 system. You all end up paying. With Mojo Nation, we keep score. We say that we will create a currency, these digital coins that are denominated in computational resources. So every unit of this currency that we call Mojo represents a floating basket of goods, CPU time, disk space, bandwidth. It's merely a means for people to say, my particular resource is worth X. Yours is worth Y. Let's trade. On top of this basic coin system, we have microcredit. Now microcredit means that peers can establish relationships with other peers without having to necessarily trust them. You start off and you say, I'll give you 100 Mojo of credits, and you'll give me 50 Mojo of credit perhaps because I have a worse credit rating. And then we will begin to conduct transactions without having to actually exchange coins until the balance between us moves outside of the existing credit range. You don't have to send a coin. So it's very lightweight in terms of the demands placed on the token server, and it also means you can't watch the bank to see what people are doing within the system. Now the distributed data service that we build on top of this basic micropayment system is a pure information market, independent agents trying to buy and sell services to each other. We start off with a simple, secure message passing system, just encrypted messages going from one public key to another, asynchronous messages that can run straight over HTTP, any transport protocol you'd like. And on top of that, we build this data content distribution system. It's decentralized. There's no center to this system. It's a bunch of independent agents all basically trying to buy and sell services with each other. So if what people thinking as the top or the center of the system disappears, the market continues. The market will just keep going on and people will find new parties to exchange data with. The system is also self-organizing. It doesn't require a central server to tell you, here's what, where things are, and the way that an AXR has its index servers and certain other systems may have. Keynotes. In our system, every agent picks a particular task that it will do and then tries to optimize its performance of that task to earn more mojo. The system itself is also very fault-tolerant. Because we're dealing with simple messages, we don't care if one or two of them gets lost. We can always retransmit other messages to different agents. And it's very cheap and easy for you to send multiple agents to people and decide, well, I'll take whoever answers this request faster. The system itself will also scale up to a large number of users and also to high bandwidth content. So mojo nation as it stands right now, well, without even trying, we can stream, well, with a little buffer, we can stream audio. Video is a short step away. The system is designed so that when data is published, it's split up into lots of pieces, sent out to thousands of systems, and then when you want to download a particular piece of content, you send a small bit of the data through your small upstream pipe to another user who sends the small bit of data that you're requesting down their upstream pipe. Now, because most people end up having asynchronous connections, they can download a little bit more than they can upload. We end up with a situation where we can create, we can actually send as much data as you can handle on your downstream pipe without overly taxing all of the upload capacities of the various people who are sending you these bits. So if you want to publish a file in mojo nation, you start off with the original file, you break it up into a sequential series of splits. Each of these splits you run through a standard error correction algorithm and generate eight shares of the original block. Any four of these eight shares are sufficient to reconstruct the original piece of data, and there's no loss of efficiency. Those four pieces of data, the four shares to the block, are equivalent in size to the original block. So you take each of these redundancy shares and you run them through shall one and you generate a unique 160 bit tag for every number, or for every block. You then create a map. Now, this map is basically the instructions on how do I reconstruct this file given as pile of blocks with these particular shall one addresses. You then take this share map and you run it through the system again and you end up with eight shall one numbers that uniquely identify any piece of content within the system. So a URL in mojo nation is actually just one long number. That's it. It gets you to the data no matter where it happens to be stored. Now, once you prepared this file for publication, you go out and look for people who you can pay to hold on to that block temporarily. Basically, these servers act as a temporary staging area where you place a block and you notify the rest of the world, hey, there's new data within the system. It's a little bit more efficient than that, but basically you send off a message to all of the block servers that may be interested in that range and you say, you can get this block here and because it covers your range, there's a particularly good chance you'll be able to resell this to somebody else later. Now, in addition to all of these blocks, you have a chunk of metadata, a little XML blob that describes what the content is, perhaps a signature for the person publishing it if they wish to establish reputation as somebody who publishes good stuff or accurately label things, and you send this metadata to our trackers. Now, the block servers within the system are agents that you run to resell your open space and bandwidth to move the messages through the messages that people have regarding giving this particular bit. So if you're sitting on a very large chunk of this and a little bit of bandwidth, you'll be able to resell parts of that disk space to the modulation system. Now, every block server picks a random mask within this 160-bit address space and says I will handle blocks, I will buy and sell blocks that happen to match this particular mask. These block servers then advertise this fact to the rest of the network. And if somebody wishes to retrieve a block, they have their own list of who do I trust that handles this part of the address range and they go and they ask that server, have you got a copy? If they don't have a copy, then you check your map of who you know that covers what and you go and ask another person and another person until you find the data. Now the more requests you send out, you're also generating information within the market and there's somebody looking for this data. So the data itself as it