 I'm starting the recording, and it is my pleasure, of course, to welcome Stephen Phillips, who is presented here a couple of times, but now he's coming at it from a totally different angle. He was presenting on CBDCs. This is a CBDC-like product, of course, stablecoins. So he'll let us know how things are coming along at fluent. What the protocol does to safeguard against all the things that we know are problematic with stablecoins. And let's not waste any more time. And have Stephen Phillips present. Thank you, as always. Thank you, Bipin. Can you guys hear me okay? Can you see me okay? Yes, we see your fabulous turban and the insignia on it. Fantastic. Fantastic. And it's great to be here. Thank you for having me. I really appreciate the opportunity to present to the Financial Market Special Interest Group on the Fluent Protocol. And, of course, our first product, the reason why we're all here, the US Dollar Stablecoin USD+. It's very warm in to see some friendly names in the audience so you guys can sit back, relax, and I think we will have a very good discussion today. So for those that haven't met me before, a brief backstory on myself. I've specialized in financial technology innovation and distributed technologies focusing on blockchain digital assets and crypto economy since 2016. We've led the product design, development and implementation of central bank digital currency technology. As Bipin mentioned, we're key clients include the central bank of Nigeria, the Africa's largest economy and the Eastern Caribbean Central Bank, the world's first and only CBDC deployment for currency union. The Fluent Protocol and the USD+, stable coin have been leading the product development for this protocol from about March this year, so not very long. And I've been supported by a truly amazing team who I want to thank. And I'm excited to introduce our protocol to this audience. So I think we can get started. So just a bit of an overview. This presentation is relatively short about 15-20 minutes as an introduction. The next few slides are going to set some context, history, track record of stable coins and kind of set the foundation for the problem that we're addressing with our unique product. From there we get more into Fluent Protocol and also the USD+, product that we've created. So, without further ado, let's get going. So we begin with a brief introduction on the taxonomy of stable coins. Many of you on the call will already be familiar for some, there may be some new things here. So I'll just set a nice foundation that we can all be on the same page. So in a nutshell, very simply put, a stable coin is a cryptocurrency with a fixed price. You know, it doesn't need to be more complex than that. The stable coins value is usually tied to that of a fiat currency. Those are the very popular ones that are tied to fiat currency with the US dollar stable coins dominating the market and providing utility to cryptocurrency markets. So we will examine that utility in a little bit of detail as we move through the presentation. It is important to know that stable coins can be pegged to commodities like gold or silver indexes, and for some even a combination of these types of assets. Given that all stable coins as financial products are not created equally, as seen by the many dimensions in the taxonomy on this slide, investors and markets, users who are interested in leveraging stable coins face a tremendous challenge of navigating this complex landscape to assess risk associated with capital efficiency, price stability, collateralization, and also decentralization. So examining the taxonomy, we note that collateral types and amounts as well as the mechanism for the peg for stable coins are recognized as key product dimensions. And really when you talk about a stable coin, these are the three kind of key areas that you focus in on, you know, what, what is the collateral type, what is the amount of the collateral, and what is the mechanism for the peg. So they each have their own intricacies that can have an impact on the potential outcomes of the product like price stability and the peg joint market stress events. So in short, the design elements of stable coins and risk associated with each stable coin on the market are likely to be very different. So in a nutshell, what I'm saying is it's not as simple as just picking something from each of these categories. You know, there's a there's a holistic product view that you must take and each choice that you make in the taxonomy. If you bring together different attributes of a stable coin, it has downstream implications. So next, we will move into why will continue to grow in adoption. US dollar stable coins continue to provide to provide important utility for cryptocurrency markets, and they do this by providing on and off ramps from and to traditional markets. Stable coins provide a simple mechanism for retail markets and institutional investors to reduce their crypto exposure without cashing out entirely to fiat currency. This important utility cannot be overlooked. Due to the inherent volatility of cryptocurrencies, we know that presumably you don't want to always hold crypto currencies you want to leverage a stable coin to kind of reduce risk and to gain, you know, your earnings. This ability for traders to navigate the crypto market freely and adjust their exposure when it matters with a safe and stable asset is critical. So that's the general value of a stable coin. And there are some other downstream values which we'll get to, but it's clear that existing fiat peg stable coins have shortcomings. And it makes them more susceptible to the peg and events and expose when exposed to market stress. So the existing framework for how stable coins currently in the market are created, you know, the various attributes they have. It does have a number of shortcomings which we will touch on