 So, I will give an example two words right alive and dead and most people think there are no other choices other than this, but a mathematician would actually realize that ok this is a spectrum here which would typically look like this how much activity are you able to do when you when you when you are when that variable reaches is 0 that is what we call as dead right. So, when you think with words this is the problem you all you will not realize that there is a there is a continuous variable at play. Now there is a similar concept in blockchain, when people say permission blockchain and permission less blockchain they are again thinking with categories, but what is and they will they will say that ok bitcoin is tamper proof, ethereum is tamper proof, quorum is not tamper proof right, but a mathematician would actually flip that around and say ok tamper proof is not the right word because nothing is tamper proof bitcoin has been has been forked ethereum has been forked the correct word or correct variable is how much tamper resistance is there. So, you could you can say that ok bitcoin is very highly tamper resistant some private permission permission blockchain are less tamper resistant right. Now there are some advantages and disadvantages of having a high tamper resistance, if it is a permission less network like bitcoin or ethereum you have to spend a lot of value just to secure the blockchain because anybody can write to the blockchain right. So, that is why we end up with a space like this, you have tamper resistance on the right hand side, but latency and transaction cost both go up because anybody has ability to write. So, a government which has democratic accountability versus some teenagers sitting in his bedroom both of them have equal rights right. Now that is why the security goes go up which shows up in latency and transaction cost. So, most people will think just permission less and permission blockchain right they will say permission blockchain I will get low latency transaction cost, but only at the cost of tamper resistance right. Now when you visualize this as a 2D space then you can think about how can we move to that diagram right high tamper resistance and low latency and low transaction cost. So, this is what we have been working on it is a new cryptocurrency, but it is it is not from scratch we are using lot of open source infrastructure right. So, yeah 0 cost it is a permission blockchain right. So, 0 cost low latency and we have smart contract which are much safer than Ethereum's during complete language. You can read this later, but I will basically explain. So, there is a database blockchain database called Big Chin DB right it basically says ok there are 15 nodes which will accept a transaction they will validate each other because it is a permission blockchain yes you are losing a bit of you have a bit of risk in the sense that they can stop accepting transaction. So, there is censorship possibility there another option is another possibility that they can somebody can do a drop database. So, entire transition history can be removed right. So, Big Chin DB is a German company they are building this what they are saying is you can run the nodes can be run by different organizations with different governance models. Let us say one organization is under Indian government another is in Chinas laws right and that gives you a good enough decentralization. So, they are launching this database called interplanetary database it is a non profit open source project they the nodes will be run by non NGOs like internet archive IPFS foundation right. So, there is there is no for profit company here it is all open source it will be very low cost right. So, now they have this concept called assets. So, and you can have divisible assets and indivisible assets. So, what we realize was using this we can actually reach this quadrant. So, basically high temper resistance and very low latency in transition cost right. So, the way it works is it is basically divisible asset because. So, our plan is basically not to run any nodes at all which means you do not have to worry about us manipulating transactions at all we do not have your private keys nobody controls the database. We do not even have this power to censor your transactions right because we are not running the nodes and we are building a couple of applications it is an open source project right we have trying to build a community going yeah you can you host it anywhere yeah, but if you are hosting on AWS then obviously you are also in including the risk associated with AWS. Anybody can run a server, but it is a private network you can decide to start your own private network as in your company you can have a enterprise supply chain block chain using big chain DB. So, it is a more low level building block what they are doing is they are using this to run a special network called IPDB which will be public which will be non profit and which will be maintained by NGOs there is no for private company involved. So, the advantages are that one they because there are no mining there is no mining right there is no security risk. So, we which means we do not have to reward miners. So, whatever the supply of coins is there we can use that to reward developers and advocates the evangelists right. So, people who build applications on top of this coin they will earn the that is that will be called the mining for such smart contracts they are planning to follow this ITF standard called crypto conditions. So, this is not during complete this is not a program which the smart contract in IPDB is not a program, but it is a Boolean expression. You can say that anybody who satisfies this condition can withdraw this coin right you can say that 4 out of 10 people have signed this transaction and therefore, therefore the transaction is valid. So, you can implement escrow you can implement auctions you can implement a whole bunch of contracts, but it is not during complete. So, you cannot do what Ethereum can do that is an advantage, because now these are deterministic contracts these are low latency contract there is no cost to pay there is there are no tricky bugs which can which can which can make you lose money right these are this is an internet standard another standard called interlager protocol. So, basically this says how do we transfer assets from across block chains how do we