00:00.000 --> 00:22.600 Hello everyone! 00:22.600 --> 00:29.600 So welcome to this 12th week of the University of Nicosia's 00:29.600 --> 00:33.600 free MOOC on NFTs and the metaverse. 00:33.600 --> 00:37.600 I'm George Giaglis and I'm honored and privileged to be joined by 00:37.600 --> 00:42.600 Punk 6529 as always. 00:42.600 --> 00:45.600 This is an important session today. 00:45.600 --> 00:50.600 It's not the last one in the course, as I will be explaining in a while we have quite a  few super interesting guest sessions and panels   00:50.600 --> 00:53.600 coming up in the next couple of weeks. 00:53.600 --> 01:00.600 But today is the last of the, let's call them main or core 01:00.600 --> 01:03.600 sessions of this course. 01:03.600 --> 01:09.600 It's the 12th week of this program that 6529 and I designed a few 01:09.600 --> 01:17.600 months ago to provide people with a holistic overview of the 01:17.600 --> 01:22.600 NFT and Metaverse and Web3 space. 01:22.600 --> 01:27.600 And you will be the judges of whether we've done a good job on 01:27.600 --> 01:29.600 that or not. 01:29.600 --> 01:34.600 I would like to take this opportunity to once again thank 01:34.600 --> 01:40.600 6529 both for his great insights in designing the course and 01:40.600 --> 01:45.600 delivering this material, but also for his whole presence in 01:45.600 --> 01:47.600 this space. 01:47.600 --> 01:52.600 I think I'm not exaggerating if I say that he has been the 01:52.600 --> 01:58.600 person that has influenced our thinking on decentralization and 01:58.600 --> 02:02.600 the need for openness in web3 more than probably anyone else in 02:02.600 --> 02:03.600 this space. 02:03.600 --> 02:07.600 Anyway, the topic of today's metaverse 2030, 02:07.600 --> 02:13.600 so it's going to be really interesting to hear 6529's views on 02:13.600 --> 02:18.600 the future of the internet and how it fits with the history of 02:18.600 --> 02:21.600 its development so far. 02:21.600 --> 02:26.600 But before doing that, I would like to start by giving you an 02:26.600 --> 02:32.600 update on course logistics since this is the last core session 02:32.600 --> 02:36.600 of the course and I know that many of you will have questions 02:36.600 --> 02:41.600 related to the final exam and how we're going to schedule the next 02:41.600 --> 02:44.600 few weeks from here. 02:44.600 --> 02:49.600 Before I start, let me say that as always this is a work in 02:49.600 --> 02:52.600 progress, this is an experiment that is happening live, we are 02:52.600 --> 02:58.600 experimenting on how to do a fully on-chain in the metaverse 02:58.600 --> 02:59.600 course. 02:59.600 --> 03:04.600 So I know that I'm not going to answer all your questions related 03:04.600 --> 03:06.600 to the exams today. 03:06.600 --> 03:09.600 There are some things that we're still thinking about and we will 03:09.600 --> 03:14.600 finalize in the coming weeks, but I'm going to give you our 03:14.600 --> 03:17.600 thinking as it is now. 03:17.600 --> 03:21.600 I'm going to announce a few things that you need to know in 03:21.600 --> 03:24.600 order to prepare and take the final exams. 03:24.600 --> 03:28.600 But if you have additional questions, please post them on 03:28.600 --> 03:35.600 Twitter, on Discord and in the OM today and in the next weeks. 03:35.600 --> 03:41.600 Even those questions that we will not answer today, we are 03:41.600 --> 03:46.600 creating an FAQ section both on the course website and on this 03:46.600 --> 03:50.600 court as a pinned message in the course channel. 03:50.600 --> 03:54.600 So we will be adding answers to your questions as they come 03:54.600 --> 03:57.600 along in the next few days and weeks. 03:57.600 --> 04:03.600 So let me start by addressing a little bit the final exam. 04:03.600 --> 04:08.600 First of all, I guess everyone will want to know when and where 04:08.600 --> 04:12.600 will the exams take place. 04:12.600 --> 04:18.600 We are, as I said, we have a couple of, not a couple, quite a few 04:18.600 --> 04:22.600 guest sessions following up in the next couple of weeks. 04:22.600 --> 04:27.600 So we are scheduling the exams for the second half of February. 04:27.600 --> 04:32.600 So between the 15th and the 28th of February, we will announce 04:32.600 --> 04:36.600 the exact date and time soon. 04:36.600 --> 04:40.600 What we do in other MOOCs, those of you that have taken one of 04:40.600 --> 04:44.600 University of Nicosia's other MOOCs will know it, is that we 04:44.600 --> 04:49.600 usually keep the exam open for a full 24-hour period. 04:49.600 --> 04:53.600 So you will have like two hours to finish the exam from the time 04:53.600 --> 04:58.600 you started, but you can start it at any time during the day that 04:58.600 --> 04:59.600 the exam is open. 04:59.600 --> 05:03.600 I think this is the model that we will be following this time as 05:03.600 --> 05:07.600 well, but we'll give you details as soon as we have them. 05:07.600 --> 05:12.600 What I can say at this stage is that as we do everything in this 05:12.600 --> 05:16.600 course, the exam will be held on-chain, and I will explain later 05:16.600 --> 05:18.600 on what this means. 05:18.600 --> 05:20.600 Who can participate in the exam? 05:20.600 --> 05:23.600 You will need the course access token in your wallet. 05:23.600 --> 05:27.600 So as you know, we don't know you by name. 05:27.600 --> 05:32.600 We have registered students in this course by having everyone 05:32.600 --> 05:36.600 mint a course access token. 05:36.600 --> 05:41.600 We didn't, we made the decision not to use this token to 05:41.600 --> 05:44.600 to gate and control access to the course material. 05:44.600 --> 05:48.600 We wanted to have all the material available to everyone because 05:48.600 --> 05:52.600 this is, you know, the model of free education that we 05:52.600 --> 05:57.600 believe in, but you will need the course access token to be able 05:57.600 --> 05:58.600 to access the final exam. 05:58.600 --> 06:03.600 So make sure that you do have the token and you know in which 06:03.600 --> 06:07.600 wallet, in which Ethereum address this is stored because this 06:07.600 --> 06:12.600 is the Ethereum address with which you will need to log in the 06:12.600 --> 06:17.600 exam website when the time comes to take the exam. 06:17.600 --> 06:19.600 What's the format of the exam? 06:19.600 --> 06:23.600 It's going to be a multiple choice quiz, most likely consisting 06:23.600 --> 06:27.600 of 50 multiple choice questions. 06:27.600 --> 06:32.600 Each question having up to four possible answers of which in 06:32.600 --> 06:35.600 some questions one answer will be correct. 06:35.600 --> 06:39.600 Other questions might have multiple correct answers and the 06:39.600 --> 06:44.600 different types of questions will be noted in the exam. 06:44.600 --> 06:45.600 What is the passing grade? 06:45.600 --> 06:50.600 You will need to score 60% or higher in the exam in order to 06:50.600 --> 06:54.600 pass it and if you pass the exam and you want to do so, you 06:54.600 --> 07:00.600 will be able to claim the certificate of completion NFT that 07:00.600 --> 07:05.600 we will give to students that pass the exam. 07:05.600 --> 07:08.600 How will this certificate be sent? 07:08.600 --> 07:12.600 Those of you that have passed the exam will be allowlisted to 07:12.600 --> 07:16.600 meet the certificate as an Ethereum NFT as we've said from 07:16.600 --> 07:21.600 the beginning the minting course will be 0.25 Ether plus the 07:21.600 --> 07:27.600 gas fees that you will need to pay depending on the on the 07:27.600 --> 07:31.600 gas on Ethereum at the time of minting. 07:31.600 --> 07:36.600 Again, I need to stress that this is not a mandatory step. 07:36.600 --> 07:39.600 You can take the exam, you can pass the exam and still not 07:39.600 --> 07:43.600 claim the NFT certificate of completion so everything will 07:43.600 --> 07:48.600 be 100% free for you. 07:48.600 --> 07:49.600 How do you prepare for the exam? 07:49.600 --> 07:52.600 What material you need to study? 07:52.600 --> 07:56.600 We will be basing the multiple choice questions on the material 07:56.600 --> 07:59.600 that is included in the main presentation slides. 07:59.600 --> 08:04.600 When I say main presentation slides, I mean the 12 decks that 08:04.600 --> 08:09.600 comprise the weeks 1 to 12 of this course. 08:09.600 --> 08:13.600 All these presentations are accessible in GitHub. 08:13.600 --> 08:18.600 You know the address and it's also linked in the course website. 08:18.600 --> 08:24.600 And you may want to watch the video sessions in which 08:24.600 --> 08:29.600 6529, i and guests have been presenting the slides. 08:29.600 --> 08:31.600 I think this will help you prepare the exam. 08:31.600 --> 08:36.600 But you should be able to take the exam and prepare for it by 08:36.600 --> 08:39.600 reading through the presentation slides. 08:39.600 --> 08:42.600 The guest sessions are optional. 08:42.600 --> 08:44.600 I think they have been super interesting. 08:44.600 --> 08:47.600 I think the ones that are coming up are also super interesting. 08:47.600 --> 08:52.600 But we will not have any questions drawing from material that 08:52.600 --> 08:56.600 has not been addressed in the main presentations and has only 08:56.600 --> 09:00.600 been discussed in the optional session. 09:00.600 --> 09:04.600 Some of you will not have the access token because they joined 09:04.600 --> 09:05.600 the course later. 09:05.600 --> 09:09.600 As I said, we made a decision not to make this mandatory, but 09:09.600 --> 09:12.600 we still want to take the exam. 09:12.600 --> 09:14.600 I'm afraid this is not possible. 09:14.600 --> 09:18.600 So you will not be able to take the exam unless you have the 09:18.600 --> 09:20.600 course access token. 09:20.600 --> 09:25.600 At this point in time, your best bet is to go to the secondary 09:25.600 --> 09:27.600 market and acquire it. 09:27.600 --> 09:30.600 It is pretty cheap. 09:30.600 --> 09:34.600 I mean, I checked this morning and the floor price for the 09:34.600 --> 09:36.600 unique access token on Opensea was less than $5. 09:36.600 --> 09:41.600 So I hope this would not be an obstacle for anyone that wants 09:41.600 --> 09:42.600 to take the exam. 09:42.600 --> 09:47.600 If for any reason you do not want, you cannot acquire the 09:47.600 --> 09:51.600 course access token, then your other option is obviously to wait 09:51.600 --> 09:53.600 until the next iteration of the course. 09:53.600 --> 09:57.600 I don't want to commit 6529 to anything that we've been 09:57.600 --> 10:01.600 discussing how we are going to repeat this with updated material 10:01.600 --> 10:03.600 and new guests in the future. 10:03.600 --> 10:08.600 So those of you that for whatever reason do not want or cannot 10:08.600 --> 10:12.600 take the exam at this point in time, there will be opportunities 10:12.600 --> 10:13.600 in the future. 10:13.600 --> 10:17.600 Although, obviously, this is the genesis co-hort of this class. 10:17.600 --> 10:22.600 So I guess receiving the NFT of completion might have a 10:22.600 --> 10:27.600 sentimental value for everyone in the future. 10:27.600 --> 10:30.600 You will be able to find more information on as always on 10:30.600 --> 10:35.600 our Twitter account, the UNIC Metaverse, our Discord channel, 10:35.600 --> 10:36.600 join unique. 10:36.600 --> 10:41.600 We will be announcing the date and all details about the exam 10:41.600 --> 10:42.600 there. 10:42.600 --> 10:47.600 Some more technical information about how the exam will take 10:47.600 --> 10:48.600 place. 10:48.600 --> 10:52.600 You don't really need to know this, but just to give you a 10:52.600 --> 10:56.600 glimpse of what's happening under the hood as we are preparing 10:56.600 --> 10:57.600 for the exam. 10:57.600 --> 11:02.600 As I've said, we want to make the exam fully on-chain so you 11:02.600 --> 11:07.600 will be able to access the exam through your browser. 11:07.600 --> 11:12.600 The exam itself, so the exam paper will be minted as an NFT 11:12.600 --> 11:14.600 token that will be encrypted. 11:14.600 --> 11:19.600 So unless you have the course access token, you will be able 11:19.600 --> 11:26.600 to see this NFT, you will be able to check its metadata, but 11:26.600 --> 11:31.600 you will not be able to access the actual content of the exam. 11:31.600 --> 11:36.600 Obviously, you will need to connect your metamask or other 11:36.600 --> 11:39.600 Ethereum compatible wallet that contains the course access 11:39.600 --> 11:43.600 token, as I've said, to be able to access the exam. 11:43.600 --> 11:47.600 Once you do so, once you access the exam, your browser will be 11:47.600 --> 11:51.600 revealing the questions, whether this will be 50 or another 11:51.600 --> 11:55.600 number, we still haven't finalized, but the questions will be 11:55.600 --> 11:57.600 revealed to you one by one. 11:57.600 --> 12:00.600 You will be able to answer the question, each question, and 12:00.600 --> 12:01.600 move to the next. 12:01.600 --> 12:05.600 And at the end of the quiz, you will be asked by your wallet 12:05.600 --> 12:10.600 to sign your responses before sending them for validation. 