hi this is charles hoskinson broadcasting live from warm sunny colorado always warm always sunny sometimes colorado you know i got a question today and kind of stuck with me and it percolated throughout the morning and i felt it's such an important one that maybe i should take a little bit of time to share some thoughts about it you know with products when you build them there's an aha moment if it's truly the right product that you just see it and it's magical and it's amazing and you say wow i remember when i was a kid i was a dos user amongst other things and the first time my life i saw windows 95 it was magical i said wow that's incredible it just boots up i can move my mouse around the start menu all these things i had a sony vaio and it had this really cool animation with like this odyssey guy his gold figured fellow who's playing odesius and that to me just opened up a whole world of possibilities i remember the first time i went online i had one of those us robotics 56k modems and i opened up netscape and i said wow this is this is really cool i was an earthlink user for the iphone it was google maps uh you know you just open up the mapping application and you said okay this product has a right to exist this product should be here because it clearly does something that's wonderful amazing and magical and i was thinking about cardano you know there's all these great features that are coming smart contracts are coming and we're building this big governance stack and you know we've done amazing work in the design of the system and we have a very clear road map of how to win and kick the ass of all the other cryptocurrencies and become number one great and that's commercial but what's the soul what's the experience what really tells you that cardano has done something unique magical and special as many of you know i'm a big fan of kiva i go and use it all the time and every time i do an ama now i give out loans i've already done five from the amas and i think to myself for me the moment i know that cardano has truly made a difference and changed the world is if i can open up an application just like i do kiva at the moment and i can have a direct relationship with someone somewhere in the world who's not doing so well and i can actually give them not as a gift not as charity but a loan to them and they pay me back and i can do that again and again and again and i win more than i lose that to me would mean success for cardano why because so much has to happen for us to get to that moment you have to build an identity system we have to make sure that that metadata system's where it needs to go there's needs to be a proper payment system that can work in all places including these areas with intermittent internet with identity you have to have have to have social structures form you have to be able to give them an asset in that jurisdiction they live that they can spend as if it was the local currency so stable coins have to form then you have to actually get paid back and be able to profit from that make it a recurring circle if that's possible everything is possible dexes will be here oracles will be here economies will be run on this and because the interest rates can be higher than what we see in the negative interest rate world and and what we see in america corporations will use this mechanism as a treasury management function either directly or through structured financial products what does that mean that alone means we will witness one of the greatest wealth transfers in human history from the developed rich world to the developing not so rich world because not of charity but because it makes business common sense if you're a cfo of an organization and you're looking at an asset that has a greater than 90 repayment rate an asset that has sovereign guarantees or insurance behind it or people to offset risk and returns above 10 or 15 percent why wouldn't you go and put five percent of your company's treasury in a ten percent of your company's treasury that one moment alone would mean hundreds of billions of dollars every year of direct foreign credit flows into these countries for the first time ever it creates pan-african and transnational currencies that mean you no longer need central banks it creates tons of micro businesses that are cash in and cash out and to offset risk markets form insurance forms all kinds of things formed to trade these instruments for people to get liquidity as people pay back and build back then if we're willing to give a loan why wouldn't we be willing to invest in a business the micro ipo ushered in by the security token that is the logical next step once that's been established the very same thing that gives a credit score credit rating to someone that enough to convince you to give them a hundred dollars two hundred dollars three hundred dollars would convince you that maybe you should be an angel investor in their business for ten thousand dollars fifteen thousand dollars and we can securitize it so individually it can be twenty dollars thirty dollars why is it charity no the cost of running a business in ethiopia is 10 to 50 times less than the cost of running a business in san francisco and it doesn't necessarily equate to 10 to 50 times less profit that's the key a whole new world opens up once this infrastructure is in place so then we ask ourselves how long on the horizon is this as we open up africa this year next year in the coming years all of that infrastructure is being wired in if not from us then from wmc and the micro isp model that they have if not from them from starlink with elon musk if not for them dozens of others who are bringing connectivity to everyone in africa within the next 10 years over 80 percent of the population of africa will be online with reliable high-speed connections and within the next 10 years over 90 percent of the people of africa will have super computers in their pockets just from cell phone upgrading they have the computing resources the baseline connectivity and innovation in things like the atm markets and so forth mean that micro banks are super easy to establish and what we're doing as an industry with stable coins those lessons best practices and ways of building things will fundamentally transform the whole notion of stable coins in volatility to a point where very safe assets with a high degree of assurance not only form but becomes global standards upon which people to use so that baseline infrastructure the next 24 to 36 months is being rolled out in our case through push models with government deals and consumer products with pull models that we'll be rolling out in 2022 which means we will bring tens of millions eventually hundreds of millions of people into the cardano ecosystem from these places first with identity then with utilities perhaps a supply chain perhaps a property ledger it depends on the deal depends on the situation but once they're in they have a wallet they have an identity and they can begin constructing a reputation and then it's quite trivial to start talking about how do we take what kiva has accomplished as great a company as it is and turn it into a peer-to-peer lending protocol that we can put right into the roots of this infrastructure and the rest will be done by human greed not charity people simply want to make money and the greatest inventions in mankind are when you can align a good outcome with people's self-interest every time you do that we all win because you don't rely on people to be saints you rely on them to not follow the better angels of their nature which as a collective whole humans tend to do so that's when i think we truly know cardano has reached it and it is my life mission and you know i have the financial resources uh to pursue this for as long as necessary to see it through and get it done and i honestly believe that as we look to cardano 2025 especially when we start rolling out that roadmap and getting you the community behind it and getting excited about it this is one of my priorities i want to be able to take five to ten percent of my treasury of my company and put it through a peer-to-peer lending service and get predictable returns on that with low risk i know i'm done when i can do that because i can convince a hundred other companies to do the same thing and individuals will do the same thing and that alone will give the credit needed to the young people of this fast-growing economies of these of this continent africa and other places the ability to grow and thrive and the other products will form and then the network effect will form and because this new economy is on as fair and transparent as well as significantly more efficient if left unchecked it will overcome the economies of asia europe and america and the only way to compete is to assimilate and become part of the new movement and then we all win not through elections and legislation begging and pleading or asking for charity but through the cold austere gaze of economics so i hope that answers the question and let's get there together thank you all so much for being part of this movement it really means the privilege of a lifetime and i cannot wait to the coming decades because i think we're going to do some cool things together let's put a debt in the universe