gets blocked and resold within the system actually tends to move to where users are consuming it. Now, once you pull in more blocks within this system and a block server with a fixed amount of space eventually runs out of new places to store information, it gets to make a choice. To only keep the most popular things and still advertise a very wide address mask, we're going to shrink my address mask and instead hold things in depth and generate a reputation as somebody that keeps a deep history in a particular part of the file system space. These are decisions that each individual broker and block server will be able to make depending on how the user wishes to configure it. So when you actually want to get a piece of data, you start off with this distributed high node and you've got it by a content tracker lookup or you just open a simple URL that describes this content. Now the first thing that happens is your broker looks for block servers and tries to figure out who it's going to buy these particular blocks that you're looking for. It then goes out onto the net and it tries to purchase these blocks in the market space. After it has four of the eight blocks, it runs back through the decoder and it keeps repeating this until you actually rebuild the entire file. Then this data is sent off to a local agent whether that's your browser, it could be an image viewer. We're very independent as far as the types of content presentation methods we use. Somebody could easily hook up a video streaming program to this and pull their data down using Monju Nation. Now the content trackers, the other major agent within the system are looking at the catch-all category of everybody who keeps track of little bits of information about the state of the network or at least their viewpoint on what the state of the network is. They serve as distributed search engines so when you publish a bit of content you send it off to the trackers who cover that particular space. If you're publishing perhaps a pirated metallic track, you would send that off to an mp3 tracker and you would tell them, here's where it is, it's an mp3 so I know you're interested in it. And that is information. Those content trackers will be able to later resell to other agents who are looking for a particular piece of music. The content tracker also handles directory services so they'll tell you where you can find a particular agent. They'll tell you, well at least they'll tell you where that particular agent is receiving their messages. They'll also tell you things like what the reputation of a particular agent is, they'll act as namespace managers, and they'll also perform certain filtering functions so that if you wanted to retrieve data that was only published by somebody with a fairly high reputation for publishing the really good stuff, you could ask the content tracker and say, only give me those results that match this criteria. Now, Mojo Nation uses secure message passing and a bunch of other smart things to make sure that most of your activity within the system is untraceable or at least lost within the noise. Identities within the system are all established using public keys. Your public key is your identity within the system. We also are completely transporting independence. We can run this over to HTTP and we actually do that right now. We can run this through ZKS Freedom, Web Mixes, and Analyzer. We don't care how you get the packets to and from locations. We just take the messages and we process them. The other agent that we have are relay servers. Now, these are servers that will perform a service on behalf of another user, in this case passing of messages. So they're much like a Chami and Mix node. They'll take incoming messages, they'll decide who they have to go out to, and then they'll send them off. The other function they perform is a message drop. So that if somebody is trying to provide data to Mojo Nation behind a firewall if they're trying to hide who it is that they are or where their server is located, they can contact a relay server and hey the relay server to advertise I am involved to get to Jim. So I know what his public key is. He has told me where he is located currently and I advertise this presence to the rest of the network. So that way this agent then sits around and collects my messages and I will occasionally check up with it and say, you got any mail for me? Okay, give me those messages so that I can process them. This allows us to get a simple step of indirection and then in later points we'll be able to chain these relay servers together. We'll allow you to add in any sort of anonymity providing transport function of a word for you. Reputations are another major system that we use within here. Mostly as a means of telling an agent what is your current view of the world. This includes information like here's a list of everyone I've conducted a transaction with. Here's how many messages I sent to them, how many I expected to get a response and how many I actually did get. So if somebody is trying to cheat you by for example accepting your money for the message and then not giving you the results, the reputation will drop. In fact it will drop quite quickly because you're just going to go to somebody else who will actually be able to perform that service for you. Reputations also control other types of cheating within the system. So if you try to post some content and mislabel it, well then eventually somebody is going to mark that particular description of the content as being inaccurate and they'll say, give this personal thumbs down. What ends up happening is that you get an emergent view of the state of the network. No agent needs to trust any other agent and only trust what they've actually experienced. Now third party servers can go and take this information, basically pay agents to send a copy of their reputation field, all of their reputation information collated all together and then resell to other people what are effectively global reputations within the system. Now some future functions that we're adding are based on the fact that we start off with a micropayment system. We have a means of moving funds from one person to another. That means you can leave a tip. You can download content, the content may have a registered publisher or somebody who actually created it saying, this is mine, give me a nickel. And we make it very easy, we'll add a simple button and you can say, send somebody 5 miljo or 5 cents worth of miljo for that particular piece of content. It also means that within the system, because everything is monetized you have the option of effectively dialing in the amount