z-AH0 B-L-AA1-K HH-EY2 N-AE1-Z K-AE1 N-Y-UW1 Z-AH0 B-L-AA1-K HH-EY2 N-L-AY1-K B-IH1-T K-AH0-N


while something like bitcoin is valuable because it literally is how you pay the postage-

W-AY1-L S-AH1-M TH-IH0 NG-L-AY1-K B-IH1-T K-AH0 N-IH1-Z V-AE1 L-Y-AH0 B-AH0-L B-IH0 K-AO1 Z-IH1 T-L-IH1 T-ER0 AH0 L-IY0 IH1-Z HH-AW1 Y-UW1 P-EY1 DH-AH0 P-OW1-S T-AH0-JH


...to send things on the bitcoin network.

T-UW1 S-EH1-N-D TH-IH1-NG Z-AA1-N DH-AH0 B-IH1-T K-AH0-N N-EH1 T-W-ER2-K


...but i generically call tokens, can't be used to pay that fee. and so for a token to be valuable-

B-AH1 T-AY1 JH-AH0 N-EH1 R-IH0 K-L-IY0 K-AO1-L T-OW1 K-AH0-N-Z K-AE1-N-T B-IY1 Y-UW1-Z-D T-UW1 P-EY1 DH-AE1-T F-IY1 AH0-N-D S-OW1 F-AO1 R-AH0 T-OW1 K-AH0-N T-UW1 B-IY1 V-AE1 L-Y-AH0 B-AH0-L


...there must be something about it that makes it desirable or useful-

DH-EH1-R M-AH1-S-T B-IY1 S-AH1-M TH-IH0 NG-AH0 B-AW1 T-IH1-T DH-AE1 T-M-EY1-K S-IH1-T D-IH0 Z-AY1 R-AH0 B-AH0 L-AO1 R-Y-UW1-S F-AH0-L


...which can be held by users in a single wallet-

W-IH1-CH K-AE1-N B-IY1 HH-EH1-L-D B-AY1 Y-UW1 Z-ER0 Z-IH0 N-AH0 S-IH1-NG G-AH0 L-W-AO1 L-AH0-T


...basically enjoying all of the advantages of a blockchain and none of the costs-

B-EY1 S-IH0 K-L-IY0 EH0-N JH-OY1 IH0 NG-AO1 L-AH1-V DH-AH0 AE0-D V-AE1-N T-IH0 JH-IH0 Z-AH1 V-AH0 B-L-AA1-K HH-EY2 N-AH0-N D-N-AH1 N-AH1-V DH-AH0 K-AA1-S-T-S


...while the technology is there to do just about anything with a token.

W-AY1-L DH-AH0 T-EH0 K-N-AA1 L-AH0 JH-IY0 IH1-Z DH-EH1-R T-UW1 D-UW1 JH-AH1-S T-AH0 B-AW1 T-EH1 N-IY0 TH-IH2 NG-W-IH1 DH-AH0 T-OW1 K-AH0-N


these possibilities are restricted by legal systems around the world.

DH-IY1-Z P-AA2 S-AH0 B-IH1 L-AH0 T-IY0 Z-AA1-R R-IY0-S T-R-IH1-K T-AH0-D B-AY1 L-IY1 G-AH0-L S-IH1-S T-AH0-M Z-ER0 AW1-N-D DH-AH0 W-ER1-L-D


just to get right term straight, a currency token is something that has no value except that which the market gives it.

JH-AH1-S-T T-UW1 G-EH1 T-R-AY1-T T-ER1-M-S T-R-EY1 T-AH0 K-ER1 AH0-N S-IY0 T-OW1 K-AH0 N-IH1-Z S-AH1-M TH-IH0-NG DH-AE1-T HH-AE1 Z-N-OW1 V-AE1 L-Y-UW0 IH0-K S-EH1-P-T DH-AE1 T-W-IH1-CH DH-AH0 M-AA1-R K-AH0-T G-IH1-V Z-IH1-T


an inequity type token is anything that looks, walks or quacks like a token sold to those who wants to-

AE1 N-IH0 N-EH1 K-W-AH0 T-IY0 T-AY1-P T-OW1 K-AH0 N-IH1 Z-EH1 N-IY0 TH-IH2-NG DH-AE1 T-L-UH1-K S-W-AO1-K S-AO1-R K-W-AE1-K S-L-AY1 K-AH0 T-OW1 K-AH0-N S-OW1-L-D T-UW1 DH-OW1-Z HH-UW1 W-AA1-N-T-S T-UW1


...basically, investing in something and expecting a return.

B-EY1 S-IH0 K-L-IY0 IH0-N V-EH1-S T-IH0 NG-IH0-N S-AH1-M TH-IH0 NG-AH0-N D-IH0-K-S P-EH1-K T-IH0 NG-AH0 R-IH0 T-ER1-N


so it's really less about the technology and what we can do with it, and more about who gets to decide what we do with it and whether those being-

S-OW1 IH1-T S-R-IH1 L-IY0 L-EH1 S-AH0 B-AW1-T DH-AH0 T-EH0 K-N-AA1 L-AH0 JH-IY0 AH0-N D-W-AH1 T-W-IY1 K-AE1-N D-UW1 W-IH1 DH-IH1 T-AH0-N D-M-AO1 R-AH0 B-AW1-T HH-UW1 G-EH1-T-S T-UW1 D-IH0 S-AY1 D-W-AH1 T-W-IY1 D-UW1 W-IH1 DH-IH1 T-AH0-N D-W-EH1 DH-ER0 DH-OW1-Z B-IY1 IH0-NG


...disrupted are willing to give permission to those doing the disrupting.

D-IH0 S-R-AH1-P T-IH0 D-AA1 R-W-IH1 L-IH0-NG T-UW1 G-IH1-V P-ER0 M-IH1 SH-AH0-N T-UW1 DH-OW1-Z D-UW1 IH0-NG DH-AH0 D-IH0 S-R-AH1-P T-IH0-NG


by contrast, non currency uses of tokens are not trying to do anything the governments or regulatory bodies care about too much-

B-AY1 K-AA1-N T-R-AE0-S T-N-AA1-N K-ER1 AH0-N S-IY0 Y-UW1 S-IH0 Z-AH1-V T-OW1 K-AH0-N Z-AA1-R N-AA1-T T-R-AY1 IH0-NG T-UW1 D-UW1 EH1 N-IY0 TH-IH2-NG DH-AH0 G-AH1 V-ER0 M-AH0-N-T S-AO1-R R-EH1 G-Y-AH0 L-AH0 T-AO2 R-IY0 B-AA1 D-IY0-Z K-EH1 R-AH0 B-AW1-T T-UW1 M-AH1-CH


...without much of the drama that seems unavoidable when presenting a revolutionary alternative to global financial systems.

W-IH0 TH-AW1 T-M-AH1 CH-AH1-V DH-AH0 D-R-AA1 M-AH0 DH-AE1-T S-IY1-M Z-AH2 N-AH0 V-OY1 D-AH0 B-AH0 L-W-EH1-N P-R-IH0 Z-EH1-N T-IH0 NG-AH0 R-EH2 V-AH0 L-UW1 SH-AH0 N-EH2 R-IY0 AO0-L T-ER1 N-AH0 T-IH0-V T-UW1 G-L-OW1 B-AH0-L F-AH0 N-AE1-N SH-AH0-L S-IH1-S T-AH0-M-Z


once purchased the merchant doesn't need to worry about who they owe the product to.

W-AH1-N-S P-ER1 CH-AH0-S-T DH-AH0 M-ER1 CH-AH0-N-T D-OW1 S-AH0-N T-N-IY1-D T-UW1 W-ER1 IY0 AH0 B-AW1-T HH-UW1 DH-EY1 OW1 DH-AH0 P-R-AA1 D-AH0-K-T T-UW1


they only need to make sure that they fulfill their side of the bargain-

DH-EY1 OW1 N-L-IY0 N-IY1-D T-UW1 M-EY1-K SH-UH1-R DH-AE1-T DH-EY1 F-UH0-L F-IH1-L DH-EH1-R S-AY1 D-AH1-V DH-AH0 B-AA1-R G-AH0-N


...this means that a token can trade hands, dozens, or even hundreds of times without the merchant knowing. and yet they can trust that if a user has their to-

DH-IH1 S-M-IY1-N-Z DH-AE1 T-AH0 T-OW1 K-AH0-N K-AE1-N T-R-EY1-D HH-AE1-N-D-Z D-AH1 Z-AH0-N Z-AO1 R-IY1 V-IH0-N HH-AH1-N D-R-AH0-D Z-AH1-V T-AY1-M Z-W-IH0 TH-AW1-T DH-AH0 M-ER1 CH-AH0-N T-N-OW1 IH0 NG-AH0-N D-Y-EH1-T DH-EY1 K-AE1-N T-R-AH1-S-T DH-AE1 T-IH1 F-AH0 Y-UW1 Z-ER0 HH-AE1-Z DH-EH1-R T-UW1


...and they were paid for that product at some point in the past.

AH0-N-D DH-EY1 W-ER0 P-EY1-D F-AO1-R DH-AE1-T P-R-AA1 D-AH0-K T-AE1-T S-AH1-M P-OY1-N T-IH0-N DH-AH0 P-AE1-S-T


a simple example here is, user buys a product in token form. there's a big gap where a whole lot of different things can happen.