on the next slide. And for utility has driven growth. We now see that we have a market cap over 150 billion US dollars. And this is driven by defy protocols, the need to have a safe haven asset as we touched on when you want to reduce risk from from holding crypto currencies. And this all comes with its own challenges and problems, as we will see on the next slide. So now moving into the challenges. As we think about the shortcomings the primary ones can be summarized as a lack of transparency, little regulatory oversight, which leads to consumer protection issues and finally crippled convertibility. Every reason for these shortcomings can be attributed, in my opinion, to centralization. Many stable coins are issued by a single company where this company is also the single custodian of the reserves back in the same stable coin. Due to the current environment where there's little regulatory oversight stable coin companies operate stable coin companies do not operate with clear guidelines for creating transparency of their reserve back ends for their stable coin. If the market, for any reason becomes concerned with the legal status of the issuing company or the legitimacy of the collateral for reserves to back the stable coin. We can have a scenario where the convertibility of the stable coin can be crippled. And what I'm basically saying is here you can you can have the listing from exchanges companies no longer want to accept your stable coin, etc, etc. And this has downstream implications for the market. What if you are holding that stable coin you know it creates problems for you maybe think about consumer protection and regulators are very interested in how these events can have impacts on on the market. And of course, entities like exchanges and other market participants will stop accepting the stable coin. And as we look to the future of stable coins. How would we go about solving these issues. So now we start to transition into the solutions how are we going to go about solving these issues. So, we want to solve these issues by leveraging the best features from existing stable coins. So this is kind of version 2.0 as we start to introduce fluent protocol and usd plus. We want to demonstrate how this is evolutionary step in stable coin products price stability from from fully fiat collateral back stable coins. Providing the legitimacy of collateral back in with real time on chain chat transparency and fully integrate in with the existing regulatory frameworks of traditional financial institutions. So again, if we want to address these issues we saw in the previous slide. These are the things we would sort of think about bringing together we want to fully collateral back stable coin, and we want to be able to prove in real time that collateral back in to provide full transparency to the market. And lastly, we want to leverage a regulatory framework, and we believe in our protocol we leverage the traditional financial institutions that we all know and trust to accomplish this. So, the fluent protocol and the usd plus stable coin represents an evolutionary step in stable coin products by combining three key attributes to provide that price stability we touched on the on chain collateral transparency, as well as the regulatory oversight. We're leveraging the existing regulatory frameworks within a federation of issue in licensed financial institutions. So again here we're talking about decentralization is not it's not just one entity, we have a federation of multiple banks that issues this usd plus stable coin. Eliminates the threat of single entity insolvency mitigates the threat of bank runs offers greater consumer protections, dramatically increased liquidity and guarantees one to one redemption of usd plus for bank customers, who will have the freedom of exchange in us dollars and usd plus a federation member bank of their choice. And more on that later in the presentation we'll explain how this all works. It's important that I say here that it works no different to any other stable coin, in terms of how you can use it and where it's available et cetera, but the issue in the kind of lower layers of the framework or what we've significantly improved on. Additionally, our protocol is designed to be extensible and adaptable to other fiat currencies beyond usd to support key international regions such as Latin America, Asia, as well as Europe. Next we move into a high level architecture. Fluent architecture has three layers, we have an enterprise layer, a private layer, and a public layer, which is where the stable coin actually lives. To address and to provide the key attributes of price stability again collateral transparency and regulatory oversight discussed on the previous slides. At a high level, you know just touching on it we'll go into these and more details. The enterprise layer offers deep integrations into the core banking system of federation member licensed financial institutions or banks. This provides sound regulatory foundations for the protocol, leveraging established frameworks for for fiat currency and custody of fiat currency. The public layer, which we call fnet, and is built on on a private quarter network is a bridge that connects core banking systems within the Federation of member banks to the public layer. It also houses business logic of the protocol and you know triggers compliance various other things within the business logic. The first part is where usd plus exists, and where the fluent protocol delivers on real time transparency of reserve collateral. So again this is a high level architecture will now move into each individual layer and shed some more light to help the narrative and to explain in more detail how this all works and why this is the most trustworthy stable coin. Moving into examining the banking layer more detail. This layer provides the regulatory framework that puts a