12:10.600 --> 12:15.600 Once this happens, your responses will be recorded on the 12:15.600 --> 12:18.600 Ethereum blockchain, there will be a transaction that's going 12:18.600 --> 12:21.600 to be broadcasted on the network. 12:21.600 --> 12:27.600 We're working on a zero-no-let proof architecture that will 12:27.600 --> 12:32.600 preserve both your personal privacy and the privacy of your 12:32.600 --> 12:34.600 answers from everyone. 12:34.600 --> 12:39.600 So no one will be able to see your responses, but you will 12:39.600 --> 12:43.600 be able to validate that you have actually taken the exam 12:43.600 --> 12:45.600 and submitted these responses. 12:45.600 --> 12:48.600 Your final grade will be automatically computed. 12:48.600 --> 12:53.600 Our idea is that we will not grade the exams manually, but we 12:53.600 --> 12:58.600 will have the smart contract of the exam doing the computation 12:58.600 --> 13:03.600 and revealing your final grade to you, along with the 13:03.600 --> 13:07.600 cryptographic proof that verifying the whole process, 13:07.600 --> 13:12.600 and if you have passed, then your personal NFT certificate of 13:12.600 --> 13:16.600 completion will be minted, will be rendered on your screen, 13:16.600 --> 13:21.600 and if you want, you will be able to mint it as an NFT and store 13:21.600 --> 13:25.600 it in your personal wallet for perpetuity. 13:25.600 --> 13:30.600 At this point in time, we haven't decided on details regarding 13:30.600 --> 13:35.600 the look, feel, and characteristics of the completion 13:35.600 --> 13:37.600 NFT. 13:37.600 --> 13:41.600 So for example, we're still debating whether this should be a 13:41.600 --> 13:44.600 sold-bound token or not, whether you should be able, 13:44.600 --> 13:49.600 obviously you won't be able to sell it, but we understand that 13:49.600 --> 13:56.600 people might want to transfer it to other wallets that they own. 13:56.600 --> 14:02.600 So we will be working on a design that preserves these first 14:02.600 --> 14:05.600 principles. 14:05.600 --> 14:10.600 Needless to say, if any of you have further questions, have ideas 14:10.600 --> 14:15.600 regarding how we should go about doing a fully on-site privacy 14:15.600 --> 14:20.600 preserving exam and how we should be designing the course 14:20.600 --> 14:25.600 completion certificate, please reach out to me via email or on 14:25.600 --> 14:28.600 Twitter or on Discord. 14:28.600 --> 14:33.600 I'll be more than happy to hear your ideas and discuss them with 14:33.600 --> 14:36.600 6529. 14:36.600 --> 14:42.600 Now finally, before I give the floor to 6529, I told you 14:42.600 --> 14:47.600 that although this is the final course session of the course, 14:47.600 --> 14:51.600 we have at least five very, very important sessions coming up 14:51.600 --> 14:56.600 with guests happening next week and the week after. 14:56.600 --> 15:02.600 So we will have a panel, four panel discussions, one about 15:02.600 --> 15:07.600 the metaverse, one on generative art, one on NFT photography, 15:07.600 --> 15:10.600 and one on crypto-art NFTs. 15:10.600 --> 15:13.600 As you see in this slide, I'm not going to go through the 15:13.600 --> 15:15.600 names. 15:15.600 --> 15:20.600 It's a super impressive list of people participating in this 15:20.600 --> 15:24.600 panel, so I would encourage you to attend all of them if you can live 15:24.600 --> 15:27.600 attend the course of the course. 15:27.600 --> 15:32.600 And we will have a final discussion closing this course with 15:32.600 --> 15:39.600 none other than Balaji Srinivasan alongside 15:39.600 --> 15:46.600 Punk 6529, one of my top favorite thinkers in this space. 15:46.600 --> 15:52.600 The author of the network state, if you have missed his latest 15:52.600 --> 15:56.600 book, I strongly encourage you to read it. 15:56.600 --> 16:00.600 We were talking with Balaji and we're trying to fix a date for 16:00.600 --> 16:05.600 having him live in the course, so we will be announcing this soon. 16:05.600 --> 16:09.600 We should be finishing with all these panels in the first week 16:09.600 --> 16:10.600 of February. 16:10.600 --> 16:15.600 That's why I said second week or later will be the date of 16:15.600 --> 16:16.600 exam. 16:16.600 --> 16:18.600 So that's all from me. 16:18.600 --> 16:23.600 Once again, if you have questions regarding to the course 16:23.600 --> 16:28.600 logistics final exam or course certificate, please hit me up 16:28.600 --> 16:35.600 on Discord, Twitter or via email and monitor these channels as we 16:35.600 --> 16:41.600 will be updating our FAQs regarding this material. 16:41.600 --> 16:45.600 Without further ado, I'm going to give the floor to 6529 16:45.600 --> 16:50.600 now to take us through the topic of the day, which is 16:50.600 --> 16:53.600 metaverse 2030 in the vision of the future of work theory. 16:53.600 --> 16:54.600 Thank you. 16:54.600 --> 16:57.600 Thank you, George. 16:57.600 --> 17:00.600 And I know it was just a good point. 17:00.600 --> 17:03.600 All of you might happen earlier than some of you, so you might not 17:03.600 --> 17:07.600 close with Balaji and I was talking to him today. 17:07.600 --> 17:09.600 And so that might happen in the next few days. 17:09.600 --> 17:12.600 Maybe depends on trying to schedule for the last few weeks. 17:12.600 --> 17:18.600 And it's possible we have a couple of other sessions between 17:18.600 --> 17:25.600 the panels and the, um, what's the word I'm looking for? 17:25.600 --> 17:30.600 And the examination, depending on when your team is ready with 17:30.600 --> 17:31.600 the exam. 17:31.600 --> 17:39.600 But I think as a general rule, we still have quite a few great 17:39.600 --> 17:42.600 speakers on panels coming. 17:42.600 --> 17:49.600 So I'm really excited about this and look forward to the last few 17:49.600 --> 17:51.600 weeks of the course. 17:51.600 --> 17:52.600 All right. 17:52.600 --> 17:57.600 Today's session is going to be highly conceptual. 17:57.600 --> 18:03.600 There are not, this is not something that has a lot of 18:03.600 --> 18:07.600 detailed material out in the world. 18:07.600 --> 18:12.600 I believe it is a topic that is generally poorly understood, 18:12.600 --> 18:20.600 underthought about, and definitely vastly under worried about, 18:20.600 --> 18:25.600 um, by not just the average person. 18:25.600 --> 18:27.600 It's not too surprising. 18:27.600 --> 18:32.600 But even by people who should know better, even by policymakers, 18:32.600 --> 18:37.600 even by advocates for democracy, even by advocates for 18:37.600 --> 18:38.600 constitutional rights. 18:38.600 --> 18:46.600 Um, there is a small number of us, as George mentioned, 18:46.600 --> 18:53.600 but also folks like John Robb would deeply worried about this. 18:53.600 --> 19:01.600 And like 99.999999% of the world who has thought about the 19:01.600 --> 19:06.600 world, who hasn't thought about this at all, is not worried about 19:06.600 --> 19:07.600 it at all. 19:07.600 --> 19:12.600 And quite frankly, if you talk about it with them, they might think 19:12.600 --> 19:15.600 this is all a bit absurd. 19:15.600 --> 19:17.600 Um, but I'm sure it's not absurd. 19:17.600 --> 19:21.600 And I'll try and give a sense of what I'm worried about, what I 19:21.600 --> 19:22.600 think we can do. 19:22.600 --> 19:26.600 And in all cases, actually, it's quite challenging. 19:26.600 --> 19:31.600 So, oh, that slides wrong. 19:31.600 --> 19:32.600 Okay. 19:32.600 --> 19:37.600 Let's start with what is the Internet? 19:37.600 --> 19:43.600 And, you know, for someone who might be joining the Internet now, 19:43.600 --> 19:55.600 in 2020 or 2023 or 2010, as a mature system with large applications, 19:55.600 --> 20:00.600 it might not be exactly obvious what the Internet is or what it was 20:00.600 --> 20:01.600 designed to be. 20:01.600 --> 20:04.600 And what it was designed to be is very simple. 20:04.600 --> 20:10.600 It was designed to be a network of networks. 20:10.600 --> 20:15.600 The way to imagine it is to think that there was a time where people 20:15.600 --> 20:22.600 had a variety of their own networks within an office, within a 20:22.600 --> 20:26.600 government, within an academic institution. 20:26.600 --> 20:30.600 And those networks did not necessarily interoperate with each other, 20:30.600 --> 20:33.600 did not necessarily communicate with each other. 20:33.600 --> 20:42.600 And the idea behind the Internet wasn't to build the one top 20:42.600 --> 20:47.600 down network that everyone has to use. 20:47.600 --> 20:55.600 The idea was to allow people to make their networks interoperate 20:55.600 --> 20:56.600 with each other. 20:56.600 --> 21:01.600 A network of networks. 21:01.600 --> 21:03.600 Not a network. 21:03.600 --> 21:10.600 And if you go back to 1972, famously, the Internet was in some 21:10.600 --> 21:12.600 ways invented a DARPA. 21:12.600 --> 21:16.600 The Defense Advanced Research Project Agency of the United 21:16.600 --> 21:18.600 States government. 21:18.600 --> 21:24.600 And as the theory went back then, it was designed to create a 21:24.600 --> 21:29.600 communication network that would be resilient to a nuclear attack 21:29.600 --> 21:33.600 because it would be decentralized, because it would be one point 21:33.600 --> 21:35.600 of failure. 21:35.600 --> 21:42.600 And the original four concepts behind the Internet were these 21:42.600 --> 21:46.600 following, and it goes to the theory of a network of networks. 21:46.600 --> 21:48.600 So it was actually, we should actually read them, they're 21:48.600 --> 21:51.600 interesting. 21:51.600 --> 21:55.600 But each network had to stand on its own, and no internal changes 21:55.600 --> 21:58.600 could be required of each network before being connected to 21:58.600 --> 21:59.600 Internet. 21:59.600 --> 22:04.600 So this makes sense if you communicate among your devices 22:04.600 --> 22:11.600 within your own network, in your house or business. 22:11.600 --> 22:15.600 You don't have to change how you do that so long as you then 22:15.600 --> 22:19.600 communicate in the standard-based way once you connect to the 22:19.600 --> 22:20.600 Internet. 22:20.600 --> 22:23.600 Now in practice, most internal networks now are also 22:23.600 --> 22:26.600 communicating in a similar way as the Internet. 22:26.600 --> 22:32.600 But that was not and is not a design protocol. 22:32.600 --> 22:37.600 Second, communication is a best efforts exercise. 22:37.600 --> 22:41.600 So you try and move the packets forward. 22:41.600 --> 22:44.600 If it doesn't work, you retranslate, you try again. 22:44.600 --> 22:49.600 It gives redundancy resilience. 22:49.600 --> 22:52.600 Quote, unquote black boxes, and it's funny because our black 22:52.600 --> 22:57.600 boxes have been, it's entered the vernacular for a whole 22:57.600 --> 23:02.600 variety of usages. 23:02.600 --> 23:07.600 But what we mean really are the routers in the gateways. 23:07.600 --> 23:11.600 Connect the networks and they don't. 23:11.600 --> 23:13.600 They're not content aware. 23:13.600 --> 23:15.600 They're a black box. 23:15.600 --> 23:16.600 They just move. 23:16.600 --> 23:20.600 They just move the data further down. 23:20.600 --> 23:25.600 And for our purposes, the last one is the most important, 23:25.600 --> 23:31.600 which is no global control at the operations level. 23:31.600 --> 23:40.600 There's no, one place that is in charge of the Internet. 23:40.600 --> 23:45.600 There's no CEO of the Internet. 23:45.600 --> 23:49.600 There's no Internet incorporated. 23:49.600 --> 23:58.600 There's not one person or function or organization whose 23:58.600 --> 24:05.600 permission you need to ask to use the Internet. 24:05.600 --> 24:06.600 Why? 24:06.600 --> 24:09.600 Because the Internet is not a thing in and of itself. 24:09.600 --> 24:12.600 It's a way for people's individual networks to communicate 24:12.600 --> 24:15.600 with each other. 24:15.600 --> 24:20.600 It is perfectly possible that say the University of 24:20.600 --> 24:24.600 Nicosia says, if you want to be on my internal network, 24:24.600 --> 24:28.600 you have to get the permission of the IT network. 24:28.600 --> 24:29.600 Makes sense. 24:29.600 --> 24:32.600 That's their network. 24:32.600 --> 24:39.600 But there's nobody whose permission you have to ask to 24:39.600 --> 24:44.600 start transmitting packets across the Internet. 24:44.600 --> 24:46.600 And this has two implications. 24:46.600 --> 24:51.600 The first implication is that everything we're going to 24:51.600 --> 24:56.600 talk about relating to decentralization is not some type 24:56.600 --> 25:05.600 of radical anarchist thing that nobody has ever done before. 