 Community manager for the DAO, so led the crisis response effort for the DAO hack and first parody multi-stake hack from every angle. He is the co-founder of White Hat Group and led the creation of token engineering commons. Griff Green is advisor for Polygon ID, Polygon Hermes, Bright ID doing good, and Stuart for Gitcoin, ENS, and Optimism. Griff? Yeah, right? Come on. Griff also leads to CryptoFocus Burning Man camps. Let's hear it for Griff Green. Yeah, people forget I lead Burning Man camps, too. It's too much, too much. Yeah, that's my slide, so thank God. So hi, thank you for having me. I'm gonna talk about something that doesn't get talked about too much. No, actually, we talk about this a fair amount in the theorem space, but what we don't, what we miss is that it's a huge opportunity. In fact, I would argue it's the biggest opportunity in the Web3 space and no one's talking about it as an opportunity. It's public goods. Public goods, thank you. Public goods are, it's a huge industry. One of the largest industries in the world and it's like the opportunities are endless. No one is making money in public goods space right now. It's led by governments and nonprofits and yet it's a $25 trillion a year industry as in governments and nonprofits are spending, not investing, spending $25 trillion a year to provide public goods for societies around the world. This is 25 times the total crypto market cap being spent every year. And it's being spent at a loss. It's being spent by governments and nonprofits. So this is, public goods are one of the four types of economic goods. And I'm sure a lot of people have seen this slide or something like it before. But I wanna talk about it in a little bit of a different way. Because in my opinion, these are like places where things end up, but it's not definitive. So on the left side we have private goods and club goods. These are excludable goods. The cool thing with excludable goods is that you can have business models. Business models are like these really cool games that end up allowing people to score points in very predictable ways, right? I see money as kind of a point system. And the way that we coordinate around money could be thought of as like a game. Hence the game version of this slide deck. I kind of went with that theme. So businesses really succeed at providing excludable goods. It's the invisible hand of the market. These point systems, these business models, these games, they allow for the invisible hand to just coordinate everything effortlessly because everyone uses profit as a shelling point. Everyone's on the same game. They're all trying to win, get the high score. But in the non-excludable side, as in half of the different types of economics goods, there is not this game, right? The game is taxes and donations, which I would argue is like sacrifice. People have to sacrifice to provide value in the non-excludable side. So this is common pool resources and public goods. I just call them all public goods. Non-excludable goods, public goods. But what's really interesting about this slide that people don't really talk about enough is that for instance, fish in a bay, it's a common pool resource. But actually in practice, government's actually moved fish in a bay from being non-excludable and they make it into a club good. They make it excludable by requiring people to have a fishing license. So right now in our normal society, because there's great systems in place to manage excludable goods, non-excludable goods often get privatized. They become excludable and we move them over here because we have such great systems in place. But what if we could create great systems that allow for win-wins on this side of the chart? What if we can actually take things that are normally excludable and make them non-excludable? What if we could create abundance for society and take care of the less fortunate in society by creating systems that actually work? We don't have a choice. We need to do this. We're failing at the game. The collective needs game. The environment, just general global coordination is really shitty, like full stop. And if we don't fix it, we're in huge trouble. But we are fixing it. It's already happening. Actually, so many people in Web 3 are building a new way to coordinate on a global level and in win-win systems. They're optimizing the games that are being played and creating new games that actually allow for innovation. And this is what I'm gonna talk about mostly today. I'm gonna talk about all the cool projects in Web 3. Well, I'm gonna highlight a few of the many awesome projects in Web 3 that are trying to get to the solar-punk future that we all want. And I really want to create this framing so that you guys can understand, to get to this future, we need to build win-win systems that allow the people to coordinate effortlessly. So where do we start? Well, governments have a lot of funding. This is not where we start. When governments fail to provide public goods that are in demand, people start nonprofits. Nonprofits are the seed of the revolution. When people don't like what the services they're getting, they start nonprofits. And nonprofits need our help more than governments, by far. Nonprofits are literally just burning money all the time. Everyone who's participating in the nonprofit system in some way or another is sacrificing. And it's tragic because they're creating so much value. And you know it's creating a lot of value because it's a huge industry. Sure, it's not 25 trillion, but I think $500 billion being donated a year just in the US is big enough of an opportunity for us to make some major headway. So the cool thing is this is already happening. You know, I feel like in 2016, 2017, this stuff was a dream. We're like, we're working towards this, but we're in a place where there's so many awesome