Part 11:
Robert: [00:51:40] So then we come to then, of course, the kind of moving up the chain, right with the Speek token.
Matt: [00:51:47] Yeah, yeah. So the speak token is it's actually quite simple. What this does, it might sound quite complicated because of several tokens to the network, but as of just a normal user uses the network, they won't really even notice hardly any of this going on in the background, right? Especially the new users that come the applications themselves are incentivized to provide the free field experience for the users so that users don't even know what's going on. In the same way that when you use the internet, the applications themselves are incentivized to run the service for you, right? So it's that type of mentality. But the users will be more familiar with tokens because they will see them a little bit a little bit more. They're kind of the important tokens on the network. And what the tokens are, they are capped. So the previous tokens that we talked about, the minor tokens are capped based on. I think it's a 10 percent inflation every year based on the Speek tokens that are available. So there's like a limit to them there, but they're very liquid. The bracket tokens are even more liquid and they're kind of regenerating again based on a 10 percent cap. You know, I've forgotten some of the details it's in. It's in the light paper. You'll find out if you read it, but there's kind of a cap control there, but they're all very liquid tokens. They're very freely available and you can serve them very easily with speak that is a capped a cat governance token. And the idea is that what we will do with the network on the speed network is there's something like around about 100 variables in the system. So for example, if you send bracket rewards, how much of that goes to the infrastructure providers, how much that goes to the CIP if you pay money into the CIP to receive money tokens? How much of that is staked into hive liquidity pool? How much of that is staked into the speaker liquidity pool? How much that is baked into the Brucker liquidity pool and so on with the with the speed tokens there, the cat governance token. So as i mentioned before, you've got all these variables on the system.
Matt: [00:53:44] And so the system can allow the community to control the variables based on how much stake of the brac of the token. They have the most token you have, the more control you have over what percentage of the tokens distributed to the various different people within the network and also where the, you know, where does the network go towards, where does it steer? And this is important for us because we need to provide these governance options to the community so that we don't have control, right? It's a lot of the decentralized community or so-called decentralized communities out there. Their founders retain 20 percent of the token. So if it will go down in a hand basket, they can step in. The problem with that is that they, you know, a lot of them say, Oh, we'll decentralize. Eventually, we've got plans to decentralize. It's like, you're not going to decentralize it. I mean, how many of these people are ever going to give away control of the networks that they build, especially if those networks become very, very powerful. So it's very unlikely to happen. That's not the way the bitcoin was produced because producers are free, open sourcing. The founder mined tokens, but he never put them in his own pocket and never sold them on the community. So that's kind of the way we're looking at. Speak governance token, it's like, can we distribute this token to the value providers of the network, i.e. to the infrastructure providers, if it's capped, it becomes valuable and scarce. And then we can allow the people that earn that token to become because they've provided the value in, they can have, say, over the governance of the network and where various variables are set within the network. And of course, the idea is that if you've got a lot of a token, it's within your interest to act in the best interest of the ecosystem. If you've put a lot of resources, energy and time into that network and then you want to go and destroy the network by voting for or setting variables in a non beneficial way, then why would you do that? You know, it doesn't make any sense. So the theory is that the people who have committed a lot to the network and providing value and infrastructure to the network will have most of the governance tokens, and those people have got a vested interest in setting those variables in the most optimal way for the community to flourish in the best way at that time possible, basically.
Robert: [00:55:57] Amazing. So this the token economics of this project are fascinating and also very much from what you're saying and what from what I've read conceived of in such a way as to be most, most mindful of the project's long term health more than anything, right?
Matt: [00:56:19] Sure. Sure. Well, it's one of the things that we're going to see in the near future is a lot of the top 50. At least they're going to start getting perceived by the SEC because there is a weakness there in a lot of them have a lot of the token in their own accounts already. So as a result, there can be ultimatums provided, you know, you do this. Otherwise we're showing you down or you do this, otherwise we're going to take it to court or et cetera, et cetera. And a lot of the projects supposed to come to that. The worst ones are going to be the projects that don't come with that publicly and end up doing deals behind the scenes and then carrying on operating while everyone thinks they're on some free, open network. In reality, it's not. And you can see that. I mean, I'm not going to name any names, but most of the top 50 have got these issues and they're going to get regulated and you can see the SEC this recent crypto law that's been provided. Sorry, proposed by the ctf seats. See, I think minimal in the USA. It's very, very restrictive. You know, it's based on, you know, it works based on the idea that a lot of these DeFi protocols, a lot of the top coins, they've got centralized elements to them that the authorities can go after to regulate. Whereas if you're trying to provide a free speech network, it is, you know, it is our cardinal responsibility to make sure that that network is distributed. Entity lists no CEO, no no anything, you know, know anything that can be be a weakness to the network. And then as long as that token gets distributed very, very well, which that's kind of an organic thing, you've got to set up the conditions to allow that to happen. But we think using the Hive community as the foundation for that is is the best way to go because it's just so many people there and so so the supply so well distributed. So we think we've got the right recipe for it. And then if we can bring on a few of the other platforms, are the bigger platforms that are struggling with this stuff because all these are the platforms, they've all got to do something like integrating Web three.
