ETHKL#2 - Part 1: Kommerce & HelloGold

[Music] another further and you can get the session in one afternoon sire can I get Karen and Robin from commerce available to join please give them [Applause] so very quickly introduction before we start do you have much better introduction that I had so Karen is the CEO and co-founder of covers she was a formerly tuition lawyer and with a lot of experience in startups and covers use with three finds in Africa to be with Robin is the CEO and co-founder callable he was a former CFO of the worldö console and Hannibal has a tokenized goal to democratize financial services through underserved markets to be doing so some of the audience may not know about your project can you take a maximum of five minutes each to give an introduction to what you guys do and what this cover is do and what is hella good character style okay thanks everybody for coming comments was set up about a year but it's actually has deeper roots than that because I see you having after seven years ago fell in love with Rwanda and set up a trucking business then we set up truck new business because he thought it would be the biggest way to make an impact unemployment everything you've seen the news reports as pretty much how is it's not all bad but it's fairly close and he thought that every shipment that you use they were touched him people's lives and if he had well he drivers he was honest here who do business and thinks he could really make a difference in the department and set an example and they didn't realized that that wasn't the real problem about 18 months ago Jeroen which is a dusty town on the border of kögel and mother it sits across from Kauai which is you can really see the weather broadheads is the transition between second world then and she was bringing in a shipment of palm oil now usually when you meet shipments most people have the pizza fontina deposit the FDR in return then again container in the budget and the point didn't need a container deposit Huli help the Kalevala 1319 jerrycans as fast as he could and he had this look in the back in four hours and he said brother there is demand why do you not bring more and the the trader was like I would like to but I have no money and police are going to have no one you came here for this it's like I have put my house down to back to pay for shipment and the 20 people with the house in Atlanta for that money to trade and if anything happens to that shipment because it will treat financial available to them they literally lose their houses and their livelihoods and we think coming from a civilized of first world countries we created is all of us as all of us know what it's like to be a bit short because we have credit available to title we don't feel the difficulties that happens and these people have no safety net they're sophisticated but barefoot leads run manages in essence and we thought you know we can make a difference using come change the reason why people can get credit is it's essentially an economics problem and then market when you hello distinguished leaders of who before all that or oh and after a while we start rising for launch animals presume everybody will be back and we do practical chesticles people also stop following so we think that when markets fall apart like that there is we started by putting in credit scores and reputations cause then we've actually seen that happen with other platforms in a lifetime second China Alibaba 3 the reputations laws so that people could find out who was a good exporter and and who was worth spending money with and we've seen the quality of Chinese food is increasing over time just by having information and we think that the commerce we can do the same in Africa as well as other countries with these issues finally we want to create financial products faculty back to who you want to serve because having probable to the fact as well as the up back and we're focused on the emotion we've been live since April last year in Malaysia we followed that micro goal for neighbors who say using gold and bunches of gold buses running in backgammon as their interest was called historically had to turn around weighted inflation and that's better than zero yeah so we do that and we also what the Nabal are saying customer see same as what they're saying go to have a second glass just as the refuge's to enable them to war against an investment portfolio their goal in space so we will letter to them at rates that are much much cheaper in the market for example in Malaysia that we're going to come in at around 80% right whereas most banks moneylenders of those jobs most banks in Malaysia talk about 15% suit imagine what a loan shark and tart and we believe that this below is exciting projects that you see coming the space in the dice talk about their ports they are collectively regular good good food to the people but need tell products today not in five years time not ten years time for two days and we are focus very much on the man who speak and making sure that the 10 that we create and we use is effectively invisible to them because they don't need to know what powers which is one of the products of any and stay secure and delivers the attributes that they were looking for and for us I think for this group of folks here unlike a lot of projects we used to call chain to serve the people and I would say probably 99.999 of our customers will not know nor care a bit pointless having a good credit score sometimes as simple as being in fact up fifty dollars and having never right yes he is good credit you will pay back money and that's not actually what people need a lot but then literally no matter what people provide treatment and so good we don't want is to know that they have really good credit scores based on their actual history and the actual risk not what other people say so so what country does is