25:05.600 --> 25:09.600 This is quite literally how the Internet works. 25:09.600 --> 25:14.600 And I'm pretty sure everyone agrees that the Internet has 25:14.600 --> 25:18.600 been an immense boon to global society. 25:18.600 --> 25:22.600 And the fact that we can communicate globally with each 25:22.600 --> 25:26.600 other in all types of ways is a huge plus for humanity. 25:26.600 --> 25:33.600 And then the second part is a huge reason the Internet has 25:33.600 --> 25:39.600 become, what the Internet has become, is because you do not 25:39.600 --> 25:45.600 need someone's permission to connect a server to the Internet 25:45.600 --> 25:49.600 and start serving data. 25:49.600 --> 25:53.600 If this was, and I know it might be hard for people to 25:53.600 --> 26:03.600 conceptualize, but there was a time where before the app stores, 26:03.600 --> 26:05.600 it's funny because the app stores are also permissioned, 26:05.600 --> 26:08.600 but it's even easier to think about this one, where the phone 26:08.600 --> 26:14.600 carriers decided what applications would run your phones. 26:14.600 --> 26:20.600 And so if you wanted to have, you made a new application, 26:20.600 --> 26:25.600 let's say you made WhatsApp. 26:25.600 --> 26:38.600 You have to go to AT&T and say, I would like to convince you 26:38.600 --> 26:47.600 to allow me to use WhatsApp to install WhatsApp on the 26:47.600 --> 26:49.600 devices of the network. 26:49.600 --> 26:53.600 In AT&T, I'm going to say, oh, what does WhatsApp do? 26:53.600 --> 26:57.600 Oh, it's free text messages, basically. 26:57.600 --> 26:58.600 Except it's better. 26:58.600 --> 27:00.600 It's better than text messages. 27:00.600 --> 27:04.600 You can do pictures, videos. 27:04.600 --> 27:10.600 But this is going to compete with my text messaging services. 27:10.600 --> 27:11.600 Oh, yeah, yeah, yeah. 27:11.600 --> 27:12.600 It's better than that. 27:12.600 --> 27:14.600 People are going to like it more. 27:14.600 --> 27:20.600 And AT&T is going to say, well, you want me to sign off and 27:20.600 --> 27:28.600 give you access to all of my brand and customers and 27:28.600 --> 27:31.600 installed base so you can compete with me. 27:31.600 --> 27:34.600 You're saying, oh, that sounds good, right? 27:34.600 --> 27:35.600 I'm going to jump in the lake. 27:35.600 --> 27:39.600 Of course, I'm not going to let you run in my network. 27:39.600 --> 27:42.600 Or let's say you're going to take the other end of the 27:42.600 --> 27:43.600 spectrum. 27:43.600 --> 27:46.600 You say, here's my application. 27:46.600 --> 27:48.600 Oh, what does your application do? 27:48.600 --> 27:52.600 And if you press the button in your application, 27:52.600 --> 27:56.600 it makes farting sounds. 27:56.600 --> 27:59.600 Excuse me, what do you mean it makes farting sounds? 27:59.600 --> 28:03.600 I mean, the phone will make a farting sound. 28:03.600 --> 28:06.600 You're now AT&T. 28:06.600 --> 28:10.600 My Bell, the glory of the American telecommunications 28:10.600 --> 28:12.600 industry. 28:12.600 --> 28:21.600 You say, you expect me, under the AT&T brand, to make available 28:21.600 --> 28:25.600 to my customers. 28:25.600 --> 28:29.600 The parents of America, the mothers and fathers of America, 28:29.600 --> 28:35.600 you want me to make available a farting up? 28:35.600 --> 28:37.600 I'll get fired. 28:37.600 --> 28:40.600 The board of directors will, someone will show a board 28:40.600 --> 28:43.600 and there will be shocked, horrified, and they'll fire me. 28:43.600 --> 28:48.600 Of course, you can't have a farting up. 28:48.600 --> 28:54.600 And you might say, oh, I don't know, the farting up 28:54.600 --> 28:55.600 existence. 28:55.600 --> 28:57.600 Maybe it should, maybe it shouldn't. 28:57.600 --> 29:02.600 But the important point is, once you build these choke points 29:02.600 --> 29:12.600 in, they will be used for the purposes of the organization. 29:12.600 --> 29:16.600 They will be used for the purposes and business objectives 29:16.600 --> 29:19.600 of the organization, whether they are very serious business 29:19.600 --> 29:20.600 objectives. 29:20.600 --> 29:24.600 They don't want someone to compete with their text message 29:24.600 --> 29:26.600 insurance. 29:26.600 --> 29:29.600 Or maybe their indirect business objectives. 29:29.600 --> 29:33.600 A brand manager of AT&T or the CEO of AT&T thinks the AT&T 29:33.600 --> 29:37.600 brand stands for something and that something doesn't include 29:37.600 --> 29:41.600 farts. 29:41.600 --> 29:45.600 The Internet is not like that. 29:45.600 --> 29:48.600 You can connect to the Internet. 29:48.600 --> 29:51.600 Make a website. 29:51.600 --> 29:54.600 Press a button on the website and your website can make 29:54.600 --> 29:56.600 farting sounds. 29:56.600 --> 30:01.600 No one can tell you, oh, this is very brand inappropriate for 30:01.600 --> 30:02.600 the Internet. 30:02.600 --> 30:04.600 We can't allow this. 30:04.600 --> 30:06.600 You're going to have to take this down because it's just a 30:06.600 --> 30:07.600 communication protocol. 30:07.600 --> 30:09.600 It's a way to connect the network. 30:09.600 --> 30:10.600 It's a network of networks. 30:10.600 --> 30:13.600 It's a way for networks to talk to each other. 30:13.600 --> 30:20.600 And the fact that we can do silly things, important things, 30:20.600 --> 30:25.600 things that seem silly but then turn out to be important, 30:25.600 --> 30:28.600 Twitter to me is the definitive example. 30:28.600 --> 30:32.600 Everyone thought Twitter was absurd at first. 30:32.600 --> 30:34.600 Not that important. 30:34.600 --> 30:40.600 And now it's a major communication platform for presidents 30:40.600 --> 30:43.600 and prime ministers. 30:43.600 --> 30:46.600 But this was also true of Facebook. 30:46.600 --> 30:48.600 You can read things from Facebook first started. 30:48.600 --> 30:52.600 Oh, what a terrible idea. 30:52.600 --> 31:00.600 It's a platform for college kids who have no money and have 31:00.600 --> 31:04.600 nothing better to do to chat with each other. 31:04.600 --> 31:06.600 This doesn't sound very serious. 31:06.600 --> 31:11.600 This was the public process at the beginning of Facebook. 31:11.600 --> 31:12.600 Why would this be worth anything? 31:12.600 --> 31:14.600 Why does this matter? 31:14.600 --> 31:20.600 And so societies are better when they allow you to 31:20.600 --> 31:27.600 permissionly innovate because there will be many bad ideas. 31:27.600 --> 31:31.600 Like Facebook and Twitter, you know, Facebook and Twitter 31:31.600 --> 31:33.600 have survivorship bias. 31:33.600 --> 31:37.600 There were many, many ideas tried on the Internet, most of 31:37.600 --> 31:41.600 which tried and failed. 31:41.600 --> 31:45.600 But the ones that succeeded changed the world. 31:45.600 --> 31:49.600 And those typically don't come from some central planning type 31:49.600 --> 31:52.600 function they come from. 31:52.600 --> 31:54.600 The marketplace of ideas. 31:54.600 --> 31:59.600 So one, I just made a utility based case for society society 31:59.600 --> 32:02.600 who have better products and services if you let people 32:02.600 --> 32:06.740 go to their own 32:06.740 --> 32:10.740 business. 32:10.740 --> 32:16.740 But there's also a human dignity, human expression, human freedom case. 32:16.740 --> 32:22.740 A world where you're allowed to make a farting application, 32:22.740 --> 32:26.740 a specific one, picking that type of example. 32:26.740 --> 32:31.740 Obviously I picked an example that says a world where you're allowed to make a website to teach 32:31.740 --> 32:35.740 mathematics. 32:35.740 --> 32:39.740 Of course our centralized services are going to allow you to make websites to teach mathematics. 32:39.740 --> 32:43.740 How free a society is, how many rights and how much 32:43.740 --> 32:51.740 do you have as a citizen of a society, is when you're allowed to do things that 32:51.740 --> 32:55.740 poke front of the people in the know. 32:55.740 --> 32:59.740 Or maybe not as desirable by the people in the know. 32:59.740 --> 33:03.740 Our view is possibly not having dignity. 33:03.740 --> 33:07.740 This is how a free society operates. 33:07.740 --> 33:13.740 So the internet, by its design, was a form of free society. 33:13.740 --> 33:19.740 Now that design was designed that way for resiliency. 33:19.740 --> 33:23.740 More so than, I think, permissionless innovation. 33:23.740 --> 33:31.740 But those design choices that built that resiliency were also the same design choices as gave us permissionless innovation. 33:31.740 --> 33:35.740 And they gave us the internet we have today. 33:35.740 --> 33:39.740 It's very, very important. 33:39.740 --> 33:43.740 And everything, this is the basis for everything else we're going to talk about. 33:43.740 --> 33:47.740 It's not as if none of these things have been done before. 33:47.740 --> 33:51.740 They've been done. 33:51.740 --> 33:55.740 And so, the internet is used on every day. 33:55.740 --> 33:59.740 It's called the internet. 33:59.740 --> 34:01.740 And it works great. 34:01.740 --> 34:04.740 Now, this is like the good news. 34:04.740 --> 34:06.740 What's the bad news? 34:06.740 --> 34:11.740 Well, the internet, its basically every level is centralized. 34:11.740 --> 34:19.740 And this comes from 34:19.740 --> 34:27.740 the hardware and network layer all the way up. Right? 34:27.740 --> 34:33.740 From bottom up, you start with internet service providers. 34:33.740 --> 34:43.740 Most countries, or most locations in most countries, have a monopoly, a duopoly, or an oligopoly of service providers. 34:43.740 --> 34:55.740 Since they're the ones who are transmitting the packets for most people, they're a two-point. 34:55.740 --> 35:00.740 If it's hard to imagine what the alternative is, I call you, but I got to get into it from somewhere, right? 35:00.740 --> 35:07.740 I'm going to get Comcast, or AT&T, or what have you, right? 35:07.740 --> 35:09.740 How could it work a different way? 35:09.740 --> 35:13.740 Well, a different way, and this is not mature yet, but a different way would be what's called, 35:13.740 --> 35:22.740 MESH Network, where even the physical communication is going peer to peer from device to device, 35:22.740 --> 35:29.740 that there is not one single point that says, 35:29.740 --> 35:36.740 this data can come to this point, and this data cannot. 35:36.740 --> 35:43.740 We don't feel this so much in the West, but ISPs are a problem. 35:43.740 --> 35:55.740 When Egypt was having its one of the various social movements, and people were coordinating through the internet, 35:55.740 --> 36:05.740 and Egypt has, I believe, and I can't say I'm an expert on Egyptian ISPs, but what I remember just reading the news there, 36:05.740 --> 36:11.740 the government at some point just shut down the internet for the whole country. 36:11.740 --> 36:16.740 It's just called Egypt Telecom, or whatever it's called, and I'm like, it just shut it down. 36:16.740 --> 36:19.740 No, this is a bad productivity, right? 36:19.740 --> 36:26.740 Sure, sure. It's right about the productivity, but on the other hand, we want the social movement to stop, 36:26.740 --> 36:32.740 so just turn off the internet, and because you had one service provider, you could turn off. 36:32.740 --> 36:36.740 It's one level, second level. 36:36.740 --> 36:42.740 Cloud hosting. 36:42.740 --> 36:44.740 Cloud hosting is fantastic, right? 36:44.740 --> 36:47.740 Our exam is on the web services for all types of things. 36:47.740 --> 36:50.740 It's convenient. 36:50.740 --> 36:56.740 It's fast, it's high-performance, it has all types of features, it's less work. 36:56.740 --> 36:59.740 That is a point of centralization. 36:59.740 --> 37:04.740 You see this sometimes when Amazon has data centers in different regions, 37:04.740 --> 37:09.740 and their big region is USA East, it's located in Northern Virginia, 37:09.740 --> 37:14.740 and if that region goes down, many of your favorite websites go down, 37:14.740 --> 37:17.740 because they're all hosted there. 37:17.740 --> 37:21.740 Content delivery networks, CDNs, what do CDNs do? 37:21.740 --> 37:28.740 They store files close to the end-user, so they download quickly, 37:28.740 --> 37:31.740 so they use your experiences better. 37:31.740 --> 37:34.740 There's a handful of them. 37:34.740 --> 37:40.740 They also, in some cases, protect against what are known as DDOS, 37:40.740 --> 37:44.740 as distributed denial of service attacks. 37:44.740 --> 37:54.740 Again, these are very useful services that make the internet better, 37:54.740 --> 38:02.740 but they are points of control, because all of these are companies, right? 38:02.740 --> 38:09.740 Anything that is a company ultimately has a human in charge, 38:09.740 --> 38:15.740 and that human can ultimately decide to take an action for their own reasons 38:15.740 --> 38:19.740 or be compelled to by a government. 