transfer Bitcoin to Ethereum to IPDB to something else right it is also going to be compatible with IPDB. So, a couple of things that we have built basically it is a slack bot right. So, you add this bot to your slack and then your users can pay each other right it is a tip. So, it is a one way transaction there is no it is not an exchange, but it is a tip I can say pay this user 5 coins and then the transaction gets posted to IPDB there is no node involved here right. So, this is this is already working and we have this in progress we already also contributed a driver to Big Chendipi which is now featured on their home page. So, we are part of we have access to their test network the public network launch will happen may be in a month or so yeah basically this is the project and we are looking we have basically our plan is to make very inclusive very transparent very accountable community right. So, goal is to be better than Indian banking system right. So, we have to it is there is no pre-mining founders do not get any reward right everything is transparent everything is open source and everybody is willing to everybody is welcome to contribute any questions. So, basically they have multiple nodes and there is a each node will be validating the transaction, but they have a voting mechanism. So, if enough nodes vote that this transaction is valid then that the transaction is accepted the nodes which will people who are running the servers. So, it is a permission block chain. So, not everybody runs the server. So, you are trusting a set of people. So, I mean that is what I am saying instead of thinking in trust and not trust you think how much trust can I give them no that depends that depends. So, let us say this is within your company right of course, you trust your company's own servers or let us say this is even in your own supply chain network you trust your vendors you trust your customers I mean it depends IPDB. So, they have a long term storage cost which is very minimal. So, if you store one GB of data on the IPDB there is a hundred dollar one time charge that is it and it is a structured data it is a blockchain database right it is not a blockchain the way you use Bitcoin or Ethereum. So, they can store structured data it is a JSON document that you are storing along with the transaction. Yes they use MongoDB, RethinkDB and all these competitors. I do not know about it. Does it validate the transaction I mean is it possible to fake transactions there. So, here it is not because you are you are never communicating your private keys to them you are creating a transaction signing it and then posting it there. So, your coins they are stored there and nobody can spend them even the people who are running the nodes. In this case for our asset you do not even have to trust us we are not running any node. So, they really they are calling it assets. So, for example, I have a bicycle and I want to rent it to somebody right I can create a token which gives somebody a right to use that bicycle for let us say one hour one day that token becomes an asset and I can put that on blockchain and it can get transferred by people paying for it and you know. So, it is an asset it the assets can also be divisible which basically makes it a coin right. So, if I have declared one billion coins I can divide it into and then I can people can transfer part of the total supply to each other. So, it is a divisible asset. So, there is no mining involved here there is no mining it is a anybody can create any asset right no ok. So, maybe you should you might want to read more about how big change the big change the is not trying to create a new currency it is a blockchain database that is it anybody can create any asset it could be divisible it can be all it will ensure is that the ownership is verified. So, it is double spending is not possible incentive for doing what. So, this network IPDB is being run by NGOs they plan to charge a very minimal storage fee right they do not care what assets you are transferring they just care how big your asset data structure is because they have to host it and sync it and replicate in all this cases. So, these are all very reputable NGOs like internet archive no. So, this allows querying it is a database it is a you can store structured data. So, this is you can say it is in the same family. So, here it they are following all the IETF standards right. So, crypto condition is one of the I mean it is a draft standard right now, but the idea is that you do not have to worry about there is a bug in my solidity code and now somebody has stolen my coins it is a very simple contract. So, basically you just try to boolean expression you can say that anybody who gives a string whose hash is equal to this. So, that is called a hash lock. So, you can say ok anybody who comes up with this password can claim this asset you can say anybody who has this public key or the private key for this public key can claim this one you can create multisig contracts. So, that is what I said right that because we do not have to give coins to minors which are just securing the blockchain we can give the same coins to developers. Anybody who builds an apps this is for example, here it is a zero cost and low latency right which means it can solve some use cases which bitcoin ethereum will not do and I give you an example is a slack tipping or micro payment right it is immediate payment and there is zero transition fee which means this coin can solve some problems where this is the best fit anybody who creates a app for that can be rewarded with coins. So, yeah so all that all those I mean it is a work in progress right lots of questions are open, but yes you can join our slack and you can start contributing to this policies and all ok. So, ok just think of this why does IPFS foundation run IPFS. So, they think that there is value in having a verified verifiable transition trail for and having it available to everybody. So, IPFS again there is no cost anybody can store and there are nodes which are running for free right and then Filecoin and came and said ok maybe for some cases I need incentives right, but IPFS will continue to go on internet archive why do they store all this data why do they provide you archives of all website and just I am just I am just saying that this NGOs these are very well-reputed NGOs what they want to do is they want