Matt: [00:58:14] And we know through hard fork experience over the last four or five years on steam and Hive that running a blockchain system to do that is incredibly difficult and incredibly expensive and risky if you're just starting to do it. So a lot of these platforms, I mean, they've got capable guys, have some very, very clever guys in these places. A lot of them will try to build their own protocols, I believe for Web3, so they can effectively give account ownership to their community on a distributed layer instead of keeping the accounts under their own control, which then can be regulated. And various other things, like incorporating NFTs into the platforms, incorporating tokens, community tokens and the ability to give your community follower lists to the user. So the user owns those lists instead of you on your centralized servers as the platform. If you can start doing those things, you can really protect a lot of the platforms and move it towards a web free system that protects the users and returns a lot of value to the users instead of allowing yourself to be regulated and shut down and censored all this type of stuff. Now, a lot of these platforms are trying to do this themselves, but they're going to really going to struggle because it's not easy. It's not easy to set this. It's the first thing that's not easy. It's to stay away from the greed because human greed will. Naturally, if you've got a successful project and you've got the ability to put five percent of that token into your pocket, it's incredibly hard not to do that for most people and including myself. You know, I'm not saying I'm kind of some kind of superhuman. But for me, the values of decentralization are far more important to the to humanity than whatever amount of the token that I can put in my own pocket and the other founders. So we aren't doing that. We are not going to do that. Hopefully, some of these other guys succeeding in avoiding that pitfall. We'll see. Does it seem to be very common in blockchain these days? Let's put it that way. And so they're going to have that, they're going have to build out the protocols, are going to spend thousands, hundreds of thousands of dollars to build these things out and then some of them aren't going to work.
Matt: [01:00:06] Some of them are going to work. We're going to make mistakes, pitfalls, and it's going to take time by which time, you know, I think that a lot of the authorities will have caught up with them and try to regulate the platforms out of existence or at least limit them. So what we're trying to do with the thing work is build it in such a way that any of these platforms can just plug it in. And it's maybe two or three weeks worth of engineering work and they've got the same capabilities that we've been building in terms of both three or four years now. And that's, you know, I'm not here to make money myself. I want to preserve free speech and so does the rest of the team. And we think that that's one of the ways to do it. If we can help these platforms integrate this technology fairly easily and upgrade them to Web three so that the users have pure self ownership of their accounts, of their communities, of their token economies, about those communities and the users are not relying on a centralized system to provide them that capability. We have a true foundation for an alternative economic system that will allow people to opt out of the current system if they so choose and go use a truly decentralized. Very difficult to regulate system that is run and owned by the community that uses that system.
Robert: [01:01:14] Those are inspirational thoughts and perfect last words. If if I were ready to end right now, but I have one more important question before before we call, before we wrap it up and call it good. Could you give me and the viewers a little bit of insight into the timelines that we're talking about here with the project?
Matt: [01:01:35] Yeah, we've published a blog in the last few days on the Hive blockchain, so you can go to Hive Blog or JD.com and the speaker network. And there's a timeline. There's basically a timeline and roadmap issued there. I mean, the problem with new technology and new software is you never really know when it's going to be ready. Oh, you've got it. You've got it plenty. Hell, you're a step ahead all the time. So thanks for pointing that out. But basically with new technology, you never really know when it's going to be ready. You've got to go through testing and bug fixing and all that type of stuff. So we've built that into the timeline, whether whether we hit it or not, we don't know for sure, but we're trying our damnedest to get there. I actually straight after this call, I have the Kick-Off meeting because we just got our funding a few days ago, so we've got ourselves into a position now with the teams together. So I kick off it, I'm going to record that as well. Hopefully with less less of my reflux in my voice, but we'll record that today in the same way that you're doing. You know, I don't know how much of it's going to be live because we may we may be discussing some sensitive issues, but we're going to put as much of it live as possible so people can understand where we are. We're publicly funded by the community, so we have to be reportable to the community. And so that's going to be really interesting today. And then we're releasing 10 minutes for the NFT system, for the token system and for the, well, what is called the The Hive songs, which is basically the tube through which we're wrapping from Hive Blockchain to peer place decks exchange. So effectively, it's like wrapping Ethereum and things like that. We're going to be able to do that. It's going to be the first swap on a deep POS graphene based technology. And that's really important because was