38:19.740 --> 38:25.740 And the only honest answer is that when compelled to a company will follow 38:25.740 --> 38:29.740 what a government asks them to do, if they don't have a choice. 38:29.740 --> 38:32.740 These are kind of the architectural level. 38:32.740 --> 38:36.740 Let's go step up to applications. 38:36.740 --> 38:44.740 Discovery was now known as Search, but used to be Discovery. 38:44.740 --> 38:46.740 It's highly centralized. 38:46.740 --> 38:55.740 In most countries, Google has a very high market share. 38:55.740 --> 38:57.740 Is that good? Is that bad? 38:57.740 --> 39:00.740 I don't know. Google's useful. I use it. 39:00.740 --> 39:09.740 The price of Google, the penalty of Google, is the things you don't see. 39:09.740 --> 39:13.740 If Google has a certain algorithm, and for whatever reason, 39:13.740 --> 39:19.740 the algorithm doesn't like a certain website, topic, etc. 39:19.740 --> 39:23.740 It won't appear. Or it won't appear on the first page, 39:23.740 --> 39:26.740 or it won't appear in the first few pages. 39:26.740 --> 39:29.740 Right, frankly, if it doesn't appear in the first page, 39:29.740 --> 39:31.740 it's mostly like it doesn't exist. 39:31.740 --> 39:35.740 If it doesn't appear in the first few pages of Google Search results, 39:35.740 --> 39:38.740 it definitely doesn't exist. 39:38.740 --> 39:42.740 So you could be there, you could be on the internet. 39:42.740 --> 39:51.740 But if an algorithm you have nothing to do with decides it doesn't like your website, 39:51.740 --> 39:54.740 it effectively does not exist for most people. 39:54.740 --> 39:59.740 Now, there's good reasons why the algorithm does these types of things. 39:59.740 --> 40:02.740 People try to spam Google search engine optimization, 40:02.740 --> 40:07.740 and it's a cat and mouse game with the search engines. 40:07.740 --> 40:13.740 But as you've gotten to centralized large market share providers, 40:13.740 --> 40:16.740 you get algorithmic risk. 40:16.740 --> 40:24.740 Like one, if you had, if search happened through 200 different algorithms, 40:24.740 --> 40:29.740 each with 0.5% market share. 40:29.740 --> 40:34.740 It wouldn't matter if one of them didn't like your website. 40:34.740 --> 40:37.740 It was probably a good reason. 40:37.740 --> 40:39.740 I don't know what's said about that. 40:39.740 --> 40:41.740 Interesting to people, right? 40:41.740 --> 40:45.740 And it's correct that you're, but when there's one, 40:45.740 --> 40:56.740 first diversified, it's more likely something will go wrong for non-substantive reasons. 40:56.740 --> 41:02.740 Communication platforms, communication platforms have huge network defects. 41:02.740 --> 41:07.740 You want to go on Twitter because everyone else is on Twitter. 41:07.740 --> 41:10.740 You don't go on Twitter because it has 140 characters, 41:10.740 --> 41:13.740 280 characters or what have you. 41:13.740 --> 41:15.740 That's truly replicable. 41:15.740 --> 41:19.740 What's not replicable is that everyone else is on Twitter. 41:19.740 --> 41:27.740 And so, you know, Facebook is like the network for short form communication, 41:27.740 --> 41:33.740 medium form communication, LinkedIn for job seeking professional communication, 41:33.740 --> 41:37.740 Twitter for short form communication. 41:37.740 --> 41:43.740 All of them with very high market shares, all of them fairly centralized. 41:43.740 --> 41:49.740 And unlike the Internet, 41:49.740 --> 41:54.740 you need Twitter's permission to be on Twitter. 41:54.740 --> 42:01.740 All of this endless, endless, endless arguing 42:01.740 --> 42:06.740 about which accounts should be banned, which accounts should be boosted, 42:06.740 --> 42:11.740 which accounts should appear in the search results on Twitter, 42:11.740 --> 42:14.740 is a failure of architecture. 42:14.740 --> 42:18.740 We don't have this discussion about websites. 42:18.740 --> 42:23.740 We don't have it about email because those are not centralized 42:23.740 --> 42:27.740 in the same way. 42:27.740 --> 42:35.740 Whereas on Twitter, whether you have an account or not depends on who the CEO. is. 42:35.740 --> 42:41.740 And it doesn't matter who. 42:41.740 --> 42:48.740 You think is right. 42:48.740 --> 42:50.740 Maybe Parab was making the right decisions. 42:50.740 --> 42:54.740 Maybe Elon's making the right decisions. 42:54.740 --> 43:01.740 And the fact that there's a specific person whose views on content moderation 43:01.740 --> 43:06.740 you have to take into account is already the failure. 43:06.740 --> 43:11.740 It's irrelevant to me if Elon is more or less right than Parab. 43:11.740 --> 43:14.740 Totally irrelevant. 43:14.740 --> 43:15.740 There's no CEO of email. 43:15.740 --> 43:17.740 There's no CEO of the Internet. 43:17.740 --> 43:21.740 But there is a CEO of our short messaging protocol. 43:21.740 --> 43:27.740 And that is a form of failure case. 43:27.740 --> 43:29.740 E-commerce is similar. 43:29.740 --> 43:35.740 Amazon has reasonable market share in E-commerce, eBay, and its sector. 43:35.740 --> 43:40.740 Network effects are not quite as strong as it's not as bad. 43:40.740 --> 43:48.740 Payments is tragic. 43:48.740 --> 43:52.740 Payments still effectively run through the fiat system. 43:52.740 --> 43:58.740 And they effectively run through a couple of payment processors. 43:58.740 --> 44:04.740 Internet native payments are crypto currencies. 44:04.740 --> 44:10.740 And they're there and they exist. 44:10.740 --> 44:12.740 And they're very, very important. 44:12.740 --> 44:24.740 And they're under constant some form of attack by the non-crypto ecosystem. 44:24.740 --> 44:31.740 And this is not to say that things don't go wrong in crypto, but there has yet to be. 44:31.740 --> 44:39.740 I think a major stakeholder in the non-crypto world to come out and say, 44:39.740 --> 44:47.740 a government of an important country to say, well, this is important for decentralization purposes. 44:47.740 --> 44:52.740 In fact, most of the governments think this is a downside of crypto. 44:52.740 --> 44:58.740 They would like to keep payments under their control. 44:58.740 --> 45:04.740 So you look at this in aggregate and we're kind of coasting. 45:04.740 --> 45:08.740 Things have been getting worse. 45:08.740 --> 45:18.740 The Internet of Today is substantially more centralized than the Internet of 1990 was. 45:18.740 --> 45:20.740 But it's gradual. 45:20.740 --> 45:24.740 It's one step at a time. 45:24.740 --> 45:28.740 Along the way, it gets more convenient. 45:28.740 --> 45:30.740 Along the way, it gets easier to use. 45:30.740 --> 45:32.740 Things load faster. 45:32.740 --> 45:36.740 You have more features and functionality, etc, etc. 45:36.740 --> 45:44.740 So nobody rebels because it's day to day on day to day activity is getting better, 45:44.740 --> 45:50.740 while on for existential reasons getting worse. 45:50.740 --> 46:00.740 I found an interesting draft paper from the IETF in their network working group on centralization 46:00.740 --> 46:03.740 and Internet standards. 46:03.740 --> 46:06.740 Actually, it's a draft paper. 46:06.740 --> 46:10.740 It's not official. 46:10.740 --> 46:18.740 But I liked a couple of things that wrote so much that I just copy-pasted them right into here. 46:18.740 --> 46:20.740 And I'm going to read them. 46:20.740 --> 46:26.740 So the Internet's very nature is incompatible with the centralization of its functions. 46:26.740 --> 46:31.740 As a large heterogeneous collection of interconnected systems, 46:31.740 --> 46:35.740 the Internet is often characterized as a network of networks. 46:35.740 --> 46:45.740 These network related peers who agree to facilitate communication rather than having a relationship of subservience 46:45.740 --> 46:48.740 to others' requirements and coarsionally. 46:48.740 --> 46:54.740 This focus on independence of action carries through the way the network is architect, 46:54.740 --> 46:57.740 for example, in the concept of an autonomous system. 46:57.740 --> 47:05.740 Second, the Internet's first duty is to the end user. 47:05.740 --> 47:10.740 Allowing such power to be concentrated into few hands is counter to the IETF submission 47:10.740 --> 47:15.740 of creating an Internet that will help us build a better human society. 47:15.740 --> 47:19.740 When a third party has unavoidable access to communications, 47:19.740 --> 47:22.740 we quote informational and positional advantages, 47:22.740 --> 47:27.740 gain can be used to observe behavior of an optical effect, 47:27.740 --> 47:31.740 and shape or even deny behavior, the choke point effect, 47:31.740 --> 47:37.740 which can be used by those parties or the states that have authority over them for coercive ends. 47:37.740 --> 47:40.740 I have nothing to add to this. 47:40.740 --> 47:45.740 This is, I couldn't agree with this one. 47:45.740 --> 47:57.740 And then the paper goes on and lists five negative parts of the negative aspects of the concentration of power, 47:57.740 --> 48:00.740 limiting innovation, which we discussed. 48:00.740 --> 48:09.740 Constraining competition, which is similar, the first and the second, often go together. 48:09.740 --> 48:15.740 Reducing availability means that you're not building resilience and redundancy, 48:15.740 --> 48:18.740 and this could be because of unintended effects. 48:18.740 --> 48:23.740 So if you have one ISP and something happens in their facility, 48:23.740 --> 48:27.740 and the whole Internet for your country goes down inadvertently, 48:27.740 --> 48:32.740 that is a reduction of availability accidentally. 48:32.740 --> 48:37.740 But sometimes you have a reduction of availability, 48:37.740 --> 48:44.740 reduction of availability, 48:46.740 --> 48:49.740 intentional, the Egypt Telecom example, 48:49.740 --> 48:52.740 was an intentional reduction of availability. 48:52.740 --> 48:56.740 Creating monoculture, 48:56.740 --> 49:02.740 this is a limiting innovation point, but at the intellectual level. 49:02.740 --> 49:09.740 So this is, if there's a certain set of values or principles that are acceptable to Facebook, 49:09.740 --> 49:15.740 but not to others, and Facebook gets a dominant position on the Internet, 49:15.740 --> 49:22.740 then we all have to go along with those sets of values, principles, forms of speech, what have you. 49:22.740 --> 49:33.740 So the world is a huge diverse heterogeneous place. 49:33.740 --> 49:41.740 We are not all alike at the individual interest group, 49:41.740 --> 49:45.740 regional, national level. 49:45.740 --> 49:48.740 We should not all be alike. 49:48.740 --> 49:58.740 We should not all have to be in a certain way. 49:58.740 --> 50:03.740 But if we then have to run through a specific corporation, 50:03.740 --> 50:07.740 that corporation may, for a variety of reasons, 50:07.740 --> 50:15.740 on purpose or accidentally, voluntarily or coerced by others, 50:15.740 --> 50:25.740 to flatten out squash that human diversity to fit it into a specific standard acceptable black corporation. 50:25.740 --> 50:32.740 And it's very, very hard to say, I'm going to have a corporation 50:32.740 --> 50:39.740 that fully allows all of these differences to exist. 50:39.740 --> 50:52.740 For one, some of the differences are long-standing national disputes among nation states where 50:52.740 --> 50:56.740 certain countries will say, well, you have to say this, 50:56.740 --> 51:01.740 and you're not allowed to say that, and their neighbor will say the opposite. 51:01.740 --> 51:10.740 And since no company is in a position, social media company is not in a position to solve all world conflicts, 51:10.740 --> 51:13.740 they have to take a position on the topic. 51:13.740 --> 51:16.740 And sometimes they're taking three different positions, right? 51:16.740 --> 51:20.740 Their position in country X and their position in country Y 51:20.740 --> 51:23.740 and their position in third countries, and all of them might be different, 51:23.740 --> 51:25.740 and they're trying to balance all these things. 51:25.740 --> 51:30.740 And the only reason they have to try and balance all these things is their is centralized support. 51:30.740 --> 51:36.740 And then the last one is self-reinforcement. 51:36.740 --> 51:40.740 And this is the advantages. 51:40.740 --> 51:52.740 These are the advantages that a certain service has by being in a dominant position. 51:52.740 --> 51:54.740 You see this in search. 51:54.740 --> 52:00.740 If you see all of people search queries and then what they then click on, 52:00.740 --> 52:05.740 you're in a better position to build a better search engine than someone who doesn't. 52:05.740 --> 52:09.740 This is considered a big risk in artificial intelligence or machine learning, 52:09.740 --> 52:11.740 the use of technical term. 52:11.740 --> 52:13.740 But the more data you have, the better your model is. 52:13.740 --> 52:16.740 If your model is better, more people are going to want to use it. 52:16.740 --> 52:19.740 If more people use it, they'll give you more data. 52:19.740 --> 52:27.740 And it spirals. 