VITE update | BlockchainBrad Interview | Crypto Update | Supernodes | Vite Store & Vite Pay

hey guys block team Brad and today we're talking about all things feet and that's the French word for fast and in the hot seat today we are with this area or the founder of beat his name is Richard yin Richard thank you very much for this update today of course it's good to be back and mate it's interesting that you are in Beijing right now you are in another office of the beat you know enterprise that is now building as a real a legitimate company what's it like being in Beijing and seeing things unfold over there with your office I can see some people in the background working late tonight yeah yeah it's like this every day actually but so yes I just got here from Silicon Valley it's nice to be back in town in Beijing we are 36 people strong we have about 30 31 engineers out here or I should say activity 31 the engineering team up here including engineers product managers QA designers in the Beijing office and we have four people in so the balance Silicon Valley is working on operation generators doesn't happen to give you a quick tour of the yet Beijing all right that'll be great I think the viewers and we would love to see you know take us on a bit of a tour and we'll try and pull it along so for those who are watching now we are lucky enough to have a big insight into the Beijing office so you can see exactly how things work in real time with all of the interesting you know experience of traveling around with someone live like this you're gonna see you know what it really is all the noises all the interactions and all of the busy I guess yeah it's no it's not 7:44 p.m. and we've still got quite a few people working in the office this is one part of her office there's another such thing you could do if you want to turn camera so that we can see out from you so in some way because we're seeing mostly you know tsunami like yeah that looks great so talk us through the different departments and what people actually do because you know from our perspective we just see people on screens focus they depend for the sections okay so our office is partitioned into two sections and you're looking at one session right now these are all the people in the engineering team so it's not 7:44 p.m. so I guess not everyone's here but it does look like everyone's kind of still here so we got front-end engineers back and engineers designers QA let's see and here in the management or management team is having uh I think they're having a meeting right yeah so this this is actually a chief executive officers in there and then we have another office right down the hall we'll take a while for me to get there so maybe I'll take the time but thank you for showing us that because one thing that you've made clear is the in vite you seem to be workaholics because you know an australian and we work hard but working this kind of hours you said it's 7:00 past 7:00 now that's quite late and you know we had a discussions before this is quite commonplace she worked in these kinds of hours what time do people go home in the beat you know so in China there's this thing called 906 9:00 a.m. to 9:00 p.m. every day and six days a week this is actually quite normal to be on to do with internet coverage and because we got this internet DNA in a lot of our staff members come from ideally mapa consent mate one of of the world's so they're kind of used to this it gives this level of diligence right so the other the other office I wasn't able to show you is our operating team of Beijing we have five people in there right now so we had a product manager that leads a team of four operating staff so some focus on key key management one person does statistics so like you know so it's kind of like another Marketing if you will myself funnel optimization conversion analysis things of those switch yeah but that's in the other office and I have to go to the hallway and and turn a phrase appreciate that right next time we'll do that now in total in Beijing you have approximately 35 is that what you said before we saw the entire little 36 locally so in Beijing 131 right now and 32 okay now let's talk about that now why is it if you're based in Silicon Valley for the most part why is it only for over there Richard and you have so many in Beijing what's them what's the draw card for having your engineers there yeah tech co-founder in our CEO are both based out here they both came from a pod which is coupon China so they basically build a team around them as sort of technique list Beijing is the Silicon Valley of China so it's natural to have a team of Beijing if you're gonna have a tech team each child so the four of us in San Francisco Bay Area are focused on a few things business development marketing and community management so we are sort of the people that help evangelize watch a promote feet in the non China I think but in that context before we get into all of the details and and discuss the updates is the plan also to build out the enterprise in in the Silicon Valley and also the engineering department there as well yes so we do have a director of engineering of the international that's currently in the Beijing office but the plan is to have him go to you to his little Valley office from time to time as well and to the extent that we find talented engineers and technical contributors that will join us and so we're definitely posted I thought I did wanna ask you though in this in respect and I don't mean to infer anything with regard to cultures and like that but in terms of cotton ually is it expensive to have an engineer comparatively in the Silicon Valley and is it more cost of and for that reason to have the you know oh yeah they don't even China yeah it's much more expensive to hire a person in salt Valley aside from much higher base salary to compensate for the high cost of living there are also various taxes on top of that um I was down on the reason why you've really pertain to focus so much in Beijing I guess yeah you could say that you could say that but another big part of it is just that two of the three co-founders argue well let's get let's get really stuck