of privacy you want or quality of service. If you want to spend more you can spend more and send your message through lots of different agents within the system to hide your identity. Or if you want to spend more for a better quality of service you can send a little bit more payment with your messages and say, move me up in the key. I'm more important than them and I'm willing to pay for it. So we can actually give you a little bit of quality of service based on this. In the future we can also provide distributed computation services, any online task that people want to do can easily be monetized and litered using mojo. The other thing we'll be adding are hooks for streaming content so that you'll be able to simply stream stuff. Take any type of content you want, feed it straight into a viewer. So in short, the market works. Throughout this system we've always tried to, when we hit a sticky point, fall back and say, how does this work in the real world? How do untrustworthy parties move goods and services between each other? And, wherever possible, just rip off those ideas from the existing market. Now the source is currently up on the URL there and it's being hosted in the development site. We are mirroring our source-to-source approach. Mojo Nation Project is where you can grab it. Otherwise I'd actually like to jump into questions because it plans lots. Yeah. To publish anonymously, within this system, the publisher asks two questions. One was how do you move real money through the system and the other was how do you publish anonymously? I'll kind of answer those in reverse order. The way you publish anonymously is that you start off and you split your blocks up and then you pay people temporarily to just hold on to that data. All you're saying is I'll pay a little bit of mojo, hold on to it for a week. And I notify other agents that you have this new data. Now they expect to be able to resell this to others. So they'll contact you and they'll say, give me a copy of the block. Now at that point, that's the last time that anyone will ever know approximately who the publisher is. Now if the publisher is really paranoid, they'd have sent the data to that temporary holding server via another relay server or some means of indirection. But once the data is published, the publisher can disconnect. They're not involved anymore. The data is in the system. It's being stored on block servers and the market is maintaining it. As long as there is a demand for those bits, they'll continue to exist within the system. It's like a huge cash that basically peers off the least recently used members until we have the natural matching of demand and supply. And the other question is how do you get the real money in and out of the system? Immediately during the beta period, you don't. As soon as we go into the actual release, the end of September, once RSA is free. Yes, waited a long time for that. Let me tell you. But basically we will perform that function and others can perform that function. A digital coin is a number. You could go sell it on eBay if you wanted. Clear with PayPal. We don't care. We will be a market maker in the currency, which means that if no one else will buy or sell your mojo, we will. Now within the system, there are people who will be net producers of mojo because they've got more resources than they consume. And there are people who are net consumers of mojo because they're sitting on a dial up line and they can't really serve much, but they really want all that content. What we will do is we'll match up the buyers and the sellers and take a small commission. If people want to go around us, that's no problem. We claim no exclusive position within the system other than being a market maker. For a person that you can come to and know, somebody will buy it or somebody will sell you it. So that's how we intend on moving money through the system is people who want to buy it will come and buy it from us and people who want to sell it will sell it to us. The actual identities should be stated at the end of naming them. The coins are anonymous, but they can be anonymous. When you withdraw the coin, it's an RSA album. Chameon blinding is a client-side operation and the source code is out there. That's about all I can really say on the coin anonymity subject, but on the payment anonymity, we will know identities of people who put money in and take it out, but we lose track of it once it's in the system. They are literally numbers moving around and our bank can guarantee that you haven't blinded your coin when you sent it to us. So unfortunately there are real regulations that the governments and many every government has regarding needing identity for starting money systems. That was one of the things that actually makes this kind of unique is you can go in and you can actually start earning money and earning mojo without telling us who you are. You can just start running a service, you start earning mojo, and only when you actually want to cash out that's the only time you have to give us an identity. So there's a real low barrier to entry on the payment system. Yes, the back. I have a question. Are you going to have the option as far as other services that you can run on top of this or the actual the actual price of mojo will float. Every unit of mojo is just a representation of one small chunk of the total pool of resources available at any one point in time. So as basically we've got things like Moore's law slowly pushing the price down, the price of all of these resources is slowly dropping. The price of mojo is just a derivative of the price of those resources. So as the cost of bandwidth goes down as the cost of disk space goes down and as CPUs get cheaper the actual real price of mojo will slowly drop. Yes, you'll be able to purchase mojo online, you'll be able to send us checks of money orders and we will write checks to you. Yeah. Those who earn the most mojo are those who can most compete effectively within the system. So if you can you go back to, you have a raw set of services that you can offer to people. You will try to resell those and earn some mojo. So those who are sitting on a big pile of bandwidth or disk space will be able to earn a lot of mojo. Those who are sitting on lots of bandwidth but not much in disk space will be able to run relay servers. Those who have the disk space but not as much bandwidth can run block servers. Basically users can decide according to the resources that they have available to them what servers they want to run that will be most effective at earning them mojo. I expect that to change over time. Initially relay servers and content