 Yes, waiting for a few seconds before Starting the meeting you can all hear me. I hope mm-hmm Yeah, so I think what we're going to do is start with obviously with the with the initial steps which are going to be basically talking about the antitrust policy and The court of conduct As you are all familiar with this format antitrust policy ensures that we are following the antitrust policy of the hyper ledger and We do not engage in any Trust buffering activities. I mean, sorry Antitrust activities that is one of the requirements for participating in this call the second one is The court of conduct Which we say that we are going to be Respectful of each other even when we disagree with each other or if we disagree with each other So that's the second requirement for being on this call In terms of the initial Usually we have Introduction by the members, but Junji has expressed an interest in Talking about use cases and he has a hard stop at 1025 So I thought I should let him speak first and then we can take things from there How does that sound? Sounds good All right, wonderful. Now we have Junji who's going to who's going to talk about some use cases that It our bank either has developed or they are thinking about in BLT and also in specifically for capital market since they are a bank Yeah, absolutely, I like to to think for I think this is just Small correction that we we are not working as of now developing this but I think when we think about blockchain It'll be interesting to to use this approach, which pretty much is to use as a taxonomy That would facilitate the discussions whether with business users or with other Entities, but the idea is pretty much to to create a language that is simple But yet you'll be Agnostic to any blockchain platform So once we define like a standard or when we define Taxonomy then we could drill down or detail it and express how this template will be expressed and different blockchain platforms Let me share my screen. I think Let me see Yeah, let me know when you can see it Yeah, yeah, definitely Okay, so I think well we we briefly discussed The the token taxonomy last week couple weeks ago, right but actually Marley presented maybe about a month and a half ago so he went through the whole thing and We also we also presented something but it may be that we have to recap some of these concepts because they are not that Ripple even though they are simple, but you know repetition is good Yeah, absolutely. I don't mind at all So if you think about whenever we Develop software, right? We we don't come with the technology right away when discussing the requirements We we need to abstract right identify the problem and then we Identify the entities and the behaviors and the attributes So the token taxonomy is not is no different than that It is meant to be like a simple language where we could easily define What are the main? Attributes of specific token and what are the main behaviors? So I'm not going to go through a deck of slides I'm going to be switching back and forth and also showing some of the repository the github repository from the token taxonomy just to show what has been done and And what what what's the power right once we define it? We could easily have a definition look of a token like the e-money and we would have all these different Attributes being well defined in a form of a PDF. So everybody could read It's still a working progress, but just to show by simply defining a taxonomy, right? Or a template like this how it could easily generate comprehensive document like this So basically right when we we go back to The taxonomy in itself It's a composition of different letters, right? But that should be somewhat intuitive So if you think about a token, it could it could be different different things, right? It could be a digital asset that the value is Intrinsic or it's not referenced by any physical asset for instance a cryptocurrency like Easter or Bitcoin right, but you could also have tokens that define like a real estate property Or it could be a document an identity. So the reference is tied to another another thing right another asset And the way that you handle the token could also be different. So you could add the tokens You could exchange tokens, but sometimes you may not be able to do that aggregate tokens and have an aggregated position So in those cases, right? You may you have distinct tokens like collectibles if you will that one token is different than the others And as and as I mentioned sometimes you might not be able to transfer sometimes you might be able to transfer and Sometimes these tokens are managed like as a fraction or sometimes you need to manage it as a whole, right? I'm just giving the example of crypto kitty. You cannot maybe transfer a fraction of crypto kitty So it has also a definition whether or not it's fractionable or not So I'm saying all these things because I think everybody understands that But when you think about defining it right in a simple way so everybody could take a look at the definition and Right away understand what are the main behaviors and what is the main components? I think that the taxonomy Would help a lot in those discussions so Let me just wanted to show one slide. Let me see if I can easily find Okay, so as I mentioned here, right? I hope that this is fine. Is it too small or you can see or you can read it We can read it. I can read it anyway Okay, great. Yeah, as I