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0	8480	Yes, so this is, again, my personal opinion. I'm a very strong proponent for open source projects.
8480	12760	I think that, again, having the ability for everybody to look at the code
13420	22580	and having an ability to review and to improve the security is great. But there's a fine line
22580	28760	there. And I think, obviously, that does work when the good guys are looking at the code.
28760	32600	It doesn't always work when the bad guys are looking at the code and the good guys aren't
32600	37880	spending enough time looking at the code. And I think one of the things that I learned
37880	44040	through this process was there's some really good smart contract auditors out there. This is,
44040	49220	obviously, a very new field, probably only about two years old, I would say, in terms of the
49220	55240	industry. And I learned a lot by reading those reports in terms of how to attack the smart
55240	61400	contracts, which things to look for. So it was great for me learning. But was it all necessary
61400	68960	for me to know that? And I think where the balance comes is the stakeholders, they want to see that
68960	74000	an audit was done, hopefully by a reputable company or somebody that's done a lot of these
74000	79620	before. They want to know the results. Was there vulnerabilities? Were there not? They actually
79620	83280	want to know that the vulnerabilities have been fixed. And they want to know that it's happening
83280	90380	on a regular basis. Do they want to know all the detail? You know, for me, that's kind of
90380	99980	maybe going a little bit too far. And so, yeah, so I think it's just finding that right balance.
100340	105980	By showing everything, it does create a level of confidence that an audit actually did happen.
105980	110460	It was a real audit. It wasn't somebody that didn't know what they were doing,
110460	116660	saying everything's okay. There was a methodology that was followed, etc. But again, you know,
116660	121180	maybe an executive summary might be good enough. And then those that are interested could
121180	126020	potentially request a full audit if, for example, they're looking to invest a lot of money on that
126020	131400	platform. So that's typically how I think it should work in the future.
133020	140320	Yes, so DeFi is not regulated. That's correct. And I agree. I think that
141780	149360	what is going to happen in the space is that we're going to see, I mean, the SEC is starting
149360	154340	to regulate some forms of cryptocurrency, some forms of tokens. There's definitely a move
154340	162720	from traditional finance. Look at JP Morgan, Goldman Sachs. They all have their own projects.
162720	167240	They're all using their own coins or their own technologies, or banding together with Ripple
167240	176580	and other things. So I do think that my personal view or prediction here is this is going to
176580	182980	transform finance. We may shift from the open source projects into the closed source environments.
182980	191460	You've got Hashgraph doing its own thing as well. And so I think that for some of the more material
193440	199140	applications that you will find more closed communities forming than some of the open
199140	206080	source communities. But certainly the regulators in the UK is taking a very positive view towards
207200	214360	cryptocurrency. And they've got the concept of sandboxes, which allow crypto projects to
217060	224660	operate. And then the FCA, the regulator, also learns from that as well and sees what are the
224660	228640	best practices, what goes wrong, and also what are the kind of things that they want to mandate for
228640	236760	the future. So yes, I do think that it's coming. But again, there's some amazing opportunities
236760	241600	here. And that's probably why, you know, Diffie literally, you know, if you look at that graph
241600	246020	from the $1 billion to $4 billion in three or four months, okay, maybe it's because the crypto
246020	253920	market's also improved. But it does unlock huge potential for many people that potentially can't
253920	262120	do these wonderful asset swaps, derivatives, etc., you know, on the general markets.
262300	267380	I think the other thing that's interesting, Kerry, is obviously the state of the world that we're in
267380	275040	today, you know, capitalism isn't working. You know, again, interest rates are low. It is quite
275040	279900	hard to find the alpha or the value. And that's why potentially there's a number of people shifting
279900	286120	into these platforms, even though there's high volatility and risk, in order to, you know, try
286120	300120	and boost a percentage of revenue. And that goes for the criminals as well. So yeah. And I agree,
300120	305860	I mean, there isn't that regulation, the centralization part goes against the principles
305860	311880	of decentralization, which I appreciate too. But ultimately, it's going to be up to the users to
311880	318620	decide, would they rather put their money into something that has a bit of safety, there's a
318620	325190	trade-off, or do they want to go fully decentralized? And what are the benefits of that? Because
325840	333380	decentralization is great for certain things, but for certain use cases, perhaps it's not necessarily
333800	339620	quiet. And again, this will play out as the industry continues to develop and evolve.
354240	359140	Great. Thank you very much. I appreciate it and enjoy the rest of your time.