to provide blockchain functionality to everybody not just anybody who can afford the translation cost and afford the mining cost no there is no cost it is open source. So, IPDBs are going to be a public database and BigchainDB is the just a tool which you can use to build such other such databases what we are doing is we are building an asset and associated apps on top of IPDB. The advantage of IPDB is that I can move to that quadrant right you do not have to trust my nodes you are not never sending any data to us. So, you do not have to trust us we cannot do drop database we cannot prevent transitions from coming in there is no censorship there is no removal of transactions and obviously, temper resistance is obviously there, but my point was that because IPDB is a public database run by reported NGOs which of which we are not a member we can actually move to that we are not obviously as temper resistance as Bitcoin that is obviously true because there are let us say 20 NGOs and it is possible theoretically that 10 of them can collude and let us say start stop accepting transition for somebody specific that would be censorship. So, just it is a bit it is a slightly less temper resistance than Bitcoin, but I am my whole point is that there is a spectrum by just moving slight slightly on the left side of the temper resistance axis you can get the entire benefit of the latency in cost transaction. So, internet archive is there IPFS foundation there is a whole list on IPDB website which you can check it is like IPFS it is like IPFS anybody can build any application storing data on IPFS correct. Now, IPFS does provide temper resistance what it does not provide is protectionable against double spending which this will provide anybody can create any asset no no once ok. So, let us say you have created 100 coins of your own let us say has gig coins you there is no more additional supply which is possible. So, creation can only happen once if you create a second transition those are different coins they are not exchangeable right. So, you cannot keep adding supply it does not have to be private you can publish it on the IPDB, but you cannot add supply later on you have to declare everything in advance there can be only one create transition for one asset. So, basically we are trying to build apps to get this started right and everybody is welcome to join and contribute. If anybody has any other questions about not just indium coin, but IPDB, big chain DB or in general blocks and I will be happy to answer. So, contribute in what sense developing apps contribute in what sense money we are not taking money ok no no. So, the idea is there are some cases where low latency and low transition cost is very essential micro payments is one example right. Now, how would you go about building a micro payment based app on let us say bitcoin and ethereum there is no alternative right now. The only alternative is I will have to use PayTM and basically this fiat currency. One second what you said it cheaper than this there is no fees here IPDB actually plans to target the users who will store big amount of data in a single transaction right. So, 1 GB that is a 100 GB 100 dollar charge forever like perpetually. So, that is peanuts actually, but even we would not even had hit that case. Adcoin is still permission less blockchain right which means they have to worry about securing the blockchain which means transaction cost and latency. So, here also there is a bit of latency it is not instantaneous because you will post transition to one node and you will have to verify with other nodes whether they have also accepted a transition or not. So, it is not instantaneous, but it is not as slow as like 3 hours for bitcoin and all those there is just 20 nodes to worry about. Hello friends how many of you have bitcoins roughly 25 percent not a bad number see actually the title of my presentation today is political theory of blockchains with a subtitle building an enterprise for next 1000 Satoshi Nakamoto's in Indian subcontinent. I am a philosopher not a programmer and my philosophy background I am not an academic philosopher I am a non-academic philosopher rather I would say I am a speculative philosopher. My actual background comes from very deep studies in Mahabharata global cinema and spending time with lot of time with saints in Varanasi, Vrindavan and all these things. So, at one time I wanted to be a sannyasi so all those things, but my basic interest in this particular space in bitcoin space was from the perspective of pure philosophy I was never an investor still not an investor. I want you to find a true definition of money a true definition of money means where the way you can define meter as a unit of as a way of marrying a length kilogram as a way of marrying weight liter as a way of marrying volume in this world you cannot mire reward of your labor in an objective manner this is so subjective that this subjectivity is now a very serious tool of political exploitation and money is something where everything has been reduced to and we don't have any alternative of money. So, bitcoin was the first serious point of rupture first serious fault line in the world of money where I was seriously attracted it was a very small 500 word article of bitcoin magazine in early 2012 which actually explained to me what bitcoin is and after that I never look back so working in a small town from Amritsar I started gathering as much knowledge as could I could and I in next three to four years I could gather all the possible knowledge and could get into all the good communities blockchain pioneers of the space and then I could feel that actually there is nothing new it seems new but there is nothing new in the sense that being from a country bring from a land from where Mahabharata came we lived in a world of ideological decentralization cultural decentralization political decentralization and what bitcoin is promising is the return of that decentralization the only thing is that this is being designed in a manner which we could not have our imagined now why we could not have our imagined that's the area where I am actually going to speak what I am going to say is that currently there are around 800 cryptocurrency projects and out of those 800 not even 8 cryptocurrency projects public projects are from India not even one is in the top 100 space few people are doing I see