mentioned, right? You have some main definitions of a token. It could be fractional whole or singleton There's only one of that token or the value could be intrinsic or being referenced by any external asset It could be single or hybrid in a sense that you may have tokens that may behave as fungible But you have tokens that is referenced by this Fungible token that is actually non-fungible so just to give you an example if you have a Mortgage backed securities or asset backed securities. Let's say that you have you have a fund that invests in Properties right in real estate each of these real states. They are very unique They are non-fungible, but the shares of the funds it is fungible So if you think about the child being fungible and the parent being non-fungible, this is an example of a hybrid And the representation types it has to do on how do you aggregate the value? Or how do you see your position or how much you have in terms of those tokens? Like it could be something for instance regarding a context how much money you have in your pocket How much money you have in a bank account for instance? So these are main definitions, but you also have behaviors that have been defined And I'm gonna switch to github Behaviors are are mainly some Common behaviors that could be reused by one token or more so if you think about All the the majority of tokens right you can mint the token you can create new tokens or you can destroy them You can burn them, right? So here you see behavior such as mintable There's also burnable. You can transfer right transferable. You can divide right? Subdivider ball so all these behaviors It's not just a word, but it comes with some definitions for instance if you want to mint a token Then you should be able to do a few Functions right so it doesn't say in what language whether it's on validity Or whether it's on ethereum hyper larger fabric or basu or quarter It just gives you like a template on what are the functions that you should implement So Whenever these behaviors are defined, this is the output, right? This is a JSON file that would describe The behavior but also it would define a series of Functions that a specific token should have Right requests response for attributes, but also a request to mint So I think this is a if you think about abstract things, right? This is an easy way on how you can easily Let me try to find a good slide. Yeah, you can easily associate like This letters here to what they actually do So having said that before I jumped into the examples, do you have any questions? Any questions or I can go to the examples Okay, I will Jumping People not to be shy to ask questions Yeah, so feel free to ask now or I'm not I'm not looking at the chat But I'll be more than glad to catch up later. I have a hard stuff, but just going through some examples, right? Later Later topic we could follow up on the idea of the hybrid token which the MBS was mortgage box securities I thought was a bad example of that. That's all which is a separate issue. So it's not for now to resolve Okay, you wanted to mention another another example like NDS Any other example that MBS was a bad example of a hybrid that's all But we don't want to resolve that now is all I'm saying Let's We can have a debate about whether MBS is a hybrid token or not why Jim is saying that is because the underlying house You know, which is not an it's a non-fungible token Does not become tradable until it's Securitized until they are all Securitized those loans are all securitized and there are multiple steps to that Yeah, and I also wanted to mention that it depends on the context, right depends on how what the purpose of your token Depending on how you are handling it It could definitely be a fungible token or it could be a non-fungible token I think or it could be Fractionable or it doesn't have to be fractionable Because a real estate property you could definitely maybe Sell fractions of it, right? but if you think about the property document or something that you want to Not necessarily you might be able to Create fractions of it and if you think about portfolio, it doesn't it might not make sense Also to have it fractionable. So I think it's always like there's a debate It could be a bear could be a debate on it, but I think the idea is just to Share some of the main concepts and I wanted to share one related to an example that we are working on like Implementing programmable compliance, right? So as you may know more and more companies or even exchanges on Crypto they are concerned about terrorism or illicit activities So some of them are ready comply with AML KYC And if you have any solution as well, you might want to do that But one of the things that we can do when we tokenize assets It's not just to have a digital representation, but we can embed Business rules or we can read we can embed like compliance controls as well I'm not saying that that's the way it should be done I'm just saying that it is possible to open doors open Doors for many other use cases and one case is how to implement a compliance compliance features in a token. So it could be Central bank digital currency. It could be any other stable coins if you will So in this case, I'm not going to go through all the letters But I'm just gonna focus on letter C, which is compliant or yeah, compliant It's a behavior that this token should have Most of the tokens that we see out there They don't have this