high demand for security reporting and compliance. KYC requirements BSA ML requirements these protect customers investors and the financial institutions themselves. They require financial institutions to the protocol requires financial institutions to register wallets, linking them to a verified identity. The demand deposits ensures that the fiat collateral is both fdic insured and highly liquid to support fiat to crypto conversions and maintain the one to one peg. It's super important. The Fiat rails provides a regulatory framework for moving capital into and out of crypto both domestically and internationally to form it to to and from any Federation member. So traditional rails are leveraged for moving that fiat as as fiat moves between banks today. This all benefits from deep integrations into the core banking layer at the Federation members via interlinks with API's. This ensures both seamless straight through processing with direct access to the collateral accounts to trigger maintain and burn in transactions, as well as eliminating custodial risk by report by reporting on key performance indicators within the Federation member. Generally around banking operations and they include metrics for for each Federation member that provide insight into liquidity profitability of the bank credit solvency and operations of the bank as it pertains to usd plus. This ethos for transparency ensures that usd plus will be the most trusted stable coin. So a big mouthful there on this slide but the Federation member banks and the API access into these banks provides a very strong foundation. First of all, we are leveraging the existing regulatory framework, and then we have these API's that provide real time visibility into the liquidity the profitability of the bank solvency and the operations. This allows fluent protocol and usd plus to be proactive rather than reactive. We can see things happening in advance we can move liquidity to other banks so we can ensure the safety and soundness of the protocol and of usd plus. That's a super important point. Next, we take a deep dive into the private layer Fnet. This layer houses core business logic for the fluent protocol as discussed. There we have things like fees compliance frameworks accounting for the Fiat collateral and the different Federation member banks. The direct access to the collateral accounts that we discussed on previously via the API's provides fluent protocol with real time or daily reconciliation of reserves, removing the need to wait mums in some cases for a third time for a third party audit of or attestation. And this is again accomplished via those interlinked API's into the core banking systems. Public and also the public attestation of reserves. Fnet uses the API's provided by Federation member bank core banking systems to transmit reserve account balances to the public layer, providing a level of transparency, not previously seen for a stable coin. So again, this is one of the key differentiators, this real time visibility of reserves that is provided through these API's directly into the core banking layer. This level of insight also allows the protocol as I mentioned to be proactive in addressing potential issues rather than being reactive after the issue has occurred. Fnet is responsible for passing requests from Federation member banks to the public layer from mitten and enforces a one to one relationship for Fiat and collateral accounts to have the USD plus minted. So in other words, we need to have the Fiat in the reserve account prior to mitten and Fnet manages all of that business logic. This mechanism ensure that a few fluent protocol is able to maintain its one to one peg with USD. Fnet also provides a low friction way to ensure that USD plus can be redeemed at any Federation member regardless of which Federation member originally minted it. The Fnet layer acts as an internal settlement system for the Federation as well, facilitating reconciliation of Fiat collateral across Federation member banks via the net and this can be done via traditional rails. So the Fnet layer is where a lot of the business logic is and it also provides that interconnectedness it kind of bridges traditional financial world with Fiat and core banking systems to the public layer with cryptocurrencies and provides the business logic to do this in a saved and sum manner. Next we will look at the public layer in some detail. So, of course, the public layer is where USD plus resides, and it's designed for all standard and legal defy stable coin use cases, including payments trading remittance, basically just like any other stable coin today. The enterprise layer and the private layer. They, those two layers address the cost the custodial credit risk. Again, they provide the strong regulatory framework for consumer protection, as well as a mechanism for real time transparency of reserves. The USD plus public layer provides the universal visibility with real time auditing of the Federation members and the Fiat collateral. So that real time auditing again that is via the API is looking at those operational key performance indicators that we touched on for liquidity for other attributes as well that we touched on in the previous slides. The contracts for USD plus, in particular, offer in built controls for maximum safety and compliance with BSA bank and secret Seattle ML KYC regulations through the protocol mint and burn requests for USD plus are delivered and received from registered consumers who have been enrolled onto the protocol by their license financial institution. This ensures that all participants interacting on the protocol directly are known and verifiable. So taking a step back here. Anyone can use USD plus, you know, you have a ERC 20 compliant wallet, you can have USD plus. But if you're interacting with the protocol directly to mint or to burn, you need to be verified