TOKEN2049 - Building the Fabric for the Decentralised World - Paul Kittiwongsunthorn (TenX)

kongan is my last name and yeah I hope it it wake you up in the morning right um thanks David for introduction and this is great to well to be the first one to to kick it off the the event and really to to start this so without further Ado I just want to to go right into into this so what I want to talk about today is into the year of 2019 where everything is about building and connecting our space together so really the theme is how how we actually build the connection and the fabric that we can build for our decentralized world or blockchain world right so I would start off with this is something that is really resonated with me and then I read this report when I start the company a few years back that you know 10% of globo GDP would actually be the blockchain and then I read it in 2015 16 and I was just like is it true is it actually going to happen but we actually really on the track toward that right we kind of double the market every year on average and then if you if you project it into the next eight years from now it actually we on track to do this and this is something is really inspiring for me when in 2015 when I read it it's like oh wow okay this is this is the future and really fast forward to 2019 what it actually happening right now I think when I I ask myself what it actually the best thing we can do right now or what it really the industry is really need for for this to happen is really first we have to to build thing we have to build the the real use cases the real product that it will actually affect to the the actual people we have to build the connection from blockchain world into to into the real world right we have to build a connections between blockchain and blockchains that that actually all we need we need the actual use cases and we need to connect all the blockchain to make it even bigger Network effect and really start talking about building the building is if you look if you look at this like a what I call a protocol layer on the internet you might be familiar with IP TCP IP SMTP is all the protocol level that actually bring you application right um it bring you website it bring you email addresses bring you you can send picture um photos all of those and it's really come down to what I see really believe is the last missing piece that it leave on the internet which is the the protocol that bring you value that value can actually leave on the internet and we kind of have that blockchain figured out and then and all this application now you can have something is so native that live on blockchain that has value that can represent value um we started with Bitcoin of course and then it's a lot of more things happening right now and really the key thing here is I think the blockchain protocol layer that it live on the internet right now we building that for the last 10 years from from Bitcoin but then the the next thing that we should do is really bring it from the internet world into the real world I think the key message is really how can you bring that digital currency that tokens that all the thing into the real world use cases and to me like what this year what happening is you can see all the stable coin where you can try to bring you know fiat currency into into the blockchain to the real world people um putting the physical go and then represent it into the digital form and then try to represent it right um or even people a lot of solution where you can have this card that you can actually go into any store and then spend cryptocurrency into it and and many many more people are working on it that's the key part that really I see it need to be done and then it will help the overall the space to to grow tremendously also the second thing is is user friendly we still figure it out too um the past few years we educate a lot of people on you know how to actually what is the the the private key how to actually store it um what came quite a long way from from this command line that you have to type in into the internet into like a uh ler style or USB that is is much much easier um maybe the key is just to to remove it all or to do something that people already familiar with password or those kind of thing that you don't even have to to know that is a it's blockchain or or those kind of thing and this is really the key point that I think for for the building part we really need to build it and we need really need to start S sending out the message that all this thing is actually real right tokens cryptocurrency digital asset it's actually real it's not um something that it's on the screen or it's just the numbers I start with a few years back with trading Bitcoin for many years and to me for those the first two three years Bitcoin never really feel real to me because it's just clicking to to the the trading things and then the numbers just go up and down right and for a while you just realize that oh this is actually really great technology but how can I actually using it I cannot even walk into a Starbuck or a coffee store to to actually use um the numbers that I I just gained so I think really right now you just have to make it real real use cases the actual people can actually use it and that would be really the key for the first one and to the to the second part is really how can we connect everyone and everything together because really the permise of blockchain is the open the openness the the open ecosystem where it's really permissionless that people can actually coming in building things and the key of the network effect is the more people into the network is actually the more valuable it gets right and I think this is really the last time I checked which is a few few weeks back we have more than 4,000 tokens cryptocurrencies on the blockchain and it's just a proof of well when the network is open anyone can actually damming in and then this thing still keep keep growing and the really really interesting one is the next thing is we have so many blockchains that that's being built right now is from really a a public one that many people knows from Bitcoin ethereum and and so on into a private one that's so many hundreds of company are are using it and building it right now we going to have so many blockchain in Into the Future right and you can imagine it if you actually try to connect all the blockchain because each blockchain are design really specific for each use cases smart contract um to be store