AH0 S-IH1-M P-AH0 L-IH0-G Z-AE1-M P-AH0-L HH-IY1 R-IH1 Z-Y-UW1 Z-ER0 B-AY1 Z-AH0 P-R-AA1 D-AH0-K T-IH0-N T-OW1 K-AH0-N F-AO1-R-M DH-EH1-R Z-AH0 B-IH1-G G-AE1 P-W-EH1 R-AH0 HH-OW1-L L-AA1 T-AH1-V D-IH1 F-ER0 AH0-N-T TH-IH1-NG-Z K-AE1-N HH-AE1 P-AH0-N


and then someone redeems the token for the product that it represents.

AH0-N-D DH-EH1-N S-AH1 M-W-AH2 N-R-AH0 D-IY1-M-Z DH-AH0 T-OW1 K-AH0-N F-AO1-R DH-AH0 P-R-AA1 D-AH0-K-T DH-AE1 T-IH1 T-R-EH2 P-R-AH0 Z-EH1-N-T-S


a more interesting example is crowdfunding, basically. i am absolutely a sucker for the use case with crowdfunding. it's the first thing that we're going after with tokenly. and it's really-

AH0 M-AO1 R-IH1-N T-R-AH0-S T-IH0 NG-IH0-G Z-AE1-M P-AH0 L-IH1-Z K-R-AW1-D F-AH0-N D-IH0-NG B-EY1 S-IH0 K-L-IY0 AY1 AE1 M-AE2-B S-AH0 L-UW1 T-L-IY0 AH0 S-AH1 K-ER0 F-AO1-R DH-AH0 Y-UW1-S K-EY1 S-W-IH1-DH K-R-AW1-D F-AH0-N D-IH0 NG-IH1-T-S DH-AH0 F-ER1-S-T TH-IH1-NG DH-AE1 T-W-ER0 G-OW1 IH0 NG-AE1-F T-ER0 W-IH1-DH T-OW1 K-L-AH0 N-IY0 AH0-N D-IH1-T S-R-IH1 L-IY0


...these here are pretty ridiculous. let's just look at this for a second.

DH-IY1-Z HH-IY1 R-AA1-R P-R-IH1 T-IY0 R-IH0 D-IH1 K-Y-AH0 L-AH0 S-L-EH1-T-S JH-AH1-S T-L-UH1 K-AE1-T DH-IH1-S F-AO1 R-AH0 S-EH1 K-AH0-N-D


in her campaign, her crowdfunding campaign, then alice will promise bob a remote when it's ready to ship. this-

IH0-N HH-ER0 K-AE0-M P-EY1-N HH-ER0 K-R-AW1-D F-AH0-N D-IH0-NG K-AE0-M P-EY1-N DH-EH1 N-AE1 L-AH0 S-W-IH1-L P-R-AA1 M-AH0-S B-AA1 B-AH0 R-IH0 M-OW1 T-W-EH1 N-IH1-T S-R-EH1 D-IY0 T-UW1 SH-IH1-P DH-IH1-S


...doesn't really work that well for bob or alice, because if bob changes his mind and needs his money back, the-

D-OW1 S-AH0-N T-R-IH1 L-IY0 W-ER1-K DH-AE1 T-W-EH1-L F-AO1-R B-AA1 B-AO1 R-AE1 L-AH0-S B-IH0 K-AO1 Z-IH1-F B-AA1-B CH-EY1-N JH-AH0-Z HH-IH1 Z-M-AY1-N D-AH0-N D-N-IY1-D-Z HH-IH1 Z-M-AH1 N-IY0 B-AE1-K DH-AH0


...only person. he can get it back from is alice. and chances are pretty good-

OW1 N-L-IY0 P-ER1 S-AH0-N HH-IY1 K-AE1-N G-EH1 T-IH1-T B-AE1-K F-R-AH1 M-IH1 Z-AE1 L-AH0 S-AH0-N-D CH-AE1-N S-AH0 Z-AA1-R P-R-IH1 T-IY0 G-UH1-D


...that alice already spent it trying to make that remote for him.

DH-AE1 T-AE1 L-AH0 S-AO0-L R-EH1 D-IY0-S P-EH1-N T-IH1-T T-R-AY1 IH0-NG T-UW1 M-EY1-K DH-AE1 T-R-IH0 M-OW1-T F-AO1-R HH-IH1-M


he funds bob and makes the project more likely to fail because one of the backers just pulled out and wanted their money back with-

HH-IY1 F-AH1-N-D-Z B-AA1 B-AH0-N D-M-EY1-K-S DH-AH0 P-R-AA1 JH-EH0-K T-M-AO1-R L-AY1 K-L-IY0 T-UW1 F-EY1-L B-IH0 K-AO1 Z-W-AH1 N-AH1-V DH-AH0 B-AE1 K-ER0-Z JH-AH1-S-T P-UH1-L D-AW1 T-AH0-N D-W-AA1-N T-AH0-D DH-EH1-R M-AH1 N-IY0 B-AE1 K-W-IH1-DH


...or alice leaves bob with the unhappy result of he has a promise and there's not-

AO1 R-AE1 L-AH0 S-L-IY1-V-Z B-AA1 B-W-IH1-DH DH-AH0 AH0-N HH-AE1 P-IY0 R-IH0 Z-AH1-L T-AH1-V HH-IY1 HH-AE1 Z-AH0 P-R-AA1 M-AH0 S-AH0-N-D DH-EH1-R Z-N-AA1-T


...hope you like that remote.

HH-OW1 P-Y-UW1 L-AY1-K DH-AE1 T-R-IH0 M-OW1-T


once she successfully raised her money, alice could-

W-AH1-N-S SH-IY1 S-AH0-K S-EH1-S F-AH0 L-IY0 R-EY1-Z-D HH-ER0 M-AH1 N-IY0 AE1 L-AH0-S K-UH1-D


...instead create a unique token to represent each type of reward that she sold to her campaign backers-

IH0-N-S T-EH1-D K-R-IY0 EY1 T-AH0 Y-UW0 N-IY1-K T-OW1 K-AH0-N T-UW1 R-EH2 P-R-AH0 Z-EH1-N T-IY1-CH T-AY1 P-AH1 V-R-IH0 W-AO1-R-D DH-AE1-T SH-IY1 S-OW1-L-D T-UW1 HH-ER0 K-AE0-M P-EY1-N B-AE1 K-ER0-Z


...instead of getting a promise, they have a cash-like representation of their support that they can do whatever they want with.

IH0-N-S T-EH1 D-AH1-V G-EH1 T-IH0 NG-AH0 P-R-AA1 M-AH0-S DH-EY1 HH-AE1 V-AH0 K-AE1 SH-L-AY2 K-R-EH2 P-R-AH0 Z-EH0-N T-EY1 SH-AH0 N-AH1-V DH-EH1-R S-AH0 P-AO1-R-T DH-AE1-T DH-EY1 K-AE1-N D-UW1 W-AH2 T-EH1 V-ER0 DH-EY1 W-AA1-N T-W-IH1-DH


he can find somebody else who's interested to buy it from him or-

HH-IY1 K-AE1-N F-AY1-N-D S-AH1-M B-AA2 D-IY0 EH1-L-S HH-UW1 Z-IH1-N T-R-AH0-S T-AH0-D T-UW1 B-AY1 IH1-T F-R-AH1-M HH-IH1 M-AO1-R


....or even set up his own online vending machine, offering extra tokens here-

AO1 R-IY1 V-IH0-N S-EH1 T-AH1-P HH-IH1 Z-OW1 N-AO1 N-L-AY2-N V-EH1-N D-IH0-NG M-AH0 SH-IY1 N-AO1 F-ER0 IH0 NG-EH1-K-S T-R-AH0 T-OW1 K-AH0-N-Z HH-IY1-R


...that's for sale and buying ones that he'd like more of.

TH-AE1-T-S F-AO1-R S-EY1 L-AH0-N-D B-AY1 IH0 NG-W-AH1-N-Z DH-AE1-T HH-EH1 D-L-AY1 K-M-AO1 R-AH1-V


...please sets up her e-commerce system to accept credit cards and cryptocurrencies-

P-L-IY1-Z S-EH1-T S-AH1-P HH-ER0 IY2 K-AH0 M-ER1-S S-IH1-S T-AH0-M T-UW1 AE0-K S-EH1-P-T K-R-EH1 D-AH0-T K-AA1-R-D Z-AH0-N-D K-R-IH1-P K-AH0 Y-ER2 AH0 S-N-IY0-Z


...prices set in dollars with her reward tokens and accepting her-

P-R-AY1 S-AH0-Z S-EH1 T-IH0-N D-AA1 L-ER0 Z-W-IH1-DH HH-ER0 R-IH0 W-AO1-R-D T-OW1 K-AH0-N Z-AH0-N D-AE0-K S-EH1-P T-IH0-NG HH-ER0


...reward tokens at fixed value. i love that you used the term redemption, john-

R-IH0 W-AO1-R-D T-OW1 K-AH0-N Z-AE1-T F-IH1-K-S-T V-AE1 L-Y-UW0 AY1 L-AH1-V DH-AE1 T-Y-UW1 Y-UW1-S-T DH-AH0 T-ER1 M-R-IH0 D-EH1-M-P SH-AH0-N JH-AA1-N


...it's a term that we're not really hearing that much yet because people view these tokens as-

IH1-T S-AH0 T-ER1-M DH-AE1 T-W-ER0 N-AA1 T-R-IH1 L-IY0 HH-IY1 R-IH0-NG DH-AE1 T-M-AH1 CH-Y-EH1-T B-IH0 K-AO1-Z P-IY1 P-AH0-L V-Y-UW1 DH-IY1-Z T-OW1 K-AH0-N Z-AE1-Z


...the last and probably my favorite kind of use would be accessed-

DH-AH0 L-AE1-S T-AH0-N-D P-R-AA1 B-AH0 B-L-IY0 M-AY1 F-EY1 V-ER0 IH0-T K-AY1-N D-AH1 V-Y-UW1 S-W-UH1-D B-IY1 AE1-K S-EH2-S-T


...tokens, which we've been working with for about a year and a half now.