trackers. Now as part of our legal strategy we don't run content trackers. We can't put the pieces together. Only you can by running content trackers. Yeah. Yes. You can earn real-world cash. For starters the beta mojo will be backed by $100,000 from our company. At the end of that period you'll be able to take your beta mojo, convert it back for a pool of the total tokens that we've minted. After the beta when it's actually in release you're right, content trackers will always be a service and demand. And those who want to run content trackers will be able to earn some money. And it is also the point of liability. If somebody else is able to run content trackers it's also the point of liability. If somebody actually wants to go after an agent within the system that's the first place they'll start because the content tracker, this file system you can't just walk the file system. You actually have to know what you're looking for before you can reconstruct the data. Now the content trackers can also live behind relay servers. It was explicitly designed like right now you can run a content tracker, you can hide it behind several relay servers and they will advertise to the world I am a way to get to Bob's content tracker. But still not necessarily know am I the first part of the chain, am I the last part of the chain we hope to make it very difficult for somebody to actually track down and not worth it if they ever go after it. We want them to come after us because we were smart and spent a year and a half talking to lawyers before we wrote any code. One other question is I personally rather do you know exactly with the people who can't necessarily jump in straight with money in the system or who don't want to pay if you try to take advantage of the system and try to cheat other people you're going to find first of all that your reputation is going to drop like a stone and no one is going to want to talk to you. So basically what happens is you start cheating people. You start to say taking your money and not answering the requests. One you're going to stop talking to you so you get basic banishment which is the only punishment you can ever have in an informal society is saying we just won't talk to you. So at that point you say well I've used up this reputation, this identity, I'll burn it and I'll start over again. So if you start over again with a new identity you will have a lower credit rating because that identity has not had much flow through the bank and you'll also be somebody that no one else has heard of. So what they'll start off with is they'll offer you less credit and they'll also at some point even charge you more because they're taking a risk even conducting business with you. It's the same sense of the real world. There are people who can't get good credit but there are other people willing to loan them a little bit at high rates to pull them into the system and that's what this does is it basically says if you want to avoid any cheaters or at least want to really minimize cheaters only talk to people who are trustworthy. If you want to earn a lot of money take a risk and talk to people that have a reputation. At the moment it's a real simple handicapping system and it's based on price. There is a business logic agent to this which we expect all sorts of frustrated day traders to try to code to and say I can think of a better way to run this agent, make decisions based on what I think the user wants. So there is actually programmability to what can be done and how you make these economic decisions. The simple one right now is go for the best price but dig into the code and show us that there's a better way to do it. Yeah. Now it's okay. There's two questions. One the second question was how do you cherry pick, how do you prevent people from picking the popular content and avoiding the content that they don't think they're going to resell? Independent security audit, we've had the code out to a small group of advertisers at the moment and we've given it to a couple of people to look at. A deep audit is something we want. Ian is looking at it where we have David Chong on our board of directors, our board of advisors so we've got a little bit there but at this stage we think it's good. The people we've talked to said yeah it should work and it has really dug into the code at the fine grade level the same way the PGP for example has been examined. We're actually hoping the people will do that now that the code is out there and available and we will seek an independent audit of the code ourselves. Now as far as how you can prevent people one you cannot prevent anyone from taking a piece of content in the system and doing whatever they want with it. You have no control over the information. When you put it out there you're just saying here it is I hope that somebody likes it maybe it will stick around, maybe it will disappear but what you're basically doing is throwing the content out there and hoping that somebody will come and buy it. Now because the entire file system is this hash address space you as an agent can't go and effectively pick what's the most popular stuff today because what's going to happen is the only way that you can ever get anyone to come and ask you for that information. The only way that you can resell that is if you have a reasonably high reputation and delivering what it is that people want. When an agent starts off a block server can say I handle this part of the address space, maybe I handle these 8 bits in the mask and then eventually they fill out and they have to decide what to do. Do I want to keep the most popular stuff the things that I know that I can resell or do I want to narrow my mask and keep history in the parts that I do know. If you keep your disk set at a very large level and what will happen is lots of people will come to you and say oh you advertised for this big address range, here's a little chunk of it and you got a copy. Now if you're only picking the most popular stuff Odds are you're not going to have a copy of it unless you've got a lot of disk. So what's going to happen is you're going to say no sorry I don't have it and your reputation with that agent has now dropped a small fraction because they asked you for a piece of data and you didn't have it. So what happens to somebody who tries to cherry pick that sort of data and they don't have the resources to back up the attempt they're making is that the reputation will drop because they cannot fulfill the requests that are being sent to them. Right, but the reputation is based on this agent advertises mask X do they fulfill requests effectively within that mask. So