[00:00.000 --> 00:08.480] Yes, so this is, again, my personal opinion. I'm a very strong proponent for open source projects. [00:08.480 --> 00:12.760] I think that, again, having the ability for everybody to look at the code [00:13.420 --> 00:22.580] and having an ability to review and to improve the security is great. But there's a fine line [00:22.580 --> 00:28.760] there. And I think, obviously, that does work when the good guys are looking at the code. [00:28.760 --> 00:32.600] It doesn't always work when the bad guys are looking at the code and the good guys aren't [00:32.600 --> 00:37.880] spending enough time looking at the code. And I think one of the things that I learned [00:37.880 --> 00:44.040] through this process was there's some really good smart contract auditors out there. This is, [00:44.040 --> 00:49.220] obviously, a very new field, probably only about two years old, I would say, in terms of the [00:49.220 --> 00:55.240] industry. And I learned a lot by reading those reports in terms of how to attack the smart [00:55.240 --> 01:01.400] contracts, which things to look for. So it was great for me learning. But was it all necessary [01:01.400 --> 01:08.960] for me to know that? And I think where the balance comes is the stakeholders, they want to see that [01:08.960 --> 01:14.000] an audit was done, hopefully by a reputable company or somebody that's done a lot of these [01:14.000 --> 01:19.620] before. They want to know the results. Was there vulnerabilities? Were there not? They actually [01:19.620 --> 01:23.280] want to know that the vulnerabilities have been fixed. And they want to know that it's happening [01:23.280 --> 01:30.380] on a regular basis. Do they want to know all the detail? You know, for me, that's kind of [01:30.380 --> 01:39.980] maybe going a little bit too far. And so, yeah, so I think it's just finding that right balance. [01:40.340 --> 01:45.980] By showing everything, it does create a level of confidence that an audit actually did happen. [01:45.980 --> 01:50.460] It was a real audit. It wasn't somebody that didn't know what they were doing, [01:50.460 --> 01:56.660] saying everything's okay. There was a methodology that was followed, etc. But again, you know, [01:56.660 --> 02:01.180] maybe an executive summary might be good enough. And then those that are interested could [02:01.180 --> 02:06.020] potentially request a full audit if, for example, they're looking to invest a lot of money on that [02:06.020 --> 02:11.400] platform. So that's typically how I think it should work in the future. [02:13.020 --> 02:20.320] Yes, so DeFi is not regulated. That's correct. And I agree. I think that [02:21.780 --> 02:29.360] what is going to happen in the space is that we're going to see, I mean, the SEC is starting [02:29.360 --> 02:34.340] to regulate some forms of cryptocurrency, some forms of tokens. There's definitely a move [02:34.340 --> 02:42.720] from traditional finance. Look at JP Morgan, Goldman Sachs. They all have their own projects. [02:42.720 --> 02:47.240] They're all using their own coins or their own technologies, or banding together with Ripple [02:47.240 --> 02:56.580] and other things. So I do think that my personal view or prediction here is this is going to [02:56.580 --> 03:02.980] transform finance. We may shift from the open source projects into the closed source environments. [03:02.980 --> 03:11.460] You've got Hashgraph doing its own thing as well. And so I think that for some of the more material [03:13.440 --> 03:19.140] applications that you will find more closed communities forming than some of the open [03:19.140 --> 03:26.080] source communities. But certainly the regulators in the UK is taking a very positive view towards [03:27.200 --> 03:34.360] cryptocurrency. And they've got the concept of sandboxes, which allow crypto projects to [03:37.060 --> 03:44.660] operate. And then the FCA, the regulator, also learns from that as well and sees what are the [03:44.660 --> 03:48.640] best practices, what goes wrong, and also what are the kind of things that they want to mandate for [03:48.640 --> 03:56.760] the future. So yes, I do think that it's coming. But again, there's some amazing opportunities [03:56.760 --> 04:01.600] here. And that's probably why, you know, Diffie literally, you know, if you look at that graph [04:01.600 --> 04:06.020] from the $1 billion to $4 billion in three or four months, okay, maybe it's because the crypto [04:06.020 --> 04:13.920] market's also improved. But it does unlock huge potential for many people that potentially can't [04:13.920 --> 04:22.120] do these wonderful asset swaps, derivatives, etc., you know, on the general markets. [04:22.300 --> 04:27.380] I think the other thing that's interesting, Kerry, is obviously the state of the world that we're in [04:27.380 --> 04:35.040] today, you know, capitalism isn't working. You know, again, interest rates are low. It is quite [04:35.040 --> 04:39.900] hard to find the alpha or the value. And that's why potentially there's a number of people shifting [04:39.900 --> 04:46.120] into these platforms, even though there's high volatility and risk, in order to, you know, try [04:46.120 --> 05:00.120] and boost a percentage of revenue. And that goes for the criminals as well. So yeah. And I agree, [05:00.120 --> 05:05.860] I mean, there isn't that regulation, the centralization part goes against the principles [05:05.860 --> 05:11.880] of decentralization, which I appreciate too. But ultimately, it's going to be up to the users to [05:11.880 --> 05:18.620] decide, would they rather put their money into something that has a bit of safety, there's a [05:18.620 --> 05:25.190] trade-off, or do they want to go fully decentralized? And what are the benefits of that? Because [05:25.840 --> 05:33.380] decentralization is great for certain things, but for certain use cases, perhaps it's not necessarily [05:33.800 --> 05:39.620] quiet. And again, this will play out as the industry continues to develop and evolve. [05:54.240 --> 05:59.140] Great. Thank you very much. I appreciate it and enjoy the rest of your time.