component right embedded on the token the compliance. It is done When you try to redeem right or when you try to sell or purchase Cryptocurrency or when you talk about stable coins on the own ramp of off-ramp when you're Changing the fiat to crypto or crypto to fiat, right? But I have a question here Sure the question is When you have like for example KYC AML is not Necessary for all trading meaning like for example, if your Amounts are less than thousand dollars FATF does not need you to do go through KYC and AML So it is it should be compliant about a certain number. So that's one the second is The detection of what is called smurfing which is batching together smaller transactions so that you you always Remain below the limit for a single transaction. But when you add up with the transactions They end up being over the limit. So One way would be instead of Transferring ten thousand dollars you would do Ten one thousand dollar transactions so that you're I mean or 999 dollar transactions so that you're always below that limit Yeah, I think the compliance functions should be sensitive to these Things that is one is is there an aggregate that breaches the ML is there a way to detect those aggregates Then also is there a way to say for amounts below this We do not care and for amounts above this we care Yeah, I think it's a good point that that are even like Which transactions you should report to the regulators, right? So depending on the amount transacted in a specific month like let's say over ten thousand You should report to the Fed or central bank So We could definitely maybe think about ways but in this case I think it is meant to be more generic, right? So if you want to implement your own business rules related to whether or not it should be Done for transactions less than a thousand dollars. You could add maybe in one of these functions But I guess the idea here is really to implement a function like check check transfer allowed And you could have also other functions that would detail the business requirements But that would be specific to each token, but all the tokens should have at least right this function embedded so I guess that's the the main point of the The tax on a large group of companies why not implement it as a template, right? So here in this case, right the compliance piece here would say that this fungible token should implement a specific function to check whether or not The account ID that could be expressed as a public address or it could be expressed as a tax ID or big code or any legal entity identifier To check against the specific in this case of fact lists To see whether or not it is blacklisted or whitelisted depending on how you implement it So this would be the example of the token a very simple, right? All the other letters it's basically something that you may see in multiple tokens And if you go to the token taxonomy website, they have a definition of the e-money So They they have here and you could chat it's public So they define what an e-money should look like it's a fungible It's fraction fractionable or fractional the reference it references maybe something like a fiat or gold or silver or any other basket of assets And it describes What what's its purpose and down and the document, right? It's a very comprehensive maybe not User-friendly, but it would show all the the explanation for all the different letters That I don't that I don't mean to go through here. I just wanted to show what's out there But all this pdf the information is generated from the json file that is created Here on the library of the on git lab. I'll github. I'm sorry I just wanted to quickly show other examples Uh, it's just something that I started drafting. So it's not meant to be the The truth or something that we are actually working on as a as a bank. So bear with me one second And the formula might not be that accurate, but I wanted to share anyway, so You all heard about this indicate loan example, right? Uh, so let's say that we have like a template and this should be n not f dash nft So the token is a non-fungible, right and And these are the behaviors that I should expect from a syndicate loan contract or token um So just to give you an example, right a syndicate loan if you think about A credit risk multiple lenders they share the risk instead of having one Bank lending money to a counterparty So in that sense you have one token that represents the loan And maybe you have multiple banks Having a share or a fraction of that non-fungible token So that's why there's this letter d which represents divisible or Yeah, fractionable If you think about the letter t is something that it could be transferred transferable So let's say that the bank a I'm not saying that that's how it is implemented on each geography. I'm just saying if you tokenize it It's something that you actually should be able to do Let's say that one lender want to get this Exposure or get rid of this exposure of this loan. So this lender a might be able to Sell this claim or just that contract to some other banks, right? For instance And sc it's a nothing but an aggregator of different Behaviors such as mintable burnable I'm not I'm not going to go into the Yeah, this is a behavior group supply control, which means it's mintable. It's burnable And it's also has a control axis. So depending on what type of entity you are you might be able to do certain things So that's what sc stands