Fireside Chat about Mass Adoption - Charlie Lee & Michael Ou (CoolBitX CEO)
Hello, everyone this is Thomas who founder. And CEO, of Piper Capital and having intelligence, cover, is a lead investor in venture, projects dedicated, to decentralized, innovation, we're, very happy today to, have COO. Pierre's founder, and CEO Michael. Oh and Charlie. Lead creator, of light coin with us on this, frontier. Elite interview, so. Michael what are your first impressions when, you heard about Bitcoin and, what, those, considerations. Mean, then drivers, for you to create, quick. Copy, yet and. Share. With us a little bit about your story I'd. Love to so. I first, heard about Bitcoin back, in 2013, when I was in the MBA class back, in, the Newcastle University in, the UK and. I quickly became very obsessed with, it considering. Its. Explosive. Potential, that. I foresee, and. I. Quickly. Gathered, two, friends from McKenzie, consulting, company, one. Based in Canada one based in Taiwan so I, had to literally. Wake up every. Morning 4:00, a.m. for, three months and, that made me a morning, person, going. Through all these details. As, that you can find, internet. About Bitcoin, yeah basically we were conducting. A business, plan, finding. Out what we could potentially, do in. This industry they were already mining. Companies exchange. Payment. Money. Services, already, so, what else could we do what, we could but what what, could be our advantage. So. We. Had, this conference, call every morning across. Different time zones and. By. The time I graduated, I came, back to Taiwan, was. Thinking whether I should use. This business, plan to start officially. A company, or go. Off jump hunting and. Apparently. Creating. This business was the good. And right choice to make, and. We. Quickly, went on to IndieGoGo. And there. To only 20 thousand US dollars campaign. And gather. Some, early. Supporters. Which. At the, end became our very loyal friends. Customers it was the first generation who was right yes, but. The market became so, bad and so quiet, in. By. The end of 2015. There. Was a. Point. Of time for. A few, months we could, not afford to pay anyone salaries. But. We survived and at. The end of 2016. We got our. First. Round of seed, money. Six, hundred US dollars six hundred thousand US dollars that, kept us going and, helped. Us to expand. The team and. Based. On the. Experiences. And learnings. We made from first generation wallets, and the. Community, we, built we. Delivered. Our second. Generation, product. Called wallet s and. That. Was a quite, a good success because, till. To date we, already sold more than hundred thousand units of those, koala, s and, I. Think. With. The acknowledgment. From. A wider space like. One. Of largest. Japanese. Online, bank called, SPI, group. That. Led, Series. A funding in. Our company with over eight digits, US dollars and that, gives, us a lot more support, in the, future expansion. And, now. We. Are on the road with all those giants, to. Buildin to, reshape how, cryptocurrency, will work in the future so. Going forward what. Is your plan for global, adventure. Okay. So our mission is. To work, closely with, banking. Partners and regulators. Building. A more. Healthy. Crypto. Space, meaning. There will be a lot less a lot, less money laundry, a lot less. Axé our. Biggest. Aim biggest, ambition. Is, to eliminate the. So called completely. Hot. Wallet, the pure software, wallets I'm not saying we're gonna kill them kill, those companies no I'm, saying. What. Kubiak's, technology. Can be a very, good complementary. Component. Of all, those hot, wallets. With. Our support they can essentially, enhance. Their security level, by, removing. That private, key storage out, of the.