projects that are doing it. And I kind of want to create a separation between two types of economic games that are being played of different models, we'll say, of public goods funding. So there's the donation games, which are amazing, right? We're always gonna have donations. Donations make people feel good, right? And these types of donation games that are being played in Web 3, the donation games rely on donations to fund public goods. Now often they create incentives for more donations, whether it's social or straight up financial, that there's usually some kind of system in place to optimize the donation system and make it more fun, especially by giving governance to participants. It's very common. The economic games actually skip the donation side. They rely on supply and demand to fund public goods. This creates really interesting entrepreneurial opportunities for participants in the system and it allows that invisible hand to actually make some headway. And just like donation games, they give governance to participants. I can't overstate this enough. It's so cool in the Web 3 space. In the public goods funding space, normally, it's very top-down capital controlled. Governments say we're doing this. Nonprofits have donors and the donors say we're doing this. This is what the money is earmarked for. But in Web 3, we build systems that allow it to be bottom up. And where the participants, not just capital participants, but through reputation systems and other systems that we have, there's a plethora, like you saw council. There's so many cool ways to provide governance for the players that are playing the game. So let's start with donation games. So one of the landmark donation games that was started in the Web 3 space are these Grant Dows. So Molek, Meta Cartel, Meta Gamma Delta. These things are a fundamental building block in, I think, almost every public goods funding piece. And I should have put Dow House on here. I want to give huge shout out to Dow House. Those guys are on the forefront of this stuff, innovating all over the place. And there's somebody to watch. One of the things I want you to pay attention to is these are the projects that are going to be leading this new industry that's emerging. And Dow House is important. So the way Grant Dows work, it's basically a social club, you could say, a donation club, where when you put money into the Dow, you get non-transferable tokens that allow you to govern the pot of funds. And if you don't like how the Dow is going, you kind of have a money back guarantee. You can rage quit, get your money back out. So it's a really cool social system that in the end has collected millions of dollars for donations in the Ethereum public goods space, especially. One of the biggest donation games, of course, is quadratic funding. Quadratic funding is a really cool system that emerged out of the radical exchange community, the Radical Markets Book. And Clear Fund and Gitcoin have implemented it. Of course, Gitcoin has raised somewhere around 70 million dollars for public goods using this donation game. Yeah, a round of applause for Gitcoin. Those guys, man. And I should probably say us, because many of us are GTC holders in the crowd. I see you. I see you out there. So the Gitcoin Dow has been managing, is starting to manage the quadratic funding system. And it's a really interesting game because the foundational layer is the public goods funding team. They are able to talk to big wigs in the Ethereum space that have a lot of money that want to fund public goods to get a big matching pool. So this is why it's a donation game for sure. I mean, it's clearly a donation game, but it doesn't work without a really large matching pool. And the larger the matching pool, the more interesting it is to donate to these projects. So the governance over this matching pool actually happens from each donor. So if you donate, each project can get a share of the matching funds. They get more of a share if there's more people and more money donated to the project. And of course, it's a complicated equation, I'm not gonna say. But it's really cool as a participant in the system because you're like, okay, if I donate a dollar, they'll get $27. Wow, that's 27% or sorry, 27x times my donation. That's amazing. But if I donate $100, then $250 will go to the project. So I'm allocating $250 out of the matching pool. How much do I donate? And it's kind of a fun game. This is the best part about all this Web3 stuff. It's fun to play. Donations usually are not this fun. The next donation game is protocol funding. Now, it kind of feels like it's not a donation, but protocol funding is really led by optimism, ENS, Polygon Hermes and Bitdow. And basically, they're taking a percentage of the fees that they're collecting and allocating that to public goods. Now, this is basically like a Web3B corp, a benefit corporation in the States where it's baked into their mission statement that they're going to support public goods. And optimism has one of the coolest systems because they even add this retro public goods funding piece to it where they can find, they can get nonprofits or people who are developing open source code to go find investment, knowing that they could get a grant later if they succeed and it creates an even another system on top of it. It's super cool. My favorite donation game, and I'm a little biased, is give backs. So give backs is a pretty simple one. Whenever you donate to a verified project on Giveth, 100% of the donation goes to the project and the donors get up to 75% back and give tokens streamed over time. So what's really crazy about this is if you donate $100, then you will get $75 in give up to $75 in give back into like for donating. Part of that will be liquid so you can sell it, you can donate it, you can play the next game that we'll talk about. And