[Project Speech] Beniamin Mincu ELROND, CEO at KBW2019

[Music] so what's the most important and powerful overarching technological team of our generation to answer this question I'll tell you a brief story which will be very interesting and we'll talk about three companies the first company is Netflix you probably all heard about Netflix they're very large and delivering global entertainment on all our devices but very few people remember how Netflix began namely with a company that was just shipping DVDs and renting them through email through mail sorry in 2010 it turns out that times warner CEO was asked what he thinks of Al of Netflix and whether Netflix could eventually become a threat to them at some point to which he responded that this question was very similar to the question of asking is Albanian Army going to take over the world it was very very funny at that point but right now it's not that funny anymore it's 2019 and Netflix is dominating the global entertainment sector and it has a market valuation of more than 150 billion dollars and more than 140 million users so we need to think for a second how did this all happen the second story is about the company which we all know about its Tesla and we all take Tesla for granted but Tesla has redefined the way we look at cars in Tesla we essentially have an iPhone on wheels it's faster safer sexier nearly self-driving and by the way it's also electric but the interesting part is that all of this is powered by state-of-the-art software so again I want you to think for a second how this all changes stuff the third company is Facebook we all know Facebook we all know what they emerged and are right now but Facebook started as a startup that was connecting a few students in some campuses in the United States and has now emerged as having more than three billion users now to put this in perspective if Facebook were a country it would be larger than China India and the US combined to put it even more bluntly I think it can be argued that at this point Facebook has a much larger influence and power than perhaps any government in the world so why does this all matter well if you go with one thing today I want you to remember this and this is the team will come to over and over again over the next 10 20 30 years and its software is eating the world so how does this all relate to blockchain and Elrond well it turns out that blockchain is essentially a piece of software that allows for transfer value without the need for a trusted third party but for far too long a time blockchain has failed to deliver scalable and fast enough infrastructure so that we can use it or for world adoption and real-world use cases so to deliver on this more than two years ago we started looking at blockchain architectures that were attempting to solve this problems and after looking at many of them and investing in more than 30 blockchain startups we noticed that none of them could come up with a compelling solution so this is how Elrond came along we started elrond with a group of people that are very very determined brilliant with backgrounds in computer science AI and the blockchain space and have moved and worked on this problem for more than two years what emerged is a new blockchain architecture that is built from scratch and built brings 1,000 X improvement in scalability cost and execution speed so all of this is available right now in short what Elrond is is a new blockchain designed from scratch which can process more than 10,000 transactions per second with the five-second latency and 0.1 cent in transaction cost the very interesting part is that Elrond technology is working right now and we are preparing for a minute in December a lot of excitement exists in our community and a lot of validators and developers are preparing to deploy some very interesting dabs and run nodes on the network now we have many interesting partners that are already building on this technology but what I want to focus on today is outline the three main part the three main use cases we are focusing on at Elrond and then touch upon one of those the three use cases are decentralized fine data monetization and gaming and it's obvious why we chose this tree the the really important part is you'll see here some partners we already have that are building on Elrond but the really important part why we chose to focus on decentralized finance is that this has the potential to change everything we see as we saw before software startups start pretty small but we are at a point where we can finally deploy software at a global scale with unprecedented speed so imagine for a second that you would want to build a global financial ecosystem that is permissionless how would you do it what would you need to build it it turns out you only need two things one is fast globally accessible internet and this we already have the second is a highly scalable blockchain architecture with which you can build all of this so this is precisely well elrond comes in and the the really important part is that we have many many developers and that that are building on things right now I want to close on a final note about 60 years ago Korea was lagging behind and was perhaps among the poorest countries in the world but the people of these countries have spectacularly changed the fortune and dynamics of the country and Korea has come very very far along the question is how will things look in 3 5 or 10 years as we have seen with software startups when they take off they have the potential to change everything for the better the most interesting thing which unites us all and we've learned through history is that whether we're entrepreneurs engineers government officials or investors together we have the power to shape the grand architect of our future thank you very much