T-OW1 K-AH0-N Z-W-IH1 CH-W-IY1-V B-IH1 N-W-ER1 K-IH0 NG-W-IH1-DH F-AO1 R-AH0 B-AW1 T-AH0 Y-IH1 R-AH0-N D-AH0 HH-AE1 F-N-AW1


you can think about them like tradable passwords in cryptocurrency form that grant you specific kinds of access, not for spending them-

Y-UW1 K-AE1-N TH-IH1-NG K-AH0 B-AW1-T DH-EH1 M-L-AY1-K T-R-EY1 D-AH0 B-AH0-L P-AE1 S-W-ER2-D Z-IH0-N K-R-IH1 P-AH0 K-Y-AH0 N-ER0 SH-IY0 F-AO1-R-M DH-AE1-T G-R-AE1-N T-Y-UW1-S P-AH0 S-IH1 F-IH0-K K-AY1-N-D Z-AH1 V-AE1-K S-EH2 S-N-AA1-T F-AO1-R-S P-EH1-N D-IH0-NG DH-EH1-M


...but for possessing them. if we know that a single bitcoin address can contain any number of tokens-

B-AH1-T F-AO1-R P-AH0 Z-EH1 S-IH0-NG DH-EH1 M-IH1 F-W-IY1 N-OW1 DH-AE1 T-AH0 S-IH1-NG G-AH0-L B-IH1-T K-AH0 N-AE1 D-R-EH2-S K-AE1-N K-AH0-N T-EY1 N-EH1 N-IY0 N-AH1-M B-ER0 AH1-V T-OW1 K-AH0-N-Z


...then at any website service or app can-

DH-EH1 N-AE1 T-EH1 N-IY0 W-EH1-B S-AY2-T S-ER1 V-AH0 S-AO1 R-AE1-P K-AE1-N


...non exclusively, ask a user to prove that they own a bitcoin address.

N-AA1 N-IH0-K-S K-L-UW1 S-IH0 V-L-IY0 AE1-S K-AH0 Y-UW1 Z-ER0 T-UW1 P-R-UW1-V DH-AE1-T DH-EY1 OW1 N-AH0 B-IH1-T K-AH0 N-AE1 D-R-EH2-S


and then treat its contents as the user's property, giving them-

AH0-N-D DH-EH1-N T-R-IY1 T-IH1-T-S K-AA1-N T-EH0-N-T S-AE1-Z DH-AH0 Y-UW1 Z-ER0-Z P-R-AA1 P-ER0 T-IY0 G-IH1 V-IH0-NG DH-EH1-M


...specific powers, access, privileges, or rights within the platform to-

S-P-AH0 S-IH1 F-IH0-K P-AW1 ER0 Z-AE1-K S-EH2-S P-R-IH1 V-L-AH0 JH-AH0 Z-AO1-R R-AY1-T S-W-IH0 DH-IH1-N DH-AH0 P-L-AE1-T F-AO2-R-M T-UW1


...this example, alice can also decide to-

DH-IH1 S-IH0-G Z-AE1-M P-AH0 L-AE1 L-AH0-S K-AE1 N-AO1-L S-OW0 D-IH0 S-AY1-D T-UW1


...who has each of the various rewards now.

HH-UW1 HH-AE1 Z-IY1 CH-AH1-V DH-AH0 V-EH1 R-IY0 AH0 S-R-IH0 W-AO1-R-D Z-N-AW1


alice can let all backers access the same information, or can give different specific types of permissions and even communicate differently based on the tokens each supporter has.

AE1 L-AH0-S K-AE1 N-L-EH1 T-AO1-L B-AE1 K-ER0 Z-AE1-K S-EH2-S DH-AH0 S-EY1 M-IH2-N F-ER0 M-EY1 SH-AH0 N-AO1-R K-AE1-N G-IH1-V D-IH1 F-ER0 AH0-N-T-S P-AH0 S-IH1 F-IH0-K T-AY1-P S-AH1-V P-ER0 M-IH1 SH-AH0-N Z-AH0-N D-IY1 V-IH0-N K-AH0 M-Y-UW1 N-AH0 K-EY2-T D-IH1 F-R-AH0-N T-L-IY0 B-EY1-S T-AA1-N DH-AH0 T-OW1 K-AH0-N Z-IY1-CH S-AH0 P-AO1-R T-ER0 HH-AE1-Z


tokens, i do it generically. there are a number of different technologies and protocols that you can create them on-

T-OW1 K-AH0-N Z-AY1 D-UW1 IH1-T JH-AH0 N-EH1 R-IH0 K-L-IY0 DH-EH1 R-AA1 R-AH0 N-AH1-M B-ER0 AH1-V D-IH1 F-ER0 AH0-N-T T-EH0 K-N-AA1 L-AH0 JH-IY0 Z-AH0-N-D P-R-OW1 T-AH0 K-AO2-L-Z DH-AE1 T-Y-UW1 K-AE1-N K-R-IY0 EY1-T DH-EH1 M-AA1-N


...was pretty much the only stable platform at the time we were looking-

W-AA1-Z P-R-IH1 T-IY0 M-AH1-CH DH-AH0 OW1 N-L-IY0-S T-EY1 B-AH0-L P-L-AE1-T F-AO2-R M-AE1-T DH-AH0 T-AY1 M-W-IY1 W-ER0 L-UH1 K-IH0-NG


...and while every protocol has its specific mix of advantages and disadvantages, they all-

AH0-N D-W-AY1 L-EH1 V-ER0 IY0 P-R-OW1 T-AH0 K-AA2-L HH-AE1 Z-IH1-T-S-S P-AH0 S-IH1 F-IH0 K-M-IH1-K S-AH1 V-AE0-D V-AE1-N T-IH0 JH-IH0 Z-AH0-N-D D-IH2 S-AH0-D V-AE1-N T-IH0 JH-IH0-Z DH-EY1 AO1-L


...cash-like brandable tokens. the question really became for us-

K-AE1 SH-L-AY2-K B-R-AE1-N D-AH0 B-AH0-L T-OW1 K-AH0-N-Z DH-AH0 K-W-EH1-S CH-AH0 N-R-IH1 L-IY0 B-IH0 K-EY1-M F-AO1 R-AH1-S


...how do you make it useful?

HH-AW1 D-UW1 Y-UW1 M-EY1 K-IH1 T-Y-UW1-S F-AH0-L


another commonality between the various technologies is that the token by itself can do nothing. when i'm talking about token-controlled access, that is a two part system.

AH0 N-AH1 DH-ER0 K-AA2 M-AH0 N-AE1 L-AH0 T-IY0 B-IH0 T-W-IY1-N DH-AH0 V-EH1 R-IY0 AH0-S T-EH0 K-N-AA1 L-AH0 JH-IY0 Z-IH1-Z DH-AE1-T DH-AH0 T-OW1 K-AH0-N B-AY1 IH0-T S-EH1-L-F K-AE1-N D-UW1 N-AH1 TH-IH0 NG-W-EH1 N-IH1-M T-AO1 K-IH0 NG-AH0 B-AW1-T T-AH0 K-EH1-N T-AH0 K-R-AH0-N T-AH0-L D-AE1-K S-EH2-S DH-AE1 T-IH1 Z-AH0 T-UW1 P-AA1-R-T S-IH1-S T-AH0-M


the token part is taken care of on the blockchain, but the rules-

DH-AH0 T-OW1 K-AH0-N P-AA1-R T-IH1-Z T-EY1 K-AH0-N K-EH1 R-AH1 V-AA1-N DH-AH0 B-L-AA1-K HH-EY2-N B-AH1-T DH-AH0 R-UW1-L-Z


...and the procedures and everything-

AH0-N-D DH-AH0 P-R-AH0 S-IY1 JH-ER0 Z-AH0-N D-EH1 V-R-IY0 TH-IH2-NG


...that a platform wants to bestow on whoever has it, that all happens entirely within that closed platform. it's-

DH-AE1 T-AH0 P-L-AE1-T F-AO2-R M-W-AA1-N-T-S T-UW1 B-IH0-S T-OW1 AA1-N HH-UW0 EH1 V-ER0 HH-AE1 Z-IH1-T DH-AE1 T-AO1-L HH-AE1 P-AH0-N Z-IH0-N T-AY1 ER0 L-IY0 W-IH0 DH-IH1-N DH-AE1-T K-L-OW1-Z-D P-L-AE1-T F-AO2-R M-IH1-T-S