in India few people are doing serious blockchain innovation in it smart contracts not it not from not from India identity space not from India IPDB not from India Storje not from India if we are really people of Mahabharata land then why we are not innovative enough to create at least one or two percent of these cryptocurrency projects we should be having enough of imagination I have talked to hundreds and thousands of Bitcoin investors and my fundamental problem with all of them is that the moment you have Bitcoin and you see the price rising I have seen price rising from $20 to 5000 I have seen cryptocurrency market cap rising from 0.1 billion to 165 billion so more than 1600 times increase and this is just peanuts this is going to rise further my fundamental problem is that why we are not the wealth creators if we are not the wealth creators then how we can prove how can we can say that we are the people of land of Mahabharata it means there is something seriously wrong with our imagination and I'm going to address that particular problem and that problem is that we actually live in a world where we only understand the tip of the iceberg we don't actually experience the other things in a very critical explicit man see you understand Bitcoin because Bitcoin has turned into money you could not have understood Bitcoin seven years back today you are understanding Bitcoin because it is money but the point is there are 10,000 kinds of Bitcoin possible Bitcoin like possibilities 10,000 and my dream my vision is to have at least thousand such possibilities in Indians of continent then what is stopping and the reason is the kind of nation state system that we have used to we have got used to live in is something that is stopping us we are not actually challenging the operating system within which we are residing we are inhabiting see what I'm saying is that the system that we are living in is basically of three layers first is physical layer Borders land see air we understand every nation state has Borders so do not go here they get Kashmir Manga cheered a doclam China all these so a lot of hype lot of noise is around this particular particular variable which is actually not a variable but it is made out to be a variable now the second layer is actually the invisible part of this iceberg which is where actually nation state has monopolized four concepts one concept is money you cannot think beyond money and to you money means INR nothing else either bank money or cash now paid into but it is INR money means INR this INR is basically a state monopoly it can clear out 86 points of currency notes from the public and you cannot say even a single what is happening my dear the fact is you may be living in a political democracy you're living in actually a monetary absolutist state so money is a serious conceptual monopoly held by nation state and it works nearly invisibly nearly invisibly because if you challenge I and R then you have to create a challenger and if you can't create the challenger then you have to accept the status quo the second concept is ledger ledger is a very very simple thing very simple thing but the one who controls ledger controls everything in this world there have been only three kinds of ledger systems single entry ledger systems credit entries in one box debit entries in another box but boxes were lying in the house of the king then 500 years back the second system came double entry ledger systems credit debit on single paste but the box was lying in a in a bank in a in a stock exchange but it was a box Bitcoin comes credit and debit both are on blockchain triple entry so you cannot change the data so it's open box but the point is in this world in the current system ledger is controlled by a centralized party third party so you can't change you can't control that data data comes after every three minutes three months quarter or annual balance sheet then law the one sitting in the legislative assembly or parliament would make law you can't make your law and that's why you can't make your smart contracts you can't you're not authorized to make a contract without the permission of those sitting at the top so law is a state monopoly when I say monopoly it means you are not allowed to enter without the permission of gatekeepers and the fourth thing is labor when it's a labor labor means Cretchety Manners pension insurance all the things related with labor conditions minimum wage labor holidays vacations maternity allowance all those things so all labor conditions are controlled by a nation state so a nation state is not just border land sea air it is actually a conceptual monopoly money law ledger and labor and you never challenge a state at this conceptual level and blockchain is doing that in money yes Bitcoin has done that very effectively in contracts law Ethereum is doing that in ledger all cryptocurrencies are doing that and labor Krono bank storage a coin machine labor you are rewarded straight away put your 50 computers on the storage a blockchain and let them on passively so your labor as a conceptual monopoly has been disrupted blockchain has already disrupted it and you have yet not realized it so state is not just land sea air it's not border it's the only part of which you can see the real thing is conceptual money ledger law labor and out of these four conceptual monopolies come the third layer which is much sinister for the sake of provocation I'm using the word sinister and that on institutional monopoly is money taxation banking corporation political governance you cannot work in monetary space without having a bank account cash is being outlawed today you are being shifted from cash to a bank mediated money you cannot operate in Indian monetary system without validating whatever a bank is asking you to do so a bank is something which will be a mediator and you cannot say no simply you cannot say no cash was the last bastion of monetary freedom that you had 86% demonetization has completely eliminated the space for that kind of monetary autonomy and you could not even hear and you will not be able to yell because an entire banking system is now being shifted to a single intermediary and PCI controlled by Adhaar so conceptual monopoly becomes so effective in institutional monopoly banking then taxation GST however bad the government is however bad the implementation is you have to pay GST even if we even