if you start off with a wide range on your mask and eventually all you've got are the five most popular blocks in the system because you've gotten rid of everything that's already overflowed then if you get a request for anything other than those five most popular blocks you won't be able to fulfill it. If you are performing the services that others are asking of you your reputation won't drop. Your reputation is only based on your reputation is everyone else think of me. So for those let's say 80% of the requests you were able to answer your reputation stays high and for those agents who are part of the 20% of the request you couldn't answer your reputation drops a small fraction. Oh you don't care you just want to make money it's what service can do best fulfill the system. Now you're competing against other people who are trying to handle a large range of the address space so it's a question of can you do it better than anyone else can. How do we keep track of who's got how much mojo? Okay basically again it's coins your agent occasionally contacts the token server and says is there anything new in my account if so withdraw the coins please. Well a token server at the moment it is the token server but it will soon be one of many and the token server is just something that signs little chunks of little tokens for you and withdraws an amount an appropriate amount from your fixed account. At the moment there is only one token server which is a token server that we are running but if there are more token servers then there would be different currencies that's like saying we meant for example dollars somebody else means deutschmark somebody else means francs other parties can set up and say I will exchange these one for another but every set of tokens that is minted by a particular token server is its own separate currency. Yeah against user is there any provision for an outside party to be able to limit a participant in the system? No. Yeah absolutely in fact it's real easy for anyone who has any access to any resource to resell it in our system it's kind of firewall we don't care if it's as long as it's available. It doesn't maintain a continuous connection it means a state of the conversation I send a message to you you send a message to me this is where we are and then there's a relay server that's out there so you're behind the firewall and I'm not and the relay server here is advertising for your public key I contact the relay server and you occasionally pull and say give me messages all over port 80 if they block port 80 you're screwed but you know you can't really do much with the net if they do that yeah sure I really like that the server side of what is the one sort of the end user side let's hang up it's 10 bucks and it would be great to use it What do I mean to you if you're a direct client? There's a client that we distribute that is our local broker and also a proxy the proxy sits in your htp proxy path that can intercept our url and feed them off to the broker and then the broker is the agent that's running and reselling your disk space or your bandwidth or whatever so this broker also has a publicly available api any other program can ask the broker ahead like a little bit of data here's where it is so we can hook into anything on the back end we just move bits from point A to point B yeah it's really easy for anybody to decide I just want to resell this chunk of information and the client handles all that for them and that is distributed with the program so many of you might want to do the search for the content tracker you pay them to get the result back exactly and if you're starting off it may be easier for you for example don't eat content for us rather than ten dollars of mojo will go a long long way I mean we have at this currency right now it's effectively nanoSense is what we're talking about five nanoSense because bandwidth is really the limiting factor right now disk space is free CPU cycles you can't give them away exactly but bandwidth is still recently expensive so that's what we're expecting to be the limiting factor and a unit of mojo is worth about five nanoSense of team one space right now sure they're having a big money it is a race to put you could now initially there's the tipping function the paylars button so that is something that's a service that we will run and if somebody wanted to donate to the registered publisher for a piece of block for a particular file we'd collect the money for them and it says that royalty is for that's a Britney Spears mp3 that you've got we should be handling that money the law is going to say that's what you've got to do anyway so what we're doing is we're just enabling that feature for them we love the mpa or the ria to jump in here and say you guys don't even know where Lars lives we do we want to partner with these people to give them an alternative to what's out there but the only way the publisher makes money is the tip or perhaps you post something as a Britney Spears mp3 but instead it's a rant on why don't you actually pay the artist so the mechanism that we use to control that are the reputations again pieces of information in the content oh yeah okay well in that case it's still a race remember that the content tracker has it's like there may be 50 sites that match any particular lookup on altivist or google who do you go to usually the first one listed is second you work your way down the list the same way the content tracker returned you a list of here's something that matches your request and this is the one that had the highest reputation from others as being the good cut the one that you wanted so basically the only way that we can get around that is by saying the first to publish will push a path in that direction their information will be distributed far and earlier than anyone else so somebody's coming in and trying to compete says I have an mp3 the same title published later hasn't been rated versus an mp3 published a long time ago that's been rated by thousands of people which one are you going to use if you want to use the new one that's fine we don't control the client at all we let you do whatever you'd like to do we just give you mechanisms for deciding how you want to make the choice it's a set amount of mojo every server within the system can set its own prices you can say let's say you decided to set your price to 1 you'd get a million requests how many of those do you think you could answer those that you couldn't actually answer this is a black hole I send messages there they don't even respond mark the reputation down exactly this is the market this is how it works you have the