 Mukarimaka. Mukarimaka is a phrase I learned here in Osaka in the local dialect, which means hello, greeting, but it literally means are you making money, which seems appropriate for DevCon. So DevCon, are we making money? So many of you know me as the co-founder of Wireline, the P2P application network. Tomorrow we have a big demo with our CEO Rich Burden. Don't miss it tomorrow at 12. But this is a story about what happened when we started looking into using Libra on our application network. So cryptos come a long way. It seems like everybody wants to be involved in it, including this guy, Mark Zuckerberg. Now obviously there's a lawsuit coming. So what does C change for crypto? I mean really it's entered the mainstream and you know who would have thought in the days of Bitcoin that we might have a something that looks like a cryptocurrency reach perhaps four billion people. And so I think it's a there's a moment here where everybody working in crypto should feel some sense of gratification of the work that we've been doing, the research, the open source, finally paying off into something that can go mainstream. So I'm gonna say something that I think might not go well with this crowd, but I think Libra is gonna become the de facto currency of the internet. Now that might just be because of the sheer reach of Facebook and its partners and they're going to be able to reach between all of the association members around four billion people. So anything they do is going to be relevant. But I actually think that there's a lot to like about Libra. I think the stablecoin design is quite compelling, especially for developing nations. So and I'm surprised actually a lot of people in crypto don't know the details of this. What Libra is doing is it's creating basically a currency fund. So a basket of currencies where one Libra gives you redemption on that basket of currencies. And that's a really compelling store of value for people around the world that live in governments that don't have, you know, sustainable financial and fiscal policies. And what's interesting about this, again, is a historical moment for a non-governmental currency that's a blend of other currencies. It's not a new idea, you know, IMF, SDRs and John Maynard Cades with Bankor. We've had this idea for a long time. So this is really exciting. Another thing that's going to come to the mainstream through this platform is this idea of trust minimized financial automation. So smart contracts and it could become widely spread through this association. So that's the good part. Now everybody here I think knows the problems with how Facebook is deploying this. So the design of Libra is effectively, it's designed as a bank, as a full reserve bank. It takes deposits from end users. That goes into a trust that trust yields interest. That interest gets paid out to the investors of the bank, the Libra Association members. And the Libra Association is kind of a misnomer. It's not a not for profit thing. Associations in Switzerland are basically LLCs, the equivalent of LLCs in the U.S. And what gets worse about this bank is that it has a distinction of having the ethics of Uber, the censorship of Visa and the privacy of Facebook. These are the people that are going to be making decisions about this global bank. And everything that we understand about the Libra Association so far leads us to believe that governance decisions are going to be made only by the investors in the bank. So and this only starts to get worse when you start thinking about the scale of this bank and it possibly being too big to fail because it being a being in a super national jurisdiction in Switzerland and other countries who's going to bail out this bank if it runs into trouble, for example, in a regime of negative interest rates. What does this bank look like? So lots of governance problems there and how are we as a society trying to solve these governance problems? Wrong way. With government solutions. Now if you feel the same way I do about government solutions, I don't think that we should hold too much hope for solving these issues. So I think there are two outcomes that can happen from Facebook engaging with governments. On one side Facebook is going to engage in regulatory capture. And so the end of that path is the bank too big to fail. And basically Facebook can just go jurisdiction shopping to find a country that can say and give them a regulation that says well this isn't really a bank although it does bank like things and Libra isn't really an investment. It's actually currency. So that's the path they're on now and I think they'll likely get it. The other one which I think oddly we have people in the crypto community rooting for is that we managed to corner Facebook. The government somehow miraculously managed to coordinate and put Facebook into corner. And then Facebook is going to do something lame like Venmo or WeChat. And I think that that would be a mistake. I think it's a missed opportunity for humanity but it's worse for crypto because now we're going to have empowered regulators that think they know something about crypto and are going to prevent any project like this from happening again. So how could we steer this to somewhere in the middle or on another plane? How could we expand this set of possibilities here? So I went around and spoke to some of my friends in crypto, some of the leaders of the crypto projects and one idea kept coming up which is basically the only tool we have in blockchain governance and it's hard forks. Basically the state of the art that we have in governance in crypto. Now generally hard forks, I think of them as a prank and I think a lot of people suggested to fork Libra as a prank. And sometimes these pranks can you can walk away with a lot of money. I'm looking at you Bitcoin Cash. But if we zoom out, forks are an important feature of open source. It's this very interesting game theoretic mechanic where I have to listen to my community. I have to include their some of their innovations, their governance, their use cases lest they fork my code, rebrand it and stop contributing back to me. So soft forks, rather forks create a kind of soft power between contributors of a network and of code to the original maintainer. So how can we use this tool that we have to create a new space for discussion, a new space for innovation and something that expands the set of stakeholders. So a few of us got together and look at these wonderful names here. Just they're all stars in crypto. These people have given a lot of blood, sweat and tears to making public good financial platforms work. What did we decide to do? Well, we're going to collect all the people that are excluded from Libra. We're going to fork the Libra code and fork the community and create a new network that we call open Libra. Yes. So we've been working on this for four months. And for the trolls out there, move your fingers away from the keyboard. Now, there is no token sale. There is no equity. There's no company behind this. There are no investors. So you can relax. This is all grant funded and funded from personal money of the contributors. So this is a time to thank the interchange foundation and the good boys at Cosmos for the generous grant to kick this up to the next level. And many thanks to the wireline and OS coin teams for the resources given to get us started. So what do we want to do? We intend to lock the door open to Libra. Libra as