if you are earning nothing even if you are going to one after three months you have to pay advance tax and government has its own particular freedom to pay back you the refund if they don't pay back you the refund you're still waiting for supply of your working capital and the rent seeker how can you say no I'm hit rule you can take you at the sheep to any part of the world but within India you have to pay GST so institutional monopoly works like this so I'm I know I'm taking certain conceptual jumps I'm not at present taking care of some academic nuances so my basically my job is why we are not having fertile imagination so my question is that just let me third thing is political governance you cannot change your political governance model without the permission of those who govern you you know all the political parties are basically oligopolies Ram Rahim happens you can't say no as a Rambabu happens you can't say no Jack Jagadishan happens you can't say no institutions cry institutional crisis repeats and repeats and again repeats ecological crisis Mumbai floods Chennai floods Uttarakhand ecological crisis repeats you can't say anything you can't intervene and the problem is institutional crisis ecological crisis is now being followed or rather now being is being given company by monetary crisis we are moving towards the situation where institutional ecological and monetary crisis are actually going to converge the moment they converge we are going to be a complete dystopia and we are fast moving we have already entered into serious recession though government is not accepting reality and fourth thing is corporation when you say corporation corporation can be a proprietor firm bank with a bank account a partnership firm with a bank account a private limited company with permission from Ministry of Corporate Affairs of companies and all other KYC then public listed or public limited or NGO or trust or foundation you cannot have a corporation without an identity. What is the serious disruption which Bitcoin has caused Bitcoin says I can be myself without declaring to you I'm a corporation to help with you to help with you who the hell you can tell me that I need to organize myself into a KYC mode I will not the biggest change is not money making potential of ICU the biggest change is self-governing or self-organizing potential of an ICU now if you see this complete paradigm physical borders land see most of people are trapped here most of political noises here real noise should happen at conceptual your money ledger law labor and institutional monopoly banking taxation corporation and political governance so if conceptual monopolies are not changed institutional monopolies are not going to change right is there any noise in changing money money from the government side so if you compile the entire system but I'm going to say is that we live in a very straight jacket closed monoculture of nation state where we will be growing what we have been asked to will not create will not create what we want to create so that's why I'm here to say that nation state these nine properties borders then money ledger law and labor then banking taxation corporation and political governance all these nine properties can actually be made interoperable in blockchain space with use of ethereum contracts with use of storage a coin with use of IPDB you can actually create an interoperable set of alternatives which can actually replace closed kind of banking structures closed kind of taxation structure closed kind of kinds of corporation structure where I'm not saying everything should be permissionless but the point is permissionlessness is a space where we are free to think and we should not be having a situation where we are not allowed to think so that's why my target is if you see these nine properties every property is a subset of micro properties let's say banking a banking is not just a payment network banking is also a credit history manager management banking is also lending particularly for as a me sector banking is also micro finance banking is so many things if you and banking is also identity manager so within banking you can find space of hundred ICS just in identity just in identity we have Banco we have civic we have more such projects there is also one more I see I'm planning on digital identity so there are multiple projects currently I'm working on four white papers one white paper is going to be out next week second one next month third one in November and fourth one would be out next year the target is to create a white paper culture the target is to create micro ICS around the micro properties of this structure which we are refusing to challenge you cannot change your structure without changing the properties of that structure and providing the real alternatives the problem with indium is that project is good you are not actually giving the imagination the moment you start painting the imagination space that this is the potential case study this is the potential case study his answers would be can I do like this if you give him two cases of imagination he will come out with third case of imagination so blockchain is not technology only blockchain is actually pure imagination the way you want to live do you know you can create hundred versions of Facebook in blockchain space hundred versions 10 versions of Tinder on Facebook we have more than 15 languages if you go for natural language processing and implement those solutions in your vernacular space India is a ripe plan for creating 1000 quality blockchain projects and I see us and I want to see that and I want you to understand the big picture once you understand the big picture you will be able to understand what micro steps you need to take and you do need to make a revolt it can be a silent and slow revolution and within silent and slow revolutionary methods within next five to ten years you can create a situation where even if system collapse due due to the convergence of institutional ecological and monetary crisis even it collapses you will be having credible alternatives with you. Thank you of course see in this space I prefer to be incorrect then prefer to be correct because the moment I am incorrect somebody in the network will come forward and starts correcting me so if I assume my around 55 to 60% correctness with me my partner in the network would actually take that