 Hello friends. How many of you have bitcoins? Roughly 25% lot of 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. Am I philosopher? I am 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 bitcoins space was from the perspective of pure philosophy. I was never an investor, still not an investor. I wanted 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 measuring a length, kilogram as a way of measuring weight, liter as a way of measuring volume. In this world you cannot measure 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 do not 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 looked back. So working in a small town from Amritsar I started gathering as much knowledge as 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, being 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 ever imagined. Now why we could not have ever imagined? That is 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 and not even one is in the top 100 space. Few people are doing ICO in India. Few people are doing serious blockchain innovation in India. It is smart contracts, not from India. Identity space, not from India. IPDB, not from India. Store J, not from India. If we are really people of Mahabharata land then why we are not innovative enough to create at least 1 or 2 percent of these cryptocurrency projects? We should be having enough of fertile 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 dollars 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 say that we are the people of land of Mahabharata? It means there is something seriously wrong with our imagination and I am 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 do not actually experience the other things in a very critical explicit manner. See you understand bitcoin because bitcoin has turned into money. You could not have understood bitcoin 7 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 possibility is 10,000 and my dream, my vision is to have at least thousand such possibilities in Indian subcontinent. Then what is stopping and the reason is the kind of nation state system that 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 am saying is that the system that we are living in is basically of three layers. First is physical layer, borders, land, sea, air. We understand every nation state has borders. So a lot of high lot of noise is around this particular variable. It 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 pay them too. 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 are 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 INR 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. A 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 page but the box was lying in a bank 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 an 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 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. And as a labor, labor means gratuity, 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 nation state. So 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, chronobank, storage equine, machine labor. You are rewarded straight away. Put your 50 computers on the storage 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 is not border. It is the only part 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 am using the word sinister. And that 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% de-monetization has completely eliminated the space for that kind of monetary autonomy. And you could not even hear. And you will not be able to hear because the entire banking system is now being shifted to a single intermediary, NPCI, controlled by Aadhar. 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 you are earning nothing, even if you are going to earn after three months, you have to pay advanced tax. And government has its own particular freedom to pay back you the refund. If they don't pay back you the refund, you are still waiting for supply of your working capital. And the rent seeker, how can you say no? I am hit rule. You can take your to any part of the world, but within India you have to pay GST. So institutional monopoly works like this. So I know I am taking certain conceptual jumps. I am not at present taking care of some academic nuances. So basically my job is why we are not having fertile imagination. So my question is that. 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 oligopoly. Ram Rahim happens, you can't say no. Asarambapu happens, you can't say no. Jada decision happens, you can't say no. 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 a 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 are 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 with a bank account, a partnership firm with a bank account, a private limited company with permission from Ministry of Corporate Affairs, registrar 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 am 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 ICO. The biggest change is self-governing or self-organizing potential of an ICO. Now if you see this complete paradigm physical borders, land, sea, most of people are trapped here, most of political noises here. Real noise should happen at conceptual year, money, leisure, 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. Is there any noise in changing money? Money from the government side. So if you compile the entire system, what I am 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. We will not create what we want to create. So that is why I am here to say that nation state, these nine properties, borders, then money, leisure, 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 Sturgeon 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 corporations structure where I am 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 is why my target is if you see these nine properties, every property is a subset of micro properties, let us say banking, a banking is not just a payment network, banking is also a credit history manager management, banking is also lending particularly for SME 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 100 ICS, just in identity, just in identity we have Banco, we have Civic, we have more such projects, there is also one more ICS I am planning on digital identity, so there are multiple projects, currently I am 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 a 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 answer would be can I do it 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 100 versions of Facebook in blockchain space, 100 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 ICS 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 5 to 10 years you can create a situation where even if system collapse due to the convergence of institutional ecological and monetary crisis, even it collapses you will be having credible alternatives with you, thank you.