How to Grab Attention in Web3 l KBW2024

[Applause] and Mr Jack the floor is yours awesome super excited to be here with these amazing panelists and entrepreneurs um I'll just kind of get straight into the first question for the panelists and that is what use case will get a billion people to adopt web 3 um and like to start at the end with Franklin thank you thanks for having me up here um yeah that's interesting I don't think it's going to be one single use case I think it's going to be a combination of various use cases um I think I think finding a way to create uh seamless interactions between web 2 and web 3 will enable regular people to get onboarded into this space right so that's going to be wallet Solutions that's going to be um Data Solutions it's going to be dpin Solutions uh but it's going to be finding a way to make all those things interconnected that's what I got thanks so hear me uh I agree with what Franklin said I would eat the mic too just hello so uh I would also say it has to be something like a super app where decentralized identities and where you can make transactions and where you can book things and especially in countries where uh a lot of these things are restricted or limited it would make sense to have such an app where people are able to access all these uh services in one I think uh that's that's one one way to go about with it I don't know if I would have to agree or disagree in terms of you know what you said Franklin about wallets and onboarding you know if you think back how did we get the first 1 billion people on the internet it wasn't a very easy process having a modem connected having a phone line dial up internet if you're in America you remember AOL America Online it was an easy process right and to get to that very first 1 billion users it took many many years and it took many many technicalities of learning how to code how to interact with websites and learning how to I mean back in the old days when you had like a Windows 95 computer it wasn't very simple right so it wasn't easy for like my mom or my grandma they were not on the internet back then right when we got that first one billion users those were mostly the early adopters the younger Generations I grew up on a computer right and I got that because my dad was a young father and he was a younger generation so I think it's not necessarily about the onboarding I think it's more about the uses why did you start using the internet because there was a reason for you to to shop online to communicate to do all these different things right so I think it's not about necessarily the onboarding the wallets the flows of Fiat onramps and stuff like that I think it's more about the use case of What can you utilize the blockchain for that would require a billion people to be interacting with it that would be my view do you have an example oh an example I I have one that comes to mind that is probably not very appropriate for the room which is what started the early internet and made it so popular if you know what that answer is uh but a more realistic example of what a billion people might be utilizing for his payment RS so this is very basic now we've heard this for many years crypto which is crypto is going to be the currency of the future everyone's going to be paying with crypto we've seen that that's not the case right you're not paying anything with crypto because you want to hold on to your crypto but crypto and visa and MasterCard for example they're doing millions and millions of transactions every single day if not per second right and so that payment interaction is a use case that I could see very applicable just because of the word currency and cryptocurrency if you take step further though and you say something like websites or music if there was a new Revolution where all music was an nft for example and then the nft interactions was the same as going to a website when you were in the early days and you wanted to look at uh you know Napster and download an album or something like that or lime wire right if you wanted to do these things that was not easy it wasn't easy to Tor back then but you had hundreds of millions of people doing it so I think there's a range of use cases and I can't really predict the future but if you look back on the internet historically and just think about what could apply to crypto I think you'll find a lot of use cases that could add up to 1 billion people so so I love that by the way um but I do have I I do have one thing I think there's one big difference between where we're at currently and where the internet was at in say 1995 1998 what's the difference there was one sort of path to the internet it was like one centralized system where what we've built over the last I want to say five years is a series of disparate communities that have their own version of that one place where we'll go so instead of instead of using all these various apps that we built and these different ecosystems that we've essentially siloed to create that sort of one place where it all lives where those DS sit on a layer zero for for instance right what we've created is like here's internet a here's internet B here's internet 17c and a lot of them do individual things and and are novel right but none of them really need to be their own individual Place couldn't you compare that almost to an ISP we have hundreds of isps every nation has multiple isps but you're accessing the internet overall the internet is censored in some countries you're not accessing the free internet right depending on where you're located at so it's almost like if there's an interoperability between one layer one and another layer one like Bitcoin and ethereum or Ripple and ethereum or whatever salana and Bitcoin if there's these interactions then it's the same as interaction of a ISP from Singapore interacting with the ISP um in America because the server on AWS in America right a th% and that's where I think we agree is you have to create that connective tissue between those layer ones and layer twos and I don't think we're there yet I think the tech might be there I actually know the Tech's there but I don't think people are building that because that's not what seems to be the general consensus