level of correctness to 90 or even 100 we are I'm as good as my network is I'm not an individual when I say I come from land of Mahabharata we have a traditional 24 Vyasa so we don't have any monopoly of authorship if we can't have monopoly of authorship we can't have any monopoly of idea so I'm as good as my community is so I should have permission to error so that my network can actually correct me so I would be more than happy if I got my Guru the middle of the section of people who got it very early understood the foundations of the point in a sense of photography it shows like so many other things that really have hundreds of millions of dollars of value they can then invest in the whole other project the problem is you'll be surprised in India it's not the case that Bitcoin is not popular the fact is the maximum Bitcoin space was created by just one person known as Amit Bhardwaj who sold MLM scheme around Bitcoin not just one multiple schemes so India has ready takers for quick money builders but doesn't have a good space for those people who are wealth builders so there is a distinction between the two why my challenge is that we are so much straight jacketed in making quick buck or towing the line that we actually fail to notice the real wealth hiding behind an opportunity and that's where we are actually suffering yes is it the fact is if you go a complete glance of economic history of last 2000 years Angus Madison you'll find that in last 2000 years first 1800 years India had controlled one third of global GDP the situation has reversed only in last 200 years in the age of industrial revolution and we are actually moving from industrial revolution to post industrial revolution where data economies and content economies will actually re-emerge and content economies through blockchain provenance will actually give our back to the individual in that case in 20 years I'm damn sure we are going to reach again one third of global GDP provided we go out of this nation straight straight jacket because we were never into this trade check it for a big part of last 2000 years see we don't need to be one country we just 70 years back we were 560 princely states plus British India so the problem with the nation state is we are so much cons obsessed with certain properties and so much curtailing the potential of interoperability in other properties that we are actually not going to make make India a golden sparrow no way we are actually draining India we need to redefine the nation as a interoperable property yeah assume that I'm a political leader I'm not but let me assume I'm a political leader if I go back 60 years there was a person named as Joel and who could see their world is divided into two blocks so with block American block and here is a leader who says to the world we are not aligned with either 60 years back he was able to create a non-aligned movement comprising around 90 countries today somebody similar needs to rise and say to the world that the fact is constitutions are shifting from man made domains to cryptographic protocols and we need to need to accept this reality if blockchain protocols are made authentic constitutional protocols of value transfer value exchange then you can actually create a system where value can stay even if feed currencies die you can easily create a payment system between India and Pakistan though you can't imagine you can do it very easily why can't you do a blockchain based adhar authentication mechanism you can do but the problem is lack of political will and lack of political imagination not just mainstream center right or center left part is even very young upward looking parties like up can't think like this the problem is we are so much in trapped in the debt inspired thinking everything is debt central bank is issuing debt commercial banks are issuing debt so moment you have a debt the motivation the incentive for imagining a future goes out of the window yes I have something to share about Andhra Pradesh common see I straight away ask this question to the person who is responsible for all those things will you allow ICO in Andhra Pradesh straight question in in blockchain space you need to ask straight questions the person was confused problem is having agreements with companies or foreign universities is not enough implementing them on the ground is the real problem and the real problem is that don't have even faculty a good faculty in blockchain space comes at a cost of $200,000 even if that person wants to come all blockchain developers and blockchain mentors or consultants are so busy these days that they don't have time you have so many white paper assignment consultancy assignments roadmap reports and all those things that they don't have talk for even public speaking so the problem is permissionless blockchains are creating a quality project every week why in last six years not even a single word government has been able to create one viable roadmap for the world it means one sector is full of innovation and imagination immense fertility and the other sector is like the trust I will ensure everything for my son I will ensure everything for my son and the result is choosing a war see that's why that's why I'm saying you need to understand that we are shifting from nation states to network states we are actually refusing to acknowledge this fundamental change of reality that we are shifting from feared currency monoculture to cryptocurrency permaculture we are actually moving into a pre-civilizational neo tribal age though in an electronic method yeah he has it just a minute just a minute 100 years every person has learned how to keep this cash secure just to be just to let me complete let me complete let me complete let me complete every person if you replace it with gold every woman knows how to keep gold safe and in terms of private key management you know hardware ballot Frazier keep key if some designer sitting from you people comes out and says that let me design a blue stone necklace which will be actually fitted with a hardware well at the issue is Bureau asset safety culture is wired into human mind but the problem is the lack of awareness in cryptocurrency Bureau assets is so huge so huge that we are only dependent depending upon smartphones which are the most insecure devices there all this being or for example the US somebody use my card for $7000 fair enough fair