resources you have the access and lower your prices I don't know who is the original creator of any digital content unless it was mine I can't guarantee who is the creator and we don't try to answer that question all we do is we say we can give the publisher a very cost efficient way of publishing their data you can publish it once and you never have to pay again as long as it's popular the other thing we offer is the tip it seems like it's important to say I'm the publisher I publish it at 20 cents I constantly manage to go out and be united as the publisher you don't set a price as a publisher all you can do is put the data out there and hope people will buy the other block servers are the ones that set the price and this is their price for what I will charge you to deliver data the originator of the content remember it's publisher anonymity there's no way for us to even find out who the publisher was all we can know is there's a set of blocks registered at this location by this publisher team that's our kind of our royalty information and if somebody comes in with a good court order saying this is really my bit the publisher listening to somebody else basically there is no exclusivity within the system you cannot have an exclusive lock on a piece of information because as soon as you resell a copy that person can resell it and the next person can resell it they can resell it for a lot less than you're charging so you're right that's a problem we decided don't even try to fix it just let it actually work for you basically until there is an actual registered publisher listed you'd hit the tip button and it would try to find out who's listed as registered publisher well I guess we can't give them a nickel maybe next time yes tipping is volunteering and optional we think the people are honest if they don't want to be honest if they want to screw content publishers and not pay a tip ever they can yeah right for starters they won't actually have to pay a real money we'll give you some mojo to start off with initially during the beta period if you open up an account we'll give you a million mojo just a half to play around with to actually use the system because we need to find out is this not going to break when we hit past 10,000 nodes or something it's designed so it doesn't you never know so what we're doing is we're giving people a little bit of mojo to get started to throw content up there now in the long term you're right the publisher says what's in it for me and basically all we're saying is we're a distribution system if you'd like to use us to distribute your bits you can if you wouldn't like to use us to distribute your bits maybe somebody else would like to use us to distribute your bits but the publisher in this system is kind of the worst just because they don't get a big benefit unless you're somebody who wants to establish a reputation as being a great publisher of all of these goods in which case maybe you might be able to at a later point ask for more money say sell your information to a content tracker Jim's published some new stuff I know that you're going to want it because you know you can resell it in a heartbeat so maybe you'll pay me for that content information instead of me paying you just the content just what types of content we can handle anything initially you're going to find a lot of source code a lot of images music files we can scale up to handle video piece of cake any piece of content you want we just move it from place to place as efficiently as we can and the system also because it is lots of little pieces coming from a thousand nodes it's really easy for us to share a file or an AVI or something that's four gigabytes in size because you're only asking for a small request from a million people rather than asking for one four gig file for one person yeah potentially it is efficient as a good backing store for your storage because it was a question of is it a useful or efficient for someone who just wants to publish their own data and potentially for data that changes rapidly right because the way the mojo nation system is work the hashes of the file identify the pieces to it whenever you change one bit the whole map is blown you'll be providing effectively a service that a namespace manager that will map a URL to here's the current mojo nation identifier for that so that you can actually publish beautiful data within mojo nation at the moment yeah when something changes the references to it are blown it is really something suitable for actual archival and storage of data that you want to distribute to others yeah right now very little will do that except being a token service notice but over time we just won't give mojo when you first start an account and in fact those who are starting in the system when we go to the release and when it's mojo back by real dollars what we're going to say is we won't give you services in the system so you give a little bit to us first you have to donate resources first you have to earn your mojo before you can spend it so we might give you a nickel or a quarter enough to work for an hour or so but we will make it relatively difficult for somebody to basically smurf the server and get a thousand little bits that they bring back potentially it will make it a little more difficult for people to use because they can't get instant gratification what we're trying to do is give them a larger library of content that we can hold within the system and compelling reasons that they want to go specifically to mojo nation if there are competing systems out there that can survive their own parasites and actually grow up to handle this sort of content then they would be a competitor and we'd have to figure out a way to potentially feed them in the marketplace but in the short term we're just saying toss out there hopefully things won't break that horribly we're running out of places to be in the A.A. and I have a pretty serious grief I put out there I think I suppose I pay attention but in the end I just thought my name would be a good thing so I'm in the A.A. now so the A.A. is going to be very happy I'm kind of addressed this but are you guys going to get a major payment to be able to protect yourselves from them dying because you guys you could also be making money again the tip doesn't specify what the tip is for all it is is it's payment it's saying give a nickel to Lars it doesn't say why it doesn't say what it's for you just want to do it so basically all they can do is they can look at that and say well lots of people like Lars but we don't know why so you end up with basically a situation where they can't match up the