52:27.740 --> 52:33.740 So these are each of these pretty bad. 52:33.740 --> 52:39.740 And I don't even think these are the bad things. 52:39.740 --> 52:42.740 My greatest worry is democracy itself. 52:42.740 --> 52:46.740 And again, I'm going to sound strange. 52:46.740 --> 52:48.740 I grant you. 52:48.740 --> 52:52.740 I grant you, I'm in a deep minority position here. 52:52.740 --> 52:59.740 I grant you that most people, and I think, remember who I discussed this one. 52:59.740 --> 53:01.740 I think Chris Dixon. 53:01.740 --> 53:10.740 This is like an interesting divide in the world is between people for who the digital world is real 53:10.740 --> 53:15.740 and people for whom it's not. 53:15.740 --> 53:27.740 A lot of people, if I had this discussion with them, might say, well, I mean, what difference does it make what happens on Facebook? 53:27.740 --> 53:30.740 That's not real life, in fact, I could just close my Facebook account. 53:30.740 --> 53:38.740 My real life was my car, my house, my physical goods. 53:38.740 --> 53:49.740 And I deeply disagree with that both today and in the future because I don't know about you, 53:49.740 --> 53:57.740 but I spent the vast majority of my working hours looking at a computer screen. 53:57.740 --> 54:01.740 Your phone also being, you know, a fairly powerful computer. 54:01.740 --> 54:14.740 So between my phone screen and my laptop screen and my desktop screen, I spent the large majority of my waking hours looking at this. 54:14.740 --> 54:28.740 And then sometimes all rare occasions take a break and I don't know, watch a movie on Netflix on my TV, which is also a computer. 54:28.740 --> 54:32.740 Any modern TV is also a computer as well. 54:32.740 --> 54:44.740 That is operating through those same internet service providers who are in content delivery networks and centralized firms who are delivering your whatever you're seeing in your computer screen. 54:44.740 --> 54:54.740 And so my view is I already spent the majority of my life in the digital world and quite frankly the important things in my life. 54:54.740 --> 55:22.740 All of the things that I can afford in the physical world are downstream from my professional activities, which are all intermediate by the digital world. 55:22.740 --> 55:27.740 And I don't know if this has happened to you recently. It happened to me once a few years ago. 55:27.740 --> 55:35.740 Pre-COVID when I was in an office, or even after the office, and the internet went out. 55:35.740 --> 55:48.740 And then we called our internet provider and the internet provider said, yeah, it's going to be out all day. 55:48.740 --> 55:59.740 We spent a few minutes in New York. We spent a few minutes thinking about what to do. 55:59.740 --> 56:07.740 And we realized there was basically nothing we could do. 56:07.740 --> 56:18.740 It was basically we were worthless in the office letter, totally and completely worthless. 56:18.740 --> 56:19.740 It was shocking. 56:19.740 --> 56:36.740 And it was shocking to think about that, you know, about 25 years ago, something in that range, most offices did not have internet. 56:36.740 --> 56:46.740 And so people would go to work and do whatever they were doing and whatever they were doing did not include the internet. 56:46.740 --> 56:50.740 You know, 30 years ago, effectively done it. 56:50.740 --> 56:54.740 And you were thinking about this. 56:54.740 --> 56:59.740 What actually can you do in an office without an internet? 56:59.740 --> 57:07.740 You couldn't send an email. It couldn't browse the web. 57:07.740 --> 57:21.740 Theoretically, you could make some calls, but our CRM was online, our customer relationship management system was online. 57:21.740 --> 57:30.740 So you couldn't record the calls or in fact find the people we were supposed to call because that was also online. 57:30.740 --> 57:35.740 We were literally worthless with other. 57:35.740 --> 57:47.740 So we picked up and went home and this was pre-COVID times, pre-remote work times, but we went and figured, well, whatever the downside is from working from home, 57:47.740 --> 57:51.740 it's a thousand times better than being here with that together with other. 57:51.740 --> 57:55.740 And I've went a few days and it was bracing. 57:55.740 --> 57:58.740 It was shocking. 57:58.740 --> 58:02.740 And they think basically everything is that way now. 58:02.740 --> 58:11.740 The large majority of people are dependent in some capacity on the internet to do anything. 58:11.740 --> 58:22.740 In which case we're in the living digital world and how we interact in a digital world and what is our governance and our architecture in the digital world. 58:22.740 --> 58:25.740 Super important. 58:25.740 --> 58:33.740 And it's super important that we preserve the same models of governance that we have in the physical world in the world. 58:33.740 --> 58:44.740 Or come to that and say, there. 58:44.740 --> 58:51.740 Then introduce a concept that I have stolen from John Robb. 58:51.740 --> 59:11.740 John Robb is a systems slash networks thinker he came out of the military sphere and thinks about networks, tribes and oodle loops and all of these types of things. 59:11.740 --> 59:21.740 But he is concerned about the concept of the long night. 59:21.740 --> 59:26.740 And these are a couple of the streets in order and it's going to read them. 59:26.740 --> 59:34.740 There's disruption, although potentially painful in the short term doesn't last more as a crude a damaging over the long term. 59:34.740 --> 59:40.740 In fact, the true danger posed by an internet work world is opposite of the structure. 59:40.740 --> 59:44.740 The danger is an all encompassing online. 59:44.740 --> 59:53.740 Or thought, as same as a thought and approach reinforced reinforced by hundreds of millions of socially internet work corporations. 59:53.740 --> 59:56.740 A global or thought exceed the ruthless. 59:56.740 --> 00:02.740 The narrows public thought down to a single baron ideological framework. 00:02.740 --> 00:05.740 A ruling network that prevents dissent. 00:05.740 --> 00:15.740 And locks us into stagnation and an inevitable failure as it runs a foul of reality and human nature is ruling network already exists. 00:15.740 --> 00:18.740 This concern, which is not dissimilar for mine. 00:18.740 --> 00:22.740 It's framed differently, but it's not dissimilar. 00:22.740 --> 00:38.740 Is that as we network more and more across centralized services. 00:38.740 --> 00:53.740 It becomes much easier to enforce a certain way of thinking. 00:53.740 --> 00:59.740 A certain way of prescribed and allowed thought. 00:59.740 --> 01:09.740 And what I think we know historically. 01:09.740 --> 01:13.740 That allow freedom of speech that allow freedom of action. 01:13.740 --> 01:30.740 That are more human centric, less. 01:30.740 --> 01:35.740 Out perform in every way. 01:35.740 --> 01:45.740 Quality of life for their citizens. 01:45.740 --> 01:52.740 And they outperform in human freedom and dignity. 01:52.740 --> 02:11.740 And I think that the reason for it is that anything that ends up being hierarchical top down, eventually bottleneckson an information processing side with the people at the top or if you assume away bad intentions which you should not make people in power, ultimately, 02:11.740 --> 02:20.940 prefer to stay in power. But even if you assume away bad intentions and assume that the people 02:20.940 --> 02:29.340 at the top selflessly want to manage the economy, the country, the society for its benefit, 02:31.980 --> 02:38.460 it is simply impossible for a small group of people at the top of any complex society to make 02:38.460 --> 02:43.580 all the right decisions on every single topic for everyone across the country. It is impossible. 02:46.540 --> 02:51.900 It is why as humans went from smaller societies to larger societies 02:53.740 --> 02:57.020 and simpler societies to more complex advanced societies, 02:57.020 --> 03:07.820 we have decentralized power to let people operate. To let people look around in their 03:08.620 --> 03:12.380 take the simplest example. You are in Washington, D.C. 03:14.140 --> 03:24.460 Would it be logical for you to know if in Santa Fe, New Mexico someone should open an organic grocery 03:24.460 --> 03:31.420 store. If you look at Soviet years central planning five years plan, they were trying to do this 03:31.420 --> 03:37.820 across all 11 time zones of the Soviet Union. Turned out, you can't do it effectively, 03:37.820 --> 03:43.420 it doesn't mean you're not smart, it just means there's too much information for a small group 03:43.420 --> 03:50.460 of people to talk to process. You need to let information process across everyone's brains. 03:50.460 --> 03:58.780 And ultimately, some combination of the people in Santa Fe seeing what's happening in Santa Fe 03:58.780 --> 04:04.140 and some price signals from organic food expensive or inexpensive available or not available 04:05.660 --> 04:12.300 will naturally, it's a somewhat opening or not opening an organic food shop. And it's like this 04:12.300 --> 04:21.500 for everyone. Systems that are centralized information processing systems break down under a certain 04:21.500 --> 04:31.260 level of complexity. And so when he means a single baron ideological framework that runs a foul 04:31.260 --> 04:37.660 of reality in human nature, I believe, I'm going to try and get him on the course in the spring. 04:37.660 --> 04:49.820 I believe to catch that charge, I might have committed for the spring. I believe, this is what he means, 04:49.820 --> 05:00.780 that if you lose diversity of thought, including people who are quote unquote wrong, 05:00.780 --> 05:08.460 you end up with a less successful society, a successful society lets people disagree, 05:09.020 --> 05:14.380 a successful society lets people think wrong things because sometimes it turns out, you know, 05:14.380 --> 05:18.700 most times when people are thinking wrong things, they're actually wrong. But 05:20.620 --> 05:25.900 sometimes when people are thinking wrong things, they're actually very, very, very right and they 05:25.900 --> 05:33.420 help society move forward. And a mature confident society allows this. 05:35.900 --> 05:44.300 And a top down driven monarchy of the whatever century doesn't. 05:44.300 --> 05:46.780 And so, 05:54.140 --> 05:56.220 hold this thought as we're looking next couple slides. 06:00.540 --> 06:07.660 My concern is that we're about to invent a tremendous amount of awesome technology. 06:07.660 --> 06:16.220 Awesome. That is the correct word. I'm not embarrassed to say it. I think over the next 5, 06:16.220 --> 06:22.060 10 and 20 years, we quote unquote fourth industrial revolution technologies. 06:24.780 --> 06:29.340 We'll hit some type of sci-fi level of capability. 06:29.340 --> 06:36.460 And input them all here, you know, biotech belongs on this maybe quantum computing 06:37.660 --> 06:41.420 genetic type of things. But I don't think they're as relevant for this discussion. 06:42.060 --> 06:46.860 The ones that I think are relevant are these. So AI, machine learning. 06:49.020 --> 06:52.700 We've been talking about this for a very long time. On the whole, it has been 06:52.700 --> 07:02.300 generally less exciting than people have expected. But we are not far away from the timeline that 07:02.300 --> 07:11.420 some of the big AI thinkers, none of that, you'll start seeing big leaps in the 2020s. And what 07:11.420 --> 07:19.420 we're seeing from AI platforms like stable diffusion for creating images, opening AI and chat-GPT, 07:19.420 --> 07:24.940 GPT, we may decide that, I mean, you know, Google search results are a form of AI, right? 07:24.940 --> 07:30.220 match.com's feed is a form of AI, adds your big serves as a form of AI. We have those 07:30.220 --> 07:40.060 aside. And they're already forms of AI. We are starting to see the beginning of AI that works 07:40.060 --> 07:47.100 for practical human things, that writes essays, that drives cars reasonably well in some conditions 07:47.100 --> 07:58.060 that can generate poems and photos. And you can look at them now and say, oh, this here is an error. 07:58.060 --> 08:03.740 And here's another error. And here's this thing that's going wrong. And I think for the purpose of 08:03.740 --> 08:11.260 this analysis, it doesn't matter because all those things are getting better every month. 08:11.260 --> 08:20.620 So, pick whatever time frame you want. You think it's three years, you think it's seven years, 08:20.620 --> 08:29.260 you think it's 17 years, it's not 353 years. Within the lifetime of almost everyone 08:30.700 --> 08:37.420 in the audience there, we will see extremely capable AI's. A, B. 08:37.420 --> 08:46.380 Most major countries are heading towards some form of central bank digital currency. 