Internet-connected. Environment. That. Smartphones. Where a lot. Of backdoors. Loopholes. Exist. So. I, see, there's, a lot we can work with all those honors, it's, almost. Surprisingly. Good, to see such. A thin. Credit, card sized device, can. Exist you know it's really a state of the art engineering. But. Is, there anything new that. You, can still add to this card no, what are your Prada Romans. Ok, so this. Car wouldn't put, in so much effort to, make it almost, like a smartphone, device. Except, it doesn't have internet it, has a screen, button, a secure, element chip, and microcontroller, unit and a, rechargeable, battery it's, even rechargeable, and. It. Also is. Equipped. With NFC. Communication. Interface. Meaning. In. The future like, charlie. Is building like, going like, Network, so. We. Essentially can support lining a work and one. Day when all the merchants accept, crypto, payments. Our. Wallet. And if. The interface can. Quickly become the, most. Ready. Crypto. Payment infrastructure. We, essentially build a new version of. Visa, credit card, can, we imagine a world without a card and. If that world does, come Oh, what could be yet, fit. Into that world well. That, they eventually. Will come eventually. All the current, existing technologies. Will be in. Different, shapes and and. That they comes will just leverage our experiences. No house how. To. Do. Things right the things securely in. The. New, form, factor where in. The future people are used to so, Charlie I understand. That previously, you. Worked on several projects, before like point but, after Bitcoin, was created so. What was your idea you know, totally. Evolved from the. Previous versions, pre, like going to like when today yeah. I guess I talked about a little bit about when I first found about Bitcoin found. About Bitcoin through. A, Silk. Road article, in. Wired in 2011. And, then. I really got like. Michael I got hooked on to Bitcoin I saw. It as like digital gold or better version, of gold because as though it's cheap, 270 people and also chichi, store. And. Has. A lot of the good, sound, money. Features. Like gold so. I, basically, don't, head in and did everything. Like. Started, mining. Player. Almost with all coins. But. Into some Ponzi schemes. Yeah. Everything, related to Bitcoin and then, like in October, of 2011. Or. September October time, frame I decided to start like doing some coding. Some all coins right. The first one I created, what's. Called fair bricks which, is a fair version of another one called pennant bricks which, had a huge pre mine I realized. Like people wanted coins. That are fair so. Eventually led, me to creating like coin which, is one of the most like, ferrous coin most a fair launch I didn't. Pre mind anything, and became. A success, so. I listened that bowspoopy, etson, like corn have mass adoption as one, of the major goals in. Driving. Industry forward maybe, you can share with us a little about when. You designed a product or when you design litecoin you know what, are the parameters. Embedded. In your design, that will facilitate a, faster method option and most importantly, safer, method. Option, Michael. Okay, so. When we were designing the product. To. Fit into the, purpose of getting, crypto into mass adoption meaning. Everybody, should be able, to use it with. No, trouble. Learning it, so. It. Has to be a very. Convenient, form factor so we put in the critical. Size device that can fit into everybody's, leather wallet instead of having. To, have an extra pocket, carry it that's first second. It's. The. Mobile. First approach. We've. Seen so many horror, wallets in the market. Classic. Classic. Ones so. There are usb-based. And that. Require. USB. Cable. With, the laptop, connection. That. Serves, the fundamental. Purpose of protecting, users, private, key, it's. Very, good very. Effective. But. To. Let everybody, you. Know mums and dads. Be. Able to use it shopping. On the street or, doing. A trades on the go that's. Just too, ineffective. Because. It takes if you're lucky three minutes to conduct one transaction, from. The moment you want to bring, your wallet. Out open. Your laptop and open. The software everything. So. When. We builds our product. Quality is. What. We improve the most is the, whole operation speed. We. Shorten the time from that, three, minutes, to ten seconds and it. Works perfectly, with, your every. Everyday, iOS, and Android smartphones. You, don't need to have an extra smart, device, to. Operate it, so. We want, we. Want people, in the future or even now. When. They think about how a wallet they, will forget about it. Used to work with laptops. Now. Harvey Wallet works, with smart phones wirelessly. So. That's how we want to be. Secure. Wallet, product, that, has the, top security. Standard, keeping. The private keys off but, in the meantime. It's. So easy to use people, won't, feel uncomfortable.