...the key no longer lives on your server, where it's vulnerable to being hacked or vulnerable to being stolen. and because of that, again-

DH-AH0 K-IY1 N-OW1 L-AO1-NG G-ER0 L-IH1-V Z-AA1 N-Y-AO1-R S-ER1 V-ER0 W-EH1 R-IH1-T-S V-AH1-L N-ER0 AH0 B-AH0-L T-UW1 B-IY1 IH0-NG HH-AE1-K T-AO1-R V-AH1-L N-ER0 AH0 B-AH0-L T-UW1 B-IY1 IH0-NG-S T-OW1 L-AH0 N-AH0-N-D B-IH0 K-AO1 Z-AH1-V DH-AE1 T-AH0 G-EH1-N


...actually having the right, having the ownership of the thing that they've purchased from you, whether it be a membership or anything else-

AE1-K CH-AH0 W-AH0 L-IY0 HH-AE1 V-IH0-NG DH-AH0 R-AY1-T HH-AE1 V-IH0-NG DH-AH0 OW1 N-ER0 SH-IH2 P-AH1-V DH-AH0 TH-IH1-NG DH-AE1-T DH-EY1-V P-ER1 CH-AH0-S-T F-R-AH1 M-Y-UW1 W-EH1 DH-ER0 IH1-T B-IY1 AH0 M-EH1-M B-ER0 SH-IH2 P-AO1 R-EH1 N-IY0 TH-IH2 NG-EH1-L-S


...i believe was the first cryptographic token rewards program launched in june of 2014.

AY1 B-IH0 L-IY1 V-W-AA1-Z DH-AH0 F-ER1-S-T K-R-IH2-P T-AA1 G-R-AH0 F-IH0-K T-OW1 K-AH0 N-R-IH0 W-AO1-R-D-Z P-R-OW1 G-R-AE2 M-L-AO1-N-CH T-IH0-N JH-UW1 N-AH1-V T-W-EH1-N T-IY0 F-AO1-R T-IY1-N


we'd created the token define what kind of users would earn it-

W-EH1-D K-R-IY0 EY1 T-AH0-D DH-AH0 T-OW1 K-AH0-N D-IH0 F-AY1 N-W-AH1-T K-AY1-N D-AH1 V-Y-UW1 Z-ER0 Z-W-UH1 D-ER1 N-IH1-T


...and even build a simple tool that sent out unique amounts to hundreds and eventually thousands of participants.

AH0-N D-IY1 V-IH0-N B-IH1-L D-AH0 S-IH1-M P-AH0-L T-UW1-L DH-AE1-T S-EH1-N T-AW1 T-Y-UW0 N-IY1 K-AH0 M-AW1-N-T-S T-UW1 HH-AH1-N D-R-AH0-D Z-AH0-N D-IH0 V-EH1-N CH-AH0 W-AH0 L-IY0 TH-AW1 Z-AH0-N-D Z-AH1-V P-AA0-R T-IH1 S-AH0 P-AH0-N-T-S


one of the important things to note about this stuff is that, bitcoin is where you should prototype things-

W-AH1 N-AH1-V DH-AH0 IH0-M P-AO1-R T-AH0-N-T TH-IH1-NG-Z T-UW1 N-OW1 T-AH0 B-AW1-T DH-IH1-S-S T-AH1 F-IH1-Z DH-AE1-T B-IH1-T K-AH0 N-IH1 Z-W-EH1 R-Y-UW1 SH-UH1-D P-R-OW1 T-AH0 T-AY2-P TH-IH1-NG-Z


...gains, but it's not going to be on the basic bitcoin blockchain, but that says-

G-EY1-N-Z B-AH1 T-IH1-T S-N-AA1-T G-OW1 IH0-NG T-UW1 B-IY1 AA1-N DH-AH0 B-EY1 S-IH0-K B-IH1-T K-AH0-N B-L-AA1-K HH-EY2-N B-AH1-T DH-AE1-T S-EH1-Z


...fraction. it's where you can prove if your idea is worth building.

F-R-AE1-K SH-AH0 N-IH1-T S-W-EH1 R-Y-UW1 K-AE1-N P-R-UW1 V-IH1 F-Y-AO1 R-AY0 D-IY1 AH0 IH1 Z-W-ER1-TH B-IH1-L D-IH0-NG


excited about ethereum and everything else, but the reality-

IH0-K S-AY1 T-AH0 D-AH0 B-AW1 T-EH1 TH-R-IY0 AH0 M-AH0-N D-EH1 V-R-IY0 TH-IH2 NG-EH1-L-S B-AH1-T DH-AH0 R-IY0 AE1 L-AH0 T-IY0


...is what's out now actually works. we can-

IH1 Z-W-AH0-T S-AW1 T-N-AW1 AE1-K CH-AH0 W-AH0 L-IY0 W-ER1-K S-W-IY1 K-AE1-N


...happened now, and that's kind of another commonalities. all of this stuff happens right now.

HH-AE1 P-AH0-N D-N-AW1 AH0-N-D TH-AE1-T-S K-AY1-N D-AH1 V-AH0 N-AH1 DH-ER0 K-AA2 M-AH0 N-AE1 L-AH0 T-IY0 Z-AO1 L-AH1-V DH-IH1-S-S T-AH1-F HH-AE1 P-AH0-N Z-R-AY1 T-N-AW1


from first sight, i was hooked on this concept.

F-R-AH1-M F-ER1-S-T S-AY1 T-AY1 W-AA1-Z HH-UH1-K T-AA1-N DH-IH1-S K-AA1-N S-EH0-P-T


further, it could be the basis for a whole variety of tools.

F-ER1 DH-ER0 IH1-T K-UH1-D B-IY1 DH-AH0 B-EY1 S-AH0-S F-AO1 R-AH0 HH-OW1-L V-ER0 AY1 AH0 T-IY0 AH1-V T-UW1-L-Z


it would enable everything from threshold based crowdfunding, to auctions, to charity drives. the only problem was, jeremy's company was new and quick-

IH1 T-W-UH1 D-EH0 N-EY1 B-AH0 L-EH1 V-R-IY0 TH-IH2-NG F-R-AH1-M TH-R-EH1 SH-OW2-L-D B-EY1-S-T K-R-AW1-D F-AH0-N D-IH0-NG T-UW1 AA1-K SH-AH0-N-Z T-UW1 CH-EH1 R-IH0 T-IY0 D-R-AY1-V-Z DH-AH0 OW1 N-L-IY0 P-R-AA1 B-L-AH0 M-W-AA1-Z JH-EH1 R-AH0 M-IY0-Z K-AH1-M P-AH0 N-IY0 W-AA1 Z-N-UW1 AH0-N-D K-W-IH1-K


...quickly became overwhelmed and to make a long story short, while i'm-

K-W-IH1 K-L-IY0 B-IH0 K-EY1 M-OW2 V-ER0 W-EH1-L-M D-AH0-N-D T-UW1 M-EY1 K-AH0 L-AO1-NG-S T-AO1 R-IY0 SH-AO1-R T-W-AY1 L-IH1-M


...still waiting for that solution from vend, over the last-

S-T-IH1 L-W-EY1 T-IH0-NG F-AO1-R DH-AE1-T S-AH0 L-UW1 SH-AH0-N F-R-AH1-M V-EH1-N D-OW1 V-ER0 DH-AH0 L-AE1-S-T


...funded my own company. that's been building many of these same solutions, and tools.

F-AH1-N D-AH0 D-M-AY1 OW1-N K-AH1-M P-AH0 N-IY0 TH-AE1-T-S B-IH1-N B-IH1-L D-IH0-NG M-EH1 N-IY0 AH1-V DH-IY1-Z S-EY1-M S-AH0 L-UW1 SH-AH0-N Z-AH0-N-D T-UW1-L-Z


tokenly is an open source infrastructure company.

T-OW1 K-L-AH0 N-IY0 IH1 Z-AE1 N-OW1 P-AH0-N S-AO1-R S-IH2-N F-R-AH0-S T-R-AH1-K CH-ER0 K-AH1-M P-AH0 N-IY0


offering your users a secure, simple wallet.

AO1 F-ER0 IH0 NG-Y-AO1 R-Y-UW1 Z-ER0 Z-AH0 S-IH0 K-Y-UH1-R S-IH1-M P-AH0 L-W-AO1 L-AH0-T


which can have individual branded tokens in it or custom brand the entire wallet, although we're-

W-IH1-CH K-AE1-N HH-AE1 V-IH2-N D-AH0 V-IH1 JH-AH0 W-AH0-L B-R-AE1-N D-IH0-D T-OW1 K-AH0-N Z-IH0 N-IH1 T-AO1-R K-AH1-S T-AH0-M B-R-AE1-N-D DH-AH0 IH0-N T-AY1 ER0 W-AO1 L-AH0 T-AO2-L DH-OW1 W-ER0


...not encouraging people to do that because we've discovered that once they brand it, they stop updating it. and these products are very much in development. and-

N-AA1 T-EH0-N K-ER1 IH0 JH-IH0-NG P-IY1 P-AH0-L T-UW1 D-UW1 DH-AE1-T B-IH0 K-AO1 Z-W-IY1-V D-IH0-S K-AH1 V-ER0-D DH-AE1 T-W-AH1-N-S DH-EY1 B-R-AE1-N D-IH1-T DH-EY1-S T-AA1 P-AH0-P D-EY1 T-IH0 NG-IH1 T-AH0-N-D DH-IY1-Z P-R-AA1 D-AH0-K-T S-AA1-R V-EH1 R-IY0 M-AH1 CH-IH0-N D-IH0 V-EH1 L-AH0 P-M-AH0-N T-AH0-N-D


...it's of important that you keep updating them.-

IH1-T S-AH1 V-IH0-M P-AO1-R T-AH0-N-T DH-AE1 T-Y-UW1 K-IY1 P-AH0-P D-EY1 T-IH0-NG DH-EH1-M


...it into your store and perform normal sales, credit card sales, token sales, and token redemptions in one easy embeddable solution.