08:47.980 --> 08:54.380 Central bank digital currencies are natively digital currencies, like Bitcoin and Ethereum, 08:55.660 --> 09:02.060 but permission with central points of control, central points of programmability. This is viewed 09:02.060 --> 09:12.220 as a feature, not as a bug. It is viewed as a feature that will allow governments to implement 09:12.220 --> 09:22.460 automated rules from at the most basic level, antibody laundering and no-year customer rules to 09:22.460 --> 09:30.940 make sure that you have a very low level of control, negative interest rates to socially desirable spending rules. 09:30.940 --> 09:41.180 You can only spend this much on carbon or meats or what have you this month, 09:41.180 --> 09:49.340 like you've passed your limit. So, these are payment systems and they are payment systems 09:49.340 --> 09:59.340 that, as described by some of their proponents, are much more directive than the payment systems of 09:59.340 --> 10:06.220 our whole lives that ultimately have allowed for most of our lives to be a practical degree, 10:06.220 --> 10:15.020 also the possibility of cash. It is fascinating to me how the social construction over the course 10:15.020 --> 10:27.420 of my lifetime has taken cash from being a perfectly normal wholesome thing. When I was a little kid, 10:27.420 --> 10:34.220 I said, oh, look, you've got your allowance, cash, it's normal. Here's a five dollar bill. 10:36.220 --> 10:42.860 When I was at university, I operated as far as I could remember primarily in cash. I'd go to the ATM, 10:42.860 --> 10:51.260 take up cash for the week, and everyone thought this was perfectly normal. Of course, everyone's aware 10:51.260 --> 10:58.620 that there is some percentage of tax evasion from cash, there is some percentage of money laundering, 10:58.620 --> 11:07.340 drug dealing, as well as all true things, and it is correct that law enforcement authorities 11:07.340 --> 11:17.180 chase these things around, which they should do. But we have gone from a presumption that cash is 11:18.060 --> 11:26.540 default normal, even wholesome, don't say, to a presumption that cash is default suspicious 11:27.660 --> 11:33.260 and should be eliminated, the quote unquote, death of cash. Many countries 11:33.260 --> 11:41.020 here in Europe have now put limits on how much cash you can take out. Israel's done something 11:41.020 --> 11:49.020 somewhere. And within the European Union, there is an absolute strong push to keep producing those 11:49.020 --> 11:57.180 loans. So we will, it is viewed as socially desirable by many parties to eliminate cash. 11:57.180 --> 12:05.020 And then you'll have a fully permissioned system for spending, which will be 12:06.300 --> 12:13.580 solved as done. We will prevent spending on inappropriate things. 12:15.820 --> 12:24.060 So then the next one, mixed reality. Mixed reality, as we saw earlier in this course is 12:24.060 --> 12:30.860 augmented and virtual reality. Once again, over a practical timeframe, it's going to be awesome. 12:32.220 --> 12:38.140 Our glasses are contact lenses, maybe in the fullness of time or neural implants, but I don't know how 12:38.140 --> 12:41.820 that one seems like it has a ways ahead of it. But our glasses, we're sure, 12:44.540 --> 12:53.420 will overlay Google Maps in your field division. They will bring fiddensas into common fields of 12:53.420 --> 13:00.220 vision. They will remind you who the person was at the conference. They will allow you to 13:00.220 --> 13:09.740 transform your working space both aesthetically, but also for productive purposes. Why am I limited to 13:10.860 --> 13:19.500 25 inch screens? Don't worry, you won't be. We will work, we will be able to work and move through 13:19.500 --> 13:28.380 arbitrarily large digital and mixed reality spaces. It's wonderful. It will lead to better 13:28.380 --> 13:34.860 productivity. It will lead to more immersive gaming. It will lead to more human level communication. 13:36.860 --> 13:42.300 Your friends, family, loved ones, romantic partners who are not living near you. 13:42.300 --> 13:50.140 You will see them full size in your field of vision. It's an improvement. It's an improvement 13:50.140 --> 13:56.140 in the quality of human life. It's great. But again, hold that thought. 14:00.460 --> 14:06.060 Big data capture, capturing of all the data, the amount of data that the first three 14:06.060 --> 14:17.100 are going to create will be staggering. And interestingly, the third, you know, 14:17.100 --> 14:20.220 on the ground, he will start picking up by a metric data. 14:22.780 --> 14:24.380 On the reality has 14:27.580 --> 14:30.780 cameras in your field of vision. It might have, 14:30.780 --> 14:40.380 in time, cameras looking at dry. It has much more intrusive data than even the most intrusive 14:41.260 --> 14:49.980 ads you see on life. They'll be able to know in time, are you scared? Are you happy? 14:51.900 --> 14:52.540 Are you lying? 14:52.540 --> 15:01.420 Are you feeling pleasure from whatever it is that you're watching? 15:05.420 --> 15:12.940 Are you socially compliant? Are you a no socially compliant? 15:12.940 --> 15:20.380 No, these things are not in a far sci-fi future, they are within a practical future. 15:22.380 --> 15:26.700 They're not today, we're not there yet. But they're also not 100 years away. 15:28.460 --> 15:31.340 And so you will have these gigantic data streams that 15:34.060 --> 15:37.020 are being driven from the first three. And then, you know, 15:37.020 --> 15:38.720 on Metaverse, which was the name of this course, 15:38.720 --> 15:42.420 which I had said earlier in the course, 15:42.420 --> 15:44.620 and I stand by my definition, it's the internet, 15:46.140 --> 15:49.300 but with better visualization and persistent visual objects. 15:50.220 --> 15:52.540 And so you put these together, 15:52.540 --> 15:57.540 and the good part is our digital experience 15:57.660 --> 15:59.580 is about to get much, much better. 15:59.580 --> 16:04.580 In 10 to 20 years, I'm looking at my computer screens now, 16:09.500 --> 16:13.900 they're basically the same user experience 16:13.900 --> 16:18.900 as the early browsers with slightly better graphics. 16:21.860 --> 16:26.860 The early Netscape was not an order of magnitude different, 16:26.860 --> 16:31.860 and I don't know if there's no doubt in 10 or 20 years, 16:31.860 --> 16:34.860 we're gonna look at this and it's gonna look antiquated. 16:34.860 --> 16:37.860 It was like, gosh, how did people even live that way? 16:37.860 --> 16:39.860 How did people even work that way? 16:39.860 --> 16:43.860 Can you believe the old people used to use the internet 16:43.860 --> 16:48.860 like this, because it's going to become much more realistic, 16:48.860 --> 16:51.860 much more interactive 16:51.860 --> 16:54.860 and it's going to be 16:54.860 --> 16:56.860 a blended space of humans and AIs. 16:58.860 --> 17:02.860 There will be AIs to help with anything, 17:02.860 --> 17:07.860 not just driving, not just walking you through those easy, 17:07.860 --> 17:12.860 but I'm pretty sure our education's gonna change, 17:12.860 --> 17:15.860 and pretty sure the current model of education 17:15.860 --> 17:19.860 is going to get completely rescaled by AIs. 17:19.860 --> 17:21.860 It's all of us gonna be wonderful, 17:21.860 --> 17:26.860 and we'll have a lot of features, but there's a dark side too, 17:27.860 --> 17:30.860 and the dark side looks something like the following. 17:33.860 --> 17:38.860 You will have basically the ability for a company 17:38.860 --> 17:42.860 or a government to have permanent, 17:42.860 --> 17:47.860 holistic surveillance of everyone's environment. 17:51.860 --> 17:54.860 We have already made great leaps in this area. 17:58.860 --> 18:02.860 All of us carry around with us a microphone, at all times. 18:03.860 --> 18:07.860 Which, for most phones and most jurisdictions and most cars, 18:07.860 --> 18:12.860 can also be switched on remotely without you knowing. 18:12.860 --> 18:14.860 If you have told someone in, I don't know, 18:14.860 --> 18:19.860 the 1980s in East Germany under the quite interest of Stasi, 18:20.860 --> 18:24.860 that in the future, people in free countries 18:25.860 --> 18:28.860 will make sure they jam a microphone in their pocket 18:28.860 --> 18:30.860 wherever they go. 18:31.860 --> 18:34.860 People might be surprised, but yet we did, 18:34.860 --> 18:37.860 because it's convenient and useful, and it's nice to have cell phones, 18:37.860 --> 18:39.860 and cell phones now have all these features, 18:39.860 --> 18:42.860 and they have microphones and cameras, and they're pretty useful. 18:43.860 --> 18:46.860 But it's gonna be much more in them, right? 18:46.860 --> 18:48.860 Like our glasses will be seeing our environment. 18:50.860 --> 18:52.860 We'll be tracking our biometric data. 18:55.860 --> 18:57.860 We'll be tracking our biometric data, even through words, right? 18:57.860 --> 18:59.860 It'll be good for health. 18:59.860 --> 19:03.860 I have a watch on that tells me my heart rate and my steps. 19:03.860 --> 19:05.860 It's cool. It's useful. 19:05.860 --> 19:07.860 I want to know my heart rate and my steps. 19:08.860 --> 19:14.860 But I'm pretty sure the same song, and maybe Google, or whatever. 19:15.860 --> 19:19.860 And maybe along the transmittal path, maybe many other people, 19:19.860 --> 19:21.860 maybe national security agencies. 19:21.860 --> 19:24.860 And the national security agencies have any particular interest 19:24.860 --> 19:25.860 in how many steps it is. 19:25.860 --> 19:26.860 You know, of course not. 19:26.860 --> 19:34.860 I am not that, you know, one of the things with the big data is less 19:34.860 --> 19:37.860 that someone is sitting there at the NSA, 19:37.860 --> 19:39.860 being like, oh, wow, 6529, 19:39.860 --> 19:41.860 it's not really getting his cardio in today. 19:41.860 --> 19:43.860 I have no idea it's time for that. 19:43.860 --> 19:45.860 There's billions of people in the world. 19:46.860 --> 19:50.860 But these things are valuable and interesting at the societal level, 19:50.860 --> 19:52.860 at the aggregate level. 19:52.860 --> 19:58.860 And so what you can do if you have this full environment 19:58.860 --> 20:04.860 and you have a centralized metaverse and the internet with better visualization, 20:04.860 --> 20:11.860 you can influence behavior both positively and negatively, 20:11.860 --> 20:15.860 basically at the subconscious level. 20:15.860 --> 20:19.860 One of my favorite 20:19.860 --> 20:26.860 analogies is machines are already breeding humans. 20:26.860 --> 20:28.860 What if that's supposed to mean? 20:28.860 --> 20:31.860 Well, I think in the United States, something like 50% of marriages 20:31.860 --> 20:33.860 come from dating applications. 20:33.860 --> 20:38.860 And dating applications you are presented a feed. 20:38.860 --> 20:44.860 And that feed is trying to somehow predict who you'd like to see. 20:44.860 --> 20:48.860 Or better for worse. 20:48.860 --> 20:50.860 I'm not saying the feed has any negative attention, 20:50.860 --> 20:53.860 but it's good attention. 20:53.860 --> 20:58.860 But it's some machine algorithm that's trying to find you a partner. 20:58.860 --> 21:01.860 And sometimes that turns out to be a spouse and sometimes that to be the 21:01.860 --> 21:04.860 parent of the children you have together. 21:04.860 --> 21:10.860 And in some weird way, a machine has put you together 21:10.860 --> 21:16.860 and the biases of that machine algorithm might change how people match up. 21:16.860 --> 21:19.860 If they change how people match up, they might even, like, 21:19.860 --> 21:23.860 in effect, be changing the gene code, which is weird. 21:23.860 --> 21:24.860 By weird to think about. 21:24.860 --> 21:27.860 But I think it's kind of true. 21:27.860 --> 21:39.860 And can I mention that, but more granular, more immersive, more subconscious 21:39.860 --> 21:49.860 If you are given little dumping hits for doing things in 21:49.860 --> 21:57.860 society approved ways, and it can be done at scale, 21:57.860 --> 22:06.860 it doesn't matter if there isn't someone at the NSA checking in on me. 22:06.860 --> 22:15.860 Personally, in fact, all this stuff doesn't need to be 100% effective. 22:15.860 --> 22:21.860 I'm going to say 80% effective, but it doesn't need to be 80% effective either. 22:21.860 --> 22:28.860 In most countries, the difference between who wins an election is a few percentage points. 22:28.860 --> 22:32.860 Take the United States, you have these famous swing voters. 22:32.860 --> 22:38.860 There's a bunch of people who are always in the vote Republican, a bunch of people who are always in the vote Democrat, 22:38.860 --> 22:45.860 who becomes the president, or who controls the House and the Senate, is some swing voters. 22:45.860 --> 22:50.860 All you need to do is subconsciously influence 5 or 10% of the population. 