Using It but, by Charlie what do you think in terms of mass adoption and how do we define this adoption is it going to be a certain percentage of population. Using. The coin or light coins every. Day in their day to day work and transactions. Or some, other metrics, and with. Those considerations. Be. Part of your original, designing, ideas, of light coin and in. Terms of strategy, and are you push are you seeing the right trend right now in. Driving mass adoption yeah, I mean I see mass adoption as, the, majority of people using. Cryptocurrency. Bitcoin, like what another's by, using they're, using it for store, value, which. Some are today and also for for payments right it's basically. It's. It's money all right so cryptocurrency so people are using. Cryptocurrencies. Instead, of other. Forms of money like fiat. Then, we've, achieved mass. Adoption. All right so we are it's. It's gonna be a long process for, us to get there and, we're, making a lot of improvements so, last year I, focused, on pushing for. Segway. And light, because. I realized, that. In. Order for bitcoin, and litecoin to become real useful. As payments. We, need second layer solutions, like lightning built on top of the the network the, blockchain to. Provide a scale. And speed. And, some privacy. So. I realized. Lightning was really important for every. Important step towards, mass adoption so that's why I pushed really hard for bitcoin. And litecoin to get Segway and now, people are working hard aren't on lightning and I, think moving, forward like, making that just, very easy to use the, UX is very important, right you have to be able to end obviously. Coolwallet. Is helping with that making. It easy for people to secure. And spend their coins I think, security is is really, important right with cryptocurrency. You. Are your home bank so you have to actually protect, your own points. And. A lot of people have failed. To do that lost coins because they store down an exchange that got hacked or they. Use a unsecure, wallet. Or they put. It on a piece of paper and lost it alright so it's very easy to lose. Your funds from hacking, or from just. Backs. That right, so. Hardware. Wallets especially, easy ones like easy to use ones like cool wallet is really important step towards making. Making. Easy for regular. People to secure. And spend their coins I think, that these are very important, points because last year we've seen was, the epic, rise of a cryptocurrencies especially. Al Cowen's remember ICO many. Many. Hypes but. Very little real understanding of, what's really going on and it most importantly, what. Does it mean to be your own bank and. Then do, you feel that the industry, hasn't done enough to, explain. Very carefully, and clearly, what. Does, being. Your bank, mean to. The consumer, and especially, when now at the mainstream institution, or moster institutions, are trying to come in. To. Take control of the industry, to some extent do, you feel that, this, is a healthy trend or by. Further, participation. The legacy institution, which have ready the, trust from, the mainstream consumers. In other, enterprises, who are very. Very far. Away from my, understanding kryptos. Would. That affect. Your. Companies, and accessory like how in terms of positioning. In this mess adoption trend being.
Your Own bank is, apparently. One. Of the most great, ideas. Ever, since we've had, traditional. Financial. Systems. Because. With. Wallets. Like the ones we build. The. Meaning of being, your own bank becomes. Literal, because, there. Will be no one able to stop you from. You. Know sending, your money to, somewhere. You want or there'll. Be no one able to freeze, your assets. And. There'll. Be no one to. Tell. You okay, today you can only send, $500. To. Your. Friends somewhere else so. That gives a lot of. Liberal. To. How people use. Their. Finance, assets. Now but still you know if somebody's putting the gun to your head it'd, be very difficult to, to. Say no right people if he forces you to to, transfer assets right okay. But, my coin in this regard, will. Become a major force in math, adoption how. Well. I see like coin as like. Complementing, Bitcoin to. Serve, alongside Bitcoin, as as sound money I think. In. Terms of like being our own bank, it's. True that with cryptocurrency you. Get freedom, of money so you have control of your own funds so, no, one can tell you that. You can't spend money. To. Like, play, poker online for example. But. Also if that you kind of have to. Protect, your own money but, that doesn't mean like third-party. Solutions, can't help with, like hardware. Wallets or even like centralized, solutions. That. Can help Cure so you can have like kind, of Bank like, products. Like. Coinbase, for example where people trust. Them to secure the funds for you right, so you deposit, your funds with them but, the. Great. Thing about cryptocurrency. Is that it's, open so you can always pull your money out of coin base and put, it somewhere else if you don't like them right, so transferring. On over like the blockchain, the Bitcoin litecoin network, is, is. Secure, and it's not censor. Pool so, that's the key. Thing about bitcoin, and litecoin and. So. There will be some, people that will actually hold all their coins themselves it's. Kind of like holding. Cash in your house it under the mattress right you can always do that if you choose to and, you have to protect yourselves, yourself, or you can put it in kind of like a crypto bank and have, other, people help you protect it or, you can use Hardware wallets which make it a lot safer so. I see like multiple, ways, to kind. Of achieve mass, adoption where people can actually use crypto. Without. Really being, a. Security, expert themselves, but, what about stable coins did you know we see many stable coins operators, and teams, are trying to create the crypto version of fiat currencies. Whatever. That means but ultimately, I feel, that is going, to be serving, a complementary, role to, the existing, financial. Infrastructure. But. To. Cool it into like going with, those staple, coins become, competitors. Or also. Complimentary. To the use cases that you envision. For. Your respective. Products I, think. Having, a stable coin in the market is definitely a complimentary, move, because. Imagine. In current. Bear, market some, people might panic, sell and if. They sell their safe Bitcoin into. U.s. dollar traditional, US dollar. It. Might take a, while. A few days if they want to move that US dollars to another exchange or to buy another, type of crypto assets but. If they, swap. Their bitcoins to. Let's. Say us Dec us DT. You'll. Make their, funds, more. Easy. To move to anywhere, else and easy. To transfer, swap, with another cryptocurrency. So, in. A sense it increases. The efficiency, of, fiat. Currency, but. Like when stable coin no, would, you say the sample points are actually trying to take market share from, other, big Bitcoin, complementary. Coins maybe, or like coin will be very. Unique compared. To other stable, coins in terms of. Technology. Use. Cases and, how do we educate a cop public about the software, differences yeah I think, I mean, it's it's a different market right so, stable. Coins like USD T it's part, of the, USD. Like, market, so there's no it's not like taking market share away from from. Any other coins I think, there there's definitely space for for, stable coins like micro said it's very useful if you want to cash. Out to stable coins, instead. Of two US dollar. I'm. Not, sure if there. Will ever be, a, decentralized. Stable, coin, that. Actually works it might be the holy grail of stable coins. But. Definitely, there will be centralized, stable coins like Tedder and I, think so the government will, eventually. Move in and create, their own kind.
