 I heard you did very well this morning. I hope not everybody's tired yet. You know, Alexis, come on. Let me activate your brain cells. I need your help. I want to start my talk with a quick thought experiment. So it's the year, oh, it's going to get forward. It's the year 1819 now. We just traveled back 200 years into the past. And imagine you are a well-situated, well-educated person at modern society of this time. So you can read, write, and calculate. You speak multiple languages. And you are well-connected. So you meet interesting people every now and then. And today you come across somebody who claims to be an expert or at least some knowledge in the strange field of electricity. This thing nobody can see and feel. And you ask him, hey, my friend, let's be serious. Why are you still working on this? It has been, I don't know, 20 years ago since one of your freaks, this Italian guy, Alessandro Volta, invented his battery. And there is nothing since then. No progress, no uses. We are in the middle of the steam revolution. Why are you spending your valuable time on this? And he might very enthusiastically try to respond to you and use a lot of strange foreign words like conductors, resistors, voltage source, capacitors, ampere, and you say, no, no, stop. I don't get it. Why is it so complicated? Can't you explain to me in simple words what it is about? And he might say, yeah, it's actually about this and you. Oh my god, are you crazy? You are talking about, this is dangerous. I will not allow this. This could have very well been a real conversation 200 years ago because the word electricity and all the knowledge required around it was a foreign word. And to the majority of people had a very negative association with it, which is also reflected in books and literature from this time. This is from 1818, one year before our thought experiment. And this is what people had in mind, what these weird scientists in their remote castles are doing with electricity and dead body parts. And only a few of them would have imagined that 200 years later, most of the things we value and use today and don't want to miss anymore in our lives is a result of this branch of research and technology. And yes, today we put, indeed, electricity into dead people and bring them back into life, but they are not monsters. So you might say, well, this was 200 years ago. Today we are a lot more educated, a lot smarter, and less prone to lack of vision, to fear and ignorance. But it's not true. It's still the same. It has always been like this. It's just different topics. And it's mainly because people or all of us use the majority of our brain power to get along with the existing world already. It's a complex. We have to understand how things work and everything is related together. And when something new like Bitcoin enters the stage, of course, it's natural that people, at first question, is this real? And if it's real, how does it affect our existing world? The things we build up already, the things we value. And probably it's a bad thing because it has always been like this with unknown things. When we conquered the world, most of the things which were unknown, they were either hostile to us or poison. So we had to find our place in the world. But let me remind you that there's an even bigger world than the existing world. And this is the realm of unrealized ideas. All that knowledge, information, dreams, wishes, which exist in people's minds only and which haven't been broadly communicated and discussed yet. And one group of people I want to specifically talk about are the million of software and internet developers we have on the planet now. And they are all aware of Bitcoin. And they approach it from a slightly different perspective because it's just software. They approach it with less fear. And they start to play with it and look at it. It's existing for 10 years. How does it help me with either my existing problems I'm working on or some of the crazy ideas I have in my head and never told somebody about it? So that's what people are doing. And let's continue our thought experiment now and slip into the head of such a software and internet developer. And when you do this, you will realize after some time that Bitcoin has quite some unique non-monetary properties you won't find in any other system. And one of these things was in the previous talk, the hash rate. And you realize that it has been, even when Bitcoin reached the latest technology stage, it has been growing from petahash to exahash in the last five years. That's pre-orders of magnitude. But 50 exahash. You might have an idea of what a megabyte versus a gigabyte is or 100 megahertz CPU versus a 3 gigahertz processor. But 50 exahash per second, let me give you an idea. 50 exahash is like the biggest fish swarm in the ocean you will find. And in comparison, this is blockchain. Or more specifically, this is blockchain, the underlying technology of a fish swarm. And this is Bitcoin. Here's another blockchain technology. And another one, you can build many different blockchain technologies, but this is Bitcoin. And developers realize this now that this thing exists. And yes, it uses some blockchain technology, but this is not the point, not at all. This network size is. And developers realize that it's a very stable system configuration. It doesn't matter if a few fish come and go every day. You have to, not even a liter fish, you can kill and make the system collapse. The Nobel Prize-winning economist Friedrich Hayek would have called this a system of spontaneous order. You