Yes, so this is, again, my personal opinion. I'm a very strong proponent for open source projects.
I think that, again, having the ability for everybody to look at the code
and having an ability to review and to improve the security is great. But there's a fine line
there. And I think, obviously, that does work when the good guys are looking at the code.
It doesn't always work when the bad guys are looking at the code and the good guys aren't
spending enough time looking at the code. And I think one of the things that I learned
through this process was there's some really good smart contract auditors out there. This is,
obviously, a very new field, probably only about two years old, I would say, in terms of the
industry. And I learned a lot by reading those reports in terms of how to attack the smart
contracts, which things to look for. So it was great for me learning. But was it all necessary
for me to know that? And I think where the balance comes is the stakeholders, they want to see that
an audit was done, hopefully by a reputable company or somebody that's done a lot of these
before. They want to know the results. Was there vulnerabilities? Were there not? They actually
want to know that the vulnerabilities have been fixed. And they want to know that it's happening
on a regular basis. Do they want to know all the detail? You know, for me, that's kind of
maybe going a little bit too far. And so, yeah, so I think it's just finding that right balance.
By showing everything, it does create a level of confidence that an audit actually did happen.
It was a real audit. It wasn't somebody that didn't know what they were doing,
saying everything's okay. There was a methodology that was followed, etc. But again, you know,
maybe an executive summary might be good enough. And then those that are interested could
potentially request a full audit if, for example, they're looking to invest a lot of money on that
platform. So that's typically how I think it should work in the future.
Yes, so DeFi is not regulated. That's correct. And I agree. I think that
what is going to happen in the space is that we're going to see, I mean, the SEC is starting
to regulate some forms of cryptocurrency, some forms of tokens. There's definitely a move
from traditional finance. Look at JP Morgan, Goldman Sachs. They all have their own projects.
They're all using their own coins or their own technologies, or banding together with Ripple
and other things. So I do think that my personal view or prediction here is this is going to
transform finance. We may shift from the open source projects into the closed source environments.
You've got Hashgraph doing its own thing as well. And so I think that for some of the more material
applications that you will find more closed communities forming than some of the open
source communities. But certainly the regulators in the UK is taking a very positive view towards
cryptocurrency. And they've got the concept of sandboxes, which allow crypto projects to
operate. And then the FCA, the regulator, also learns from that as well and sees what are the
best practices, what goes wrong, and also what are the kind of things that they want to mandate for
the future. So yes, I do think that it's coming. But again, there's some amazing opportunities
here. And that's probably why, you know, Diffie literally, you know, if you look at that graph
from the $1 billion to $4 billion in three or four months, okay, maybe it's because the crypto
market's also improved. But it does unlock huge potential for many people that potentially can't
do these wonderful asset swaps, derivatives, etc., you know, on the general markets.
I think the other thing that's interesting, Kerry, is obviously the state of the world that we're in
today, you know, capitalism isn't working. You know, again, interest rates are low. It is quite
hard to find the alpha or the value. And that's why potentially there's a number of people shifting
into these platforms, even though there's high volatility and risk, in order to, you know, try
and boost a percentage of revenue. And that goes for the criminals as well. So yeah. And I agree,
I mean, there isn't that regulation, the centralization part goes against the principles
of decentralization, which I appreciate too. But ultimately, it's going to be up to the users to
decide, would they rather put their money into something that has a bit of safety, there's a
trade-off, or do they want to go fully decentralized? And what are the benefits of that? Because
decentralization is great for certain things, but for certain use cases, perhaps it's not necessarily
quiet. And again, this will play out as the industry continues to develop and evolve.
Great. Thank you very much. I appreciate it and enjoy the rest of your time.