enough fair enough fair enough see see if you are keeping your assets on a Bitcoin exchange the moment you put your assets on a Bitcoin exchange basically what you are doing you are handling you are handing over your private keys to an exchange to manage it's equivalent of Gmail that's see there are three kinds of wall wallets one is exchange hosted valets never keep your bitcoins or cryptocurrencies on exchange hosted valets it's a suicide number one second is softer valets which are again not very hot but at least warm valets the the moment they connect with internet and if there is a hack you can lose your private keys the best way of safeguarding your cryptocurrency is having a hardware wallet the problem is this particular space is suffering from two problems one problem is not having enough of awareness and second thing is that even if you want to buy a hardware wallet you have to buy it only in Bitcoin you can buy a treasure hardware wallet only through Bitcoin so first you need to buy Bitcoin from exchange then you can buy a hardware wallet India is if anybody of among you wants to focus on hardware wallet only India is at least a $1 billion hardware wallet market in next five years the scope is so huge see that that's see the problem is not with money the problem is with store of value the moment you decide that this particular thing is your store of value then you can institute a 99.9999 percent percent safe mechanism but there will be a chance of point zero zero zero one percent failure no store of value in this world no store of value in this world would be 100% safe my see I am not a Bitcoin fan and I love Bitcoin only because of one factor that it actually showed a path tomorrow I am actually looking for different kinds of cryptocurrencies which will be monetizing filtered water which will be monetizing electricity which will be monetizing gigabytes of data which will be monetizing solar energy which will be monetizing your teaching hours consulting hours messaging hours attention economy based minutes and seconds the real change is not Bitcoin real change is what Bitcoin has actually unleashed and we are actually waiting for some more blacks when events let's just imagine the way you could not imagine demonetization let me share some more blacks when events which can be actually very positive for this particular change imagine in January 2018 Mr. Modi does again all 2000 rupee notes will be demonetized the moment he does within next 10 minutes WhatsApp comes up with a Bitcoin wallet that every WhatsApp user will have default Bitcoin wallet embedded within the app or light coin wallet ether wallet or Skype does the same or Viper or Hike does the same or Netflix does the same or Amazon does the same let's assume Amazon comes out with a discount coupon which is actually a cryptocurrency Amazon has roughly 400 billion of annual market and they say we offer 10% as a discount coupon you can buy with that cryptocurrencies are not going to come directly they are going to come through these subtle routes and these subtle routes will actually take a shape of a very large black swan event which will we will take years to interpret and analyze in this world imagination and particularly ability to see some kind of black swan events is the biggest faculty you can ever have he's right he's right yeah and if this this particular private see just just see person in this crowd if you can reimagine sim if you can reimagine sim as a hardware wallet you can actually introduce a very very serious disruption the problem with telecom players is that they are so obsessed with paying their IUC charges and there are all other problems that they are not able to focus on this next wave of wealth so things are possible but at at the end of the day you have to imagine a disruptive use case and this is possible provided you have a big picture and you know where you want to step right see this is now this is actually this is actually a completely new area which is called consumer pool mining see whatever we have heard about bitcoin mining is basically mining by very large players who are running very very serious capital intensive rigs a minimum investment for running a bitcoin mining firm is at present 20 million dollars and only for next three months after three months it might be 40 million dollars but this is mining by very heavy players what consumer pool mining is that a company called 21.co is actually initiating this particular wave where what a ten large mining pools are doing can be done by ten million smartphones at present if you see the RAM of processing speed of one smartphone see when we reached around two GB RAM most of the smartphone functions could be done with two GB RAM rather one GB was more than enough but now why we are shifting from one GB to two GB two GB to four GB you know four GB to six GB the fact is this is not just for multimedia experience this is actually preparing a ground for consumer pool mining the real move hardware move has already been done very few people know it in future large miners will die and consumer pool miners would be actually minting money in very micro-installments for example your smartphone might be earning 100 Satoshi per day which comes down to roughly around two rupees but this is going to happen and don't forget Bitcoin is the sole accident you are going to be facing at least thousand such more accidents and I'm here to prepare you for those accidents better enable those accidents then facing those accidents see NPC guys I know most of them see the problem is not technology the problem is political mindset so much any question see ROI is a question which most of my consultants ask me and my answer is always ROI is dependent on not just investing on mining rigs RO is also dependent on how much quality people you are using for running mining rigs so at present if you think in terms of current prices you are not going to rather you are going to lose but if you are going to be long-term player the current market players have now this is going to be bit scandalous but the current market players have already factored in a potential price of $12,000 in another year or so before investing in Bitcoin mine if you actually see charts on blockchain.info charts of network hash rate in January 2016 the network hash rate was one AXA hash Giga Terra Pitta and AXA so January 2016 it was around one AXA hash