into this for the all the audience for all the viewers this is specifically designed as a free update there's no payment certainly in my part and the idea is really just to allow you to have an insight into the inner workings what's really going on with beat and what's planned for now in the future so let's just do a quick recap though you are in next-generation high-performance decentralized application platform and some now fall we're not going to go through all the fundamental tech as we've done before but let's talk about the key point of being ultra fast you know you know do you still stand by that claim yeah we haven't she's done it we saw no yes I know have you have you as your tech kept up with that name let's talk about that yeah so lots of things have happened since last time we talk which is more than a month ago let's say so number one is that we announce that our Testament we call a test at zero point one we will launch in November by many standards I think only has many features that will allow us to even though push it into a maintenance to be honest but we're staying conservative were calling it a test net zero point one will launch a November but there are a few other products that we would beast officially since the last time we spoke so number one we have something called beef wallet on the browser and also or a web version of the week wallet we also have an iOS app if it has been released in test mode but it is downloadable from the App Store and so it functions as a world on your phone on your iOS system will have an Android version later we also have a new version of the block Explorer so now at this time is a full live version as opposed to the preview version last time but also at least something called the beats thought so beat merchandises can be purchased with something called the feet community points I'll get into that so it's a real life scenario for using the test net rather we call the deep pay which is the size of a third party integration software that will allow merchants to accept beat or tape use the beat payment network okay Richard I'm just gonna stop you there for a moment I want to break these three things down so we really get into them let's start with the wallet I want to talk to you with that now why is the wallet update so important what does what's the fundamental reason for allowing for the the online feature the Explorer feature what is it going to do for the user I think the key here is the fact that the test that is usable at this point so the test of the number one thing we want us not to be able to do is to facilitate payment and all this technology hinges upon the bank plus snapshot chain framework that we have come up with so that is something that delivers performance and snapshot chain is the mechanism we put in place to make this particular variant of DAC more secure the fact that the wallet has been updated and the block Explorer has been updated are basically ways to show this that the underlying technology is now sound to use so same thing goes with me store and deep pay ok well let's take it back because I want to talk about beat pay innovate store in detail but I want to move it back again to the conversation the wallet in the context of why now you've mentioned previously with regard to payments as the operative word now there are essentially a few steps in the process you want to focus on the first one is payments my understanding is then you want to move down into token token issuance then Dex and then move out move beyond that so let's focus though firstly on this aspect of payments micro payments talk us through that what's the plan with regard to payments and what you can do now yeah so I think a very important feature of us is that we have no guests so to the extent that payments are used on a much smaller scale for example we're talking to some nonprofit organizations that are interested in issuing tokens on our platform and subsequently creating an opportunity for people to make payments denominated in those tokens then it goes there's a very high frequency of small payments then obviously having the gas compares a huge advantage so so so I guess that's one benefit of using our platform for PIM purposes but now side of that you can also mentioned token issuance and tax and these are indeed our next steps so if you were to look at the way it will be moving forward aside from payment will also be allowable conditions and next we'll be building our own decentralized exchange where tokens issued on that platform can be traded and we also have a cross chain gateway so Bitcoin GRC 20 tokens and USD T will be freely tradable on that decentralized exchange and then after that we'll have DF so small contracts that take advantage of our asynchronous architecture will be available for deployment ok let's talk about let's talk about the timeframes of those things as well so what do you anticipate at someone who is leading the entire ecosystem what are you expecting what kind of milestones and when with regard to this you know these steps you're talking about well so payment is to be honest fully functional at this point so as soon as our test that becomes a becomes live in November token issues will be available and along with that will actually be allowing super nodes vote my name and and then Dex will also become available by the end of the year in terms of our sport contracts will have a partially working smart contract Magnus's by clicking here will have synchronous version of smart objects and the assertiveness architectural we had at the beginning of next year to basically complete our commitment to a new China contract I throw everything I don't be done essentially that the the bare bones by the end of the year and in the asynchronous with the smart contracts and the influx of debts will happen likely next year in the early phase decks is happening by the end of 2018 but sport what a sequence architecture for smart contracts what happened early 2019 sure sorry I'd not have been clear I'm talking about the depths so for application dance I apologize yes right okay well that's that's that's quite a good road map Richard in intensive time because you know