I wouldn't say the text there either I think it needs to be more in the background because like you don't know what ISP is connected to what ISP right but you do know when you're bridging from a layer two to a layer one right or if you're if you're bridging between that right I will I will I will resend my SE you're correct I think in time in time we will get to the point where you won't even realize what you're doing you just realize that you're interacting with the blockchain and the blockchain is the blockchain awesome I wanted to uh get into meme coins and marketing we're just hopping into the next subject I'm watching the timer here do you guys think that Meme coins in this sort of wave of memec coin marketing is good for web 3 I I read today that uh pum fund did 100 million in Revenue already so I just kind of wanted to get your guys's thoughts on that go for it if you want to start off Zach well so I think overall meme coins there's a fad that comes up in crypto every few months The Fad will last for a few months uh and then it disappears when I've I've been in crypto since 2011 2012 into 2011 2012 I've seen a lot of fats from icos Dows from Master nodes to staking to defi to like social fi gamei metaverse nfts you name it there's always these fats meme coins is actually nothing new we had mem coins for years you know the original mem coin Dogecoin and that was before ethereum right and so meme coins are not a new meta it's just a meta that's come back on a new chain salana and a lot of people are flocking to it because they're able to make a lot of money now is it going to last for a while no probably not did pump fun do really good and make $100 million good on them good on them man they made $100 million and hopefully people made money trading those meme coins but it is a zero some game so if you made money I probably lost money and he made my money right so I can't say if it's good or bad it's a speculative investment and I don't think that's necessarily what we want web 3 and crypto to be associated with which is just gambling speculation and like Wall Street Investments right web three should be something more it should be more impactful so I think that's my opinion on mcoins I agree but at the same time I feel like there it gives an opportunity for people who are not uh crypto native or understand crypto to get into something that's easy to understand without having to understand a project or Tech uh they just get into something uh they like like a community and they it's just a way to get people who are not technically or coming from the crypto background to into crypto I like that's one way uh it's working yeah no absolutely um do you want to add on um yeah I guess I guess I just wanted to piggyback on the last last the last point that Zach made um I I guess my and this is something that that's you know that that that I think about quite often uh late at night is like is is our meme coins are are these are these things ultimately additive to what we're trying to build here from an ethos perspective and also from an onboarding perspective or does it just solidify opinions that people that don't really understand what we're doing already have about the space which is that it's just degenerative in nature and it's and it's ultimately um a ponent scheme right um and I you know i' I'd be lying if I said I haven't made some W's on tokens I have and I I wouldn't want to trade that back at all like I'm a big fan uh but that being said it's like are we are we moving that mission forward are we looking to build that ISP of the future right or not and I don't necessarily know if we're able to kind of gauge the market and on board you know that next Generation that billion users if essentially that's kind of what everybody believes we're doing a really good point that you bring up and I like it because it brings an idea into my head which I think a lot of you will resonate with there's a reason that Vegas is Vegas and wall street is Wall Street why why is that think about that because that's where you gamble and speculate and Society at least in America canine it they say you can only gamble in Vegas well you can gamble in some other places too but it's mostly Vegas right so if you want to be a degenerate Gambler you go to Vegas and you and it stays there what happens in Vegas stays in Vegas and if you're a professional Gambler where do you go you go to Wall Street right and if you're on Wall Street there's the secrecy that happens there what happens on Wall Street on the inside of hedge funds stays inside of hedge funds right and that's the degeneracy but as a society as a whole there's a lot more to America than those two segments so if you think about crypto as a society as a whole we could have little pockets for gamblers we can have little pockets for casinos but there's small Pockets when the rest of the country the rest of the ecosystem needs to be about everyday people that are not degenerates so that's I I would comment on that that's that's the idea you gave me so thank you yeah no I think that's a really good answer um from both of you guys and I kind of want to get into the next topic which is decentralized social media and the viability we've seen a lot of uh growth or you know investment in companies like foraster lens and there's going to be others I'm sure what do you guys think about sort of the viability of decentralized social media and do you think there's any clear winners in the space right now ahead yeah so I mean I use foraster but I didn't but then again I use it far less than I did when it first came out um I guess I have like a a pretty uh soft view on it um I think I saw a lot of really cool stuff start getting built with frames Icebreaker was a really cool app that I got on boarded to on super early and I saw all this stuff go I saw djen come out and then I saw it sort of the heat kind of get turned off and for me I was just like all right well people are just resorting back to Twitter so it's like I guess the question is what are we solving with a decentralized um social media platform like farcaster um and where where I think I want to look at it more from a retrospective perspective like where Where Did You Know Why didn't it launch