for Uh, this is a case of syndicate loan But if you think about the same the same template could also be used for peer-to-peer lending If you think about the decentralized finance, right, you have a borrower and you can have a pool of lenders So the same properties if you think about it could also be implemented here So you have one token representing this particular loan, which is a known fundrable And you have many lenders having a fraction of this This contract and they could resell that fraction if the platform or the specific token allows So one template and multiple use cases that you could actually use it Um, I'm going to go into another example. This This formula here is completely wrong. So don't look at it But it's about the real estate investment fund as the example that I gave, right? You have a fund that The shares of the fund are fundrable You can exchange you can sell and transfer One share is no different than the other share But the underlying assets, right that you are actually the fund is investing in Is a known fundrable Which I mentioned is the real estate property So instead of you investing on each property individually, you go to this fund that invest in multiple real estate properties that are known fundrable This is just an example of how the taxonomy should be the template I'm not going to go into the details But just another use case and a third and another one that I wanted to share And people talk a lot about it But I don't think the way that they talk it would be feasible, but it's long term incentives. So think about a startup So why would companies go and work for startups? It's because you would get stocks, right the stock option So if you think about this type of stock options it's Known transferable because it's just for that particular employee, right That employee if they if he or she works for four or five years, they will be eligible To buy the shares at a specific strike price But it's different than a stock than an option traded at the exchange that Option is fundrable because it's no different than any other option Meaning that they have the same side or the same type But this in this case long term incentives is just for that particular employee, right? So that's why it's known transferable And it's another case that I like to to share um I think you'll have my email. I apologize if I have to end abruptly. I hope it was Good examples that that at least showed you about some of the things that you could Use the template for and hopefully that would give a lot of insights and have a common ground for discussion Thanks Junji. We will continue the discussion Because you know most of the things that you talked about here are we have some exposure from before the other is That You know, we are slowly becoming more and more concrete with respect to the token definitions Um, and I think we should first start off by exploring when you're gone with Jim what why he thinks that the hybrid uh, the The real estate token is not hybrid and we will we'll uh tell you what he thinks In the notes and you can read the notes the other thing that I want to talk about is our own token taxonomy workshop and uh What we should be working on The difference between all this and what we are going to be doing is the fact that we'll take a uh json file Which is the artifact And go all the way to implementation in besu So, uh, we are not just going to talk about the taxonomy. We are also going to do an implementation And that was proposed by money And he will probably, uh Also opine on this In the end, uh, I have also the Presentation that I wish to make at the hyperlogic global forum About the carp capital markets. It will be in two forms one is as a As a presentation another will be a five three to five minute video So I have the slides for that And I will try to Get your feedback on that So that's that's the third thing So I think we should start with jim, but uh jim you got to hit the points And keep it short I know that You're a you're a wonderful speaker And I would listen to you all evening all all day long, but Since we have a one-hour call we have to Sure the only thing I'll say about the the concept of the mortgage-backed security I'm sure there are other Really good examples of a hybrid token. Um, but the only reason I object to that particular one Has to do with risk management. So what it is is the collective assets In an mbs tranche Are all have a um binary outcome either they default or they don't on the payments And they all have an associated risk probability, which Leads to when you add up whatever the assets are in the tranche you wind up with a collective Um probability in a sense of the payouts when you flip it into a different product And it's a different product when you sell the security It's no longer the assets you're selling you're selling the security that is those products collectively and the problem is The you now have a collective risk model That you've actually tokenized as an mbs And that is not while those it's true that you can actually resale easily those tokens, which is fair it's they're really um Fungible tokens The non-fungible ones are really not at all connected The only thing you have are fungible tokens representing a risk pool. Basically. That's what it is Um So it's really two different products. It sounds crazy, but I'll say the tranche of the actually securitized Mbs is not the same thing as the individual assets