Of Stable. Crypto, Fiat. Back crypto coin right. There's. Been talks of possibly, Taiwan doing a TWD, t coin right. So I think eventually. Governments. Even potentially, the US government might do their own disable coin and that's gonna be a really. Powerful. Coin, because it's backed by the government and that's, that's. Fine because fiat, is backed by the government so it's fine for the stable. Coin itself to be backed by the government and I, think I'll be very useful in a market to be able to trade, crypto. To to, stable coin and even, like spend it right so if merchants, asset a, stable, coin backed. By US dollar. You can you can hold your coins in Bitcoin if you want because. You believe bitcoin is a better store value or litecoin, and convert. It on the fly to the. Stable coin and spend it if that's better for the merchant so. Do you have any plans to, support a stable. Coins yes, in fact we the. Wallet the quality's already supports, us DT token, and we. Are in development, with one, of the world largest, stable. Coin a becoming, provider, we'll. Announce it when its life okay. But. I see, that as many. Attempts. And to try to address its problems, and like Charlie mentioned about government, support and we're. Talking about the security aspects. But, what are the real heroes, besides, all these usual. Problems, that we see in the market, hacking, lack, of understanding or. Even problem, scans you, know preventing. A really. Secure. Method option you, know Michael mentioned about maybe complement or is it volatility. What. Do you think I'd. Say because. The regulators, now. Still. Lack, of understanding of, how, the entire. IT. Site. Works behind. Cryptocurrency. So, they're. Having a, slow, time, building. Up their. Parameters. On, how to, evaluate. Whether, this, wallet or that wallet or this exchange and that exchange is safe, enough to really, provide such financial service. It's. Pretty much like the in the early days when. Visa, MasterCard. They. Only issue, very. Simple. Imposed. Credit. Cards and back. Then it was very easy, to hack and then. They switch, to Max, Drive so. A better, version security. And then, they improved to smoke. Hardship and then NFC, it's. Always a. Growing. Faces. But. Um, now. Since. We already, witnessed. The, whole growing. Life. Of, traditional. Financial. Payment, methods we. Can actually, quickly adapt, what's. The, learning result. Of. That. Lifecycle. So. What, Kubiak's, is doing is to. Adapt the final result the best quality, best, security. Mechanism. Into, the. Wallet, system, so. I think, one, of the most, important missions of kopecks, is to. Completely. Eliminate. So-called. Pure. Heart wallet because, that's just, not. Gonna work because you can't, allow a system, that has ultimate, loophole, having, backdoors in every single one of smartphones, and, that's. A lot of risks, for users. Although. Some people may, think it's. Ok to lose a little. Small amount, of money because I only store let's say you, know ten years dollars, worth of coins, on the wallet but it's. Not. A matter of how. Much you will lose it's a matter of principle, it's. A matter of the. Environment. Where. It's, just. Difficult. To get hacked, that. Matters so Charlie. From a from, your perspective. The user. Base for, like coin can give us a sense of who they are do, you track you, know the community development from. A like Wayne foundations, perspective, we just say that these users, are different. From the other. Crypto users or are. They more. Keen. To, support a mass adoption and. What is you. Know we are quality. To, be honest most crypto. Users today are all speculators, right. They're speculating they're. Investing, or. Speculating. That the coin value will go up. There's. Not. Many people really using, the coin, right now alright so I think we're still in kind of the speculator phase right, so we're trying to move towards. The. Usage, phase right so we I mean we have a. Grassroot. Campaign called. Pay with like coin where people, are tweeting. About it getting others, to spend, it and getting emergency accepted. And just trying to create this economy. But. It's it's tough in this environment, where the price the volatility, is so high I think, over time the volatility, will, decrease, and has decreased, a bit already but still pretty volatile, and it's hard for people to spend. Coins when it's so volatile because they once. The, price is down like today they they're not wanting to spend it because they think that the price will go back up. So. The I think this problem will solve itself in, the future will it take some time. Well. I understand Charlie you have very. Strong opinions against. Ico and. We. Do see a lot of ICO scams and going on and now the. Ongoing bear market is obviously trying to clear, some of those hopefully.