IH1 T-IH0-N T-UW1 Y-AO1-R-S T-AO1 R-AH0-N-D P-ER0 F-AO1-R-M N-AO1-R M-AH0-L S-EY1-L-Z K-R-EH1 D-AH0-T K-AA1-R-D S-EY1-L-Z T-OW1 K-AH0-N S-EY1-L Z-AH0-N-D T-OW1 K-AH0 N-R-IH0 D-EH1-M-P SH-AH0-N Z-IH0 N-W-AH1 N-IY1 Z-IY0 EH0-M B-EH1 D-AH0 B-AH0-L S-AH0 L-UW1 SH-AH0-N


and also we offer everything via api too, because that is the way of the world.

AH0-N D-AO1-L S-OW0 W-IY1 AO1 F-ER0 EH1 V-R-IY0 TH-IH2-NG V-AY1 AH0 AA1 P-IY0 T-UW1 B-IH0 K-AO1-Z DH-AE1 T-IH1-Z DH-AH0 W-EY1 AH1-V DH-AH0 W-ER1-L-D


these things need to be provided as solutions-

DH-IY1-Z TH-IH1-NG Z-N-IY1-D T-UW1 B-IY1 P-R-AH0 V-AY1 D-AH0 D-AE1-Z S-AH0 L-UW1 SH-AH0-N-Z


...not as an additional puzzle that everybody needs to uncover on their own.

N-AA1 T-AE1 Z-AE1 N-AH0 D-IH1 SH-AH0 N-AH0-L P-AH1 Z-AH0-L DH-AE1 T-EH1 V-R-IY0 B-AA2 D-IY0 N-IY1-D-Z T-UW1 AH0-N K-AH1 V-ER0 AA1-N DH-EH1 R-OW1-N


bogged down on this. the whole reason for this talk is because there are some solutions and some very interesting ideas that once-

B-AA1-G-D D-AW1 N-AA1-N DH-IH1-S DH-AH0 HH-OW1-L R-IY1 Z-AH0-N F-AO1-R DH-IH1-S T-AO1 K-IH1-Z B-IH0 K-AO1-Z DH-EH1 R-AA1-R S-AH1-M S-AH0 L-UW1 SH-AH0-N Z-AH0-N-D S-AH1-M V-EH1 R-IY0 IH1-N T-R-AH0-S T-IH0 NG-AY0 D-IY1 AH0-Z DH-AE1 T-W-AH1-N-S


..that is just understood this is possible.

DH-AE1 T-IH1-Z JH-AH1-S T-AH2-N D-ER0-S T-UH1-D DH-IH1 S-IH1-Z P-AA1 S-AH0 B-AH0-L


for example, i live in the napa valley and every-

F-AO1 R-IH0-G Z-AE1-M P-AH0 L-AY1 L-AY1 V-IH0-N DH-AH0 N-AE1 P-AH0 V-AE1 L-IY0 AH0-N D-EH1 V-ER0 IY0


...year. there's a big fundraiser and auction where attendees spent about $15 million in a night.

Y-IH1-R T-IY1 HH-IY1 R-IH1 Z-AH0 B-IH1-G F-AH1-N D-R-EY2 Z-ER0 AH0-N D-AA1-K SH-AH0 N-W-EH1 R-AH0 T-EH1-N D-IY1-Z-S P-EH1-N T-AH0 B-AW1-T F-IH0-F T-IY1-N M-IH1 L-Y-AH0-N D-AA1 L-ER0 Z-IH0 N-AH0 N-AY1-T


you've got to do your charitable giving on that particular night.

Y-UW1-V G-AA1-T T-UW1 D-UW1 Y-AO1-R CH-AE1 R-AH0 T-AH0 B-AH0-L G-IH1 V-IH0 NG-AA1-N DH-AE1-T P-ER0 T-IH1 K-Y-AH0 L-ER0 N-AY1-T


per month, vending machine sell a customized charity token you're-

P-ER1 M-AH1-N-TH V-EH1-N D-IH0-NG M-AH0 SH-IY1-N S-EH1 L-AH0 K-AH1-S T-AH0 M-AY2-Z-D CH-EH1 R-IH0 T-IY0 T-OW1 K-AH0 N-Y-UH1-R


...when the night of the auction arrives, donors from all over the world bid in real time with tokens received from their donations over the course of the year. and-

W-EH1-N DH-AH0 N-AY1 T-AH1-V DH-AH0 AA1-K SH-AH0 N-ER0 AY1-V-Z D-OW1 N-ER0-Z F-R-AH1 M-AO1 L-OW1 V-ER0 DH-AH0 W-ER1-L-D B-IH1 D-IH0 N-R-IY1-L T-AY1 M-W-IH1-DH T-OW1 K-AH0-N Z-R-AH0 S-IY1-V-D F-R-AH1-M DH-EH1-R D-OW0 N-EY1 SH-AH0-N Z-OW1 V-ER0 DH-AH0 K-AO1-R S-AH1-V DH-AH0 Y-IH1 R-AH0-N-D


...can always quickly donate more to get that winning edge.

K-AE1 N-AO1 L-W-EY2-Z K-W-IH1 K-L-IY0 D-OW1 N-EY2 T-M-AO1-R T-UW1 G-EH1-T DH-AE1 T-W-IH1 N-IH0 NG-EH1-JH


auctions really haven't changed much during my lifetime. whether you're talking about ebay or that wine auction, one of the-

AA1-K SH-AH0-N Z-R-IH1 L-IY0 HH-AE1 V-AH0-N-T CH-EY1-N-JH D-M-AH1-CH D-UH1 R-IH0-NG M-AY1 L-AY1-F T-AY2 M-W-EH1 DH-ER0 Y-UH1-R T-AO1 K-IH0 NG-AH0 B-AW1 T-EH1 B-EY0 AO1-R DH-AE1 T-W-AY1 N-AA1-K SH-AH0 N-W-AH1 N-AH1-V DH-AH0


you merely send more of the token to the auction.

Y-UW1 M-IH1-R L-IY0 S-EH1-N D-M-AO1 R-AH1-V DH-AH0 T-OW1 K-AH0-N T-UW1 DH-AH0 AA1-K SH-AH0-N


...a little bonus from whoever outbids you for your trouble.

AH0 L-IH1 T-AH0-L B-OW1 N-AH0-S F-R-AH1-M HH-UW0 EH1 V-ER0 AW1-T B-IH2-D Z-Y-UW1 F-AO1 R-Y-AO1-R T-R-AH1 B-AH0-L


and why stop there. each item being auctioned should itself be represented by a unique token redeemable for the prize.

AH0-N D-W-AY1-S T-AA1-P DH-EH1 R-IY1 CH-AY1 T-AH0-M B-IY1 IH0 NG-AO1-K SH-AH0-N-D SH-UH1 D-IH0-T S-EH1-L-F B-IY1 R-EH2 P-R-AH0 Z-EH1-N T-AH0-D B-AY1 AH0 Y-UW0 N-IY1-K T-OW1 K-AH0 N-R-IH0 D-IY1 M-AH0 B-AH0-L F-AO1-R DH-AH0 P-R-AY1-Z


which would allow people to bid and win items, even if they don't want, or can't use them themselves.

W-IH1 CH-W-UH1 D-AH0 L-AW1 P-IY1 P-AH0-L T-UW1 B-IH1 D-AH0-N D-W-IH1 N-AY1 T-AH0-M Z-IY1 V-IH0 N-IH1-F DH-EY1 D-AA1-N T-W-AA1-N T-AO1-R K-AE1-N T-Y-UW1-S DH-EH1-M DH-EH0-M S-EH1-L-V-Z


in token form, the prize can be traded, given and even sold without any impact or additional work on the part of whomever is providing the prize.

