Part 5:
Robert: [00:20:03] Sorry, do I understand then that this is kind of it's replacing something that's already the minor token, it's replacing that from the Hive network currently and in the future that won't exist.
Matt: [00:20:16] The Hive network will carry on as it is that's that will specialize more in tax base than the account management side of things. As far as I'm aware, you know, the Hive community may decide to change it, but the speed network will basically allow you to have a governance token within the, let's say, incentivized storage layer and then content delivery layer, which isn't just text. We can't do sex as well, but we'll with this network especially being able to use IPFS, we'll be able to use video. We'll be able to store NFTs and distribute the stories and images on NFTs images and thumbnails, of course, sound bytes and even text as well, although that with the hope within the Hive community that will remain on Hive for now. And that's kind of where it takes it to so far with the technology. But again, that's all possible to change in the future as technology changes. But for now, that's what it does. But effectively, when we when I say we, I mean, we we're a couple of guys that came up with a vision for this. About a year ago, we realized the free speech issue was going on two and a half years ago, and we built three speaker TV and then we realized we've got to get rid of us from three speaker TV to make it bulletproof, right? Ultimately, we arrested a community if if these videos are on our servers. And so we need to come up with a way to to incentivize the distribution of those peer to peer. Not while those kind of key infrastructures, the storage, the content delivery, the encoding. How do you make those peer-to-peer and then spread it through the community so that people can do it for each other instead of relying on us? And so that's really where the speed network came from. And then we've got a few of the guys around us who really are great, great developers that know what we're talking about. They've understood it well. We've laid out all the documentation, the ideas. This thing is now being built. And then on top of that, the Hive community, we put a proposal together recently and the Hive community is funded that so that we know we can get at least 70 percent of the main stuff built.
Matt: [00:22:09] Now we're at that point. Of course, we'll ask for more funding later if we do well and perform well and things going well later. So I have communities using some of the funding mechanisms that it has, which which again are not centralized. It's all decentralized funding mechanisms and allowing us to distribute those funds to developers who are going to build the project. And so when I say own, when I say we, I mean, we are not an entity, there is no kind of company behind this. It's a distributed community, all working together and self-funding. There is no debt involved. There's no vested interest involved. And so we the kind of role we are building this, building this out at the moment, you know, and it's really exciting
Robert: [00:22:50] Because it sounds like if you follow the money, then it's actually the hive community.
Matt: [00:22:53] Yes. Yes, it's the Hive community that would, let's say, own it at the hive community is it's open so anyone can be a hive holder. Anyone can go post content to hive and own and hive tokens. So I mean, I personally know of great content created, but I invested some of the tokens early on. But the guys have earned all of their tokens from scratch, just from from posting content. So yeah, that's and that's the beauty of this, is that this is decentralized anyway. You can you can drop tokens too and be fairly sure that you're not just dropping tokens to one guy who holds 20 percent of the token, you know, so you have. And the reason for this, mostly in my mind, is because we need to make sure that we are decentralizing. And the more decentralized layers that you have, the more difficult it is for authorities to approach those layers and say, Hey, do this, do that? Because essentially there is no entity behind them, there's no entity to approach. And so if you want to protect your, I say your work to me, we're building this for free. We've invested a lot of our time, money and energy into it, and we're giving it away for free. We believe that this has to be given away for free and then we believe that we have to mine this on an equal basis with everyone else in the same way that Satoshi did, right? This is this is the difference between what we're building and a lot of the other tokens in the top 50. A lot of them gave themselves five, 10, 15 percent of the tokens. It's just it's just wrong because now they're going to have to sell those tokens to their community. So it's like they're dumping on the communities, you know, and that's not decentralized. Ultimately, that is relatable and it's corruptible. So we believe firmly in giving this stuff away for free and in the spirit of what's associated with bitcoin. And the other beauty of this is that there's now because of the way the technology is moved. There's there's there's very interesting ways to support some of the dev teams. So for example, you can drop a token and then you can leave a DAO on the side, which is a decentralized autonomous organization, which is effectively a pool of money that the community votes on proposals.