the other part is streamed to you over time until like 2026. So if the give token goes up because it's a volatile currency, you could even get more money than you donated, which is crazy. This is the kind of stuff that can only happen in web three. Give power is really important for the Giveth roadmap. Just, we're in a phased rollout for the launch and it just launched the first part, the stake in a locking piece two weeks ago. Major shout out to Lauren Luce, who runs that piece of it, runs the economy. Give power is really important to Giveth in the like to evolve nonprofits to the end goal. One of the big mission of Giveth is to take nonprofits, meet them where they are and eventually help them create their own economic game. So that they can be basically an impact down. And Giveth Power will be the first opportunity that many of these projects have to make a win-win offer to their donors. So let's say you're a project, someone just donates 100 bucks to you. You know that they just got Giveth tokens, right? So you go and you tell them, hey, with Giveth Power, you can stake your Giveth tokens behind my project. You earn a sick APR and I get benefits on the platform. So specifically the project will get higher up on the ranking list where they come up, so it'll come up faster to be seen by more people. And they will also get more give-backs for their donors. So you're basically with Giveth Power, the Giveth token holders are voting, they don't even know they're voting, they're just supporting, they're just staking behind their favorite projects, but they're voting for how give-backs are distributed. So it's kind of a cool economic game tied with the donation game. And what the coolest thing is this psychological shift that projects have to get to make when they say, hey, you can earn a yield while supporting me, as opposed to you can sacrifice while supporting me. So the really, my favorite part of the Web3 public goods funding stream though is the economic games. In the donation games, donations are always part of it, which means there's a little bit of sacrifice injected into the system. That makes it really hard to have that invisible hand making magic. But in economic games, it's win-win all the way. And this happens through issuance. So Ethereum and Bitcoin and all the blockchains are, in my opinion, public infrastructure, like in a city, the water or electrical infrastructure. Yes, you have to pay a bill, you have to pay a water bill, electrical bill, or you have to pay transaction fees to use the blockchain. But the infrastructure itself, the access to the tooling is a public good. That's why this infrastructure is usually funded by governments. But with blockchains, it's funded by issuance. And that's the key for these economic games. Issuance is sent to people who are providing good work, right? So in Ethereum, it's the miners, and now the stakers. Bitcoin, it's the miners. But there were some really cool innovations that many people have forgotten about and are never heard of in 2013, 2014 that actually use this to direct public goods funding. Zcash actually supports cryptographic research. This is without this protocol. I doubt we'd have rollups today. And it's just the block reward. And then name coin, prime coin, cure coin, these are these bottom threes. They're crazy. Like very few people actually even follow these projects, but they're runaway economic games. Prime coin, to mine a block in prime coin, you have to find a new prime number. People are mining blocks every day. Every minute, there's a new prime number found by prime coin. And I doubt most of this room has never even heard of it, but it's a runaway economic machine. And no one's donating, no one's paying taxes. People are just getting the block reward for finding prime numbers. Name coin was actually the first fork of Bitcoin, and it's kind of like ENS. Does anyone have a dot bit domain? No hands. Okay, cool. You can, it's infrastructure that exists even though no one's using it. It's amazing. And cure coins folding proteins for cancer research one block at a time. It's so cool. They're using issuance, but it's in the digital space. What's exciting is this move towards bringing it to meet space. So like, Pamvala subsidizes communities like Bitcoin subsidized security. They're using issuance to actually support community groups to meet and share ideas. And rainbow rolls and public nouns, this is the NFT style. It's not all fungible tokens playing games. Rainbow rolls sold like 900 NFTs and funded get coin matching rounds, helped support some Giveth projects and also wiped away $7 million of medical debt from random Americans that they were able to buy up their medical debt. Incredible project. No one donated. People bought NFTs they could sell. There's upside. Public nouns. It's just started two weeks ago again by the Dow House crew. It's kind of like a mullet Dow, but instead of the shares being non-transferable, it's an NFT that's worth one vote in governing the treasury, right? And the intention is to spend it on public goods. So it's super cool and it's basically a mullet Dow and instead of rage quitting and getting less, you could actually potentially sell your NFT for more than you paid for it. Token Engineering Commons is another amazing economic game. This is in partnership with the Common Stack. This is the first commons the Common Stack ever launched. It's really cool. It uses a bonding curve, which I don't know. How many people have heard of bonding curves? Oh my God, this is a smart crew. So for the ones that didn't raise their hands, a bonding curve, especially a token bonding curve, is a very simple smart contract that when you send it money, it mints a token and it holds that money in the contract. And if you send the token back, it will release the collateral and burn the token. This will win a