value to do a payment or those kind of thing and in my opinion that there would not be one blockchain that that kind of rule them all it's going to be so many blockchain all over the place and the key is how can you actually connect this blockchain together in a way that it's so easy is it pretty much free like TCP IP that it's really really thin protocol that you can connect all this thing right and one of the project I think is really interesting is something called Comet that we're working on is how can you actually connect all this blockchain in a way that first of all it's not building another blockchain on top another blockchain right but it's I think the fundamental message is it has to be no blockchain each blockchain has their own already native tokens and already native ecosystem how can you actually connect it in a really really simple way and I think the the the approach is you have to find the way that what is the common building blocks that each blockchains has and then you can connect through that and this should be free for anyone to use and then it should not be any tokens or around that so one of the thing is that we found it all all blockchain has 99 or 90% more than that is really most of them has multi solution right and then another one is the time lock that that a lot of blockchain has or even many blockchain doesn't have they can upgrade and then have all this and then also hash log or something is really like password or or hashing if you have this three building elements you can connect the blockchain where um you can run smart contract on another blockchain and then you can have another let's say Bitcoin or any things to to actually execute it in a way that you don't need another blockchain to connect or if a bank or someone has their private Network they can run completely while you can connect to another private Network or another public one is free and then it should it should be the way we should think about how to connect the blockchain together and it's really come down to why we have it in the first place I think is really the same thing with the internet where you open it where you open for Innovation anyone can build a website in Japan or in Hong Kong right and then another people in South America can actually use it and vice versa and it's the same thing for for for money for something that has value on the internet that you can build a lot of application that anyone can use or you don't need to go to A banks to like beg for permission to start something that that has something to do with money and value so I think that's the key that we need to to try to push forward as a industry at the end of the day when you make a lot of connections and then you can imagine it's become like a fabric for the this world that the more the more connection you made is the more valuable of the of the network and really to me it's really come down to this thing when I start reading the report a few years back that 10% of global GDP will be on blockchain and I still believe we on the track to get there um it's going to be about 8 10 trillion dollar but a lot of people in this room a lot of people in this conference actually doing something really great to to make this happen to to bring the overall economy into this world and that's that's something that um is so valuable and then the more people doing this it's just going to get multiplier effect um on top of this so really this year is the 10th anniversary of Bitcoin and probably what we call the first blockchain out there um we really came quite a long way for for 10 years from 2009 into 2019 but I think this is to me it's really a start it just feel like the internet 10 years old that it's just probably not thing there yet but a lot of people if you look around building a lot of cool project cool solution that I think in in a few months it's going to get into frusion we're going to get into the real world use cases and people going to actually see it and actually get to use it and really the first thing that Bitcoin tried to do is to bring the New Concept of money into it and the new concept of money to me is where the money is is not it's on the it on the internet and it get this open Innovation like the internet where like company like us or many company can coming in try to program it try to make it new try to build something on top and that's kind of the concept of of the new money to me and what it lead us to is really imagine the world that you can walk into any store right and you can use any currency or asset that that you like or that you that you own to pay for it it doesn't matter in in Hong Kong is probably not going to have to be Hong Kong dollar it it could be anything and I think once you move things into the digital world into online that's much more possibility that that can happens and to wrap it up this is something I imagine if we make it successful is what happened you know a few years back when you when you have to send SMS it's going to cost you a few Cent per transaction right and this is what it happened today for for the financial world it's still transactional base you have to send money or you do anything on the transactional you get to pay money for that but really if you if you move it forward if you connect things on the digital level if you make it more liquid you can imagine something like SMS will move forward into WhatsApp Facebook like social network those kind of thing it's not transal base anymore you're probably going to move into um uh like a subscription model or maybe even even more Advan something that it's free to use but then there's another business level on top of that but it's really the key thing is to push everything forward into into the digital world make it more liquid and I think a lot of things a lot of innovation would happen in the in the money world so the last message is really right now is the best time to keep building keep building things keep building um real world use cases keep building the thing that really people going to be using and really connecting connecting this blockchain world into the real world connecting this blockchain to another blockchain and we can make a bigger Network effect for for this world so really um thank you so much for coming in here today and really try to um 10x is building the bridge between blockchain and then the real world and really a lot of people here is building the same thing so really thank you and well thanking for Joy the revolution thank you so much e