by a licensed financial institution. The protocol tracks the movement of USD plus to and from registered wallets with automated and continuous address wallet and transaction screening to provide real time alerts, which is able to prevent interactions with illicit actors. So there you have it. We've gone through all three of the layers and we understand how leveraging the core banking system in the enterprise layer, how Fnet how they solve these problems of credit risk and transparency, as well as accessibility and decentralization. Next, we will look at how stable current coin customers are able to access USD plus via traditional means. So as I mentioned, peer to peer transfers trading on centralized or decentralized exchanges. This is all valid use cases USD plus customers are not limited to transactions with Federation member banks only. As I said, you know, you just need a ERC 20 wallet and you can transact USD plus you can go on an exchange you can get access to it. It's only when you want to interact with the protocol directly that you need to be verified. The customers are still able to transact with USD plus like any other stable coin Federation member banks provide additional on and off ramps with fiat currency, because they are regulated entities authorizing minton and burning of USD plus, and as federation and as a federation, they hold the entirety of the fiat collateral. Plus, is thus the most trustworthy and adoption ready US dollar stable coin. All right, so it's definitely a new day. You know I hope you guys have enjoyed the presentation it was brief, lots of meat in there. I am ready and available for your questions. Thank you. You mean, thank you, Stephen. Although we may look alike, Stephen is definitely the more striking of the both of us. But some people cannot see beyond the surface. Anyway, there are a couple of questions on the chat, which are more about particulars. And let me read them out. Okay, I will try my best. Does the fluent protocol support CBDC as well. A digital dollar versus today's fiat USC. That is mohan when the trauma from chain yard. Okay, should I start there. Yes. You know, we'll we'll go deeper. In a minute. Sure. So does it support CBDC. Yes, yes. I would say yes it supports CBDCs in terms of collateral back in central bank issued currency is definitely a safe haven asset. So let's say the, the Fed was or the Treasury were to issue a digital asset a central bank issue digital asset in the US jurisdiction. I would suggest that that would be a very safe asset to back the USD plus stable coin. So it can be integrated in that sense but again, the stable coin is issued on a public network, which is more providing a bridge to defy and crypto currency, whereas a CBDC is more of a private permissioned network that we've seen deployed so far globally on all private permission networks, which gives the central bank more control and is currently they're not interoperable between public networks and these private permission networks. So I would suggest that it can be leveraged as part of the collateral back in because it's a very safe asset is issued by the government. So, you know, I think it will be even better than FDIC insured reserve accounts. The question is, does anyone apply to just US Federation members, or can they be any bank. So, great question. I mentioned during the presentation, the Federation member banks are the ones that are issuing the USD plus so they're the ones that hold the liability against the pool of reserves, so to speak. So if you want to interact with the protocol directly, you need to form a relationship with a Federation member bank, you can then deposit reserves, you can then deposit your fiat into the reserve account into the collateral account, at which point, the protocol will mint the USD plus and deliver it to your wallet. So if you want to interact with the protocol directly, you do need a relationship with the bank with a Federation member bank or license institution. However, USD plus as we discussed will also be available on cryptocurrency exchanges, etc. And if you have Bitcoin or other assets, you can go in and swap and get your USD plus if you want to hold USD plus as a better safe haven asset to the existing stable coins in market. Let me continue on that vein a little bit. So this is the list of banks. Known, meaning, suppose tomorrow I want to start doing this. Can I, I mean, which bank should I be KYC by so that I can use USD plus. Good question. So part of it is we need to discuss where we are on our roadmap. I did have a roadmap slide by opted to take it off. So we are currently in our alpha release. So in the end of this year, we will have a beta release, which will provide limited availability for a select few clients as we iron out any kinks and we go to market, finally in Q1 next year. So we contemplate a Federation of maybe five to eight banks and these will be tear one banks to for for go to market. So if you wanted to get access to USD plus you would need to leverage one of those banks initially until the until USD plus trading peers are on exchanges, etc. At which point you don't need to go to a bank to hold USD plus you can you can get it from an exchange, etc. But you have commitments from these tier one banks. We have we have signed MOUs we have a few commitments. We have a Federation agreement and banks are signing on. Of course, you know, when we go to market and we demonstrate the product and there is increasing demand we expect more of an influx of banks wanting to get on to the Federation, especially because the Federation offers internal settlement between these banks as well. So there are some additional value propositions for the for the banks joining the Federation of itself. Another question by Sandy. Please explain a rationale behind choosing quarter. In this case against one of the hypolysis chains. Can you please