Most, Of them away. From, the market would you feel that this. Cleansing. Is a, necessary step towards, a more mature. More. Sober, environment. And, so that the, real users, not only just speculators, but real users known as consumer, side but, also on that Enterprise side will. Come in and will like Wayne Foundation be driving. Or, trying to accelerate that. Trend sure. Like I see I see us more, like gambling, so. I mean people are. Have. Gamma are gamblers, by, nature and want to you make more money by gambling and. I think a lot of these ICO projects, are either outright, scams or, they're kind, of set, up to fail I just, by nature of how I seals are were seals. Work where to get the funds initially, we, fought a really solid plan, and, once you have the money you don't have an incentive to actually follow, through of the plan so, as we, see all these ICS fail I hope it's a good learning experience for over, these investors. They're. Speculators, to realize that they should actually, look. Into it more before just throwing money at, projects. And. In the end as you, can see like, with. This current crash the. Coin is the one that has crashed the least and. Not. To it, I mean it's bad but compared, to most. Coins have crashed like 95. Plus percent like. When is like 80 some percent the. Coin is like 60 or 70 percent which is I mean it's all bad right but you. Can see like, the. Really bad projects, are the ones that are actually going towards zero I mean, this. Happens every two, or three or four years in in the crypto space where. The. Market crash you know the. Strong ones actually survive it's kind of like the internet bus, right you. See like the google amazon's. Companies, like that survive, and become really strong but. A lot of the other, companies like pets.com just, get destroyed by the by. The crash this, is the same thing we'll see in critical, space I think, in the long. Term it's it's good I, think we'll see more of this. Before. It's all over are. These so reminiscent of the. Past. Episodes of financial. Booms, embossing human, civilization, right and then but, still, we. Need to go through this but. I do know who art supports. A, lot. Of the some. Of the major crypto. Tokens issue. Underneath. Theorem, would, you feel that are. You aiding, speculation. Or are you trying to just. Answer. The Alma demand of the. Consumers, okay, so. We are not aiding. The speculation, of those ICO tokens, instead, we, are providing. A secure. Measure, a method. For. Those who already. Built. An IC o---- token, or they already purchased, the board or a participating. And. Since. Already bought. A whole lot of tokens. They. Must have been. Provided. Secure. And easy to use a way, to keep. Them safe otherwise. Before. The, market collapse their assets, may be stolen. Before hands. So. How many tokens, are you planning to, add down, the road we. Currently supports, I think seven, yes, do 20 tokens and down. The road I think in two months we'll be supporting, a. Function, where users. Can add any yeah say 20 tokens themselves, okay. Um, I, read his news recently about like, Wayne foundation, buying. A 10%, stake in the German bank now. Following. Up this discussion. That we had about mass adoptions, and security trust. Is. That part of your in-game, strategy, trying, to make litecoin become. Part of the banking. Infrastructure, by. Becoming. More integrated with. The bank and then, bringing, in crypto, technologies, maybe such as cool wallet or maybe, some other new, technologies that will emerge in the marketplace, to create a you. Know better. Or friendly, Bank or. Even help people to really be. Their own bank you. Know in a better way yeah. So like. Kind. Of that's we're. Coming from like a different angle right so previously. Companies, have tried to like. Corn-based even try to you like, open. Bank accounts and got, shut down because the banks don't want to deal with crypto so. Bagging, a stake and having a voice with, a bank we're, trying to come from a different angle where we can. Work. Out work with the bag to create crypto, products, -. For. The bank's customers right. So, kind. Of coming, in from that angle potentially. We could create. More more, adoption, that. Way I mean, it's still kind of which I'm gonna try to see if it works right it still was still, an uphill battle. Still, this with me a lot of regulation.