IH0-N T-OW1 K-AH0-N F-AO1-R-M DH-AH0 P-R-AY1-Z K-AE1-N B-IY1 T-R-EY1 D-IH0-D G-IH1 V-AH0 N-AH0-N D-IY1 V-IH0-N S-OW1-L D-W-IH0 TH-AW1 T-EH1 N-IY0 IH1-M P-AE0-K T-AO1 R-AH0 D-IH1 SH-AH0 N-AH0 L-W-ER1 K-AA1-N DH-AH0 P-AA1-R T-AH1-V HH-UW0 M-EH1 V-ER0 IH1-Z P-R-AH0 V-AY1 D-IH0-NG DH-AH0 P-R-AY1-Z


and this is another commonality and the things that i'm excited about. they present new empowering opportunities for users with-

AH0-N-D DH-IH1 S-IH1 Z-AH0 N-AH1 DH-ER0 K-AA2 M-AH0 N-AE1 L-AH0 T-IY0 AH0-N-D DH-AH0 TH-IH1-NG-Z DH-AE1 T-IH1 M-IH0-K S-AY1 T-AH0 D-AH0 B-AW1-T DH-EY1 P-R-IY0 Z-EH1-N T-N-UW1 IH0-M P-AW1 ER0 IH0 NG-AA2 P-ER0 T-UW1 N-AH0 T-IY0-Z F-AO1 R-Y-UW1 Z-ER0 Z-W-IH1-DH


...netflix. netflix's streaming services totally changed the way that i, along with quite a few others, consume content-

N-EH1-T F-L-IH0-K S-N-EH1-T F-L-IH0-K S-IH0-Z-S T-R-IY1 M-IH0-NG S-ER1 V-AH0 S-AH0-Z T-OW1 T-AH0 L-IY0 CH-EY1-N-JH-D DH-AH0 W-EY1 DH-AE1 T-AY1 AH0 L-AO1 NG-W-IH1-DH K-W-AY1 T-AH0 F-Y-UW1 AH1 DH-ER0-Z K-AH0-N S-UW1-M K-AA1-N T-EH0-N-T


...and for all the advantages that it has, you'll notice that there are quite a few titles they don't-

AH0-N-D F-AO1 R-AO1-L DH-AH0 AE0-D V-AE1-N T-IH0 JH-IH0-Z DH-AE1 T-IH1-T HH-AE1 Z-Y-UW1-L N-OW1 T-AH0-S DH-AE1-T DH-EH1 R-AA1-R K-W-AY1 T-AH0 F-Y-UW1 T-AY1 T-AH0-L-Z DH-EY1 D-AA1-N-T


...like their disks in a mail service, can only showcase titles, which-

L-AY1-K DH-EH1-R D-IH1-S-K S-IH0 N-AH0 M-EY1-L S-ER1 V-AH0-S K-AE1 N-OW1 N-L-IY0 SH-OW1 K-EY2-S T-AY1 T-AH0-L Z-W-IH1-CH


...it doesn't matter if i'd personally pay a dollar or 2.50 or $5 to watch a new release because the studios don't trust netflix and lacking trust that deal can't happen.

IH1-T D-OW1 S-AH0-N T-M-AE1 T-ER0 IH1 F-IH1-D P-ER1 S-AH0 N-AH0 L-IY0 P-EY1 AH0 D-AA1 L-ER0 AO1-R T-UW1 P-OY1-N-T F-AY1 V-OW1 AO1-R F-AY1-V D-AA1 L-ER0-Z T-UW1 W-AA1 CH-AH0 N-UW1 R-IY0 L-IY1-S B-IH0 K-AO1-Z DH-AH0-S T-UW1 D-IY0 OW2-Z D-AA1-N-T T-R-AH1-S T-N-EH1-T F-L-IH0-K S-AH0-N D-L-AE1 K-IH0-NG T-R-AH1-S-T DH-AE1-T D-IY1-L K-AE1-N-T HH-AE1 P-AH0-N


imagine for a second, that those publishers-

IH0 M-AE1 JH-AH0-N F-AO1 R-AH0 S-EH1 K-AH0-N-D DH-AE1-T DH-OW1-Z P-AH1 B-L-IH0 SH-ER0-Z


...netflix has to negotiate with, created redeemable and access tokens, that represent-

N-EH1-T F-L-IH0-K-S HH-AE1-Z T-UW1 N-AH0 G-OW1 SH-IY0 EY2 T-W-IH1-DH K-R-IY0 EY1 T-AH0 D-R-IH0 D-IY1 M-AH0 B-AH0 L-AH0-N D-AE1-K S-EH2-S T-OW1 K-AH0-N-Z DH-AE1 T-R-EH2 P-R-AH0 Z-EH1-N-T


...and allow the streaming of those premium films. now, instead of only having the, all you can eat option, netflix-

AH0-N D-AH0 L-AW1 DH-AH0-S T-R-IY1 M-IH0 NG-AH1-V DH-OW1-Z P-R-IY1 M-IY0 AH0-M F-IH1-L-M Z-N-AW1 IH0-N-S T-EH1 D-AH1 V-OW1 N-L-IY0 HH-AE1 V-IH0-NG DH-AH0 AO1 L-Y-UW1 K-AE1 N-IY1 T-AA1-P SH-AH0-N N-EH1-T F-L-IH0-K-S


...has the choice to buy for sale copies as access tokens.

HH-AE1-Z DH-AH0 CH-OY1-S T-UW1 B-AY1 F-AO1-R S-EY1-L K-AA1 P-IY0 Z-AE1 Z-AE1-K S-EH2-S T-OW1 K-AH0-N-Z


or single use tickets in the form of redeemable, potentially in bulk, and then rent or sell them to their users for a profit.

AO1-R S-IH1-NG G-AH0 L-Y-UW1-S T-IH1 K-AH0-T S-IH0-N DH-AH0 F-AO1-R M-AH1 V-R-IH0 D-IY1 M-AH0 B-AH0-L P-AH0 T-EH1-N SH-AH0 L-IY0 IH0-N B-AH1-L K-AH0-N-D DH-EH1 N-R-EH1-N T-AO1-R S-EH1-L DH-EH1-M T-UW1 DH-EH1 R-Y-UW1 Z-ER0-Z F-AO1 R-AH0 P-R-AA1 F-AH0-T


a user who just wants to watch the film once would buy the cheaper redeemable ticket and spend it to start the movie.

AH0 Y-UW1 Z-ER0 HH-UW1 JH-AH1-S T-W-AA1-N-T-S T-UW1 W-AA1-CH DH-AH0 F-IH1-L M-W-AH1-N S-W-UH1-D B-AY1 DH-AH0 CH-IY1 P-ER0 R-IH0 D-IY1 M-AH0 B-AH0-L T-IH1 K-AH0 T-AH0-N-D-S P-EH1-N D-IH1-T T-UW1-S T-AA1-R-T DH-AH0 M-UW1 V-IY0


and add that title to your premium library. when you're done with it-

AH0-N D-AE1-D DH-AE1-T T-AY1 T-AH0-L T-UW1 Y-AO1-R P-R-IY1 M-IY0 AH0 M-L-AY1 B-R-EH2 R-IY0 W-EH1 N-Y-UH1-R D-AH1 N-W-IH1 DH-IH1-T


...you can lend, give or sell it to someone else.

Y-UW1 K-AE1 N-L-EH1-N-D G-IH1 V-AO1-R S-EH1 L-IH1-T T-UW1 S-AH1 M-W-AH2 N-EH1-L-S


and actually netflix doesn't even have to sell these tokens directly. the film-

AH0-N D-AE1-K CH-AH0 W-AH0 L-IY0 N-EH1-T F-L-IH0-K-S D-OW1 S-AH0-N T-IY1 V-IH0-N HH-AE1-V T-UW1 S-EH1-L DH-IY1-Z T-OW1 K-AH0-N-Z D-ER0 EH1-K T-L-IY0 DH-AH0 F-IH1-L-M


...makers or publishers can set up their own vending machines, market directly to their audience and pay netflix to associate this token-

M-EY1 K-ER0 Z-AO1-R P-AH1 B-L-IH0 SH-ER0-Z K-AE1-N S-EH1 T-AH1-P DH-EH1 R-OW1-N V-EH1-N D-IH0-NG M-AH0 SH-IY1-N Z-M-AA1-R K-AH0-T D-ER0 EH1-K T-L-IY0 T-UW1 DH-EH1 R-AA1 D-IY0 AH0-N S-AH0-N-D P-EY1 N-EH1-T F-L-IH0-K-S T-UW1 AH0 S-OW1 S-IY0 EY2-T DH-IH1-S T-OW1 K-AH0-N


...and stream their video as merely a content delivery network.

AH0-N-D-S T-R-IY1-M DH-EH1-R V-IH1 D-IY0 OW0 AE1 Z-M-IH1-R L-IY0 AH0 K-AA1-N T-EH0-N-T D-IH0 L-IH1 V-ER0 IY0 N-EH1 T-W-ER2-K


on two and every other streaming service at the same time for that matter.

AA1-N T-UW1 AH0-N D-EH1 V-ER0 IY0 AH1 DH-ER0-S T-R-IY1 M-IH0-NG S-ER1 V-AH0 S-AE1-T DH-AH0 S-EY1-M T-AY1-M F-AO1-R DH-AE1 T-M-AE1 T-ER0


tokens up and the current reality where the platform does the picking, and sometimes, even gets exclusivity to one where the content creator, the filmmaker, the writer-

T-OW1 K-AH0-N Z-AH1 P-AH0-N-D DH-AH0 K-ER1 AH0-N T-R-IY0 AE1 L-AH0 T-IY0 W-EH1-R DH-AH0 P-L-AE1-T F-AO2-R-M D-AH1-Z DH-AH0 P-IH1 K-IH0 NG-AH0-N-D S-AH0-M T-AY1-M Z-IY1 V-IH0-N G-EH1-T S-EH2-K-S K-L-UW2 S-IH1 V-AH0 T-IY0 T-UW1 W-AH1 N-W-EH1-R DH-AH0 K-AA1-N T-EH0-N-T K-R-IY0 EY1 T-ER0 DH-AH0 F-IH1-L M-EY2 K-ER0 DH-AH0 R-AY1 T-ER0


...for whatever type of creative worker you can imagine, can use these closed gardens, merely as infrastructure providers, rather than having the option to partner, license or go away.