there's a lot of different aspects that need to be built in there are you currently building each of those parts now yes yes we're very fortunate to have made good progress we made some very key hires and that's why our team is so big yeah so I mean as you can see we have a pretty large office there's that other office you haven't seen so we're looking to have still a few season out there office as well it's you know the thing is that if you want to move fast to basically have to hire the right people and you also have to be aggressive right oh no no I wanted to ask you about the languages as well because you're using go it's a difficult language it was even written up in one of your many article stating that so why would you choose something difficult you know there must be a reason why you've chosen that yeah so because we're building a public blockchain it is the infrastructure which the apps will be running it is the infrastructure on which these tokens were issued so performance is very important and unfortunately if you want to build a highway that allows many parts to learn swiftly on it can't do it with Lego blocks it's really easy to build anything with Lego blocks but then they're fragile they're not efficient and so with that analogy we chose go because it satisfies our performance needs even though it's not the easiest language in the world developing but is the thing that's gonna be challenging for you with regard to adoption because it's a difficult language to interact with and to develop with is that something that you know could be a problem in the future well so to be honest not really because go is the language that's used to build a virtual machine right so the programmers will be building on top of the virtual machine so they'll be using C++ and now we'll go so for to the extent that we are trying to attract community developers that want to develop alongside of us they will be also be using third goal is actually to be honest quite popular about quality legitimate projects that are building other projects so we're not worried about finding core developers that will also use go along with us but the VI developers will be using solidity plus plus right and how different is that from the you know from its original iteration with ethereal and solidity itself right so the key difference is the the use of asynchronous architecture and I know this sort of date to give you an example imagine you have two small contracts the first one has ten lines and then in line three whence one contract invokes this other small project instead of waiting for the other small country to finish before Nidoking like four through ten the first one contract can go ahead and execute life support while simultaneously having the only support contract execute and waiting it's just building on the best of it theory and making it better yes in its language and all yes so the key here is is introduced an additional performance boost there by having smart contracts execute simultaneously next to each other the complication here is that we're making the program made a little bit more difficult so basically if you want to take advantage of this feature you have B you have to be aware of the complexity involved in taking advantage of asynchronous architecture okay otherwise it locks yourself up well let's talk about that in the context of business now again in your article you argue that development is key and focusing on that for now but if you're a business and you want you're aware that there is some sort of challenges inherent with having developers work with this particular language what's the real value though in having that parallel affordability yeah so that's a great point so I would say in some ways we are providing tools to make development easier in another sense we're also we're also setting a higher standard for taking advantage of this feature so let me give you a few examples so number one we are allowing spawn contracts to be updated we're also putting together a and sorry this has to do with a sequence our Cabana right sure so the ability to schedule for a contract appear on these are very fundamental features that we believe should be inherent in the SDK of public blockchain and they're not so we're putting those in and so it leaves our different ways we're making it easier for developers to make tools to make applications on the other hand if you want the application towards professed you want to take advantage places in this architecture you need to be able to handle this particular feature you need to be able site you need to be able to you need to be you need to familiarize yourself with those the syntax right there's some technical complexity that goes along with there's a particular feature so yeah so I would say on the one hand we are developed we're providing tools to make things easier where we can on the other hand to provide this additional performance booster we are setting a higher standard for the program right so hopefully you're building also an educational program so you can really support those because you're setting a high standard you want to be triple a that's what I'm hearing from you is that each you genuinely want to set the bar very high for than the whole yeah so in terms of programmer adoption we will be providing a porting guide to allow them to turn any existing stability app into a solidity plus plus okay that's a wiki not material by the way I also wanted to mention something before I forget so number one we will be removing a number of tokens off of PLC 20 so what I'm referring to is the fact that we've issued one Billy tokens about 40% are being circulated today they have been completely unlocked right so how many how many exchanges currently is that we have okx I dance clinics and a few other smaller exchanges so sorry I should take that back so if most almost almost all of these are actually unlocked at this point but so but there's a they're about they're still about they're still about 55 percent of tokens still held by the leadership team and management or by the project and we'll be removing almost all of those tokens of the ERC Tony okay no you're gonna I want to be really