Banks. Are still not going to be super. Excited about supporting. Crypto. But. It's, worth trying I think so, assuming, that we can. Clear. All those hurdles with one of the products, that you. Think dislike when Bank like Bank so to speak will, issue the, first, I, think the first first, things on the horizon are like a crypto. Debit card debit, card, just. Make it easy for people to to. Spend their cryptocurrencies, and it's, kind of debit cards are kind of like a stepping stone towards, actually really spending the cryptocurrency so. Another. Product would be just. Supporting merchant solutions helping. Merchants get convert. Crystals. They receive for. For. Fiat because, right now the crypto is still too volatile so merchants most, major, merchants, won't want to hold cryptocurrencies, they. Want to convert. To Fiat right away. H. There but. The money so that they can actually spend it on, because. Everywhere this everywhere, else they spend their money will be a septic fiat and a crypto I think, we need to do that first before we get into like a crypto, only. Economy, do, you feel that a crypto. Financial, institution, will be able to eat Stan credit, like. Any other good. Events have been doing for centuries especially. When could though assess volatility, probably will, continue. For a while not. To say that a fiat currency is any stable look, at a Turkish Liras situation, but, what. Are the. Preconditions. For a, crypto, lending, exercise. Taking. Root I, don't. Think volta these marriage matters, that much to crypto, lending because it. Doesn't matter if the crypto currency is volatile, here's lending. In. Returning. Crypto, right so it doesn't matter how much it's actually worth I think, we're. Already seeing some solutions, where crypto lending I think. It's a Mac it's just, gonna be more and more popular. We. Actually haven't thought, too much about our, bank, partnership, doing crypto lending because, it's still. It's. Still pretty pretty, risky, right because. For. One reason like why why are people borrowing, cryptocurrency, instead of borrowing via right so if they borrow crypto, because. It's easier, for them, to borrow crypto and then they convert it to fiat then, the hi because if the if. The currency goes up a lot which you seen last, year then, we can't afford to you buy them back to you do, you return it so, that's that's definitely there's definitely more risk there. So. Michael do we or. Will we see a. Cool. Wallet, or like going cool wallet debit, card or even credit, card it's. Definitely possible okay. What. We we do see that with, a with. That kind of ability, how. Do you think the the, user behaviors. Will be different from using an on a credit card or is it that that's your goal you want the users who feel almost, indifferent, or, that. There's no real difference but, it's just safer. Cheaper, faster. Essays. From. The infrastructure. Point of view it's way more effective, than, what. Previous. Financial, payment, system, works is. Holding. The private keys inside, the wallet, card. Itself. Essentially. Makes. It, remove. All the middlemen, layers. The. Card can just pay at merchant, or pay, to your friends, and. That. Transaction. Will go, to. The blockchain. Directly. Without, you know having to go to. Intermediate. Or a bank or. Payment. Scheme like Visa MasterCard, and gets. Three. To five percent. This. Fees. Every. Layer so. In, a sense it will save a lot of upfront. Cost for, everyone, including the merchants and their. Customers. So. Maybe, you can share with us your vision how, do you want to drive copias forward. It's. Just another. Water. Solution, provider cybersecurity. Provider, or something even more I'd. Say it's. Pretty, much like. You. Become a gateway, because. Our, wallet. Would, be the most easy to use and secure. Platform. For people to hold their assets. And. That's. Where. That, becomes their wallet right so, it's, where the money is held, that matters, because they will have to say. Okay now I have to pay to my, friends now I have to make a payment at a bank so we can essentially integrate all the online. Or blogs and the apps whatever. That charges. Crypto. As a payment, or. Identity. Identity validation. So. Our. Quality, comes a gateway. To blockchain, services, it. Won't be just for, cryptocurrency. But also for, blockchain. Identifications. Because. This. Wallet will essentially, become the only, thing blockchain. Knows Thomas. You are you, you. Won't recognize your, name your face but, you only recognize, your private key and the signature you sign from this wallet and.