F-AO1 R-W-AH2 T-EH1 V-ER0 T-AY1 P-AH1-V K-R-IY0 EY1 T-IH0 V-W-ER1 K-ER0 Y-UW1 K-AE1 N-IH0 M-AE1 JH-AH0-N K-AE1 N-Y-UW1-Z DH-IY1-Z K-L-OW1-Z-D G-AA1-R D-AH0-N Z-M-IH1-R L-IY0 AE1 Z-IH2-N F-R-AH0-S T-R-AH1-K CH-ER0 P-R-AH0 V-AY1 D-ER0 Z-R-AE1 DH-ER0 DH-AE1-N HH-AE1 V-IH0-NG DH-AH0 AA1-P SH-AH0-N T-UW1 P-AA1-R T-N-ER0 L-AY1 S-AH0-N S-AO1-R G-OW1 AH0 W-EY1


if i want to sell my audio book on audible, why does-

IH1 F-AY1 W-AA1-N-T T-UW1 S-EH1-L M-AY1 AA1 D-IY0 OW2 B-UH1 K-AA1 N-AA1 D-AH0 B-AH0 L-W-AY1 D-AH1-Z


people which, for all of my life, has been trapped on closed proprietary platforms that eventually turned into abusive monopolies, and-

P-IY1 P-AH0 L-W-IH1-CH F-AO1 R-AO1 L-AH1 V-M-AY1 L-AY1-F HH-AE1-Z B-IH1-N T-R-AE1-P T-AA1-N K-L-OW1-Z-D P-R-AH0 P-R-AY1 AH0 T-EH2 R-IY0 P-L-AE1-T F-AO2-R-M-Z DH-AE1 T-IH0 V-EH1-N CH-AH0 W-AH0 L-IY0 T-ER1-N D-IH0-N T-UW1 AH0 B-Y-UW1 S-IH0 V-M-AH0 N-AA1 P-AH0 L-IY0 Z-AH0-N-D


...puts power into the hands of anyone who wants to create.

P-UH1-T-S P-AW1 ER0 IH0-N T-UW1 DH-AH0 HH-AE1-N-D Z-AH1 V-EH1 N-IY0 W-AH2-N HH-UW1 W-AA1-N-T-S T-UW1 K-R-IY0 EY1-T


in an environment where only bad options exist-

IH0 N-AE1 N-IH0-N V-AY1 R-AH0-N M-AH0-N T-W-EH1 R-OW1 N-L-IY0 B-AE1 D-AA1-P SH-AH0-N Z-IH0-G Z-IH1-S-T


it's the least bad will suffice. and that's been the story of ownership on the internet to this-

IH1-T-S DH-AH0 L-IY1-S-T B-AE1 D-W-IH1-L S-AH0 F-AY1 S-AH0-N-D TH-AE1-T-S B-IH1-N DH-AH0-S T-AO1 R-IY0 AH1 V-OW1 N-ER0 SH-IH2 P-AA1-N DH-AH0 IH1-N T-ER0 N-EH2-T T-UW1 DH-IH1-S


and put the individual on a level playing field, even with the biggest platform.

AH0-N-D P-UH1-T DH-AH0 IH2-N D-AH0 V-IH1 JH-AH0 W-AH0 L-AA1 N-AH0 L-EH1 V-AH0-L P-L-EY1 IH0-NG F-IY1-L D-IY1 V-IH0 N-W-IH1-DH DH-AH0 B-IH1 G-AH0-S-T P-L-AE1-T F-AO2-R-M


i have like 10 different papers that i can share with anybody who is actually interested detailing-

AY1 HH-AE1 V-L-AY1-K T-EH1-N D-IH1 F-ER0 AH0-N-T P-EY1 P-ER0-Z DH-AE1 T-AY1 K-AE1-N SH-EH1 R-W-IH1 DH-EH1 N-IY0 B-AH0 D-IY0 HH-UW1 IH1 Z-AE1-K CH-AH0 W-AH0 L-IY0 IH1-N T-R-AH0-S T-AH0-D D-IH0 T-EY1 L-IH0-NG


different business models. we think that the opportunity here is absolutely huge.

D-IH1 F-ER0 AH0-N-T B-IH1 Z-N-AH0 S-M-AA1 D-AH0-L Z-W-IY1 TH-IH1-NG-K DH-AE1-T DH-AH0 AA2 P-ER0 T-UW1 N-AH0 T-IY0 HH-IY1 R-IH1 Z-AE2-B S-AH0 L-UW1 T-L-IY0 HH-Y-UW1-JH


out of time. so i'm actually not out of time, i have three minutes and 50 seconds left. man i burned through that-

AW1 T-AH1-V T-AY1-M S-OW1 AY1 AE1 M-AE1-K CH-AH0 W-AH0 L-IY0 N-AA1 T-AW1 T-AH1-V T-AY1 M-AY1 HH-AE1-V TH-R-IY1 M-IH1 N-AH0-T S-AH0-N-D F-IH1-F T-IY0 S-EH1 K-AH0-N-D Z-L-EH1-F T-M-AE1 N-AY1 B-ER1-N-D TH-R-UW1 DH-AE1-T


so we've been in a closed alpha since july and basically-

S-OW1 W-IY1-V B-IH1 N-IH0 N-AH0 K-L-OW1-Z D-AE1-L F-AH0 S-IH1-N-S JH-UW2 L-AY1 AH0-N-D B-EY1 S-IH0 K-L-IY0


in july, we hit the point where we could release our-

IH0-N JH-UW2 L-AY1 W-IY1 HH-IH1-T DH-AH0 P-OY1-N T-W-EH1 R-W-IY1 K-UH1 D-R-IY0 L-IY1 S-AW1 ER0


varied most basic toolkit and discover all of the things that were wrong with it.

V-EH1 R-IY0 D-M-OW1-S-T B-EY1 S-IH0-K T-UW1-L K-IH2 T-AH0-N-D D-IH0-S K-AH1 V-ER0 AO1 L-AH1-V DH-AH0 TH-IH1-NG-Z DH-AE1 T-W-ER0 R-AO1 NG-W-IH1 DH-IH1-T


so our largest user actually to this point as a collectible card game.

S-OW1 AW1 ER0 L-AA1-R JH-AH0-S T-Y-UW1 Z-ER0 AE1-K CH-AH0 W-AH0 L-IY0 T-UW1 DH-IH1-S P-OY1-N T-AE1 Z-AH0 K-AH0 L-EH1-K T-AH0 B-AH0-L K-AA1-R-D G-EY1-M


collectible card game, and they use access tokens to represent cards within their system. so if you-

K-AH0 L-EH1-K T-AH0 B-AH0-L K-AA1-R-D G-EY1 M-AH0-N-D DH-EY1 Y-UW1 Z-AE1-K S-EH2-S T-OW1 K-AH0-N-Z T-UW1 R-EH2 P-R-AH0 Z-EH1-N-T K-AA1-R-D Z-W-IH0 DH-IH1-N DH-EH1-R S-IH1-S T-AH0-M S-OW1 IH1 F-Y-UW1


all of the tokens that correspond with cards-

AO1 L-AH1-V DH-AH0 T-OW1 K-AH0-N-Z DH-AE1-T K-AO2 R-AH0-S P-AA1-N D-W-IH1-DH K-AA1-R-D-Z


you get access to. and so the feedback that we've gotten-

Y-UW1 G-EH1 T-AE1-K S-EH2-S T-UW1 AH0-N-D S-OW1 DH-AH0 F-IY1-D B-AE2-K DH-AE1 T-W-IY1-V G-AA1 T-AH0-N


has been, this is great. we're making money hand over fist.

HH-AE1-Z B-IH1-N DH-IH1 S-IH1-Z G-R-EY1 T-W-ER0 M-EY1 K-IH0-NG M-AH1 N-IY0 HH-AE1-N D-OW1 V-ER0 F-IH1-S-T


can you implement this right now?

K-AE1 N-Y-UW1 IH1-M P-L-AH0 M-EH0-N-T DH-IH1 S-R-AY1 T-N-AW1


but that said, they are really our only successful use case at this point and collectible card games-

B-AH1-T DH-AE1-T S-EH1-D DH-EY1 AA1-R R-IH1 L-IY0 AW1 ER0 OW1 N-L-IY0 S-AH0-K S-EH1-S F-AH0 L-Y-UW1-S K-EY1 S-AE1-T DH-IH1-S P-OY1-N T-AH0-N-D K-AH0 L-EH1-K T-AH0 B-AH0-L K-AA1-R-D G-EY1-M-Z


these are tools that you don't have to use-

DH-IY1 Z-AA1-R T-UW1-L-Z DH-AE1 T-Y-UW1 D-AA1-N-T HH-AE1-V T-UW1 Y-UW1-Z


you don't need to go to ebay to have an auction anymore, basically.