22:50.860 --> 22:51.860 Move them a little bit. 22:51.860 --> 22:59.860 Move everyone's views 5% in one direction, and you are 22:59.860 --> 23:02.860 in the vote. 23:02.860 --> 23:05.860 That's not a good question. 23:05.860 --> 23:10.860 The tougher version throws in some automated compliance. 23:10.860 --> 23:15.860 And compliance is going to come through the payment system. 23:15.860 --> 23:21.860 That's why I keep harassing everyone about this freedom to transact concept. 23:21.860 --> 23:30.860 The carrot is going to be the dopamine hits. 23:30.860 --> 23:35.860 The stick is a transaction we'll go through. 23:35.860 --> 23:40.860 You're not allowed to do that. 23:40.860 --> 23:44.860 I'm sorry, our scoring says you can't make this payment. 23:44.860 --> 23:52.860 It's going to happen. 23:52.860 --> 23:59.860 Even I wonder if I'm at times overestimating the rest of the land. 23:59.860 --> 24:04.860 This is where what happened in Canada with the truckers was about, how are you telling? 24:04.860 --> 24:11.860 And I say this, even though I almost certainly, from what I can tell, have the opposite political views of the truckers. 24:11.860 --> 24:15.860 They're actually sound like kind of a bunch of jerks, to be honest. 24:15.860 --> 24:24.860 But what was interesting to me is that the way that protest was resolved wasn't through kind of normal law enforcement mechanisms, 24:24.860 --> 24:31.860 but by cutting off their money and then to their families. 24:31.860 --> 24:39.860 God, that was really interesting because that's Canada, and Canada is nobody's idea of some callous dictatorship. 24:39.860 --> 24:43.860 And Canada is like absurdly friendly place. 24:43.860 --> 24:44.860 Liberal democracy. 24:44.860 --> 24:47.860 In the actual liberal democracy. 24:47.860 --> 24:49.860 Objectively else, they are. 24:49.860 --> 25:01.860 And yet, Canada discovered the power of the payment system to end the protest. 25:01.860 --> 25:08.860 And you know, I'm concerned because a lot of people who should be concerned about this thing are concerned because I don't like those guys. 25:08.860 --> 25:10.860 I'm glad they did it. 25:10.860 --> 25:12.860 Most truckers had bad intentions. 25:12.860 --> 25:14.860 Maybe they did. 25:14.860 --> 25:24.860 The problem is people will use it sometime against your preferred speech. 25:24.860 --> 25:30.860 Against your preferred organization and protest or religion. 25:30.860 --> 25:41.860 Because once you can end the social movement, not by winning in the marketplace of ideas, not by winning in elections, 25:41.860 --> 25:47.860 not by charging them with a crime that they have actually committed. 25:47.860 --> 25:53.860 But by just saying, okay, you can't pay for stuff. 25:53.860 --> 26:01.860 There's no exit. 26:01.860 --> 26:06.860 My credit card won't process this payment, but I can go to cash. 26:06.860 --> 26:09.860 Cash is gone in this world. 26:09.860 --> 26:11.860 So you can't go to cash. 26:11.860 --> 26:15.860 This is a world where I suspect. 26:15.860 --> 26:22.860 There's at least sectors of this world that consider quote unquote self-hosted quote unquote non-custodial wallets, 26:22.860 --> 26:23.860 but it's a wallet. 26:23.860 --> 26:26.860 It's where you have your money in your pocket. 26:26.860 --> 26:33.860 They want them to go away for custodial wallets and custodial wallets are not wallets at all. 26:33.860 --> 26:34.860 They're accounts. 26:34.860 --> 26:37.860 They want people to have accounts, not wallets. 26:37.860 --> 26:48.860 I put this in here, but there's for sure a sector of the regulatory state that believes it's deserve. 26:48.860 --> 26:51.860 And they might be well intentioned. 26:51.860 --> 27:02.860 But what this will mean is you will have given people in power an immensely powerful set of tools. 27:02.860 --> 27:05.860 And here I'm going to go a little bit abstract. 27:05.860 --> 27:07.860 This isn't all trying its proper. 27:07.860 --> 27:11.860 Heaven is high and the emperor is far away. 27:11.860 --> 27:17.860 And what it means, particularly pre-internet days, pre-industrialized days, 27:17.860 --> 27:21.860 then, the emperor might be envisioning and has a certain view that you should enter this, 27:21.860 --> 27:28.860 or you shouldn't say that, but you're in, I don't know, the social law and profits. 27:28.860 --> 27:31.860 And, okay, I mean, fine. 27:31.860 --> 27:33.860 The emperor thinks that. 27:33.860 --> 27:37.860 But I'm going to say there's other things to my friend. 27:37.860 --> 27:40.860 I'm going to do this other thing here. 27:40.860 --> 27:47.860 There were practical limits on their ability to enforce their power and they're good, 27:47.860 --> 27:50.860 but more importantly, bad ideas. 27:50.860 --> 27:55.860 They were practically limited. 27:55.860 --> 28:08.860 What is scary about these technologies is not that they allow something that wasn't previously possible. 28:08.860 --> 28:16.860 It's that they allow it on superhuman scale, and in fact, it will be run on superhuman scale. 28:16.860 --> 28:19.860 It will be run by AI. 28:19.860 --> 28:27.860 And this is a set of power we've never given to anyone before. 28:27.860 --> 28:33.860 And it's going to be sold as socially desirable. 28:33.860 --> 28:43.860 And the question that needs to be asked, that I have yet to see good answers to, 28:43.860 --> 28:46.860 is who watches the watchmen? 28:46.860 --> 28:49.860 Who guards the guards? 28:49.860 --> 29:02.860 When someone says, oh, we have a CBDC and the nice thing about it, it can only do transactions that are good. 29:02.860 --> 29:04.860 Sounds great. 29:04.860 --> 29:09.860 I prefer a society where people only do good transactions and don't do bad transactions. 29:09.860 --> 29:12.860 It sounds actually socially desirable. 29:12.860 --> 29:17.860 But who gets to choose them? 29:17.860 --> 29:24.860 There is usually, I've read a lot about these things, and I've spoken to people about these things. 29:24.860 --> 29:26.860 I've been called to advise on these things. 29:26.860 --> 29:31.860 And there's usually very little talk about who gets to decide. 29:31.860 --> 29:35.860 And what is the democratic governance of those decisions? 29:35.860 --> 29:37.860 And what is the review process of those decisions? 29:37.860 --> 29:39.860 What's the transparency of those decisions? 29:39.860 --> 29:41.860 How can those decisions be challenged? 29:41.860 --> 29:43.860 There's close to none of that. 29:43.860 --> 29:48.860 It is assumed that the people in power can make good decisions. 29:48.860 --> 29:52.860 And then the people not in power will, of course, follow them because they're good decisions. 29:52.860 --> 29:54.860 But we've passed this. 29:54.860 --> 29:57.860 We've passed this phase in human development, right? 29:57.860 --> 30:01.860 This was a phase of pre-constitutional rights. 30:01.860 --> 30:07.860 Constitutional rights start off by saying the sovereignty is with the individual, not the state. 30:07.860 --> 30:10.860 You have to follow us, of course. 30:10.860 --> 30:12.860 But are you default free? 30:12.860 --> 30:13.860 Yes. 30:13.860 --> 30:15.860 Are you default allowed to do things? 30:15.860 --> 30:16.860 Yes. 30:16.860 --> 30:18.860 Are you default allowed to own things? 30:18.860 --> 30:19.860 Own things? 30:19.860 --> 30:20.860 Yes. 30:20.860 --> 30:24.860 Can the state deprive you of your rights, your freedom, your freedom of speech, your freedom of movement, your property? 30:24.860 --> 30:29.860 Not without due process. 30:29.860 --> 30:31.860 The state has to say you did something wrong. 30:31.860 --> 30:33.860 The thing you did wrong is this. 30:33.860 --> 30:36.860 The penalty is that you have a jury of your peers. 30:36.860 --> 30:37.860 You have a lawyer. 30:37.860 --> 30:39.860 You have, there's a set. 30:39.860 --> 30:43.860 The hurdle is significant for the state to do it. 30:43.860 --> 30:53.860 And that creates a version of a level of check on state power. 30:53.860 --> 31:10.860 If we move all over this to an automated system running on private infrastructure, you know, you don't have any constitutional rights on Facebook's servers. 31:10.860 --> 31:12.860 They're not yours. 31:12.860 --> 31:13.860 They're Facebook's. 31:13.860 --> 31:20.860 Just like you don't have any constitutional right to come into Mark Zuckerberg's house and lecture him in his lover room. 31:20.860 --> 31:30.860 And this is correct because if you get out of a constitutional right to go in his servers and go in his living rooms, you'd have to assume a coercive state that would force him to let you in. 31:30.860 --> 31:33.860 So it's correct that you don't have any rights there. 31:33.860 --> 31:49.860 But if it turns out that we build our whole infrastructure on this type of underlying architecture, all types of policies will be implemented. 31:49.860 --> 31:53.860 They will be effectively I was unreviewable. 31:53.860 --> 31:57.860 They will be implemented at scale. 31:57.860 --> 32:02.860 And they will be abused. 32:02.860 --> 32:07.860 People keep talking about the state, but the state also means people. 32:07.860 --> 32:10.860 There is someone in charge of the state. 32:10.860 --> 32:13.860 The United States, the executive was a president. 32:13.860 --> 32:17.860 And the president has a lot of power, Congress also has power. 32:17.860 --> 32:21.860 And those are individual people that just people just like you and me. 32:21.860 --> 32:25.860 And they're not infallible. 32:25.860 --> 32:31.860 And in fact, their objectives are unlikely to be wholly pure, some of them likely. 32:31.860 --> 32:34.860 But they're likely all of them to be wholly pure. 32:34.860 --> 32:38.860 And so every time you sub here, the word state is a substitute person. 32:38.860 --> 32:43.860 Should a person have this amount of power? 32:43.860 --> 32:47.860 Often to me, the answer is no. 32:47.860 --> 32:54.860 It's not like I think George shouldn't have this amount of power, but I should. 32:54.860 --> 32:57.860 I don't think I should either. 32:57.860 --> 33:03.860 But I also don't think any other arbitrary person should either. 33:03.860 --> 33:07.860 And this is what the nature of a constitutional democracy is. 33:07.860 --> 33:15.860 The nature of a constitutional democracy puts significant limits on the government's power 33:15.860 --> 33:18.860 versus what it used to be before with it. 33:18.860 --> 33:26.860 And if we lose this indirectly in the digital world, in this highly immersive digital world, 33:26.860 --> 33:28.860 it can be very problematic. 33:28.860 --> 33:30.860 Now, okay, so this is all, you know, mostly scary. 33:30.860 --> 33:32.860 And I think it is mostly scary. 33:32.860 --> 33:38.860 And one of the basis of everything I've been running on the open metaverse, 33:38.860 --> 33:39.860 what can we do? 33:39.860 --> 33:41.860 I actually don't think it's much. 33:41.860 --> 33:42.860 Right. 33:42.860 --> 33:43.860 And it's difficult. 33:43.860 --> 33:46.860 And it's very high level. 33:46.860 --> 33:59.860 And at the first approximation is the first level of abstraction is well, 33:59.860 --> 34:07.460 Do we have the same rights digitally as we do in the physical world? 34:07.460 --> 34:11.060 Do we have a default right to privacy online? 34:11.060 --> 34:17.460 Do we have a default right to ownership online? 34:17.460 --> 34:18.500 Can you own something? 34:18.500 --> 34:21.380 Can you own a piece of art? 34:21.380 --> 34:24.420 Because to own it, you need that quote, unquote, non-custodial 34:24.420 --> 34:24.920 walk. 34:24.920 --> 34:33.400 If it has to be held in custody by Coinbase or Kraken or BitStamp or JP Morgan Chase, 34:33.400 --> 34:41.320 well, no, then we're saying we trust our citizens to own a piece of art in their living room, 34:41.320 --> 34:44.440 but we don't trust our citizens to own a piece of art in the internet. 34:47.000 --> 34:52.600 Which my view is that's an incorrect decision for society, right? 34:52.600 --> 34:56.120 In any case, my view is meaning to have the discussions with society. 34:57.720 --> 35:05.960 As the world becomes more digital, there needs to be a genuine discussion among policy makers 35:05.960 --> 35:14.840 and the people of what we think the right balance of power is between the state and its citizens 35:14.840 --> 35:17.640 of the world, noting that everything is a tradeoff. 35:17.640 --> 35:20.920 Of course, fighting crime is easier when you don't have any rights. 35:20.920 --> 35:29.000 Of course, but we have decided in at least most constitutional democracies that fighting 35:29.000 --> 35:32.600 crime is very important, but it's not the only thing that matters. 35:33.320 --> 35:36.600 Because if it was the only thing that matters, then a cop could walk into your house anytime 35:36.600 --> 35:37.720 to just check the suit you're in. 35:38.440 --> 35:42.120 And generally not, if I didn't get a warrant, then I'd go to court, then I'd go through some 35:42.120 --> 35:43.640 process, right? 35:43.640 --> 35:46.680 Because you start off with the right suit, then first level is the constitutional. 