underneath it and certainly the non-fungible tokens Well, Jim The individual assets fairly, but I think the fungible token represents the mbs and it's two different products. That's all I'm saying Well, Jim actually the reality is even more complicated because initial Securitization involves a path through security Just a mortgage pool and then what do you call a tranche? You know usually is referred to as Mezzanine type securities that are securitized on top of that So it's a second level. It's almost like a derivative on top of the thing But your your point remains that That so you're building this structure. The structure is initially dependent on the On the mortgage on the cash flow of the mortgages the individual mortgages And and there is a Legal underpinning to this. Otherwise it wouldn't work, right? I mean, there's a damn shade a master master agreement or whatever the the proposed Actually, it's called a different name, but the originators bundle all of the stuff And then they create that security that is a pass through pool And then on top and which is of course backed by insurance in most cases Of Fannie Mae Freddie Mac. So that's what gives it value up as well because if if the underlying defaults then I mean, I only know this because I I was You know, I I created Multiple products on top of this Not not because I have a special knowledge but I agree with you that this cannot be called as a Also hybrid token. Okay, so we're going to Pass on that feedback to the tax on token taxonomy framework guys That's one thing the second is The e-money taxonomy Natalia can be found in the token taxonomy framework github in fact I want to ask money about you know his his feedback On what just happened and also on our on our journey going forward because we are constituting a team Which will work on a workshop on this On a sample token And then take it all the way to execution Money you have Yeah, no, this is we're still in the early phases of defining Or you know, what kind of a token we want to model and that's that's something that we can collectively define Definitely anything complex is is out of the question right now. We want to go back to the basics because the Any any sort of derivative then we take it The dependency of other underlying products or other underlying assumptions come It becomes more complex So I'm I'm okay with any token as long as you know, we can meaning to represent now of the things that we want or why it is anything to do the currencies or you know A table coin because a plenty of examples That you don't you're not adding any value to it Or similarly for Private equity token Something more interesting would be a basic and in an interesting in the terms of whether you think about the barn or A type of a type of a token that can model a simple event is what we should work about That means you can add value to it The important thing from a technical aspect is that is what kind of token we can use to model it around And again depends upon the type of product we choose or type of token we choose Um considering the fact that the token taxonomy has got a lot of different characteristics to it The the basic elements like ERC 20 or 721 probably may not be That suitable when you want to go to the more like ERC 1155 And uh to you know try to adopt this But again What the token taxonomy In demand is a lot more So that that's my thought class today and you know how we apply today, how do we use hyperlegger uh basers that that's something that you can discuss down the road And also if we want to get some more information About the whole token taxonomy framework that is going to be this big workshop next week From microsoft and hopefully we'll get more details And then we can start you know collecting ideas and samples and then we can work our way through Yeah, I mean the token taxonomy framework is only a uh framework Which means you can model simple instruments as well as complex instruments, right? I mean So that's that's the whole idea uh It gives you a uh mental mental framework Also to model the token to ask the right questions and so on uh, I was um Suggesting to junji that we should model uh cbdc Right, which is uh It's a slightly different thing from a stable coin because it has intrinsic value. It does not depend on anything outside uh, it has Several properties. It's it's being talked about everywhere Uh, what would be our uh contribution here would be to actually take it from one Part to the other that means like modeling it a very simply Either account by based or value based And then taking it to an implementation so in My study of cbdc It looks like there is Especially the chinese want to make uh both uh possible that is peer-to-peer interaction with no account As well as accounts, but only based in commercial banks Even though the minting is done by the central bank So there are like three roles at least and then You know, uh, I I'll try to mock up something unless you have something very concrete Money we can uh, we can talk about the different ways in which we can do this So that yeah, we just want to get some ideas first. Let's see what other members Are yeah, yeah, definitely I am waiting for people to suggest Uh, also what to work on so that we all agree that we work on this particular thing I did float the idea by uh by Junji this morning And he seemed to agree that that's okay, but you know, he's He's not the only person. So we have a team