Y-UW1 D-AA1-N T-N-IY1-D T-UW1 G-OW1 T-UW1 EH1 B-EY0 T-UW1 HH-AE1 V-AE1 N-AA1-K SH-AH0 N-EH2 N-IY0 M-AO1-R B-EY1 S-IH0 K-L-IY0


all you got to do is make sure that your auction-

AO1 L-Y-UW1 G-AA1-T T-UW1 D-UW1 IH1 Z-M-EY1-K SH-UH1-R DH-AE1 T-Y-AO1 R-AA1-K SH-AH0-N


is all happening on the bitcoin blockchain. and when it's on the bitcoin blockchain, that means you're-

IH1 Z-AO1-L HH-AE1 P-AH0 N-IH0 NG-AA1-N DH-AH0 B-IH1-T K-AH0-N B-L-AA1-K HH-EY2 N-AH0-N D-W-EH1 N-IH1-T S-AA1-N DH-AH0 B-IH1-T K-AH0-N B-L-AA1-K HH-EY2-N DH-AE1 T-M-IY1-N Z-Y-UH1-R


there's a concept that i'll just go over real briefly, that i've been excited about for almost two years now, called window shop-

DH-EH1-R Z-AH0 K-AA1-N S-EH0-P-T DH-AE1 T-IH1-L JH-AH1-S-T G-OW1 OW1 V-ER0 R-IY1-L B-R-IY1 F-L-IY0 DH-AE1 T-AY1-V B-IH1 N-IH0-K S-AY1 T-AH0 D-AH0 B-AW1-T F-AO1 R-AO1-L M-OW2-S-T T-UW1 Y-IH1-R Z-N-AW1 K-AO1-L D-W-IH1-N D-OW0 SH-AA1-P


the idea here is that using a normal display advertisement space, right? so this is not very valuable crm cost per thousand you know?

DH-AH0 AY0 D-IY1 AH0 HH-IY1 R-IH1-Z DH-AE1 T-Y-UW1 Z-IH0 NG-AH0 N-AO1-R M-AH0-L D-IH0-S P-L-EY1 AH0-D V-ER1 T-AH0 Z-M-AH0-N-T-S P-EY1 S-R-AY1-T S-OW1 DH-IH1 S-IH1 Z-N-AA1-T V-EH1 R-IY0 V-AE1 L-Y-AH0 B-AH0-L K-R-AH1-M K-AA1-S-T P-ER1 TH-AW1 Z-AH0-N D-Y-UW1 N-OW1


pennies on the... it's not very valuable. and that's been very frustrating to me as a content creator for a long time.

P-EH1 N-IY0 Z-AA1-N DH-AH0 IH1-T S-N-AA1-T V-EH1 R-IY0 V-AE1 L-Y-AH0 B-AH0 L-AH0-N-D TH-AE1-T-S B-IH1-N V-EH1 R-IY0 F-R-AH1-S T-R-EY2 T-IH0-NG T-UW1 M-IY1 AE1 Z-AH0 K-AA1-N T-EH0-N-T K-R-IY0 EY1 T-ER0 F-AO1 R-AH0 L-AO1-NG T-AY1-M


or a redemption system or whatever into any webpage-

AO1 R-AH0 R-IH0 D-EH1-M-P SH-AH0-N S-IH1-S T-AH0 M-AO1 R-W-AH2 T-EH1 V-ER0 IH0-N T-UW1 EH1 N-IY0 W-EH1-P B-EY2-JH


why can't you do it in display advertisements?

W-AY1 K-AE1-N T-Y-UW1 D-UW1 IH1 T-IH0-N D-IH0-S P-L-EY1 AE1-D V-ER0 T-AY2 Z-M-AH0-N-T-S


why isn't it that when i click on a display advertisement, it pops up and sells it to me right there on the site.

W-AY1 IH1 S-AH0-N T-IH1-T DH-AE1 T-W-EH1 N-AY1 K-L-IH1 K-AA1 N-AH0 D-IH0-S P-L-EY1 AH0-D V-ER1 T-AH0 Z-M-AH0-N T-IH1-T P-AA1-P S-AH1 P-AH0-N-D S-EH1-L Z-IH1-T T-UW1 M-IY1 R-AY1-T DH-EH1 R-AA1-N DH-AH0 S-AY1-T


if you look at the way that like wikipedia works in terms of advertising-

IH1 F-Y-UW1 L-UH1 K-AE1-T DH-AH0 W-EY1 DH-AE1 T-L-AY1 K-W-IH2 K-IH0 P-IY1 D-IY0 AH0 W-ER1-K S-IH0-N T-ER1-M Z-AH1 V-AE1-D V-ER0 T-AY2 Z-IH0-NG


you'll notice very quickly that people click on ads on wikipedia because they don't care that it's going to take them off the page.

Y-UW1-L N-OW1 T-AH0-S V-EH1 R-IY0 K-W-IH1 K-L-IY0 DH-AE1-T P-IY1 P-AH0-L K-L-IH1 K-AA1 N-AE1-D Z-AA1 N-W-IH2 K-IH0 P-IY1 D-IY0 AH0 B-IH0 K-AO1-Z DH-EY1 D-AA1-N-T K-EH1-R DH-AE1 T-IH1-T-S G-OW1 IH0-NG T-UW1 T-EY1-K DH-EH1 M-AO1-F DH-AH0 P-EY1-JH


but if you're like on a community site where you know want to participate.

B-AH1 T-IH1 F-Y-UH1-R L-AY1 K-AA1 N-AH0 K-AH0 M-Y-UW1 N-AH0 T-IY0 S-AY1 T-W-EH1 R-Y-UW1 N-OW1 W-AA1-N-T T-UW1 P-AA0-R T-IH1 S-AH0 P-EY2-T


then the advertisement might be interesting, but you're not looking to leave. and so the stickiness-

DH-EH1-N DH-AH0 AH0-D V-ER1 T-AH0 Z-M-AH0-N T-M-AY1-T B-IY1 IH1-N T-R-AH0-S T-IH0-NG B-AH1 T-Y-UH1-R N-AA1 T-L-UH1 K-IH0-NG T-UW1 L-IY1 V-AH0-N-D S-OW1 DH-AH0-S T-IH1 K-AH0-N S-AH0-Z


of those ads and the ability to generate those clicks goes down quite a lot.

AH1-V DH-OW1 Z-AE1-D Z-AH0-N-D DH-AH0 AH0 B-IH1 L-AH0 T-IY0 T-UW1 JH-EH1 N-ER0 EY2-T DH-OW1-Z K-L-IH1-K-S G-OW1-Z D-AW1-N K-W-AY1 T-AH0 L-AA1-T


i mean, the rabbit hole is really deep on this one.

AY1 M-IY1-N DH-AH0 R-AE1 B-AH0-T HH-OW1 L-IH1 Z-R-IH1 L-IY0 D-IY1 P-AA1-N DH-IH1 S-W-AH1-N


my company is entirely open source. we're building all of these things in a way that-

M-AY1 K-AH1-M P-AH0 N-IY0 IH1 Z-IH0-N T-AY1 ER0 L-IY0 OW1 P-AH0-N S-AO1-R S-W-ER0 B-IH1-L D-IH0 NG-AO1 L-AH1-V DH-IY1-Z TH-IH1-NG Z-IH0 N-AH0 W-EY1 DH-AE1-T


that will both spoil the market for companies that try to build it in a proprietary fashion.

DH-AE1 T-W-IH1-L B-OW1-TH-S P-OY1-L DH-AH0 M-AA1-R K-AH0-T F-AO1-R K-AH1-M P-AH0 N-IY0-Z DH-AE1-T T-R-AY1 T-UW1 B-IH1-L D-IH1 T-IH0 N-AH0 P-R-AH0 P-R-AY1 AH0 T-EH2 R-IY0 F-AE1 SH-AH0-N


because open source has never really had this opportunity before. most of the time-

B-IH0 K-AO1 Z-OW1 P-AH0-N S-AO1-R-S HH-AE1 Z-N-EH1 V-ER0 R-IH1 L-IY0 HH-AE1-D DH-IH1 S-AA2 P-ER0 T-UW1 N-AH0 T-IY0 B-IH0 F-AO1-R M-OW1-S T-AH1-V DH-AH0 T-AY1-M


what happens is an open source project comes in and-

W-AH1-T HH-AE1 P-AH0-N Z-IH1 Z-AE1 N-OW1 P-AH0-N S-AO1-R-S P-R-AA1 JH-EH0-K-T K-AH1-M Z-IH0 N-AH0-N-D


after a market has already been established. and so because of that, they're fighting incumbency and they're fighting prior adoption.

AE1-F T-ER0 AH0 M-AA1-R K-AH0-T HH-AE1 Z-AO0-L R-EH1 D-IY0 B-IH1 N-IH0-S T-AE1 B-L-IH0-SH T-AH0-N-D S-OW1 B-IH0 K-AO1 Z-AH1-V DH-AE1-T TH-EH1-R F-AY1 T-IH0 NG-IH0-N K-AH1-M B-AH0-N S-IY0 AH0-N-D TH-EH1-R F-AY1 T-IH0-NG P-R-AY1 ER0 AH0 D-AA1-P SH-AH0-N


but i saw a completely greenfield. and so the way that we've built it is-

B-AH1 T-AY1 S-AO1 AH0 K-AH0-M P-L-IY1 T-L-IY0 G-R-IY1-N F-IY2-L D-AH0-N-D S-OW1 DH-AH0 W-EY1 DH-AE1 T-W-IY1-V B-IH1-L T-IH1 T-IH1-Z