clear because so understands so over half of the total amount of tokens are being removed from the ESD ten eight twenty standard there so about about a little bit more than half of the tokens are on the ERC are issued on the year sick on the network and they will be removed from it and instead and we'll be doing a one-to-one projection onto our tested okay why are you doing that what's and what's the value of that because that sounds like to me it's going to make there's going to be an inherent degree of scarcity I mean just from that action so it's a major undertaking there's a few reasons behind this gesture so number one is we will be so this way we will be encouraging people to start doing supernodes voting mining and running full notes on the testament right so we basically want to move into this main met mentality if you will but we can't do that unless we have entity strongest the role of superman' now how do you incentivize somebody to be a super well you incentivize them with the the way our network is structured and that is if you are voted as one of the super notes you get to forge tokens right women 3% inflation all that goes to the 25 so for those that get voted to be the super knows as they are now but the thing is that if we're not in maintenance how do we make sure that the tokens they receive actually help out right otherwise I just played on the record so the way we thought about doing things is to basically move the ERC 20 tokens are not inserted into the test member and and then we will allow any current at any so of the other for the percent of the RC 20 tokens those don't be trading we would allow the holders of those tokens to basically reject their opponents on to the test net take them off the market and subsequently use those new testaments tested tokens to qualify to become to become eligible to be a super little bright like what you're doing is you're valorize you know the RC 20 in the new testament it seriously and to really keep and you're basically doing that to kick-start this system that's correct that's great and then now after we convert after we are our maintenance we're going to do two things number one the neer see 20 tokens that would still be outstanding they would be converted to maintenance and any tests and tokens will also be converted to mainland tokens I want to be clear about one thing though before today we already had some tests on tokens and they're truly just test test metals and we're going to erase them I guess what I'm saying is that we're resetting the system so a test then we'll have a clean balance right before we move our own USB 20 tokens into the test net and before we ask other investors to move their PLC 20 tokens into the test I think they basically pressing the whole reset button as you move in Ethernet the reason I say that is because after we did that there was – after we released our wallet we saw some very interesting critical enthusiasts going into the wall and take advantage of the obtained test button and it's like pressing in a million times in order to get extra tokens which is great because now we're getting your users but we also want to make it crystal clear that those will be clean that for me so you're making it also fairer and the way in which people can accrue their tokens that's correct okay now let's talk about burning are you doing any burning of any tokens of any kind in any way so what we're doing is we're taking a large number of ERC plain tokens off of circulation and moving them into the test net so that and methacel is a kind of burning and I call it a kind of burning because that that liquidity will come back after we launch the maintenance right so it doesn't end that they disappear permanently right so really it isn't a burn it's a trend complete transfer into a new structure okay this incentivize the project to launch the main that sooner because then these tokens can become tradable dinner right as you know we have a large amount so we had you know in our pitch deck we announced a large number of tokens for the management team to be locked up for tears we also have tokens for ecosystem development and marketing and so on so be great if we can get to those tokens and and make use of them but now we're just kind of making it public that we won't have access to them until our main Nichols life all right okay now what is it for us a lot soon yes and what about mining talk us through that the value you mentioned the 3% inflation as well that's really good for a miner especially moving toward a super node if there it is so talk us through that why that's valuable and how people can you know like focus in that direction that's their interest once you become a super node you can earn up to three thousand beat tokens a day and the way to become a super node is to be voted to become a super node we'll have 25 super nodes and will first reserve five for e for either the core team at beef or someone we designate and then we'll leave the other 22 this is leave the other 20 to be selected by the community this is in the test etc once we go maintenance there's none of this categorization of one kind of one kind of supernovas right also for those will be equally decided based on the focus preference run and PayPal system correct and now how so but how do you become how do you attract other people to vote or you their various ways to do so but once you become what once you are voted you basically you have to be a fool down obviously and then you basically verify transactions and it's alright once you get voted on to become a super TT with verify transactions you would create blocks and you would create snapshot blocks that will effectively ensure the integrity of the network you have to have the right you have to have two top 25 number thoughts in order to stay in let's talk about how also regard to hardware in terms of the morning itself to maintain that kind of position what would be required of someone if they want to go and you know try it out yeah it's actually not very high the minimal requirement is to gigs of RAM okay and I am using a Mac Pro and MacBook Pro and I believe this has at least eight gigs of RAM yeah but if you want