share some comparison info that was used to make this critical decision. Thanks. So, there is a bit of detail here that I didn't really prepare off the top of my head I know quarter has this unique value proposition of I think it's called something like states or state changes or something. It allows for building processes in very easily which is something that we find very valuable for the business logic. I'm not a quarter expert by any stretch of the imagination, but I believe that was the key reason for using quarter, being able to build in those processes and for any, you know, our three veterans on the call, you probably know what I'm talking about. You know, being able to build those processes in in a very simple and easy way. It was it was irrational behind using quarter. Yeah, I was one of the first members of our three. Let's say launch committee. Good, well help me out. Tell me tell me what the terminology is I know there's a no but but there is somebody else here who's even more of an expert having built lots of stuff on corner. We together propose something that looks like this as a dual chain approach to issue CBDCs, and we even have a lab built with without that dual structure but the dual structure was proposed but that's money pillar who is also asking some questions here. So I think he knows, you know, enough about quarter, and about how to leverage this, you know, quarter on the one hand and then the public chain. So he's asking how does the protocol address confidentiality, as opposed to current pseudo anonymity. Sure. So we leverage the financial institutions that make up the the FNAT layer. So if you could imagine each Federation member will have a node on the cordon network and, you know, the personally identifiable information for customers doesn't it's not transmitted. It's, you know, we leverage. First of all, we capture as minimum information as the protocol needs, and that information is housed securely within the node of the Federation member bank. So basically the information we need is just the bank account for redemption. So let's say you want to redeem us the plus we know we need to know where to send it to you the protocol desk. And so we would obviously have your your wallet address that was registered. So just very on your email address very basic information, we leverage the KYC the customer information file, all of that stage within the core banking system. And don't forget we have those deep integrations into the core banking system via API stack and offer support to the protocol for very fine different things etc. So that's how we handle it we handle it by not by having a very light touch, so to speak. So on the public chain. It's only your wallet. Yeah, that's it only your wallet address. Which is what money is calling pseudo anonymity because you know there are ways of piercing that veil. You know, Berka, you can actually go and see through correlations and other ways, you know, there are many companies who do this. So really speaking, you do not have to confidentiality. You have that pseudo anonymity which is a feature, not a bug of Ethereum. Yeah, but no different to any other stablecoin I would assume. Yes. But, you know, let's be very honest. Okay, that that's a tough ask to be honest. Obviously, obviously, you're representing who and you have to. You know, I mean, it's, it's almost like a marketing piece in a way but but you know we have to be, you know, as objective members of the listening public, so to say, we can ask questions. Sure, sure. And it's not meant as a disrespect, but more as, you know, trying to find out how it is different. What are the similarities to the existing. And potentially, leveraging different networks beyond the theory of two men to burn us the plus can can add some value. So for instance, you you may prefer to use Hadera or Cordano, etc. For your usd plus as opposed to Ethereum, if you don't like the privacy or you you're aware of various threat vectors within Ethereum based on your particular use cases. So on our roadmap, we are planning to issue usd plus on multiple networks. Well, there's also the issue of cost. Transcession cost on Ethereum can be high. Very high. Yeah, and it varies. There is another question by money which says, what is the profile of the sponsoring banks of this protocol, which I mean, which is similar to the question that you sort of answered before but maybe you can throw some more light on that. So we want the best the highest quality banks we can get of course tier one banks, banks that are familiar with managing, you know, 10s, if not hundreds of billions of dollars with assets and the management. There's another question here can non US tier one banks participate. Yes, however, it's not our priority want right now. As we go to market we want to build as much trust in the market as possible. So we would consider it. But the priority would be, you know, those reputable names that manage large amounts of assets that that will, I might believe, give the protocol the most trust and the most credibility for go to market. Is there a sandbox version of this, which can be implemented on a small scale, known us the currency. Question mark. I think that's a good idea. We currently are very much focused on getting us the plus into the market. So the potential for a sandbox version is there of course we have multiple environments that can be seen as a sandbox as we test on test nets for various protocols, etc. But not a formalized product that you can sign up for and utilize that may be something that with the that we consider early next year for for different use cases, you know, you can come and sign up for a sandbox and and use it for other applications. Does anybody else have any more questions. Otherwise, I'll money you. Yeah, we've been. Thanks. Thanks, Stephen. Again, first address on the court a court aside, yes, it's