designed as a walled garden. And I think wall gardens don't work generally in software, but they certainly don't work in this new era of financial automation as trust minimized. I've spoken to Libra association members and they have told me when I asked them directly, can my application be stopped on the Facebook network? And they said, Well, we haven't decided that yet. It's a very bad sign. So for anybody that is excluded, locked out, forbidden, there's going to be an open and compatible network. So these are the guarantees we need to provide for that. So the three things that we need to do, and this is how we're going to measure our success. Anyone that's impacted by Libra should participate in its governance. That could be half of the world's population. So half the world's population should participate in governance and have recourse to fintech platforms, smart contact platforms are going to produce a lot of value in the coming decades. And we need to let users share in that value in a meaningful way. Three, move smart contract language and smart contracts generally enable new types of business categories. And let businesses innovate with it without the risk of their app being stopped. So this is our strategy. This is how we're going to get those three things. We need a type of technical compatibility, and we need a financial compatibility on open Libra. So the technical compatibility might seem straightforward, but it's not. We need to get the move language, which there's a lot to like, and our team is very excited about it. We think it would be possibly the compatibility layer for all blockchains. It's that good. But the first thing we need to do is get the move VM to run on a consensus engine that is permissionless. So if you actually go into the code, the Libra code today, the Libra consensus is predicated on all the nodes knowing each other. So that's not going to work for the vision that we have. So we need to make some meaningful changes, disassemble VM, move VM, and Libra consensus and reassemble it. Financial compatibility. So technical compatibility is necessary, but not sufficient. We need financial compatibility, meaning if a contract gets moved from Facebook's chain to open Libra chain, it's not sufficient to just have the contracts work correctly. We need the money to represent the same thing. So the open Libra coin is going to be a peg to Libra. It's not going to be a new reserve currency. It's going to be pegged to Libra. Now this introduces a number of problems. We can't have any dependencies on the Facebook chain, meaning we're not going to be able to do atomic swaps. We can't have a contract on the Facebook chain that is holding all of the deposits, all the collateral for the open Libra chain, because that could be cut off at any time. Second constraint we have, Facebook's Libra will grow to a size of, by recent estimates, 10 to 20 trillion dollars worth of Libra circulating on the Facebook network. So hypothetically, if open Libra had 1% of the volume of Libra, Facebook's Libra, that would be 100 or 200 billion dollars worth of open Libra circulating. There isn't enough crypto in the world to collateralize that in a MakerDAO construction. So where are we after four months of working on this? So we've had a bunch of deliverables. We've been working quietly. A lot of this is design, architecture, and frankly, invalidation of designs. But today, we're actually really happy to announce something that we call movement. So if you go to GitHub, open Libra, you will see the scaffold, the first designs and scaffold of what we're calling movement. And that is where we're taking the move virtual machine, and creating all the interfaces for it to work on top of Tendermint, ABCI. So what does that mean? You'll be able to run a state machine with the move VM and the move smart contract language and use all that tooling. And you're going to be able to get your state replicated through permission consensus and use all the wonderful tools from the Cosmos SDK to be able to create a proof of stake system. So go check that out now. And, you know, many thanks to now who worked over the weekend to make this happen for us to deliver it. Thank you now. But most of the work going forward, and work actually most of the work we've done, frankly, and going forward is going to be around governance. So everyone working here, we're working on a collective project, which is creating financial infrastructure as a public good. And you know, blockchains haven't solved the governance problem. In fact, hard forks seem to be the only thing we have. But there's a superset problem, which is public goods, generally speaking, are unsolved problems in economics and sociology. We don't know how to fund, make decisions, maintain a public good without literally having an army behind it. So this is a category of hard problems. But Facebook's decision to do this as a effectively as a company in Switzerland is a mistake. They haven't actually shown the intent or possibly the intent to understand the problem or to solve the problem. But at Open Libre, we have to do that. So right now, we don't claim to have the answers for governance. But we do claim to understand the problem. If you've seen some of the names up there, these are some of the thought leaders in governance and public goods. But importantly, how are we going to get this done? The initial partners, the initial owners of the Open Libre governance are important. So today, we're happy to announce as a governing member of Open Libre, the Red Cross. Specifically, the Danish Red Cross. A lot of people don't know this, but the Red Cross works on a lot of financial innovation for the bottom billion to create resiliency in communities around the world. For example, they have this wonderful project around community currencies in East Africa. The Red Cross has been around for 160 years, I think. And they have this very powerful model all the time. Do no harm. That informs all of their decisions. So we've asked them, we've invited them to be our guardrails in our process of formalizing the governance. Help us do no harm. So thanks to Adam Bornstein, our delegate from the Red Cross, for making this happen. So I'm going to wrap up. Does everybody recognize this headline? Anybody? This is the message that was in the first transaction on the Bitcoin blockchain. On the first block. So this is a reminder that crypto came from some very scary economic times. There was this opaque, convoluted, fraudulent, over-engineered financial system that nearly brought the world to go over a cliff. I remember that time. And so today, sorry to say this to folks in this audience, but it seems like Libre is going to inherit the legacy of Bitcoin. And Libre is going to inherit the legacy of smart contracts. So as a society, are we just doing the same things over and over with new tools? It doesn't have to be that way. So this is an invitation to help us steer the future of Libre. In Libre, we trust. In Facebook, we don't. If you are a business excluded by Facebook, I would like to use it and don't see yourself being able to. You should write Eleftherios. This is his Twitter handle. Are you a non-profit and you want to participate in governance? You want to steer this in the right direction? That's my Twitter on there. And are you a technologist in distributed systems? Lots of neat puzzles for you to work on. You should contact now. And finally, PayPal, call me. I'm ready.