your server if you want to run something on your server it needs to be up all the time so you know one way of doing this is actually reserves of space on you know Amazon Cloud or Google Cloud and I think the economics work down with you about 1000 to 1500 R&B unlocked and that translates to if you divide by that by six so if we can one or two hundred US dollars a month right so if you translate at the days that's three to six dollars a day if you can but if you are the super node you can earn about 3,000 V tokens a day and then ten days to about a hundred US dollars at today's prices yes I'm very good at providing financial yes the revenue of 100 US dollars versus say three to six US dollars per day of cost okay and obviously you have to spend electricity per Joe so because you do that relatable yes or the cloud service you don't have to pay interest we've certainly not paying the electricity bills of that I'm not gonna say names but the first iterations of the blockchain we saw as much more in an energy intensive and much more expensive but with this regard you are more efficient you know in those terms yeah yeah we're more green so so yeah so once you become super known you can definitely enjoy those benefits will be coming out with more details about how you can apply to be one and sorry but what are the things you have to do we're gonna we're gonna need that Richard because to be frank it's coming and it is it's an opportunity to supernodes there's 25 there's certainly financial incentives built into it you've mentioned them so we're gonna really look forward to having that clarified in the medium articles and all the updates let's now talk about the other two things we've we've mentioned you have in fact it's the V pay first then we'll talk about the Viets Store talk us through the software talk us through really what this week pays all about and why it's such an asset yeah so I would say to be honest look through asset underneath the facade that the baby store is still just a testament the fact that it's built on high-performance bag plus a snapshot chain to help keep things in check I would say on the surface beat store is helpful because it is a real use case so the fact that people will be redeeming things on the beat store for the merchandise that will drive traffic that will make use of the test that so anytime you like me or transaction second transaction 30 PS will be tested in the real world and then we pay is basically the software that allows anyone to become a piece floor tool to do their own beast or I guess that's the idea there okay what exactly what is that the pay is the payment component that you would put into your own store in order you to operate like a feed store okay so the V pays the software payment value point of value for the store but I want to talk about the token because you have a unique token designed and it we need to talk about the name of this because you know in the medium article it's called a currency that it operates like a specific function and token and utility it's called the BCP can you tell us about that as opposed to your other a token and how this works in the ecosystem sure so BCP is something you can't buy it's something we issue based on your contribution to that community we have various campaigns and already on China Central Precinct they're for overseas how what you do that will be for maximum so an activity for example would be if you tweet a mathlete will reward you a small amount of the token if you have like good trial that's a good rhyme Richard sounds got a good ring to it if you tweet about feet yeah exactly one tweet one feet and there are articles any kind of you know t-shirt designs or will also do these quizzes right physically various activities that that make us understand you rest whether you are a fan of feed or you make contributions we understand the white paper it's a lot but how are you gonna how you gonna cope with nifer in nefarious actions where people may not be as legitimate where they may be just tweeting out information order let me was you know like how are you gonna cope with people trying to work around the system yeah unfortunately there are kind of professional bounty hunters out there so we will apply a level of manual checking so to the extent that we're looking at B tweets we always reserve the right of I guess rejected entries that seem weird or bot generated to us so I guess that's what we can do but but I'm sure we can everyone would I have to let that happen because I the other day we want a lot of people use BC pH so if you're gonna have a few bad apples in there we're willing to live with the consequences those are good apples okay well let's let's now talk about the value point again we really want to make this clear for everyone so you've got the vase AP its title currently as a currency but clearly it's it's part of the inner workings of the ecosystem so that it it allows for its culture to be deemed allow the merchandise sometimes in a sense that you can combine it right but that's that's is where I want to go with this though because you have built in across compatibility with Fiat so can you talk us through how important it is for that much to be purchased yes so to be more precise there and we don't really have a Fiat gateway we're looking to do cross chain gateway with Bitcoin year c20 and USD T or other stable coin offerings of products so but I don't know we will be the one responsible building else I've had a Fiat gateway and I think the closest that will come to is conversion with these stable coins that tractor Valley was fiat okay so your crypto focus now how far along are you with the the cross chain collaboration also you will probably have it by the end of the year okay and what couldn't that mean can you give us some examples of some of the merch that is that people can purchase at that point why would they want to buy it well sorts a couple things right on the beach store right now you can we buy a beeper to dice so I guess you have to be a true fan of feed to buy the loads that shirts to have for example I mean these look fabulous I'm sure you want them I gave an outside of that outside of that we're