cannot engineer this. Either it happens or it fails. But it's not like somebody sat down and plants this out and knew for sure that this would happen. But we have it now. So developers look just at what they have and make their decisions now based on that. And what you have to know, for the participants in this swarm, for the members, it's the most efficient way of coordination and protection from predators. And a lot cheaper than being out there on your own with your little blockchain technology. So it's not just a few developers like me and somebody else here. It's even the big IT companies who realize this now. This is a few days ago a news that Microsoft will launch already their new decentralized identity management tool called ION on top of this 50xish per second network. They realized it doesn't make sense to build our own network. We will never match the security properties of Bitcoin, which is already there and free to use. It doesn't make sense to try to compete with that in terms of security. So many others will follow. And my argument is that the Bitcoin mainnet is invaluable and competition-less for software and AI in the 21st century. I promise you five to 10 years from now, everybody here in this room will be an indirect Bitcoin user, not because you're maybe holding the money, the tokens, but because the software you use, either your favorite app, the web browser, or the operating system itself will make use of the Bitcoin mainnet in one or the other way without you noticing it. Just like many of you don't know that you're probably Linux users indirectly. And one of the most exciting things built on top of the Bitcoin mainnet right now is the lightning network. Lightning will bring instant, near-zero fee transactions to the internet. This is something the internet has been waiting for 30 years. And lightning is very promising. It's not done yet, but it's very promising that it solves the scaling problems of Bitcoin. The transaction capacity we were talking about before. And that's what you have to understand. Bitcoin is the native money of the internet now. This decision was done. This was done in 2016 when the transaction malability fix was activated on the Bitcoin mainnet, which had the name we had in the previous talk, the segregated witness. Because this was the missing piece to enable the lightning network. But people will still call it Bitcoin. Because the name lightning is just a small difference, like if you're using AC, wechselstrom, or DC, Kleistrom, people just call it electricity. So lightning is just more like something for the techies to be aware of. But the majority of people will just see this as Bitcoin. And this decision was done. And over the next 10 years, we will only see the roll out of this. And to understand this, lightning apps have three distinct properties. And first, they are transnational. It doesn't matter where you're from or where you are right now, the experience and the applications will be the same for everybody. Doesn't matter if you're from Zimbabwe or even North Korea, those people will have access to the same lightning apps as you. Second, lightning apps allow for contract less applications. This means user registration and login is a thing of the past. Because if you want to use something, you just start paying for it and immediately using it. No sign up and filling out your email address and stuff like that. There are lots of lightning applications already which shows this. So you don't have to believe me, but this is what lightning allows. And third, the near zero fee characteristic of lightning transaction allow for a mind-bending concept called streaming money. So whereas today, a business relationship is usually defined by a payment, a single payment, either upfront or at the end of the business context, which is done on the internet over a separate network. So let's, for example, use, you rent a movie on Amazon Prime Video, you pay four euros upfront. And even if you don't watch the movie to the end, you paid four euros on a separate network, credit card, paypal, whatever. But with streaming money, this transaction can be split down into tens of thousands of little transaction that allow a stream of money flowing, just very tiny Satoshi's flowing on the same network. And you receive a data stream in return. So money and data travel on the same network now, not over separate networks, which allow for very efficient and very new use cases. And so how will the internet look like in 10 years? This is not science fiction. Launch operations for OneWeb and SpaceX Starlink project, they started in a few months ago already. So in probably three years from now, they will have some availability. All of them planned have full coverage or full operational status until 2027. So in a couple of years from now, less than 10 years, we will have internet everywhere on the planet. And of course, if you provide this information infrastructure to people and you have a money that can travel on that network, they will ask even for some things like connectivity for the native money of the internet. Because that's the fastest thing you can do to get a return on invest on your tens of billions of satellite infrastructure. So what will be the future is that today everybody of you has a subscription with an internet service provider. But in the future, if you have dozens of internet connectivity available, you will have a smart device which doesn't have a contract with a specific provider. But it will have something like a lightning wallet, a budget, a fixed budget per