a privacy oriented chain and the main per main advantage is the layer two protocol for privacy. It's a point to point network, rather than a layer one which is the most pop block chains are which is a broadcasting network. So big difference and so you really don't have to. You know, if you want to communicate anyone on the layer to all the corner network you're free to communicate as long as they are the same network. Yeah, so that's the reason I mean in fact, as we've been pointed out, we did present to the similar architecture for CBDCs. You know, as an we wrote a white paper last year. Last year or the year before. I forget. So, and, and on our side, yes, we do actually trade fire or enterprise digital assets with the same concept, a layer one, any public layer to escort a network so the architecture is no different and so we are all in sync with that now. Having said all of that. Having, having had lots of conversations with the banks, the circle back to the same old issue of confidentiality on layer one, which is where banks are, you know, stuck right now. So we do not want a pseudo anonymous other structure as we have in the blockchain today. So even we had a conversation with the major European bank couple of days back, and US banks here all have the same issue. How do you address confidentiality which goes back to zero knowledge proves and implementing and it's still, it's a work in progress so I just want to you know, I mean if you have it in the pipeline that's fine. I think that, you know, my advice is, you ought to tackle on early on if you really want to have, you know, adoption. I take the point, and I, and I trust you guys tremendously. If I may, if I may, if I may just chime in on that. So, please help me understand when you say corda is actually acting as layer two in this case so could we assume that let's say you had any other layer to be polygons like that. Now, I do understand that the goal here is not performance like like scaling as a polygon. But if it's a question of using basically not directly using one layer once theoretically could have used basal in this case. Right. Or even use polygon instead of go to play. I'm not against corda in fact I definitely started my, you know, blockchain understanding. Your point is right. The reason is that is, if you have to represent trade five contracts and asset definitions directly on on any layer one chain, the cost of representing this is very, very high, and also defining contracts so if you're going to get into a bond, the bond has various classes that you need to record on chain. And it's very expensive to record this thing on Ethereum or in any other layer one chains because it's cost of very high and that's why corda helps you with that and also on top of that it's a privacy oriented right in the corda network. So you are having to distribute a bond to only 100 of your customers only those hundred customers need to know about the bond and the bond definition and interacting with them and actually can build a secondary market structure using RFQ such what we have built. So there's a lot of built in privacy that comes in in hyper ledger. If you look at the fabric, it is doable but it kind of involves channels and every time you're to create more channels and there's an infinite number of channels you have to build and so corda in that way is much much more open so I wouldn't go too far into technical terms, but they're all in layer two you can say hyper ledger fabric corda or digital assets dammel they're all look alike. They provide a kind of, let's call it a business level privacy. And what is what I'm asking for is asset level privacy at layer one, which is the confidentiality that's a tough one to implement no one has done it yet. So, yeah. Thank you, my. So, should we go into a little more detail of other questions. Does anybody else have questions. Yeah, I'll throw in one more, which is the how will building trust between banks into an USD plus network. This is something that we are facing as well when we start talking to the banks as an individual bank they don't mind minting coins distributing to their own clients trading with them and settling with them. The moment you introduce two or more banks, and particularly that particular in this case USD plus is exposed to crypto market banks are very hesitant because they have no control over the process, and someone in theoretical case someone can borrow money from them minted into USD plus go out and borrow Bitcoin and lose all of it. So now the bank is have a huge credit risk problem because they have no idea what what the customer is doing with USD plus. How do you address that. Sure. Go ahead, go ahead. How do you address today if I borrow money from the bank. I can go and spend it on. I mean, I may tell them, look, this is my business plan, blah, blah, blah. You know, sometimes you have to take the money in branches, you have to show that your business is, you know, no different but you still the banks have the ways of checking what you're using it for because they can ultimately the money is spent on someone else and they can reconcile the bank account and you and you know there are ways you can verify between. So to answer that the protocol offers on chain forensics. Don't forget the users registered their wallet with the financial institution which is then registered on the protocol and there's on chain forensics there. Of course you can transfer from one wallet to another wallet that's not registered and still go and gamble all your money away. But you know that's that's the beauty of the public layer protocols, you know we can, we can only go as far as you know the regulations would require and the comfort level of the financial institutions as well. But we do put significant checks and balances in place to make sure that at least these wallets are not interacting with bad actors. Okay, is