partnering with another company that is working to acquire 1850 and walk through merchants in Southeast Asia that would accept critical payments and their technology will be based on the beat so does that mean Richard that people will be able to buy specific merchandise it isn't just related to the block chains and cells it'll be it'll expand that beyond that oh yeah yeah so on the second point that I made this particular pigment partners come to acquire merchants that would be selling things completely unrelated to blockchain any different examples so well so recently we actually did a test of payment in Tokyo and this was conducted by this company they went to a chain called actually no I'm not supposed to say the chain because it's not public yet but we check one of our medium articles there was actually I think a month ago we were looking to get volunteers in the interested in testing this out in Tokyo so we wrote the article so you can feel free to read back but well we went we did go to this chain with this partner and we tested in-store payment on a physical POS machine currently it's not powered by the Veet network but the idea is that it will be part by the and then what is how am I to meet that where it could buy anything and in this pretty well store people were buying cell phone cases okay that's interesting so some cases so pain is a picture you know for for just just so that we can understand more of the utility in the real world let's move it forward six months or a year this for a moment on this point tell us what you see in a year with regard to this store describe it for us so we can get an understanding of what we can do with beat then if your visions don't do well so that I think one key problem the crypto payment is trying to solve so I used a small business and when I do strike and I accepted credit cards the fee imposed on my revenue was 30 cents plus two point nine nine percent per transaction so that's that really adds up right to huge enough so with crypto that fee will be much much lower and this is a single extremely valuable strong value proposition to merchants so it really doesn't matter what the merchants selling to the extent that they can save a huge cost in terms of in terms of preserving the revenue I think I think that would be a very important benefit that we can offer and a very different vision of ours right well in that in that context though let's now discuss competitors because this is what gets really interesting if we're trying to talk about the reality of the race that you're all in now you're not all necessarily competing against each other you are certainly in the centralized versus decentralized race in one respect but is it because of your tech that you feel confident that you can move into this real-world environment next year and that you can be a viable business is that really what sets you apart that or is it in fact you know that the textile is imperative as long as that fulfills your planning in comparison to others doing something similar perhaps with their own tech is there is the space for robust enough for everyone to work in this context but still currently doing Depot's for example at that high standard that you're doing or you know are you really trying to take on the be a front-runner for the kind of business you want to accrue so I think one thing that we're really proud of is the fact that we are offering the holistic problem well I'm trying to say here is that I think a lot of projects have done a really good job of making something really sexy differentiated and interesting but when it comes to making that product complete shift and make it shippable right make it usable I feel that what has currently been done leaves a lot to be desired so to give you an example if we were to use like a car or a biology like projects have come up with really fast engines or really cool-looking I don't know steering wheels or our body yeah cool-looking body but ultimately the car is only useful when it can take you from A to B and so I think for us yes we do that plus smart contract but I think our main selling point is actually not even that it's more about being holistic and developing some building something that is truly usable so I think that would be manifested in both the small contract in the long run and also in just the token issuance process the fact that you can issue a token on our platform and you can also confessed payment on our platform is very key so like for example the block lattice ledger right which is a variant of tag that we receive inspiration from nano you know so like then that brings me back to Nana for example it's a very fast payment network but Nana will doesn't support one contract it doesn't for cross-chain gateway it doesn't support took an issuance and because it doesn't support of an issue is there's no notion of having effects where tokens issued on the metal platform can immediately get traded on effects we do all of that right right oh and you're planning on it with nosy beep allistic the quality okay so you've got the body the engine all the parts you've got the driver that's you and the team you want to build it as holistic framework let's now talk about though the users and that could be other drivers that could be the highway itself that could be the entire you know populous around the car in the community what are you doing to sell this car this whole holistic approach in terms of you're gonna get the people on board to use these ok so a screw question I think that Mining idea is actually very important so we are going to launch a series of campaigns to make people aware of the fact that you can you will be able to start mining and becoming super notes on the beep test net in some time in November right so that's happening very soon right that's number one number two is that we're also going to run these activities where we give out BCPs or pcommunity points so they can spend on the score but this is for driving general or where that's not specifically for people that want to buy big money okay and thirdly we are also doing a series of offline events so for example we recently had that panel discussion same Sisco we were