Tokenizing Humanity - TOKEN2049 Singapore 2023

by a show of hands who was at Korea blockchain week yes very nice well good morning everyone my name is Leslie Lam and I'm the CEO of openx we're a team of passionate and creative crypto enthusiasts five months ago we launched a crypto derivatives and a real world assets exchange with the core focus on radical transparency we're starting off with Native crypto assets but our vision is to go beyond and it's to tokenize and make real world assets tradable but to understand our vision and to understand where we're going let's take a step back and start with the Journey Through Time thousands of years ago before the glint of gold coins and the Russell of paper money wealth was determined not by what was in your pocket but by the herds that roamed Your Land the Magnificent Ox was a symbol for a tangible wealth and prosperity was determined by the land that you owned and your ability to cultivate it effectively since oxen were way better at plowing Fields than humans they quickly turned into the first unit of barter and because of this they became the core to Indo-European trade now today instead of merchants haggling at Market stalls for oxen we have blockchain technology which enables trustless and transparent transaction on public order books and this brings me to my primary focus for today which is on real world assets if oxen were pivotal in transitioning into the first unit of barter then I believe that openx with the native Ox token at its heart is poised to usher in a new wave of crypto adoption right now rwas are the eighth largest sector in defy up from 13th in just the last four months and analysts like Boston Consulting Group estimate that tokenization of real world assets is poised to be a 16 trillion dollar industry by 2030. now the fast accelerating rise of rwas is truly a shift towards worldwide crypto adoption and I believe that we are positioned to not just ride the wave but to lead it and our long-term vision is to tokenize all a liquid and opaque assets using the transparency of crypto to make it easier to solve problems in the real world ensuring liquidity and fair price discovery on public order books to start with rwas isn't just about fractionalizing Fine Art and real estate it's also to solve some common problems that perhaps you have experienced sometime in your life or perhaps recently and this is where our journey began with the understanding that Innovative rwa tokenization can solve two of the most pressing problems in crypto that I believe we are facing today and the first is bankruptcy claims there's over 20 billion dollars locked up in bankruptcy crypto bankruptcy proceedings with over 20 million claimants affected across a number of different Estates such as Celsius and FTX and these claimants are either resigned to waiting for years for crypto bankruptcies to play out or they've written off their losses completely the second is something called Justice tokens in the form of this particular problem of disinformation perhaps some of you have been on the other side of this at one point in your life one of the biggest challenges that I believe this industry faces is not product it's misinformation and defamation which greatly harms real people and businesses it creates a toxic culture that not only inhibits newcomers from joining the space but also from entrepreneurs from innovating greatly but let's start with bankruptcy claims by the magnitude of the demand both FTX and Celsius claims are now live and trading on openx in the past OTC claims trading has been highly inefficient and also severely costly and inaccessible to a lot of the smaller creditors it's a very challenging Market to get right because of all the legal hurdles involved so we've partnered with a great company called Heimdall who manages the claims verification and tokenization process for our users now with Heimdall we're able to help claimant tokenize their claims and importantly access liquidity and doing it in a crypto native way and that's the most important part solving a problem of this magnitude affecting millions and millions of people with a crypto native solution now to better understand what this looks like let me share with you a story of a customer a customer who will call Sam she's an ex-trader on FTX who came to us wanting to sell her FTX claim and what surprised me and maybe naively is her desire to want to get back into the market and want to participate in the upside that the market has despite having gone through the trauma that so many people millions and millions of people had gone through not too long ago and like Benny she had come to learn about openx through our Twitter account and our new listings such as rolled it and Harry Potter Obama Sonic 10 enu and these these types of coins um you know we were known for doing these types of things in a similar way to FTX who has known the last Market cycle for also being the first to list these types of tokens so she was very excited to trade perps on these new tokens but anyways she came to us wanting to sell her FTX claim so she went through kyc on the FTX claims portal went back onto the openx claims portal to finish her claims verification and within minutes she was able to get onto a video verification call and after that was done basically she signed a transfer agreement to transfer her claim ownership to a designated legal trust and upon doing so received claim credits and was faced with two options one she can convert her claim into our native aux token and get up to double the value for her FTX claim and use that as collateral to trade crypto futures or the second option was to sell her claim for our on-platform credit currency called ousd it's a dollar denominated asset and similarly she can use this as collateral to trade crypto futures but ousd is just one example of how we are combining the token the tokenization of unique real world assets like bankruptcy claims helping claimants to unlock liquidity from trapped capital and enabling them to use this liquidity to gain upside in the market now let's shift to Justice tokens Justice tokens innovate rwa so real world Assets in a radically different direction they're designed to tokenize potential sediments of defamation lawsuits and return them directly to the crypto communities affected they primarily Target Bad actors in the space who have persistently defamed or committed other damaging acts against crypto projects there has been an increasing trend of such actions especially in the last Market cycle and for instance the launch of the fat mantera Justice token was a response to the defamation against number of different communities such as Luna lunk rolbit and ox and holders of these tokens Can stake their assets on our on-chain staking platform and be entitled to a portion of the defamation lawsuit settlement importantly Justice tokens are associated with lawsuits and they're rooted in transparency lawsuits are public information as are all defamatory statements Justice tokens serve as a way to restore some degree of Justice in crypto in a native manner that is of it in a way that is a powerful tool that can hold Bad actors accountable for their actions they can start to steer social media towards the truth instead of Engagement farming and in a way that promotes crypto to be a much more positive and empathetic crypto community but rwa tokenization is only part of it let's bring back ousd into the picture ousd is our on-platform credit currency that also serves as the margin and P L currency for all Futures Trading on the exchange the context here is we believe there is a great need to reimagine the credit system on exchanges one that enables you a flexible and scalable portfolio margin system where you can trade with a wide range of collateral you see after the crypto credit crash many were reluctant to lend or provide significant leverage and this makes sense because the model that existed in the last Market cycle were subject to bank runs which occurs when a large number of people let's say rush to go to a bank and want to withdraw their funds because they're concerned about the bank's solvency or stability in ousd we've created a model that is both structurally more transparent and one that because of its fundamental system design cannot collapse because of a bank run you see transparency is core to our ethos unlike traditional centralized exchanges that can exploit Trader data ousd will soon allow all collateral and liquidation data and relevant information to be publicly viewable on chain openx is not just an exchange we're an ecosystem that fuses utility with culture and community we aim to be the change that we want to see in crypto one that is transparent empathetic fair and endlessly innovative so when I talk about tokenizing Humanity I mean it in the most literal sense we're starting with rwa is that have the greatest positive effect on the most people and businesses and setting out to deliver them in the best possible way for users this isn't just a technological innovation it's truly the mixture of empathy and Entrepreneurship confirming crypto as a pro-human technology enabling freedom rights and business innovation so thank you for being a part of this journey and I invite you to come join the openx community or as we affectionately call it the herd as we make strides to a more transparent and Humane crypto future thank you very much [Applause]