WEBVTT 00:00.000 --> 00:04.700 Yes, so this is, again, my personal opinion. 00:04.700 --> 00:08.480 I'm a very strong proponent for open source projects. 00:08.480 --> 00:20.440 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. 00:20.780 --> 00:23.120 But there's a fine line there. 00:23.120 --> 00:28.760 And I think, obviously, that does work when the good guys are looking at the code. 00:28.760 --> 00:34.660 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. 00:35.240 --> 00:43.640 And I think one of the things that I learned through this process was there's some really good smart contract auditors out there. 00:43.640 --> 00:50.040 This is, obviously, a very new field, probably only about two years old, I would say, in terms of the industry. 00:50.520 --> 00:57.360 And I learned a lot by reading those reports in terms of how to attack the smart contracts, which things to look for. 00:57.720 --> 00:59.720 So it was great for me learning. 00:59.960 --> 01:02.600 But was it all necessary for me to know that? 01:02.600 --> 01:14.820 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. 01:15.160 --> 01:16.660 They want to know the results. 01:16.660 --> 01:17.800 Was there vulnerabilities? 01:17.800 --> 01:18.700 Were there not? 01:18.920 --> 01:21.880 They actually want to know that the vulnerabilities have been fixed. 01:22.040 --> 01:24.780 And they want to know that it's happening on a regular basis. 01:25.180 --> 01:27.800 Do they want to know all the detail? 01:28.320 --> 01:32.420 You know, for me, that's kind of maybe going a little bit too far. 01:33.040 --> 01:39.980 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 --> 01:47.360 It was a real audit. 01:47.440 --> 01:52.160 It wasn't somebody that didn't know what they were doing, saying everything's okay. 01:52.620 --> 01:55.880 There was a methodology that was followed, etc. 01:55.900 --> 01:59.500 But again, you know, maybe an executive summary might be good enough. 01:59.500 --> 02:06.900 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. 02:07.120 --> 02:11.400 So that's typically how I think it should work in the future. 02:13.020 --> 02:15.520 Yes, so DeFi is not regulated. 02:15.520 --> 02:17.080 That's correct. 02:17.680 --> 02:19.340 And I agree. 02:19.340 --> 02:33.080 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. 02:33.080 --> 02:37.000 There's definitely a move from traditional finance. 02:37.000 --> 02:40.740 Look at JP Morgan, Goldman Sachs. 02:40.740 --> 02:42.720 They all have their own projects. 02:42.720 --> 02:49.100 They're all using their own coins or their own technologies, or banding together with Ripple and other things. 02:49.100 --> 02:58.260 So I do think that my personal view or prediction here is this is going to transform finance. 02:58.380 --> 03:02.980 We may shift from the open source projects into the closed source environments. 03:02.980 --> 03:06.300 You've got Hashgraph doing its own thing as well. 03:07.040 --> 03:20.140 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. 03:20.140 --> 03:28.120 But certainly the regulators in the UK is taking a very positive view towards cryptocurrency. 03:28.280 --> 03:37.980 And they've got the concept of sandboxes, which allow crypto projects to operate. 03:38.760 --> 03:49.540 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. 03:50.580 --> 03:54.080 So yes, I do think that it's coming. 03:54.860 --> 03:57.580 But again, there's some amazing opportunities here. 03:57.720 --> 04:07.840 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. 04:07.900 --> 04:22.120 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. 04:22.300 --> 04:30.620 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. 04:31.180 --> 04:33.180 You know, again, interest rates are low. 04:33.980 --> 04:37.580 It is quite hard to find the alpha or the value. 04:37.580 --> 04:49.900 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. 04:49.900 --> 04:52.500 And that goes for the criminals as well. 04:53.480 --> 04:54.860 So yeah. 04:58.600 --> 05:09.060 And I agree, I mean, there isn't that regulation, the centralization part goes against the principles of decentralization, which I appreciate too. 05:09.200 --> 05:22.920 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? 05:22.920 --> 05:24.680 And what are the benefits of that? 05:24.680 --> 05:33.380 Because decentralization is great for certain things, but for certain use cases, perhaps it's not necessarily quiet. 05:33.800 --> 05:39.620 And again, this will play out as the industry continues to develop and evolve. 05:54.240 --> 05:54.740 Great. 05:54.740 --> 05:55.860 Thank you very much. 05:56.400 --> 05:59.140 I appreciate it and enjoy the rest of your time.