So ravi for example, what do you think of that? You know I think Yeah, we've been I think I I would second on your thoughts cbdc has been, you know, extensively talked about and I would be curious to Have a You know token created on that concept. I think that can be even extrapolated to other use cases where We have similar type of scenario You know where we need to exchange into a multi-party Scenario where we are changing token. I think on a similar line Let's say a transit use case is something that is tracking to my mind where you know, there are multiple Players or beat your underground your tube your bus Service providers and then we have a kind of a token that can be circulated among all these players. So I think Very very parallel but instead of replacing up these entities like banks with the service providers So I think I would go with with your thought on cbdc But I agree with money there that we have to make the example Very simple not complicated too much because otherwise we won't be able to build on it We will of course note the directions in which this could go And then we we say, okay, we are only going to do These things with it now Natalia, do you have anything to add? Haven't seen you around in a while and so I was getting a little concerned Uh email about it. So, uh, do you have any thoughts On this Hi So, um Not only but what I found but interesting and I say one thing um I was thinking when I was listening to so The presentation Yeah, it's it's about we were discussing actually Like we're here We can hardly hear you. Can you speak into the Can you speak into the mic? Yeah a little better. Yes I'm on the on Okay, so so basically I was mentioning that Um, we had a meeting last week. Um, a senior van Besides we are trying to find out Different Potential innovation Within the bank apply to capital and we met a different group of Origins of people from Incompliance and and so on So we we always named an advantage of of the views of the dlc Is the k1c process? Basically, you know, and it is too painful for for entity to gather all the information And take the dimension We spend a lot of resources and and time on this so it is um When you think about You know, it may be a world what it would be Which is one of the things that everybody agrees that should be fit but Things that that also came up whether difficulties On the application given that From discussion Most of the clients uh as of now are reluctant to acknowledge you to actually take um this um, so so basically there are two two Two on from one side as advanced on the other on the other hand The other and and and also the other thing that we identify would be to have like a globalized ko2 process. So one entity sends the k1c information to the system. So it's accessible For for everyone for all that so because normally the way it's done nowadays is that if you want to work with a client You request all the documentation then uh a team checks all the documentation and then Give the green light to start operating with this client and this is on on a Bilateral basis in the sense that an entity that wants to operate with 10 banks needs to do the process 10 times, right? so so We said why don't we do like a globalized k1c process with other banks? So once a client that meets the required information is accessible for for the rest and basically um One person said that it was proposed uh a long time ago And at this year in Spain and one of the main issues was the regulator the regulator finally didn't want to Didn't want banks to meet to to do this On a on a joint effort because mentioning like antipath patients So as of now This at least in Spain is part of life So I thought I thought Again, you know me by this time that not technical but I'm following the advances on on technology because it's really interesting So I thought I might share this with you Yeah, I mean I actually was involved in a project with corda to do this for Not for individuals but for enterprises It was called leia too And we actually had 30 banks participate But uh, you know, there are internal, uh, let's say barriers Thrown up everywhere for this So that idea keeps on coming back only because The amount of money and time And the inefficiencies around the kyc aml process Uh in bilateral settings is multiplied at 10 000 times If uh an enterprise wants to do business with multiple people The other uh problem is that small and medium size enterprises Do not have the Money nor the personnel nor the process To do this properly. So Uh, so that is why you keep this idea you keep hearing this idea coming back Again and again And I think uh, there are some efforts To do this at scale um I can think of activities in india for example the digital locker and all that is Inverting the whole process and giving the control to the users But it's not just You know, I don't know whether it Carries over to the enterprises because right now it's linked to the other number So enterprises are a different question But you can uh, you know, you can invert that process And have the control be in the hands of the user and Anyway, so this you know, so in capital markets as everything else There are only two two basic things that have to be modeled one is asset The other is identity if you can model this properly and have uh control exchanges based on regulations And also based on location Then You have success But there are a lot of barriers You know, there's