today it is more than six and sometime back in last month it reached nearly eight AXA hash and I can see it crossing 10 AXA hash in another six months whether Bitcoin cash happens Bitcoin fork happens network hash rate is only going to increase it means and if given a chance I would like to speak on geoeconomics of blockchain where what China is doing what Russia is doing and what are the potential possibility of next political black swan events that's again a very different story but what I am saying is there is definitely a subject geoeconomics of blockchains this subject has already been already been registered in policy circles though it has yet not come out in public but this particular framework is already working very actively number one in China number two in Russia particularly last six months number three in US number four in Canada Singapore Dubai Australia and now Japan India is remotely distant at the bottom but the moment geoeconomics of blockchain emerges every B school every university will start blockchain courses every department no no course in India the issue is the issue is as far as AI is concerned mark my words AI is going to be hundred times more disruptive than blockchain the issue is we are living in the world of inflated selves where we think too much AI is actually going to render us intellectually jobless because ninety percent of our jobs are basically repetitive conceptualization so we need to be ready for at least thousand black swan events we need to be ready if we don't imagine somebody would imagine that's why this is the high time that we need to take care of our own fertile spaces if you don't take care Modi will come and institute thousand more forms of demonetization promise it's no more a promise now that's that's not that sinister story the next sinister story is actually different and that story is possibly take the facade of universal basic income see every statesman every politician wants to rewrite the ledger ledger of the country because this ledger is full of toxic assets and toxic assets which a statesman would say I don't want to see it if you don't want to see toxic assets Swachh Bharat so recreate a ledger recreate a Lakshmi coin give every Indian if not 15 lakh Lakshmi coin at least 15,000 Lakshmi coin Adhar based wallet now universal basic income Modi ji made a promise to give everyone 15 lakh or 15,000 Lakshmi and replace commercial banking system with a centralized Adhar enabled national payment corporation of India replace the system of fractional reserve banking with full reserve banking system which means you are going to see overnight a change of coin change of fiat currency into cryptocurrency CBT central bank issued cryptocurrency and you will know that I am to receive my salary in now so-called Lakshmi coins will I receive it or not not just inflation it will be have hidden toxic assets and you know that real market price of that currency will will be much lesser than it is being promised by the government see governments are very very interested in rewriting the ledgers and you can't stop them from moving into that domain so if you can't stop build a permission less ledger or move into a permissionless ledger I am not saying move into Bitcoin but I am saying is create ledgers and that's where what he is suggesting is going to make hell of a sense he is actually suggesting that money and ledger are community properties and it's up to communities imagination to redefine the value to redefine the value of an asset if you if you keep depending upon central bank or commercial banks and you are taking a home loan from bank and paying for a JP infratech the kind of future you have a property double finance base finance by IDBI top finance by 20 banks now who will be paid first and whose money will it come first IDB is money or 20 banks and who what will the status of owner JP infratech took 17,000 cr shifted the money these 20,000 homeowners they are waiting that they will get a house they don't get a house they only get a debt and a delayed promise so the problem is we have entered into a very serious trap where ledgers are being touched very seriously and when ledger is touched revolutions happen and revolutions are always not peaceful so better be ready for alternatives before getting before becoming a victim to centralize interventions into your ledgers if anybody wants my book you can talk to Mr. Devi you can have a bit from him you can give me a call so maybe we can get another one because of public policy so I can arrange it so I know the festival is very I don't know my side for maturing my understanding of what are we ending I am stopping this from so called a problem but I am looking at so called a crisis of money or interest then you could understand the kind of broadness you are talking about and in fact possibly and I hope that we will be able to amidst these problems a lot of the way you read it to those experts and it made so much sense much more sense to me so I am hoping to be opening up my understanding of blockchain so very honestly now I am not looking at it as a but looking at it as a revolutionary tool at every layer I can see I am going to read it up on it but I want to hear some advice how do we start in this problem at this time I am not very high this is what I want to open up what's up Eric The best thing is the shortest and the similar time at present anything around the options social, political, regulatory, cryptocurrency, or point more technology and non-pacified social evidence and the simplest That's why we have to see it. If we follow these wires, we will tell you. We have put it. Tell. You're just saying, hey, wake up. Give it to me. Give me something. Give me something. Give me something. Give me something. Why are you always late? Why are you especially single to take us through the bugün? Why are you always late? That's simple. Why are you always late. Why are you always late. Why are you suddenly late. What are you doing here? We did the program in 20, 20 years. I am going to blast this both. I want to build the most trustable entity in the most untrustable states of ICO. I am building it. I have shared that paper because paper in 2001 was my friend when it came out. I will launch it. I want all traders on the head to kill it. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world. I am building the most trustable entity in the world.