Nobel Prize in economics. I promise you this. Simon De La Rubie Bank Court, they created something that has never been seen before. This is a one-sided market and it solves the liquidity issue for small market cap tokens. Like, paintball was super cool, right? I said it before. But when they issued their token, it had no value at first. And eventually, Uniswap found its way to Uniswap and it created a value. But it still has very little liquidity. With a token bonding curve economy, it doesn't have that issue. It starts out with infinite liquidity because issuance is dependent on demand. Just super cool. And it uses fees throughout the system. When people are issuing or minting or burning tokens, a percentage of the fees go to the common pool and also at launch, a percentage of the launch goes to the bootstrap, the common pool. Really interesting system that we at Giveth really hope to learn from and apply to our end game, which is Gerbs. So, Gerbs are actually bonding curves backed by Giveth, by Givtokens. And they're kind of the sweet spot at the end of the rainbow, the treasure at the end of the rainbow for every nonprofit who comes on to Giveth. If, so first, of course, you're a nonprofit, someone donates to you, the donor gets Givtokens, right? Now with Givpower, people are locking capital, they're locking Givtokens behind a project. There's capital being locked behind each project that's participating in Givpower. With that locked up capital, we can launch a bonding curve. And the bonding, of course, there's a lot of cultural stuff that goes into this and working with the common stack to launch more commons and to understand the different reputation systems and the other kind of looking at projects like council and how do we govern these systems so it's not just capital, it's not just the bonding curve that creates governance tokens, but there's other governance involved. This is the, we're, sorry I'm ranting, but long story short, we're still in the research phase on how to launch these impact dials with bonding curves. But once we figure that out, once we work with the common stack to actually understand the best ways of doing these things and making it easy for nonprofits, any nonprofit could launch its own impact dial through the Giveth system. The coolest thing about everything that I'm talking about is that none of these things are in silos. Web 3 is so amazing for its configurability, for it's, everything can kind of plug into each other. Everything I mentioned is public goods legos. Like the public nouns dial could actually donate Ethereum on Giveth and support Gitcoin grants, incentivizing lots of grants on Gitcoin to get funding through extra donations. And then once, and then they'll get give backs. They'll get more Giv tokens that they could further donate to other projects or they could stake and give power or one day they could use to invest in an impact dial using a GERV. Public goods legos is where the real benefits here. This is where, this is why Web 3 is going to save the world, you know? Because we can plug in all these ideas into each other and build a new industry that never existed. So I'm sure a lot of you are builders, a lot of you have like an impact project that you want to see become an impact dial. And maybe some of you are just, you know, hey, I'm just a passive supporter of these projects and would like some upside. Well, I've founded a lot of projects in this space. I wanna highlight three of them that maybe could help everyone get involved more in the public goods space. So first is general magic. Probably many of you have never heard of general magic. It's been running around for a well over a year and it's a service dial that actually has helped many organizations, Panvala, Giveth, Token Engineering Commons, Common Stack and countless others. And like ENS, we just built the ENS swag shop which is super cool. So if you are looking to, if you're building in this space and you need some support, you don't have a good designer or you even just wanna offload a full project or you just wanna swag shop or you want to integrate praise, a reputation system. You can reach out to us at general magic. We'll help you, we give insane rates in the crypto space because this is kind of an, has an altruistic swing to it even though it is a for-profit company. So I would say it's about half the market rate. So definitely reach out to us and we can support you in building the next public goods Lego for me to talk about. And I have a huge announcement from the Common Stack. I'm actually launching a new service where we want to help you launch the Commons. So we're supporting, we've launched the Token Engineering Commons or we helped the Token Engineering Commons launch, I should say. And we're working with GraphStreets Economics to support them in their launch. And now we actually have the bandwidth to support a few more Commons. So if you want a bonding curve, you have an impact project and you're like, yeah, let's do this thing. I want to learn about collaborative economics. I want to design from the bottom up with my community, Mission Vision Values, parameterize the economy. Like you guys, the community would do it themselves instead of us. Reach out and let's work together on that. And of course, Giveth. Giveth has a token and this token is going to be the lifeblood of a new industry. And it's a really easy, passive way to get involved if you want to become part of the Giveth Dow and support this emerging economy. Definitely talk to me and I can help you out. I can help you out with it. Basically, if you're working in the public goods space, I want to talk to you. I want to work together. This is, there is no competition in public goods. How can you compete when you're creating abundance for society? Right? Thank you so much. I'll be right outside and we can chat.