payments and so they can come to us and say when you're not a people you're making a system that lets people earn money off of our stuff my response to them is well if you can identify those blocks we will do the honest thing and update it but otherwise maybe you should just beat them to the punch and distribute your data through our system oh I missed you the blue here yes sorry yes currently they're all local currently they're all local the question is are the reputations going to be all local or will there be reputation systems that allow you to have more widespread will there be collections and aggregations of these because I think the question when you scan your response and see the ones that are on top of it reputation ratings next to them saying yes this one sentence is good I think it's a question of how flexible is the reputation system and it is as flexible as we can make it all reputations are local that's the only thing that you trust as gospel is what you have experienced out on the net all other global reputations will actually just be guidelines I'll go to the sysclonever at mojo nation to find all this good video content I trust them so I'll pull down the reputations and maybe weight things appropriately depending on the amount of trust I'm willing to give to this third party but that's something that is of the choice the local broker has the choice of how they want to do that and these third party services the sysclonever or these reputation services will go around and actually try to pay people to give them a copy of their local reputation and then collate them all together to build a global reputation so basically your the client's agent would handle all the publication tasks for you it's like a it's a browser it's a form you fill in you just cruise through you say this is the file I want to do and upload it now and so it'll take care of things it'll find people to hold on to the blocks for you temporarily you run out of money halfway through the transaction it'll say oops we have to get more but you don't necessarily lose all of the other activity you've got in the same sense that as you're downloading if you can't find enough people well you can stop but you can always pick up the transaction where you happen to leave off and if you wanted to publish a terabyte the cost would actually for something that large would actually vary because the more you put in there you're increasing the demand on the system so the prices will slowly rise if people don't keep adding more supply as part of the publication agent you can say there's there will be a little radio button saying I am the publisher I want to officially register as the publisher with the modulation royalty tracker or I don't I don't want people to know that I was the guy who published this data or at least that my public key was the identity that published this data so that is a service that we will run if any other agent anybody else out there wants to run a royalty tracker they can and if people go to look to them power to it but yeah basically your client handles all those functions for you so this is going to add up to the spheres and say yes it's actually me well we registered in our royalty tracker and then when people wanted to do a look up and said who was the person who published that cool bit of information we have a DI and you register the hash of your info along with your public key so they say oh this was the information I had I hashed it up and compare it you're the cool guy who published this so I'm going to send you a payment and it's a payment directly to your public key idea I don't know it depends on if they can find you if you're telling the world I am this public key yes if you don't tell anyone that you're that public key no they can't find you unless they're really really good so this is going through the registration level and the statewide level the familiar customer department is going through where we continue to register a conference meeting with the parties there actually is a limit to not having certain classes of transactions internationally I don't know if it's international but internationally there are a lot to take place so the purpose is to keep this yes and no it's a question of what happens when all the world's governments come after us and say this is bad or they decide that know your customer rules apply to us we do know our customers remember we know the people who send us money and we know the people that we send money to the stuff that happens out in the mojo market we don't control it we don't see most of it so you're right parts if a government agency US government agency or some other group goes after us first they're going to have to deal with the fact that we're not operating as a US company so they're going to have to trot on over to the Cayman Islands and shut us down there then they're going to have to shut down any of the other token servers that might exist out in the system these are small boxes part of the design for the system was that all of the good bandwidth in the world is here in the US and Europe and places that have really nasty jurisdictions for some of this stuff the places that have interesting jurisdictions don't have any connectivity it's expensive it's unreliable we separate the data from the metadata needed to reconstruct it so you can move trackers and some of these meta-service functions offshore to any place on the net that exists in a friendly jurisdiction and conduct the transactions there because there's small chunks of information all of the big data is sitting in the US or Europe on people with fiber optic lines and well connected and cheaply so we try to split the two up to get around some of those problems and the other is we set the company up so that hopefully they can't get away with that as far as somebody trying to do money laundering or move to other things through it services for who basically willing to pay more than you are, they're going to get the service so what they're doing is sort of a denial of service attack on say Twinkies by going around town and buying up all of the Twinkies and saying aha I showed hostess they're never going to be able to get another Twinkie move through this town what happens is all they're doing is they're paying you to accept this sort of denial of service attack what happens is this third party agency say a government agency or corporate entity buys up a lot of mojo and then goes out and buys services so they raise demand so now it's worth your time and money to attach another disk to the system or fire up another server because you're going to start earning some real money because