 Hi, good afternoon. My name is CB. I'm the Product Manager at Big Data Exchange. Today, I'll be talking about Filecoin Data Marketplace and how the unique structure of FilePlus allow us to create this opportunity. So let's start with the mission first. So we want to advance Filecoin's mission of creating a decentralized, efficient, and robust foundation for humans foundation. Essentially, what we are trying to do is we want to mesh storage providers, allow them to come onto our platform to bid on valuable data from clients. And when we do this, we achieve two things, right? Number one, we provide storage providers with a steady, persistent pipeline of FilePlus deal. And number two, we increase clients' awareness and adoption of decentralized data storage. And we are able to do this because of the unique crypto economy of FilePlus, which Deep mentioned earlier. For those who are not aware, FilePlus is designed to maximize data storage usage. It is done by a layer of social trust. And that trust is distributed by the allocation of data cap in this chart. So clients' notaries will allocate data cap to clients. And in turn, clients got to show the notary what kind of data it is, where it's being stored. And when they engage storage providers to do this storage, they will deploy data cap. And when storage provider has this data cap, they receive a 10x boost to their quality-adjusted power. So they're essentially doing the same thing, but they're getting a 10x more power. So this is an example here, right? A 10-tip FilePlus deal will equate to, no, 50. 50-tip FilePlus deal will equate to 500-tip of storage power. So that's very powerful. And it creates additional incentives, right? So now the real question is, how do we allocate these additional incentives? Do we do it on the left, which is on the right, which is the trigger-down economics, or do we let the market decide? Now, this is very contentious, right? Because every SP has different costs, different incentives, different structures. And we think that the free market theory is the best way to sort out these kind of issues through the price action and through demand and supply. So we think, let the market decide how to allocate these additional nine times of quality-adjusted power. And I want to address the elephant in the room here. It seems like we are distributing. It seems like SP is passing some of their rewards to clients. And that's not really the case here. Why you may ask? Because 16 is always going to be better, bigger than 10. Perhaps you can do the deal twice as fast, or perhaps you can do two deals instead of one. And of course, there are a lot of assumptions here. Is there a storage capacity available? Maybe there are a lot of costs. But the main point here is, let the market decide. It may not be a zero-sum game. So that's what I'm trying to achieve here. So now that we've determined that valuable data has value, and we don't know how much this value is. But what we do know is that when SP take on this field-plus deal, they will be allocated additional 40 fail right now per year for one tip. So what we do not know what the value is, we do know that maybe they will be between 0 and 40. So this essentially opens the floodgate to decide that valuable data does have value. And we allow the market to do this through a very fair, transparent, efficient price discovery process. And when this happens, this is where it gets more interesting. The pie is going to get bigger. Using the island analogy, when there's value, people start coming into the island. And this is where, which I mentioned earlier, it's not a zero-sum game. This is where I'm excited about. Right now, when you want to do a deal, there's a lot of technical difficulty. There's a lot of constraints, bandwidth limitations. Once there's value, people will allocate resources into this. And this is where you are able to mobilize resources, build bigger teams, employ more capital. And this is all very beneficial for everyone in the network. That's why I really want to emphasize that this is not a zero-sum game. So now we settle the reason why clients will come to our platform. What about SP? By now, we should determine that SP and incentivize to do field-plus deals. And there are usually two ways of getting the deals. The first one is you build a business development team. You go out there and you solve the deals. This is expensive. And it is inefficient. Sometimes the leads get to nowhere. The second one is be the clients. And that's essentially self-dealing. And if history has taught us anything, is that it's unsustainable, it's opaque, you may not even be able to get a data cap allocation. So this is where we think we can come in and fulfill the needs of SPs to give them a persistent supply of field-plus deal so that they can do what they do best, which is focus on providing data storage or retrieval services. So a lot of people ask why are SP willing to pay? They are providing a very valuable service. They are paying for their equipment. They should be the one collecting payment instead. And in normal times, I agree that would be the case, but today is an extraordinary