 So Jamie Burke, CEO co-founder of OutLive Ventures, been investing in the blockchain space for about four years. Originally I came from change management and digital innovation, working with large multinationals and corporates and four years ago became convinced that blockchain and decentralized technologies represented the next phase of the web. So basically about two years ago we'd spoken to over 1,500 blockchain start-ups at the time. This was kind of prior to a lot of the explosion in tokens that happened beginning part of this year. And we started to see a trend happening where companies that weren't necessarily from the blockchain space were coming along and thinking about how they could apply distributed ledger technology to their particular use case. And so that was IoT companies, it was AI companies, it's 3D printing companies that had fundamental challenges with infrastructure that would enable them to scale securely. So we started to see that these companies were looking to leverage these technologies and that became very interesting for us because we've always felt that the ledger layer should be close to the point of free. So a lot of these start-ups at the time that we're trying to build proprietary business models, charging rent to use distributed ledger technologies we thought was unsustainable that ultimately it would be erased to zero. So we started to see that the blockchain technology itself was kind of more of a commodity layer and it was about what it would enable on top of that. And so some of the most interesting use cases were things like combining distributed ledger technology with things like AI, which are kind of almost perfect bedfellows if you think about it. What does AI need? At least lots of standardised data sets. So we wrote a white paper called Convergence which was exploring this trend. How could DLT tokens, smart contracts be leveraged by other deep technologies? And so that kind of became the thesis of Outlier and is where we kind of focus our investment. So IOTA is a good example of that. IOTA looked at blockchain technologies and thought, well, how could this be customised or slightly refined to enable a new infrastructure for the scaling of IOT and industrial IOT in a way that Ethereum wasn't able to secure machine-to-machine micro payments and stuff like that. So IOTA is a really good initiative example of Convergence but we're also investing in things like Botanic. Botanic is looking at leveraging distributed ledgers for the tokens for the bot market. So how can you have contributors that build various component parts for bots which is increasingly becoming the way that we will interface with the internet and the web? And how can you create a bot economy that's going to be existing on a ledger where you can have contribution to the building of the various aspects of the bot, training the bot with AI and how can you incentivise that system? So that's kind of the Convergence thesis and that's where we've been focusing for the last two years. So I think it's an interesting inflection point for the crypto community. So today the crypto community has primarily been driven by ultralibitarians who want to kind of get rid of the state in their ideal world. You know, they build a sea stead somewhere and they can kind of do whatever they want and effectively avoid tax and they're going to leave a lot of people behind. I'm also seeing an interesting other communities like the platform co-op movement for example which are much more socially orientated and are looking at kind of new models which they refer to as post-capitalist. Post-capitalist models which is again largely around this mutualisation that I was talking about. Mutualisation of value. And so I think what's critical now is that we... It's okay if you have this libertarian branch exploring new forms of governance and structure and what have you. But I think it's important that we have other kind of socio-economic experiments from communities that might be more socially orientated. And I think that's what's most exciting about where we're at with cryptocurrencies and tokens is that this in theory should lead to a Cambrian explosion of experimentation in socio-economic systems. Because in theory anybody has a money printing press. If you think about the last major revolution it was the printing press that led to the Reformation. I think it also led to 100-year religious war as well so there's pros and cons to both sides. But you know at that point it was previously the Catholic Church controlled literature. And then all of a sudden the average joke and print a book and disseminate and distribute it. I think this is revolutionary now. Anybody anywhere in the world can create their own currency to power their own digital economy and they can configure it to whatever dimensions they want to serve whatever agenda they want. And so I'm hopeful as an optimist that experimentation is going to see lots of different examples of how we can live and organise. And the beautiful thing about it is we'll be able to quantify how they perform. And so if you imagine that it's kind of monkeys with typewriters. If there's enough monkeys printing their own tokens eventually we're going to find a system or a kind of spectrum of systems that we can kind of opt into. Because the most exciting thing about when you think as an investor now we're not investing in companies anymore. We're investing in communities to realise digital economies. And the power of tokens combined with distributed ledgers is that we can hard code monitoring fiscal policy into these systems so they can behave in theory rationally. So you think about the greatest challenge for an economist is they assume rationality on a market that's totally irrational because it involves messy people who make messy decisions. But here we can actually hard code rules into the system that incentivise or disincentivise certain behaviours. And so I think that holds lots of promise. At the same time that means that the Chinese government or the Indian government or whatever it may be can also hard code principles and models into a digital economy as well. So for example if you wanted to pursue a cashless society well you've now got the greatest tool set in the world to create a cashless society where every transaction is recorded and has to pay tax. Which you could say is a good thing or you could say well all of a sudden that's incredibly intrusive. So I think if we've learnt anything from Web 2 when Web 2 happened we all got very excited because we have social media and peer-to-peer environments where we can bypass mainstream media one of the downsides that led to the spring and all this wonderful stuff. The downside is that we removed a journalist who were a truth filter. And so now in an environment of false news, fake news so there's pros and cons to technological innovations. I think the same is going to be true to this new technology kit that we've been gifted. It's going to serve different agendas so I think the important thing is that those of us that might be more socially orientated begin to pioneer some different structures. The whole principle of a ledger is that it's a record and you then trust in the legitimacy of that record. So that promises accountability and transparency and auditsability. The reality is there's large parts of the world whether it's governments or private corporations that actually don't really want that. For a blockchain starter, for example, that we're trying to apply ledger technology to supply chains when they realise that actually most companies don't want auditsability as a supply chain for a number of reasons. So that's kind of in a commercial setting. I do think the kind of naivety of the web to date has been, well, we can create these anonymous environments and that's going to be beneficial to everybody. In reality, when people aren't accountable, some of the stuff you see people trolling online, you just think what could possibly motivate somebody to use their spare time to want to just do that, that level of hate. So I think the next phase of the web, web 3 needs to bring in identity and reputation. That doesn't necessarily have to reveal your date of birth and your home address but the idea is that you can be blacklisted or whitelisted in certain environments where you can drown out trolls or bots. So if you think about, I think there's a certain stat and I can't recall it but the amount of internet traffic that's just driven by bots at the moment and these bots are largely for malicious activities, whether it's spamming, whether it's troll farms. So I do think one investment that we're working on at the moment is Botanic and they're looking at every bot having an identity and even the constituent parts of a bot because you can effectively configure a bot by borrowing different aspects from a marketplace but the idea is that a bot has an identity, it has a licence plate, each constituent part has a licence plate so you can know can I trust this bot and then you could in theory, in a media environment you can ban bots that have a low trust score. So you can start to filter out that way whilst keeping the web open. We need a reputation layer, we need an identity layer because I think at the moment the web without that is fundamentally broken. I don't think it's helpful to society.