35:46.680 --> 35:51.640 The second level is, again, what I keep. 35:51.640 --> 35:57.880 I'm asking everyone about what I call freedom to transact, which it is a model of 35:58.760 --> 36:01.320 there needs to still exist some 36:05.080 --> 36:08.520 default allowed system of transactions. 36:09.960 --> 36:10.920 We still have one today. 36:10.920 --> 36:11.640 It's called cash. 36:11.640 --> 36:15.720 You are default allowed to pay someone with cash. 36:17.640 --> 36:18.760 Credit cards are not like that, right? 36:18.760 --> 36:21.400 The credit card goes and goes for an impressing. 36:21.400 --> 36:24.920 It says yes or no, a third party says yes or no to the transaction. 36:26.760 --> 36:27.800 But cash is not. 36:27.800 --> 36:31.560 If I take $20 and I give it to someone and buy a burger and a beer, 36:32.440 --> 36:34.760 there's no third party in that transaction. 36:35.720 --> 36:38.760 I believe we need to maintain a default allowed payment system. 36:38.760 --> 36:46.120 And I believe digitally, because I don't think the CBDCs is the right thing would have been 36:46.120 --> 36:50.760 for the CBDC's to become default permissions, just like cash is. 36:50.760 --> 36:52.040 But I don't think I'm going to do that. 36:53.960 --> 36:57.480 I've been having discussions with the Federal Reserve for a long time. 36:57.480 --> 36:58.280 I don't do it. 36:58.280 --> 37:07.240 And so that means being allowed to hold crypto assets in your own world. 37:08.760 --> 37:10.920 I think that's what the choice is going to build out to. 37:12.040 --> 37:17.720 And then the last thing, which is also part of my thesis of the one that I think I can 37:19.000 --> 37:25.560 add the most influence on, is this metaverse with persistent digital objects needs to 37:25.560 --> 37:32.760 database to store those objects. And that database can be one or several big companies. 37:33.640 --> 37:35.320 Or it can be a public blockchain. 37:36.120 --> 37:41.160 And if it's a public blockchain, we have a system to store an arbitrary digital object. 37:41.160 --> 37:42.120 It's called an NFT. 37:44.040 --> 37:51.080 And if people can own their NFTs and then companies, organizations, 37:51.080 --> 37:54.600 governments build applications to use them, that's fantastic. 37:54.600 --> 37:57.160 Some of those applications can be large and centralized. 37:57.160 --> 37:58.120 It's also fantastic. 37:59.320 --> 38:01.960 But they should not control the database of record. 38:02.600 --> 38:05.800 Because that database of record is a database for our world. 38:06.760 --> 38:13.640 And so to me, these are, we're at a very interesting path in the road. 38:15.640 --> 38:16.600 We're fork in the road. 38:16.600 --> 38:24.760 I think the decisions that are made in the 2020s, over the next four years, 38:26.760 --> 38:35.160 will determine what the architecture and ultimately the human rights architecture of our life will be 38:35.720 --> 38:37.160 in the 2030s and afters. 38:38.840 --> 38:44.680 I think because of the network effects and the kind of monopolistic effects or all 38:44.680 --> 38:50.040 monopolistic effects of the internet, whatever system gets established in the next few years will 38:50.040 --> 38:51.240 become the system that wins. 38:53.640 --> 38:57.720 Just like it's hard to get off Twitter, if everyone stores their, 38:57.720 --> 39:03.400 take a simple example, digital art is an NFT, then artists will be making digital art as NFT 39:03.400 --> 39:04.040 in the 2030s. 39:04.040 --> 39:09.960 If everyone stores it on Facebook art service, that's what's going to work. 39:09.960 --> 39:13.080 We'll find out which one it is over these few years. 39:13.080 --> 39:18.440 I think it is, there are things we can do. 39:19.960 --> 39:22.280 I don't think it's clear which way it's going to go. 39:24.360 --> 39:28.200 In some countries, it is clear that it's going to go on the permission side. 39:29.160 --> 39:31.640 I guess you should probably state this in reverse. 39:32.600 --> 39:35.960 In many countries, they've already decided they're going to permission route. 39:35.960 --> 39:40.680 China seems to be building out and permission blockchain. 39:40.680 --> 39:41.880 Architecture. 39:41.880 --> 39:46.280 And then the question is, if the other countries, if there will be countries, 39:46.280 --> 39:49.240 that run an open architecture. 39:50.760 --> 39:51.800 I hope they do. 39:51.800 --> 39:53.560 I think it's going to be better for the world that they do. 39:54.200 --> 39:55.720 I don't think it will happen automatically. 39:56.360 --> 40:00.680 I don't think it will happen without people, you know, 40:02.200 --> 40:09.000 having a discussion about what they think they deserve from as a citizen in a digital world. 40:09.000 --> 40:13.320 And I'm hoping we can help stimulate some of that discussion. 40:13.320 --> 40:16.200 So I'm going to stop here. 40:16.200 --> 40:20.600 This is probably the most personal of the presentations on the other ones. 40:20.600 --> 40:22.280 I tried to be somehow neutral. 40:23.960 --> 40:25.880 I am not neutral here. 40:26.920 --> 40:28.360 I think that's probably fair to say. 40:29.160 --> 40:34.840 I do not think it is 50-50, if we should have a completely permission. 40:34.840 --> 40:38.840 And digital architecture versus a permissionless one. 40:39.640 --> 40:43.000 And it's equally good for society if we have either one. 40:44.120 --> 40:44.520 I am. 40:45.880 --> 40:48.680 I have a point of view or a bias, if you want to call it. 40:50.520 --> 40:54.680 But that's what I'm sharing in this presentation. 40:54.680 --> 40:56.760 So I am going to stop here. 40:57.960 --> 41:01.640 George, if I can maybe look at some questions. 41:01.640 --> 41:11.000 And I'll maybe for another 15 minutes or so. 41:31.640 --> 41:41.560 I'm trying to get into the Discord chat where the questions are. 41:41.560 --> 41:43.640 41:43.640 --> 42:06.280 Okay. 42:13.640 --> 42:26.640 42:26.640 --> 42:30.640 42:30.640 --> 42:39.640 Okay, there are a few questions regarding the exam. I will take this and then there are a couple of questions for 6529. 42:39.640 --> 42:51.640 So, first question, will completing this course count toward course credit for UNIC MSc students? The quick answer is no. 42:51.640 --> 43:08.640 In the future, we plan to have a for credit version of this course, as you might remember from our initial lectures, The University of Nicosia in the process of accrediting a new master's degree, the master's in metaverse systems we hope to. 43:08.640 --> 43:16.640 To be able to launch this in the coming couple of months and the first class will start in September 2023. 43:16.640 --> 43:31.640 So, if this happens, this course will be made into a credit course, it will have a different form of assessment, obviously, for the students that are taking it for credit. 43:31.640 --> 43:47.640 So, the short answer is that this particular course with this particular assessment that I mentioned the multiple choice quiz for the end will not count towards, towards course credit for our students. 43:47.640 --> 43:56.640 Another question is the certificate generative art, as I've said, we don't have all the details yet so I cannot commit, but most likely. 43:56.640 --> 43:58.640 Yes. 43:58.640 --> 44:05.640 Another question, is there a way to do the full course to obtain the certification. 44:05.640 --> 44:09.640 I'm not sure what exactly the student means here. 44:09.640 --> 44:22.640 I mean, this is the full course. So, if you take the exam and score 60% or higher as I've said, you will get the certificate of completion as an NFT on Ethereum. 44:22.640 --> 44:35.640 If you would like to do so. So, yeah, I don't know if you meant something else, please let us know. 44:35.640 --> 44:41.640 6529, I don't know if you have access to the questions or do you want me to read them for you because I think they're. 44:41.640 --> 44:55.640 I have them, I see three of them here. The first one I'm laughing, I don't mean. 44:55.640 --> 45:16.640 Yeah. Both, I guess. I'm going to go with both. I don't know, usually these things do start for pleasure, don't be George. So, I'm going to say both, but if that's wrong, it's probably pleasure first in business afterwards. 45:16.640 --> 45:27.640 That pleasure is a business, isn't it? So, yeah, it might be pleasure for the end user, but it might be a business application for the ones who develop some markets. 45:27.640 --> 45:55.640 Yep, yep, yep. All right, is the network state a new hybrid global structure, or does it become an alternative pseudo digital government place? So, this is very 45:55.640 --> 46:09.640 difficult and interesting question. I've spoken about it and we'll discuss this with him on his session because he's the expert on it. 46:09.640 --> 46:26.640 And he has a more ambitious view of it, that makes sense of his concept. But he thinks of it even taking on indirectly physical space. 46:26.640 --> 46:40.640 And I'm going to say his view. 46:40.640 --> 46:59.640 And he controls physical space, it's like this. Distributing on Physical space but my view is very different. 46:59.640 --> 47:13.640 Very long time, if ever, give up default control of societal governance. 47:13.640 --> 47:32.640 And so what this, what I think these are going to be, are groups of people who operate in parallel to this. I mean, is the Catholic Church a network state. 47:32.640 --> 47:56.640 And so, it's a very valuable, yes, right, like there's many people around the world who share a set of values, who contribute economically to those values, who have shared physical facilities around the world. 47:56.640 --> 48:12.640 And in some countries, universities, the Vatican also has a very small nation state, but I don't think that's the important part. I mean, the Catholic Church, I think, by logic is a network state. 48:12.640 --> 48:31.640 In mature nation states, people are fine with this, right, in some nation states they are, it was all they want to like control it, but like in my current nation states, like the Catholic Church and share your beliefs with others and that's fine. 48:31.640 --> 48:56.640 And so I think it's conceptually for me it's conceptually like that. It's something like, and I'm not saying it's like a religion, from that perspective, but it's something like a religion in how it can be, it's a different layer of people's lives organized in parallel to the nation state. 48:56.640 --> 49:02.640 So, I think that's how it ends up. 49:02.640 --> 49:21.640 Okay, can you comment on feudalistic state, web 3 appears to be from a societal evolution perspective, or if you disagree with this view, do you think the development of space will follow a parallel path to societal evolution but it's sped up right? 49:21.640 --> 49:26.640 I don't think I understand the question to be honest. 49:26.640 --> 49:30.640 I think web 2 is more feudalistic right now than web 3. 49:30.640 --> 49:37.640 I think web 2 is almost, almost completely feudalistic. 49:37.640 --> 50:01.640 So, if you work, if you make a large part of your life on Facebook, well, you don't really have any rights at all there, right? They can just end your account at any time for any reason. 50:01.640 --> 50:10.640 That's it, I don't really anything. And that seems to me to be a feudal type relationship. 50:10.640 --> 50:19.640 Web 3 I don't think is that way, necessarily, and definitely not as bad. 50:19.640 --> 50:33.640 I think we have an opportunity to have self sovereign actions in web 3 that perhaps we don't do web 2. 50:33.640 --> 50:41.640 That's how I understand the question list. 50:41.640 --> 50:49.640 Do you have any other ones or have I bored everyone to death already on the stop? 50:49.640 --> 50:55.640 I don't see any other questions, no, I think this covers it all. 50:55.640 --> 51:06.640 I guess we can renew our appointment for next Wednesday unless we amount something earlier than that which I don't think so at this stage. 51:06.640 --> 51:10.640 It's only Balaji that is missing, correct? 51:10.640 --> 51:12.640 Yeah, we'll see. 51:12.640 --> 51:15.640 We don't have any concerns now, but we will. 51:15.640 --> 51:36.640 For Balaji, nobody in the next panel discussion is next Wednesday with regarding the metaverse and it's with Ryan from Oncyber, Charlie Cohen and Maxim Perumal, correct? 51:36.640 --> 51:42.640 That one's going to be wild. We have Ryan and Maxim and Charlie, it's going to be wild. 51:42.640 --> 51:49.640 A lot of different and exciting viewpoints in that one. 51:49.640 --> 51:51.640 I'm really looking forward to it. 51:51.640 --> 51:57.640 Okay, we all are and you're going to be moderating it, so I'm sure it's going to be fine. 51:57.640 --> 52:01.640 Great, so I'll see you next week then, everyone. 52:01.640 --> 52:02.640 All right. 52:02.640 --> 52:04.640 Bye bye for now. 52:04.640 --> 52:05.640 Bye bye. 52:05.640 --> 52:07.640 Bye bye.