contextual identity There is the whole SSI movement All of these have to be somehow resolved At least to a certain extent before it takes off at scale And there are always going to be people who say no Oh, we have talked tried innovation before and it doesn't work You know, this is the constant of frame I hear Um, but in the meantime These, uh, you know newer firms, uh, are Creating Solutions that will disrupt or change the Financial landscape the financial services landscape. Um, anyway Uh, anybody else has anything to say on this Um See chen do you do you have any thoughts on this? Uh Not on this in particular. I have some other questions. I wanted to ask you Yeah, I know that you were um, you were talking about the credit Yes Analytics analytics on the blockchain in order for it to be Um In order for some of these smaller deals to be securitized Right just more generally, uh like to find a way to um credit or Uh credit enhance or split the risks of smaller transactions Uh than using the some of the same methods as in a securitization, but on a much smaller scale. Um So, yeah, I guess we were exchanging some emails and on the list and I was curious what what you mean by analytics and how to like, um Set something like this up to to be a collaborative project within your group well The problem Okay, so analytics that is another big topic, but the from a 30 000 feet view what I see is like you said if everybody who are participating in the deal Are running their own analytics, but getting different prices for example for the deal Then you have a problem and that could be due to one difference in the actual analytics that you're running The number of paths the number of you know, whether it's the multicolor simulation What is what are the inputs into the into the calculation and what is the actual process of calculation? second is The reference data that go into these calculations So that could be different resulting in different Values we used to have this all the time like, you know, they would say the margin calculations For let's say for repos you have to value the bond on both sides In order for it to be In order for them to come to an agreement So if the reference data is wrong then that that could cause that problem So to Come to a common ground on all this you probably need Some kind of a source of truth for both of these right? I mean not just for the data, but also for the process process So that that's what I meant meant when you know in in a nutshell I mean obviously the details are much more much more difficult To when you drill into it Mm-hmm Okay So, you know, you could You could contribute a short note about this and then we could go into, you know, some kind of Project that talks about these things but Really, we cannot do anything concrete unless we have Enough interested parties in the community Who want to talk about all this stuff? So that's why I have this slide here, which I was going to show which talks about The You know how to take part in the community what what to do and so on and this I Wanted to share because I'm going to the Hyperlogic global forum to talk about So of course this is not the Uh a topic that we were talking about right now, but it's more of a governance and way to drive people into collaborating with With You know some smaller projects some projects that are very interesting, you know, so I can I can do a Screen share, right? Here's a Here's my slide deck they said that you have to do a Personal statement which I did here Which is not interesting And then the motivation for our group And then I tried to make a little Blurb about what are we what is capital markets or people who don't know about it? But I would want people who know about it To come but we have to be a little comprehensive And then I tried to talk about the sister project that we have in in hyperlogy and then We took part of our taxonomy to You know That we developed along with everybody here including Natalia and Some others who contributed on this and then we went to the How do we do this we went to the various Methods of engagement and Then we we also talked about the lifecycle which probably Belongs up here somewhere because that's part of the um part of the You know the definition of our own sig um And then the projects that we have today I just put put them here and then Some numbers about membership Which of course keeps changing And how to participate And then the references to some common documents This is the bare sketch of what I was going to present and You know it will Be used in two venues one is for a general presentation Another is for a video That we that they will put on youtube So both of these will use this as the building blocks this slide deck uh, so Any feedback on this would be great because I just threw it together And uh jim. I know that you were In that meeting with uh learning materials working group and Please tell me if You know If any of this Seems useful. Yeah, so I'm not doing the Um presentation for that. I threw in some stuff Some ideas for it, but um bobby's actually going to be designing that one Just like you did the one here and I was interested in just getting a download of this This actually looks pretty good because I haven't seen hers completed yet, but yours looks actually pretty good Yeah, I mean anything that is missing or anything that you Feel you as the community participants feel is uh Is Not covered Or any dimension