time. We have this field-plus incentive structure that changes the whole dynamic of it. That's why maybe they are not really paying. Maybe there's marginal benefits because of the improved service economics. For example, we've got to understand that they pay investments for all this ceiling and storage hardware. And for anyone who's familiar with technological hardware, you want to efficiently use them fast before depreciation catches on. And a steady stream of field-plus deal enables you to do that. Earlier I mentioned about BD team, right? Now you don't have to build a BD team. You can always sort of get field-plus deal on demand if you want it, if you're willing to pay the right price. So that's also another implied benefit. For on our exchange, right, what we are trying to do is we want to make sure the deal-making is very smooth and very efficient. Earlier I mentioned two times eight is bigger than 10 because now you're dealing with clients who are very proficient in this process. Even if they are not, just now we mentioned that there's mobilization of resources, mobilization of teams. Maybe this will make the whole process even faster. So this is going to be, you're going to save time. When you save time, you have more time to earn rewards. And then of course other stuff like better reputation and marketing services, marketing results in the red three data service. So these are all very, these are all benefits which could potentially outweigh the cost. We don't know. That's why we say, hey, let's go and experiment. Let the market decide. It could turn out to be the case. So this is the part where it gets even more interesting because once you have a few successful deals, right, as you will see that, hey, oh, it's easy to get field-plus deal there. So I'm going to come here and bid. And then when clients see the SP bid aggressively, what do they do? They will come on board as well. And this is where liquidity begets liquidity. And this is where we can really do more interesting stuff. This is where, you know, when mobilization of teams come in and make it smoother, it creates a faster throughput, a higher cycle. And this is what we're trying to achieve, right? And so we can be the platform that matches pet byte data, level of data with SPs. And in so doing, we're going to get more attention, more adoption. And then when there's exciting price action in the auction, we're going to tweet this out. This is going to generate hype awareness. So like I said earlier, you know, the pie is going to get bigger and it's really not a zero sum game. And then this is a part where it's even more exciting. This is where we can explore even more stuff. Once we get all these deals happening on that platform, right, we can become a repository of valuable data and where these data are stored. And then when we do that, there are a lot of things we can do. For example, number one, we can assist clients with data type allocation because right now it is not, earlier deep say is, you know, it's still not a very smooth process. So this is something that we can do and help the clients. This is how we can bring people who are not familiar with Filecoin into the system. And then number two is, you know, as SP do more deals online on our platform, we have reputation metrics. When you have reputation metrics, you're able to ascertain what kind of SP this is. And then when you do that, you can do a lot of other ancillary services. For example, we can be the linkage between financial providers and SP, provide financing. And, you know, financing can be a very good thing if you manage it very well and you can scale your business very fast. And then number three, you could make a marketplace for data retrieval services, compute over data and more what three data services. And since we really determine that data has value, we can even, you know, create data asset tokens. So these are the things we can explore. So this is the MVP we've launched two weeks ago. This is a very simple landing page where it shows the most time-sensitive auction. As a client or as a storage provider, all you need is a few clicks to get a deal done. One, the right is for the client and then one of the left is for SP. You get to see the deal size, how many copies there are, what is the highest bidding price. So yeah, this is what we've achieved in these two weeks. I'm gonna take a brief moment to explain what this is. So we currently have 1.5-pip of deal that's been listed on our platform already. And out of this 1.5-pip, right, around 33% of it has already been transacted. So this is a validation of our hypothesis that there is a demand to pay for data. And then, of course, for anyone who is bidding, the fields are locked and then the total transacted fail are 450 fail. So this is what has happened in the past two weeks. We're very proud of what we have achieved and I think we're not gonna stop there. We're gonna do more. And this is the roadmap from now to the end of the year. We're gonna have full functionality. We're gonna have top-notch UX experience and hopefully by the end of the year, we'll have 100-pip of data on our platform.