why didn't things kind of progress the way at least I thought they were going to um because ultimately I wind up going to crypto Twitter rather than foraster for the vast majority of my Doom scrolling throughout the day okay so I personally don't use any of the social apps to be honest uh and in in the uh decentralized space uh but I'm a huge supporter of what everyone's doing and I see the potential in the tech being able to solve a lot of problems so speaking personally I would say if I could or uh like the the reason I would and wouldn't use and app is like something like let's say something like Spotify so coming from an art or music background I really have an understanding of uh some problems in the in the current way of uh things being done in the industry and I have a lot of artist friends who uh who bring up the issues as well so I would love to be able to use and support an app that could potentially disrupt Spotify but I think one reason I might not use that every day is because of the user experience basically because the reason I use Spotify is because I listen to an artist it can suggest me other artists that uh sound like that or create a playlist uh share that with my friends and use AI in different ways to create uh mixes and everything so I feel like machine learning and AI is a lot of uh the things that are driving these user experiences and another example is if you go on Instagram search for something like a beach or a festival like Coachella maybe you you can find other uh related content related to coella or artists who are playing on coella but if you go on open c for example you search for Coachella you'll only find nfts that has the exact word Coachella this limits the user experience and I would rather use a social platform for that enables me to find the this content so I feel like that gap between machine learning algorithms and Ai and blockchain applications is probably one of the things that keeps people from using these applications that's an interesting comment so I want to just kind of do a self-plug here on minable because I'm a big AI fan and searching has always been a problem for discovering nfts so we built an AI search we have we we dude it was such a process it's taken us over a month to migrate all the data on the ethereum blockchain related to every 721 transaction that's ever happened okay so every nft transactions ever happened we backed up the metadata we've got all this data on chain We've ran it through uh llm and so now when we launch it's coming it might launch today but who you know I don't I don't want to give it away um we'll have a AI smart search where you can say transfer my pudget penguin and it'll immediately take you to the transfer page for your pudget penguin you can say show me information related to music nfts and it will be able to show you all the different music and FTS if you type in been things related to Coachella the AI knows it's looking for things related to Coachella which is music and it's got a whole system it can recommend you all these Collections and then we also have to deal with Spam collections too and like fake collections so we had to filter that out so the AI search that we built out it's rudimentary now like I would say chat 3 uh chat gpt3 was and in a few months it'll be 4.5 right and that's just for discoverability on AI but when we're talking about social networ was the original question I think the main reason why farcaster and warcast and and D centralized social networks hasn't taken off it's the same reason why social networks and social media companies are dominated and are basically manop is because the people using them they don't care about their data privacy they don't care that they're being all their information is being sold they don't know or are even aware that there is a a Facebook tracker on like everything that they're doing even if they don't have a Facebook account I notoriously have never used Facebook ever I don't have a Facebook account I don't have an Instagram account I only use Twitter but even then I still know that my data is compromised and as a crypto CEO and someone who takes data security very seriously I don't care enough to switch over to a decentralized network work with more friction and less users when I could just be careful about what I post online I don't post pictures of my daughter online because I that's sensitive data I don't want people to see that right if it was a decentralized network and I knew it was completely private maybe I'd feel comfortable but I don't and so you just monitor what you post and I think we all do that only the crazy uncles and the crazy aunts that we have that post the crazy stuff on Facebook are the people that don't monitor what they post online because we know it's online forever so I don't think a decentralized social media network is ever really going to take up because the Monopoly and the lack of the general populace carrying about their data privacy awesome well we've got bit a minute left so if everyone the final question just very quickly is what does community mean to you if you could say it in like you know 15 seconds it's a bunch of people getting together that are invested in the success of something right whether that be a new dap a sports team uh a crypto project it's a group of people that are invested in the success of a single uh ideology something similar people get uh coming together to support a vision and if they can like achieve their goals within through that uh group effort uh that's that's a community for me yeah I mean there's not very many definitions I'd have to go with what you said a community is a group of people that are coming together for whatever reason a needing Community they're not invested in any kind of success but they're still a community so I don't know if I would have to include the investment part but most crypto are for Investments so that makes sense but yeah it's just a group of people it's a group of people that share some common principal something right awesome well thank you all for being amazing panelists make sure to follow them and join their communities uh and thank you all for listening thank you thanks thank you very much thank you thank you for being our