invited to go speak at a Google hosted conference unfortunately we had to skip that one but I was the speaker for AI conference where was the only botching speaker so that was very interesting I said because you know I was kind of the aqua now but there's a lot of Bloodshy curious people that I was able to form during it needs with but that tends to be more top top lady in a sense that that's the kind of associations that you build at those conferences are really with colleagues of the same caliber but in terms of Lindell a user do you think that those conferences have a very far reach and effect so yeah you're right so if you were to sentiment the different types of users out there those conferences are more for perhaps forming business partnerships right and they're important ones I'm not I'm not trying to give credit them they're obviously very important but we also want to try and understand how the user is really going to be involved mmm so two things right so if you're talking bill say crypto enthusiasts they're really interested in the tech or just really interested in mine they're professional miners right they don't care they don't have to go to these conferences to find out about this right there just hunker down and watch you know your channel for example right so that's how we get to them right we need to tell them about the fact that super spinner was building plus my main desk job I think what you've said really clear I'm sorry interrupt but I want to clarify this and get this understanding so you have the mining mechanism it's all coming in November the super node the 25 but Richard the thing I want to ask you is the question of sov versus utility because obviously the incentives are there to use it to accrue in a mass because of the value but how do we transition in the inner spells use a ship and interaction and trade when does that happen does that happen next year once everything's built in you have you got the beat story in place then so yes we'll have the centralized exchange by the end of the year and vite is already traded on there is exchange as we talked about so it would be still considered a store of value in a way because of the lack of purpose beyond holding it for anything but its value so when does it start to transition into you know enterprise value in in the sense of obviously right now I want to talk to you about this with regard to partnerships so as you forge more and more business partnerships and relationships you mentioned when you go to conferences you're networking so as you're building out more of these enterprises and these business relationships the whole point of the token is going to be so that you can interact in those ecosystems and it really builds out the value of that utility but right now as people are considering and they'll become aware and November they can mine they can progress towards the supernova perhaps they're still thinking about it as a value you know as a token tokenized value that they can't really interact with and trade much like with BTC at the moment it can't really buy a lot with it but you can certainly see its value how can you talk us through the transitioning all that beyond just a store of value and wanting to amass it I mean a bit like a chipmunk with its acorns and then we're going to be able to trade those icons out and can see something for it as a product or a service and that's when the V Network has found a perhaps a popular application and we're working with a number of entities right I think I previously talked about nonprofit organization we're talking to a few city and local governments we think that blockchain can actually be very helpful to draw transparency and take advantage of immutability in some of these companies scenarios I think that but the B token is used to secure resources and TPS allocations for it's like a ticket for using the network right so when the network becomes useful then the B token naturally becomes more valuable as a result he's right so is it fair to say that as we get you on board more applications the inherent value of your token will grow because your ecosystem is growing directly correlating with your you know your token on well your designed to be to build its value correct that's right although I will say that getting truly practical d apps to work is I guess something all public chains spider – and we're all making efforts to form partnerships right and I would have to say that besides the fact that some of these others have scalability issues that pull them back there is an adoption problem right because the user experience of these interests I see specialized applications our arms aren't as good as centralized applications and therefore the benefit of decentralization personal centralization does not trunk the disadvantage in less satisfying user interface so those problems you overcome any other harm industrial not know Richard which is a very important question is that even if you could even if you could Trump it with better performance in it centralized fashion even enough because if someone's attached to the the purpose of the that whatever they using yes this exactly I'm saying I'm saying decentralization alone might not be sufficient to change consumer behavior but it's not just decentralization right there's also transparency and immutability right the fact that you're you can operate with that authority is only one part of the I guess one one part of the advantages being offered so for example as I mentioned earlier with some government applications like for example West Virginia recently introduced evil day before overseas bedrooms and they did down the blockchain and I think a few government national governments such as Austria actually issued bonds on blockchain as well so these technologies can actually be useful for in order to drive for for offering immutability and transparency along with the centralization so I think those benefits perhaps can use to balance against these other user interface issues that we see down but to be very honest right so the thing is that vm is it's a long battle it's a long war what seems to be more immediate is simply the fact that the token can be