there a public audit available for the smart contract code. In other words, if you go to, let's say one of the interim sites smart contract visible. Sure, so we've had a private audit so far. I guess we can have a public audit available. I can take that to the team if there's demand and market to see the smart contract code we could we could definitely make it available. I mean there are ways to reverse engineer the. You know the smart contract AB I, but that is not often that is not the real code. But you know, usually transparency requires that you release it on a public. Ethereum code. Let's say repository where anybody can go in and look at it. Okay, I'll definitely take that back to the team. In fact, what is the name of that repository money. Public Ethereum smart contract repository. I don't know. No, doesn't doesn't strike my mind right now. Yeah, yeah, I'll look it up and get back to you guys on that. Now I want to go back to some of the basic principles. One of them is the fact that, you know, you took the, I assume you took that taxonomy from the paper published. I think in 2018 or 2019 by among other people, I mean, who is a, the avalanche guy. You have a sharp eye. You have a sharp eye. I'm not exactly sure where it came from to be honest but I trust you. That looks very similar to to the taxonomy that was in that book. If you go back. Yeah. So digging a little deeper into this. And then you call it the reserve of backed assets. Right. No, as a mechanism, which is similar to what, what you guys are doing. But there has been a, there has been something that came up after the stable coin collapse, which is basically the reserve should not be held at the bank. That it should be held at the Fed. So, in other words, that portion becomes a narrow bank, which is a concept that has been around for a long time. That means the banks do not, you know, in that portion do not create money. But that, that account remains 100% liquid. Yes. 100% backed by the Federal reserves. I mean your banks reserves on on the Fed balance sheet. Right. So this is this is again an example of where a CBDC can help, because if you think about it. We want to provide efficiencies in market and having to leverage you fed when you want to cash out. Unless of course, we are considering that the deposits in the collateral accounts are seen as tokens. Where, you know, you are, you are allowing consumers to mint and redeem based on these tokens and these collateral accounts. Our, our approach was to leverage the collateral accounts but put controls as to what the individual Federation member banks can do with that collateral. So there, you know, one of the advantages of this is is that it potentially grows the assets under management for these institutions, and it allows for the look for for for highly liquid assets. So, you know, if you want to get your, you want to get, you want to return back to Fiat, you know, you can get access to that Fiat in your bank account very quickly. And then transfer from one account to another within the bank. Yeah, this is where the stress test that was suggested by metallic. Yes, there are two, two items there. One is, can you survive a total run. That means all the USA plus out in the market is burned. Is is going to be converted back by what for whatever reason, you want to get it back into USD. Yes. That's one. The other is if the value of the asset goes up. Because you have inflation or whatever the asset becomes more and more valuable, meaning the pegged asset and not talking about the reserve. So if you ever hold it in other currencies, or other, let's say liquid assets. If the liquid asset loses in relation to the pegged asset, then obviously you have problems, meaning no longer 100% backs, you're partially back. So, unless you hold it completely in that asset. You cannot guarantee that the asset, when it goes up by 10 or 20%. Of course, metallic was applying it fully to cryptocurrency back. Yes, algorithm. You know, which are over collateralized and as long as the price is going up everything is fine. The moment it triggers a sale, because it prices went down, then you have problems. Yeah, I think, I think that that's, I think the being able to meet the requirements of the stress test is critical and by holding 100% at least 100% fiat collateral in these reserve accounts. We're able to demonstrate that we can definitely fully redeem all USD plus and provide the fiat to those registered wallet accounts. No problem on the on the point of the the other stress test, which is what happens if the asset goes up in value. You know, I really don't think that applies to fiat pegged stable coin because if the US dollar increases in value the value of the stable coin will also increase proportionately, because it's just like a representation of the fiat. The problem, the problem is if you don't hold 100% fiat, then, you know, the value of the fiat going up will cause problems if you're collateralized into things like corporate bonds. Yeah, but we don't want to say that. We want highly liquid assets, high quality liquid assets. It's a it's a spectrum right from US from treasuries to corporate bonds and of course beyond mortgage backed securities, you know, because as you go further and further away from this, you're going to get better and better yield. Yeah, but more risk. Yes, and we want to be the most trustworthy so we are starting with 100% fiat collateral to kind of quell that noise and make it clear that you can redeem USD plus at any time. Great. I think we are on time and the next group is already here. So, I'm about to end the session. And this will cut off. Everybody is, you know, including the new guys who log in and I'm also trying to actually pass on the host to one of the two Nico. Let me see. Thanks, Bippin. I have a host code so I can, if you want to just go ahead and end this one, then we can all