we create a history for them and today as one is a public history and the second is among NU'EST history where credit scores and hopefully once they use the credit scores initially with us to create your spirits possible the party finances can come into the market or high amounts of for different foods under the soft commodities that were doing blockchain I think is is critical for any content in this space because you know if you think about the ability to for that come in and hack into a system you see that again first of all we wanted to play is what a full backing system that was what was in it to impact back because resources are stats and if large tech companies susceptible to Las Vega and a question for financial services players who might prevent the impact of a hat because like this was a hack but even so that may be the question is having to take the SAT customers assets of question is that one of four to use those assets so for us by putting a platform on the mill chain employment networks you have the customer data gives us a few key benefits was the mutability the blockchain which means that we can always go back in the event of something bad happen to our database and secondly it also gives us the ability to scale very very fast and all the countries that we can't overdo with whilst maintaining very importantly they don't cost the server because they've got a positive externality hi there we will go down the same path or the Commons where we'll have the price of products in a way it starts to exclude bar sectors of the very few that we won so creating a local cell making sure our data is well protected and therefore their assets as well as the word to say when the civilization side to position the assets does a couple things one is improve transparency of the assets that we that we say that we our customers but more importantly it gives our customers choice of attire so that if they choose to buy all from us but it used to work or borrow from someone else using brought us upon collateral they can literally technical form our wallets vanity and take it someone else's wallet and that gets people choice we think about a lot of people develop markets or for which the one key benefit that they have is the freedom to choose who they want to do business with for a lot of the other stuff and the impact they actually don't have that choice and I feel that for too long this is convex financial inclusion you know emulation just as a country where probably wonder but what about the more developed developing countries and yet a situation where too many relations are excluded financial system and therefore the different choices so for us using blockchain becomes a key part of a kind of services product we believe that everyone should enjoy so pushing for our parents so your co-founder party was also funded Africa caustics and that's been running business for five years it's not yeah so do use and you obviously you're wondering with them so how do you see that punishment worked and you see PL you see that's two different questions altogether so terrible logistics currently runs 50 trucks across six African countries eighty people the new FH and Rococo and other logistics companies it's thought that it was the first one that was doing it because there was a real just getting human semen from the seaports in then we won't be connected in logistics because they're friendly party we have also plans to roll out alt devices on it so you can't have more granular information about how long the journey really takes but other risks associated with the journey because we think with more information we could necessarily drive down insurance rings for free Google's regions separately we were kind of logistics because they're friendly mafia a big part of our business is actually having the secure the merchant pays a deposit refinance but a copay for the rest and then read the runes in and it appears fees and charges as well so that for fees before mr. Cruz so Connecticut logistics is that friendly market that will ensure that we get paid for the merchant takes to the Puritans basically Arabic answers very familiar to all of us in cryptocurrency when we actually post the image of escrow mechanisms to ensure that all packets provide it's a trust the system but in outtakes the movies that we actually need a logistics company to provide the trust so if you using proxy on your own without party I mean given whether coaching engineers go for these days until the blockchain tools proliferate and they've had the libraries the standard development environments that we take for granted in which were languages most businesses will find it very hard to know it works for Robin next question so people like to say that your Bitcoin and cryptocurrencies of the future that your gold is part of the past why would anyone want to create a business that focuses at all possible that Bitcoin Avenue future for the future is I'm at 5 10 and 15 to 20 years away the people that were trying to sell these new products and services now they wait 5 10 15 20 years so yes it's quite possible that that may well be the case I personally don't believe that because we look at the history of financial products and gold specifically built around thousands of years up until today everyone from the manosphere all the way at the central government six or more funds Oh God until you get to a tipping point where you know some of our funds central banks or bonus parlor reserve asset management model and you see you family officers using all that we using Bitcoin as a part of their their wealth preservation to I don't see that happening and I can give you a sense of minor character a bit quite a necessity that you got the big fight starts to grow by 2% per year it's really really boring they're technically involved but it's also where we'll see a lot of people may not beat