that you that i'm completely missing Please get back to me or email or on the wiki itself I have the slide linked into the Into the into the meeting notes So I mean, you know This is boring stuff, but we need If we need to take up projects like these project uh seachin's product, which has got to do with uh smaller deals Then we need more more people and more people who are uh enthusiastic and want to want to participate so with that with that in mind i'm going to go back to the um to the capital markets You know the Agenda and in that agenda you can see that we already have the What's that? Hello Sorry, this is ravi. I think on on the previous uh on the deck I was just wondering uh You also want to include uh, you know to bring more enthusiasm that we are undertaking such kind of project Because I think Okay, so I I should mention something about our dtf Workshop I don't get exactly what you're saying so tell me Can you hear me ravi? Yeah, I guess he's on mute, but probably that's what he meant, uh, you know Yeah, depending on what Doing as a group. This is sanjay here. Uh, probably there should be one slide on that as well Yeah, we have there one slide But it doesn't go into the details because first of all i'm limited by time three to five minutes You know That's a main problem that's true So we can show a quick slide about our taxonomy which you know I linked to the taxonomy and also the The token station project that we are going to do Uh, it's been great guys, um, you know, sorry You know sometimes things don't all fall together and gel but Money we should continue to collaborate offline more on the gtf workshop and if you have any concrete ideas about exactly what The sample token should be That we could take up. So we so far have the cbdc stuff then we have rubby's uh take on Some of the more complex stuff And the other one is natalia's only Uh k y c m Anything else i'm missing Yeah, uh, this is sanjay here. Uh, so we have been We've been we've been we have been I think i had mentioned sometime back. So we have developed a platform on On abs asset backed securitization. So probably you know, my personal interest would be probably to do something in that space But uh, I agree with your point and money's point that We should take something simple and then probably do it end to end and beyond that. Uh, we should probably take something um, so cbdc is a good good choice because the probably are not Not much variables, but otherwise I would probably want to do something on abs Where we have developed a blockchain based platform. So that's one choice that I definitely can suggest All right May I ask a question? Yeah, sure. Are any of you familiar with something called the provenance blockchain? Yes Uh, is that based on hyper ledger? How is it different from what you've done? Well, uh provenance is a general use case and many people have tried to implement it Or I have implemented it not just hyper ledger fabric, but other Uh other companies and the reason for implementing that is To make this supply chain use case better and also to create a basis for trade finance That will help. Uh, let's say factoring projects like marco polo I mean, although directly not dependent on provenance uh, you know So provenance is a general term, right? I mean, so No, it's a specific ledger for asset securitization. Yeah. Yeah. Yeah, probably I think jim. Uh, so there is a company called figure So they uh, they have their platform based on provenance, but provenance is based on fabric So like we have also developed our abs platform based on fabric So they have made some modifications to uh, they have made some customization to fabric and And that is their, uh, you know blockchain platform, which they what is the name of the company? figure F I G U R E Yeah, but What the point that I was making was Yes, these are specific, uh, implementations of provenance use case But provenance in general is a generic Tough. Yeah, that's true. That's true. That's that's a generic term, but uh figure. So they have implemented Uh, they have they are providing solutions based on their blockchain platform, which they're calling as provenance Oh that way. Okay. Yeah. Yeah, they try to, uh Appropriate the generic term for a specific Yeah That's true. So and and and finally the the the platform. I mean the platform itself is a variant of fabric So they have made some changes to the uh, to the consensus and then they're calling that provenance. So as well So they're both their product and the uh, dlt is called provenance That's true. That's right. I mean, I I don't know. I'm it's a question. No, no. Yeah, that's what I'm saying Yes, I mean, you can actually go to their site and you can you can see they have a they have a white paper based on provenance as well. So Okay, so Yeah, it's pretty good All right, great Okay, so who was speaking there, uh from uh, I I didn't get who exactly was talking This is sanjay here. So I I have uh, you know, I I'm part of intain, you know, I think uh, there was in the in the community mail. So gary was responding So gary looks after our us ops. Uh, so I mean, we have developed a asset back Security just in platform based on fabric. So This is sanjay here sanjay kamanisha Yeah, but the other gentleman who started talking about provenance That's me. Yeah Yeah, so Okay, great. Thank you Thank you. Okay So thanks Talk to you all uh in two weeks Bye. Okay. See you later. Talk to you later