day, where I tell the smart device, I don't care which network you connect to, your budget is two euro. But these two euro can be split down into hundreds of thousands of little transactions. And then my device can start negotiating with the environment whatever is the best connection in that moment. If it's on standby, I don't need a high speed 5G network connection, which is expensive because I just need to receive some push notifications. But the moment I turn it on, the device can detect, OK, there's a better network available now and switch to that. So in situations that you sit in a cafe and ask a waiter for the Wi-Fi password, also a thing of the past, because the device can automatically figure out that the cafe's internet connection is the most economic one right now and will start using it by opening a small payment stream with that router. And when you get up and walk out of the cafe, somebody else will be your internet service provider at that moment for the next minute and so on. So we will have 7 billion people online in the next 10 years. And the majority of them won't have a subscription and a contract with any of the service providers and also not with most of the internet applications available, because that's just the same concept. Everybody will be a Spotify user. Everybody will be a Netflix user. Because when you receive a link and open this, you start a small money, a small stream, but you didn't sign up a contract with these companies. That's how you scale the internet to 7 billion people. So last weekend was a good example here in Munich where over 100 of lightning developers met just for a weekend to exchange knowledge and they're right now playing with this thing. So the takeaway from this is what you should remember from my talk, that this is blockchain and this is Bitcoin. And it works not because it's blockchain technology, but because it's sound money technology. If Bitcoin wasn't sound money, this thing would have collapsed already. And the ecosystem around it wouldn't evolve to that number we have now. So for those of you whose imagination I haven't stretched enough yet, let's get one more last step and slip into the head of a member of this swarm, a Bitcoin. And you have to acknowledge that we are facing huge global problems ahead of us right now. And the way we approach this problem as a species, I'm not talking about you and me as individuals, but as a species, is a complete disaster. Because we do not act like a fish swarm, which when it identifies a threat, immediately splits up, changes direction, and reconverges. No, we act more like big sluggish oil tangos right now. Heading straight into a collision a few years ahead in the future. And we sit down and talk. We do not act, we sit down and talk. And in this process, usually somebody screams, we need another leader. And then we have elections for more years. And even if the unbelievable magic wonder happens at the end of this process, and we find the best person for the job, and give him all the money and control, it will still be a disaster. Because at this time in the story, the end result was already dictated by the laws of physics. There was nothing this captain or these two captains could have done in this picture to avoid the collision, which happened 10 minutes later. But people have two powerful technologies available now. On the one hand, the internet, where information and knowledge travels at the speed of light. And ideas can spread around the globe and go viral within days or even hours. And on the other hand, we have a money, now a sound money, which travels at the same speed on the same network. And these two things combined allow us to react to global problems a lot more agile, like a fish swarm in the future, because we can move money to the best ideas, or at least to the most promising ideas. And it's not like taking all the money you have, or all the water reserves you have, and throwing them on one field, and flooding the area, and hope this fixes the problem. No, this streaming money technology allows us something more like careful gardening, where millions of self-sovereign individuals hold the garden hoses in their hand and can direct where to direct their money. And if a new idea pops up on the internet and they like it, they can just start sending a few little Satoshi or drops there. And if millions of people think the same that this is a good idea, then good ideas will immediately receive sufficient watering, though an idea can start growing and bearing fruits and attract more people to work on that, whereas bad ideas quickly try up, even good ideas executed by the bad team or by the wrong team. They will quickly try up because people have the water hoses in their hand 24-7. And so Bitcoin and Lightning have the potential to unlock something we see in the picture here, this swarm intelligence, this crowd intelligence. We observe in many species with huge populations. And it's not just in fish, it's in birds and insects. And sound money could be the bonding technology that holds the swarm together while everybody is still free to decide what their wishes and their dreams are. But sound money sets the boundaries for what we can have right now, what we can't have and what we should focus on and what not. And how much we want to save for the future and how much we want to invest for the future now. So it could be that Bitcoin is not what you think. It could fail, but it's also a very promising technology that could lead our species through the 21st into the 22nd century, just like electricity. Thank you.