you yeah but if you want to be a new colony the goal that you and everyone talks about the attributes to be involved appoint a special double in terms of nobody is financed by all and start by year two fundamental issues one is that it since bit myself in the bucket where people buy for wealth creation this is going up by the percent per day what he did last year it doesn't do Thames to set for a man in my room inflation was of God does theirs and that was the storm was so bad the other thing is that before him to get mast like 90% well that means my actual products needs to give understand of appointments that goal is to be understood by first I'll take the example of dollar we've been around for that and I just have 18 months now and seven out of ten customers have never brought over for the education required get them comfortable with bonus actually very well sorted non-existence with Bitcoin I mean you need to for them to truly understand what we can do for you that is a financial journey that would be as difficult as a mutual fund and what do you want I spoke at large cap or by Malaysia a scam low ball two are by industry verticals and you choose the fund manager a that's a navigation for carrying it out so what would my friends from as about and that's their typical question is that people who use their own currency in countries like that even US dollars are packed together so do you see that as a block for adoption of your business or appearances to go there when there is a will there is a way and actually midpoint is traded in a bad way and I think a twenty five to ninety percent premium you can find out a little bit welcome and there are any number of merchants on your public comments about way they suspect to the fundamental question what people use as a unit at some store value as well as a unit a unit still give of exchange and instead of it for a while otherwise they would actually give each other move our minutes as exchanged was that actually meant money you could put there was a value and utility that people associated with a robot - so people would pay us for sending it cents back because there's no point age they will give you X number of minutes back so people always find an industry humans have used seashells and for us I think we are used to get this little exchanges so that merchants can access our our Keithley interpret but it's no different now from what they currently have to do in order to get us call us to trade with the other bank without them tell them that you want to buy and then you wait for three days or seven days [Music] which means that they have to figure out ways which in the absence of our universal basic income house that they can find somewhere microscope and see have your one-man bradleyt or enough makes you to to brought into the or tomorrow but that is the way to make crowdfund and I wanted to put in electric Delanie structures through the contact who saw good behavior and when you stand up to focus of ours who give a great idea and say you want you've done an access to capital but how do you go about doing this you can do this but I don't change advocates around those projects say yes I actually believe and evolution of this phenomena a faculty security to the northwest and the reverse wants to write so if you're right you see you're an angel investor for you in some you absolutely everyone lost benefits of what's happening - especially the last few years suddenly everyone can be healthy and the next big thing place bets whereas before then you have a pilot at Silicon Valley or auto or you know University Seba Trinity to get access that serve the vast majority of people excluded and what the benefits of turkic space is that suddenly people who can 10 bucks there are 80 20 bucks the best next big thing whether it's it within the community or at a global level and that's exciting so what would be the biggest misconception that you imagine people here in the media why would have either a project or the field well the traffic problem I think within the community there is expectation that all projects rely on the community to try to success everything for at least another ball you know our success of mrs. Kahn was predicated on the community embracing must now be pretty helpful perhaps medicating us need to get a scholarship 90% of the world which one of the targets I think the biggest misconception that people in and around the block chain industry have is what I like to call the magic touch in fairness phenomenon with spooky doctrine fairy dust will make the predicts AHA winter it doesn't excuse the teams that executing projects for having to my customers for having a private private option for having QA for having marketing for having where Apocrypha and for just having people at the helm project its I've seen it before as a much younger person and the Saladin when it's like we've done it very necessary and but I think that the discipline of having and delivery companies is something that people miss up one yes there do you think yes that is the first advantage yes there are Network effects but you still have a job so a tree selection asked to answer what would you say is the biggest Financial Inclusion but not not wonder not problem you're reading a story so for ecology and suppose dialogue computers of upss remember how awful it was and if your parents wanted to use it you can spend all day difficult so it's got to the point where our parents can use the internet and for for me blockchain is still at the beginning stage when your problems that are not quite over the beginning of maybe you believe you told me and the tools and the UI and the you exit the ecosystem to catch up so that everybody can use it and there is a rule to everyone so that is actually the biggest barrier Financial Inclusion remember the next billion people on the internet will necessarily be it