there's some big spenders on the net who are willing to pay anything to make sure no one else gets a transaction through it exactly, I mean basically the system will try to correct itself using those market mechanisms where if you try to go out and buy all the services all you're going to do is raise the price and there may be people who are willing to pay more for a small chunk of services than those other agencies can afford to buy up all of the capacity of the system it's a definite possibility it's a sort of a digital divide question you have a system that is skewed a little bit towards people who have high bandwidth connections in terms of the amount of mojo they can earn and the type of content that they can see so those who are unable to afford some of the higher content data the question is are we locking them out and I'd hope not part of what we're saying is anybody who can participate in the system so if you have the resources to download data and by definition you have the resources to sell services to the system you obviously have an internet connection you obviously have a CPU and you've got a disk maybe small maybe not so what it is is that you are offering to the system a chunk of services and in return you'll be able to get what you contribute to the system so you're right we don't make it we don't solve the fact that there are some people who can pay for better services than others but those who can't necessarily pay for them can do things like say I'll run this for five days to earn a lot of mojo so that I can do a very multimedia witch transaction on the sixth day it also works across international boundaries so if you're somebody sitting in an interesting jurisdiction you can resell that fact hi I'm a tracker sitting in the Netherlands pay a little bit more for me so what you can do is that you can pay for a credit rate by buying a bunch of accounts and moving money through one of those accounts the credit rating is a representation of your flow through the bank so basically how much do you have invested in the system so far and you're right it doesn't completely solve the problem people who might want to gain the system and there are lots of different games that people can play just like any other economy out there there are con games there are swindles we just try to make it so that if you attempt to pull off a trick like that in the system by the time you've gotten to the position where enough people trust you you will have already performed some service for the system so we've at least gotten something out of you in the first place to recycle the same funds through an account to drive up the credit rating that would give you an impression of flow but it wouldn't give you any history in any other tasks you're right you can artificially try to boost your credit rating and we can make there are different alternatives we have to fix that on the bank side as well charging you for certain activities and that sort of thing we already charged right now basically a small number based on the amount of coins that you have assigned because that's all it costs every signature costs us a few cycles of CPU time and speed so we charge you according to the amount of coins you withdraw beyond that we're basically going to try to use our database mechanism to enforce it so either play games with pricing or play reputation games yeah so the other key thing to remember is that a small critical thing that actually officially exists this way if you take the life of yourself on the industry you have certainly one 5% problem and a very small amount absolutely we don't try to prevent fraud in fact we go at certain points we do things specifically to allow a type of fraud because we want to relax other assumptions like the need to know an identity where they need to be able to trace an audited transaction what we're trying to do is bring fraud to a level where it can be controlled and people can know ahead of time I'll probably get this much out of it maybe I'll lose 2% due to fraud costs in general that's a cost I'm willing to pay and then the market just adjusts accordingly yeah well technically we're not minting a currency our lawyers think that we will qualify as a nonbank financial institution which means that there are certain hoops that we have to jump through but we're not actually minting legal tender the old civil war laws that they used to consolidate down to greenbacks that will not cover us we're like the casinos and chips you go to the poker table you play poker with other people at the end of the day you go back and you cash out your chips all it is is it's a token it doesn't mean anything in fact the dollar value is not fixed it's just this token is worth whatever you can get somebody else to do for you if they accept the token that's a good idea you can just do it you can just do it you can just do it that's how they got it right that's the reason they were so close yeah at the moment at the moment there is one denomination mojo there is one coin I think it's 10,000 mojo coin just for simplicity's sake over the long term we will have multiple denominations of the coin and we will most likely accept multiple competing currencies within the system what we're more concerned about right now is that what we're more concerned about right now is actually establishing one currency that works after that people are welcome to set up whatever they want one more question right now what do you think this currency will be passing for or on an average server cycle as far as how big can we scale up to or right now today how much data can you throw on there? a couple terabytes right now this is just we will provide servers to back the currency as per so we will be the redeemer of last resort therefore we have to keep some block servers we have to keep some trackers and other servers well meta trackers but trackers of trackers running that sort of thing for those services we will sell some of our disk space and we've got a couple of terabytes waiting for it and stuff and when more people join in and start running these on their always connected computers the pool just keeps getting larger and larger in terms of the resources available so like any system that's distributed an immersion like this when it starts off it's a little fragile but as the system grows we can accept more and more agents disconnecting and reconnecting from the system and everything just continues on as if nothing happened Steve's telling me it's time to stop oh yeah sorry the other thing is that we've got swag here for anyone who's stuck around this long free t-shirts somewhere over here inside square your shirts