Then, The RO qualit. Will be storing you. Your, cryptocurrencies so, also, your. Kyc. Identities. So. Down. The road I think will. Become the Gateway so it's like a powerful, universal. Global passport. On, a blockchain yes and I. Often. Tell. This with my to, my team that eventually. This, wallet. Will become a national, ID card. For. Government, that already adopts blockchain. Technology, and. You. Will allow you to vote. Remotely. Online. Using. The. Technology. Well. We. Already saw Estonian. Government, adapting. Blockchain technology, it's only a matter of time I'd, say in three, three years we can see some prototype. Coming out, maybe. Charlie I, think, from. Many. Metrics. That you. Probably want the most respected. Leaders. In. The community, and sometimes. Inserting very sober, and they were, rational. Opinions, about how, the industry should be going. Given. This ongoing bear. Market and a lot of the corrections. What. Is your vision, how. Are you going to if you were to, try. To drive, industry, forward try, to drive the community, forward what, are the key messages that you like to share. Well, something. I posted, like. December. Of last year was, that I've, seen, quite a few of these, Corrections. Right the corrections can be. Up to 90%, drop and last. Like two or three years so I, urge. At, that time I urge people don't invest, money you can't afford to lose if, you invest money that I, see, a lot people posting today that they're really hurting today. For money but, it's because they over invested, overextend, themselves. People. Who overextend. Themselves are the ones that are selling at, this point, and. Those, are ones actually lose right if you can if, you invest, and you can actually hold, on through the bear market eventually, I'm, very optimistic about, the future potential. Right the price wolf, will, come back it might take a few years or. It might be tomorrow who knows right with this we've, got the currency but. If you can if, you, can if you don't invest too much that, you can't afford to lose then you'll be fine and so I always tell people to invest like. Smartly. And then. The. Thing about this bear market is, that a lot of times people actually can, stop worrying, about price in a bear market and actually focus on getting work done so a lot of good. Cryptocurrency. Infrastructure. Get built, during, the bear market and. I think in. The end I think that's fine we'll just survive, this bear market and come. Out strong at the end and. We'll have Lightning Network and other great technology, is being built up in this time so, maybe only concluding. Remarks can you share with us your views on some of the the. Ongoing, developments, for this critical infrastructure in the cripple of space that you think are, going to be very, very important, for a better future. Sure getting, a bit more technical like mining, Network. I think is very important, connecting. The. Lightning they work together with, different. Currencies. Like both bitcoin and litecoin will, be underlying network and by, being on the light net where they can actually be swapped. Atomically, I think that's a very cool, technology, that, will that will happen in, the next year that lets you in, the centralized manner send. Light coin in the recipient, will, receive Bitcoin, and vice versa, so, if rich in assets Bitcoin and you only have like coin you can still pay them.
Other. Technologies, are like. Confidential. Transactions, I think. Fungibility. Is one of the main. Features, of money that is missing, in cryptocurrency or, at least in bitcoin and litecoin I think, that's something that I want to see improve, where, people, have their privacy when. Spending money so, if you get. Eventually. If people get paid in cryptocurrency if you get your salary and cryptocurrency you. Don't want to like, expose, that, to the to, Starbucks when you buy a cup. Of coffee because, right now you will write if you if you spend that, money to buy something the, recipient, will see it publicly. On a block in and see how much money you have and that's, just. That's. Just not good. Money right you don't want to have to right now a lot of people, advanced. Users when they spend coins that they pick and choose which. Which. Coins you spend because. Some coins are tied, to like a larger their savings account and, they don't want that to be to. Be known so they have kind of like a separate checking account and savings cuff this is something that you really don't want the average person, to to, really think about so. I think fungibility. Which. Is like privacy. Makes, a lot of sense to add to bitcoin. And litecoin. Other. Things are like, there's. Ways. To help Bitcoin, scale. Like. No, signatures, and other. Cool. Features that people are currently working on right now I think. Scaling, is very important, so. For. For mass adoption lining. Every is one way to scale there are other ways to help kind. Of scale. The than ever to to, support a lot more users so. Like when summit will be held in September, and. Michael. You're gonna be, there, as well yes. I'll be giving, a speech in, there like when summit and make. A major announcement so. We will, look, forward to the major, announcements, thank you very much for your time today Thank, You Thomas.