 All right, hello everyone I'm trying to make it short you know because I'm between you and the food in the bathroom So I'm you know very sensible to those kind of topics. All right, so As they've said I'm I'm the the premier storage guy And I'm also the memoir guy the legacy guys. I want to just give you a quick No context of where we are coming from all right, so we have a system built over the last year It's called legacy It's a community and the platform for capturing preserving Humanities history in form of individual memoirs that could be personal ones that could be institutional memoirs and Essentially that's what we do we came to that Through personal experience Jonah was actually sitting down with his grandfather who was suffering from dementia and you know He was able to hold photos so to capture the old stories, you know, I wrote a little bit of Out of the graphical piece and I also connected a lot with my mom about those things So so this is just sort of very nice and very important things I think from family and society to keep track of Personal history and then we've this together to History a world history from individual perspectives So while we're internet, you know, we realized that it's really not a place for storing your memoirs forever, right? And forever is a big world, right? so we're well aware of that so In reality, but we're really talking about is a long time, you know, multi-generational perhaps, right and And then we'll see how it goes right other people will see how it goes right because by definition We won't be around anymore. All right, so but these are some of the very interesting Things to tackle, you know, here you see quick screenshot of what we have, you know, feel free to go to our legacy dot page is the URL We're building on file coin. We also have a mutable X a layer to blockchain which we use for mending NFTs and That leads us quickly through How the holes, you know, how the whole thing works, right? So a memoir essentially is a JSON document where we store the text and the metadata and then we have links to media files For all that stuff we mint NFTs, you know, not because we're the NFT bros But we really do this in the original sense that we want to create a digital certificate For creating ownership of those of those assets, you know But that's basically where the the blockchain comes into the picture either we have file calling for storing the documents and One really interesting thing is, you know, that we get to manage the whole thing, right? That doesn't manage its by itself and You know, you can't just write the smart contract to have that thing keep running and running running right because Technology is going to change lots of unforeseeable things are going to happen Right and you need to have some sort of organizational thing which is going to help with that And that was also interesting to the talks with the two or three before from Joel about How do you actually measure contributions because our idea here is that you Cannot buy the right to govern right and you can't also have 10 million people every sort of voting or everything That's not going to work. All right. So the thinking is that you own the right by making meaningful contribution contributions to the community Right, and you maybe look at hundreds of people who would then do this governance and and they would earn governance token And so that's why it was really interesting to to hear that talk and connect right, but that's That's sort of one other aspect of the long-term storage, right? Because it's not only a technical and the financial component, but it's also an organizational and the cultural component, right? You also need to maintain the culture of something like this and Yeah, so now we come to the promo storage right and the promo storage What we specifically mean is that you have a model where you appear once And you store forever right and why is that so important? Well, it's so important because that people in defunct organizations don't pay bills Right and you know, I just depicted here in a couple of friends of mine. Yeah as as an example You know who are who or their organizations are not around anymore, right? so now the idea is Essentially you have two trends right one trend is that Storage costs are going down and the other one is that the storage volume is going to go up When you think about it and you can think well, you can create a system where basically Today's storage It's going to be in terms of volume and in terms of pricing It's going to be a rounding error of that for future generations When you think okay, well, that sounds actually pretty good, right? But then you also ask yourself. Well, is that a plenty scheme, right? and you know, I think our answer to that is no, right, but The proof is still in the pudding for that, right? But what we really do here is you know, we want to create transparency, you know, and we have You know fairly conservative assumptions to to do this calculations All right, and so basically it was really, you know, these two trends and then the question is yeah, it looks good all right, so but Essentially what I did is I did a back of the envelope model just to just to figure that out and see If if it's if it can work out, right? and So here was just also the basic assumption you had so now we have decreasing storage prices you know, it's sort of very Very conservative. If you ever said okay, well, it's going to be decreasing one percent Year over year kind of looked at storage price development over the last 30 years and that seemed to be somewhat of a reasonable assumption all right, then the The other one is that we said okay, we're going to have a a growth factor Of 20 percent year over year, you know, we also built in 20 percent profit margin for the storage providers You know that again, you know, they have some some reasonably safe assumptions here and you know, that's basically How the curve looks for that, you know, and we took the two together and said okay, well What actually does it cost? to to provide the That's the storage cost for the for the combined Amount of storage you have and and that's really the beauty and I was really sort of the surprising thing to see So I was very happy when that graph sort of emerged in my spreadsheet You know that you see okay at some point in time You know, you you limit the growth and it stabilizes right and that's exactly You know the kind of behavior we're hoping for so that sees okay. Yes You can actually achieve a model where you know, basically your future generations You know, um, are going to pay For for the storage you have today so you can really achieve that pay once Our store forever model all right, so now the model itself Is very simplistic, right? It's really it's all at the back of the envelope and it was really You know just to to to get a feel for it, right? It's it's no proof or whatsoever, right? So it's And and you know, these are some of the deficiencies which are in there, right? So it's based on the stable currency There was no inflation building. There was no currency fluctuations building there, you know, the whole question Um, also what Daniel said in the first talk, right? Uh, what the token market price is Uh, is not is not modeled in there. So, uh, that that could shake up things Quite quite significantly And I think what we need to do here is to do additional stress testing Of the model, you know, there run some want to call the simulations and basically play around With uh, with those, um, you know, basically with varying assumptions for what those You know values could be Another interesting thing is we also have sort of a capital financing of the future storage Meaning, okay, you know, how much money can actually save up in my treasury and then, you know, use Use over time So it's actually interesting. It's a little similar to if you look at, uh, you know, how to hear how to your You know your pension and You know, or basically, you know, how you finance your your old age, right? And you have social security, right? And the interesting thing with social security is it got the opposite effect of what we have here, right? Because people live longer, right? So instead of, you know, we have, uh, you know The volumes go up, but it's kind of worse, right? So so that's the good news, right? So you have the the longer time period and Well, I'm thinking I'm a little bit rubbishy here, right? So But uh, so let's forget that for the time being here, right? So, um so, uh the um The other interesting thing really is, you know, if if if it's a stable coin and So we talked to another company working on that and they they said, uh that they You know focusing on the on the stable coin as the You know as the as the payment mechanism Um, so they completely remove the exchange risk. Uh, so instead of, you know, using our file coin as the As the as the underlying currency, you know, and as sort of, you know, pros and cons to that Right, you increase a little bit more stability, right? But you lose the opportunity To participate in the increase of the value of the platform Um, you know, then there's also an interesting question about the governance and the the treasury You know, like how much money you got to keep in the treasury of Such a system, you know, I think that also ties in very nicely into the previous talk, you know, how much You know, can you actually have insurance for something like this? and You know, can you also write, uh, you know every M smart contracts, you know, sort of for Out of balancing and doing price adjustments and Um, you know, and but I think we're sort of very early in the stage You know, this is the FEM itself So we are part of the cohort number one and so we, you know, gonna write some smart contracts on that but You know, get a start slowly with the baby steps and do some basic stuff before we get into more sophisticated You know Contracts which deal with things like this Um, with that, you know, I really want to conclude I would be very happy if this is You know, speaking to other people if people Want to, you know, join us in this effort Or I think we are not the only ones Who need a model for perpetual or promo storage or long-term storage? And, you know, we would be, you know, very happy to collaborate In addressing that topic Um, you know, I got my contact details here, you know, grab me in the break right now And with that, as I promised, you know, try to get to foster the coffee. Thank you very much