with the music voice of using gestures and we've seen that with without the fact advisor Cavalia where women watch each other voice messages and so bringing ui/ux that we serve these people is actually really important voice biometrics financial markets and products regulation in regulation needs to catch the scalable startups whether the incumbents to experiment and create opportunities for the underserved otherwise you have to the other don't they must do now forgiveness later which can work what I think most people or most good access group prefer gospel mission but that can take a long time I think regulations for it was most challenging part for a lot of people in this space I think I have time for one more machinery without to the floor the USBs asked my final budget is security talked about how its introduction sending out man covers but wolves your introduction to either Commerce or the plotting speeds in general which one came first to the conclusion or not so I read the Bitcoin white cable 2013 so that my blockchain engineer said that we had a good laugh because we thought well I guess we're doing something to fix poverty but these colors probably traps that exist for me I started to delve deeply into having said look there's opportunity to fix something and that was about they just over here about 18 months ago and we better the idea around I thought we said okay this is definitely harder to fix in the country information asymmetry between fixes very easily because by creating temper evident information can be vital it provided that you have enough measures around what information you put on the blockchain so that it's reliable so it's so for for me the chance to fix you cannot be problem we follow the lemon market was actually why we started this is actually what keeps economies down is what keeps countries down if we can remediate market so you fellas the know what to do and they have cheaper food alone how what they can spend food education housing when they have more money their public cynical it's easy let's do this so the bloke checking around for but tech guys to build a logo actually first punch and day in Singapore when they're building at what it was that juice so that's why it was first introduced to what tech perspective I think I saw it and played that team was someone else cake was the father in the head of investment said we should look at the single big plan about meets yet for that yeah no I'm going to take for the toughest thing I ever did but yeah so support expected it was just looking for my solution for our platform and I think it's having Delta to an acceptable possibilities would just be to as conservative is waited for all these sort of ancillary stuff to capture other wise it's usable for myself okay so I'll sleep on it before we ask our audience so what what can be three whether the audience here we will put a video later what can you support your projects [Music] thinks what's community rather than our project well but primarily like your project in how they can achieve financial solution is there anything that the community can you injury it's fine to say just do the projects talk to us about a project we know why we will see this any way we can improve because even within the team we have a firm belief that if you click the idea around and it still lives after that it's got no business surviving into execution so we really think that talking to people makes our project better and there's a possibility that we can all participate in creating impact and creating a better world for people thank you Romy my boss was gay [Applause] so before you ask the question can we get you to introduce yourself and ask a specific question I like to direct a question to Sir Robin introduction my name is Victor and one of the early investor in a little talk in almost a year now and so I have two questions one is how it is raising funds using ICO help the business and how far you are in terms of the road map plus I think from what we have gathered acquire far behind and the second question is most high skills use the tokens to promote the business we don't see that happening so much to have a go ahead we don't understand the rationale because actually when you promote it to them you're promoting your business so maybe you should give some hair drops to those using the app for example so that way you create some demand for the book that we've all looked at holders the other happy so that where we are business I think from from a market status that when were actually doing pretty well where the person inside baseball before the end of the year yes still discussing with potential partners and advice and has taken a lot longer Libyan inspectors remember see about to start discussions in Indonesia so far missus standpoint it some such as pure partnerships I think we're in a good place from an adoption standpoint we're for about a year behind in terms of where we want to be we're finding about 25,000 customers and we were able to get to 30,000 within the first 12 months but a number of things conspired to delay that because we computerized there's 10 of us so you know we're actually coming out from my perspective 12 first 12 months now so we already kind of in terms of using the token to to drive Marty that would be true if we have our business model is predicated on serving the financial products and services with new community but how God is always been a financial inclusion play I would say another 25,000 customers that we have for less than a hundred actually participate or even understand the crypto space and so you know doing that to drive adoption may be one of the seven projects focused on that technical marketplace are sending for us it will not drive adoption for our business model at all any unusual [Music] alright ok guys not been a piece to Iran with Ross Perot being murdered [Applause]