 Okay guys, I'm going to make this quick little video talking about dApps, decentralized applications. If you're not familiar with term, hopefully this video will help you out because when I first heard it, I wasn't familiar with myself. So pretty much if you're familiar with ICOs, initial coin offerings have been pretty freaking crazy if you asked me in the last year or so. These are dApps, literally majority of ICOs are dApps. And so let's try to break this down in the most simplistic way so you can understand what this is. If you're familiar with the two big blockchain platforms, Bitcoin and Ethereum, well majority I would say 99.99999% of the dApps right now being created, they're built on Ethereum. So this is how it works. You have Ethereum, which is the blockchain platform, and you have something called an Ethereum virtual machine, which is the platform people use. Okay, so how it works is if you and I want to create a company, we will build our token, we will build our startup on top of Ethereum. We would use Ethereum's protocols, we would use Ethereum's smart contracts, we would use Ethereum's network, et cetera, and build a brand new token on top of it. So pretend these are all, I don't know, I'll use this. Pretend these are all startups, for example, Golem, right? Golem built on top of Ethereum and they raise a bunch of money. Augur, they built on top of Ethereum and they raised a bunch of money. MobileGo just recently, I think they raised a ridiculous amount, you know, they did on top of Ethereum. So you have all these different startups and they're coming around, they're using Ethereum protocol to create your own startups. Now, that's a DAP, you know, it's a fancy little word for saying, hey, I built a startup on top of Ethereum, that's it in the nutshell, and I can stop the video here, but I'm going to continue and talk a little bit about some key elements within DAPs. Because for the majority, because for example, like I mentioned earlier, this does tie into ICO's initial coin offering. And like anything, there's ebbs and flows, there's booms and busts, and if we take an example from Silicon Valley in the 90s with the internet, everything was a boom until it went bust. So currently, I really believe right now that there are a lot of DAPs being built that are garbage, and that is the truth. There are a lot of them that aren't really addressing the real root problems of the world. They don't understand just basic business principles and a lot of them are, they're not, they're not scams. That's not what I'm trying to say is they don't know that they are scams, and that is a big problem. So me personally, what I view the space right now, I view it as experimental. I don't view it as good or bad. In fact, I think that when more people experiment and create startups, I personally don't like the word DAP, it's a startup. It's like for example, you and I want to use a Bitcoin blockchain with Rootstock to create our own startup on top of it. It's a startup. For example, Vinny with Civic, he's doing that with Rootstock. I think he's going to be one, you know, he's going to be one of the first to use Rootstock to go on top of Bitcoin. That's going to be fascinating, but at the end of the day, it's a startup. You're building a startup on a platform. It's like I want to build a startup and you Shopify, right? So that's going to be my e-commerce platform, or I want to build a startup and I use WordPress. I don't call it no fancy word, but you know, in the timeframe where we are right now, people are using DAPs. Okay, my audio is good. So that's it in the nutshell. It is people utilizing other blockchain platforms to create their own startup. Now, the question is then, how would you create your own startup on top of Ethereum? Well, we just talked about ICOs, how a bunch of them are garbage, and like anything, you have the Pareto's principle, 80, 20, 80% are garbage, 20% are good, and timing in the marketplace does matter. These are some key things to consider when creating a DAP. Currently, currently, most people will create a white paper like, Hi, here's my white paper, give me money. I think that's garbage. I think you as a founder, if you have any basic experience as an entrepreneur, I don't want to just see your goddamn white paper. I want to see a demo. I want to know who the founders are. I want to know, why do you even need a token? Why do you need to create that? I want to know the purpose behind your company. I want to know your roadmap. I want to know exactly what key problem do you solve, and is that a problem worth monetizing? Is there a revenue model around it? That's always recommend people understand the lean canvas model, understand basic entrepreneurial principles before just creating a white paper. If I just read a white paper, to me, there's a technicality aspect. Yes, I agree. You have to prove to me the crypto economics behind it. You have to prove to me the technology behind it. But then you got to prove to me, hey, is this business for the long haul, or is this business for the short haul? Is this business even a business to begin with? So don't just come to me with a white paper. If you're serious about building real startup, longevity startup, startups that actually solve a key problem in this space, don't just create a white paper. Actually create the product. Take your time. Don't rush into it. The problem in this space right now, it's a gold mine. People running in just to do ICO for the sake of doing ICOs and raising a bunch of stupid money from a ridiculous people. And unfortunately, the people who are sucked up in fomonomics, my buddy Brad Mill states, fear of missing out economics, they think they're going to become the next Bill Gates and get a thousand X return. But that's not going to happen, not at all. Read history. One of my favorite books to read in business is Seeking Wisdom by Charlie Munger and Peter Bevelin. Read that book. You'll understand the ebbs and floor. Ray Dalio, when it comes to Bridgewater, his book principles, a fantastic book, one of my top 10 favorite books of all time. They all talk about this, fomonomics and 25 cognitive biases. But that's what a DAP is. It's literally a startup being built on top of a blockchain platform that you choose. Bitcoin, Ethereum, Waves, whatever you want to choose, it really doesn't matter. It's up to you. You can create your own to the truth. But that's it. So my advice to anybody considering starting this, it's no different than you starting any startup. Create a demo product, create a dream team, show me you are the right human beings that I can trust my money with and create a vision, create a roadmap, create a community and actually solve a real tangible world problem. Out of these convoluted, fake problems that I keep on hearing about that they're going to revolutionize the world. That's all bullshit. Okay guys, the video is short. I hope you enjoyed it. If you have any comments, leave a comment below this video. Peace.