used to power opinions right it's fast and you know there and pavement is a very large field that happens very frequently and there are use cases for payments by all kinds of goods in all kinds of countries are various countries with you know say perhaps bad monetary policies where inflation is extremely high where people gravitate more towards digital gold of some sort than their sovereign currency and then I've seen a few other use cases where see Jessie so there are few use cases where the chargeback rate of credit cards it's extremely high because the users the payment users of those services for whatever reason tend to call in and I can select better parts and kind of my companies therefore increase their way to compensate for this treatment failure in getting their money back and as such watching is helpful in that process because it's either you have your prosecutor you don't write if you make a pin you know I must have practiced I mean even your property is owned by somebody there's no rule it's very interesting you say this because what you're really saying is that your primary focus right now is on that payment I've spoken to a few other different blockchain still is one great example they're very very focused on their payment system they want to be fast as well because it sounds like you're talking use case in that respect you can see the whole point of this in enterprise frame first and you can see proof that it will work if you get this formula right with regard to the the smart contracts there sounds to from what I'm hearing from you it sounds like there's bit of a question mark as to how this is going to play out but what I want to ask you in that respect is given the first step you're making which payments are you confident with that alone that you could have some sort of genuine value in business because of the payment side regardless of the smart contract I expect you're going to have something I think so because I think it's a very big field and we have plans in place to be connected with stable points for example do you know which one and I can't say at the moment but you do know that there's a handful and to be honest for any good business development if you don't just talk to what right okay and which you can probably count on two hands chalice and then you aside from that we are also there to get the payment gateways that are accepting various tokens so you talk to them and how many what's the kind of number you anticipate can I mean it's a typical question but do you anticipate this to grow substantially and to grow rapidly in in the next but we're talking right through the end the year so when the exact thing is to happen so the mandate for that company right now is between 50 and 100 virgins right okay that's substantial what would that do let's say for you know for Vita itself for the V token what's it likely to do with all that plays out well it's going to basically provide more use cases of the network it's going to provide more use cases for the token so I think it's going to be very positive I mean I don't know how to quantify but I think the direction is sure let's now talk about the community itself people are still a lot of people interested interested in from what I hear in what beats doing but they clearly want to know more and more about it how are you allowing for them to engage are you ensuring that they get all their answers other questions answered are you engaging with enough social media what's your strategy well so there's both inbound and outbound today so that people have questions we are always happy dance very diligent about managers a good job in terms of outbound we're stepping up our effort on the offline game the BEM game and also they're doing more social media so the campaigns in order to drive adoption of the community points so people will come and spend it spend in my bead store and also we want to let people know about super nodes building and mining and one way in to broadcast that is through social media right so how's the feedback bein you know and in terms of ECP people have been responding very positively for that campaign but that's only been Batista China hasn't hit the overseas market get so riled these that it's about to bat to hit the blockchain is about to hit the West that's for sure Richard it's been a really fascinating discussion in an update there's been a lot of tech discussions I think all the audience for surviving this long discussion because obviously we've learned these things we've learned that super nodes are coming we've learned that your payment focused first and foremost you've got this series of steps that you want to work through the end of the 2018 is going to be really interesting because much of your roadmap suggests that you'll have the fundamentals done by then to build out into the store lots of things are happening you must be pretty proud of your team and think they're all here actually right if there anything you wanted to say as a final statement in case I've missed anything at all with regard to the update I think we've pretty much captured everything but if there's one takeaway from this whole conversation it is that you know mining is coming mining is here so watch out for how to become a super node and helping help us ensure integrity of the network and this will be a great way to monetize that server you have in your basement right we've heard it from the one of the core members of the V team if you happen to have that to gig you know certainly consider what Richards saying and be aware most importantly that super nodes 20 five of them in fact are going to be up for grabs and that means certainly that means certain points of value that means that you can come to understand exactly what the metrics mean what the plan is when all unfolds on medium and other social platforms so so stay tuned for that it's all coming in November thank you very much for the update and I really look forward to finding out more about what the veep team are doing both in Beijing and in the Silicon Valley in the future and thank you for your time tonight Richard thank you can thanks man

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