HK Blockchain Week 2020 - Keynote Speech by Sean Sanders & Tiaan Wolmarans (Revix)

Best workouts to invest. That is still the questions together with Sean Saunders CEO of realist. Let's dive into the topic of investing in crypto as an actress. Last good to everyone. Thank you for taking the time to join us today. So before I begin, I'd like to introduce myself. My name is Sean Sanders and I'm the founder and CEO of Robux. And I'm going to be speaking to you today for a short. Of time and they'll be joined by ten Boom. Write 2 as a head of product development at drivex. Not Jen has a deep understanding of the

evolution of the last several years and he has some interesting insights on what needs to be done to simplify was rather complicated space. So let's get started with a short trip down memory lane that is go back to 1994 when the internet was becoming mainstream. Becca 56 pass. I wasn't prepared to translate that is hosted at little T's was about. Yeah, but I've never heard back and I mean, Allison should know. What do you think? Internet. Is that massive computer at work? The one that's becoming really big now

is I guess I can communicate with MBC writers and producers Allison. Can you explain what internet is? From. Communicating out just how family loved ones. They were okay because all the phone lines were down or so to get a blockchain conference. There's no hiding the fact that yes the world of crypto and blockchain today is remarkably similar to that of the 1993. Where everything is new and the way that you're going to do a fuel Rod, feels rather cranky and weird. I mean as the TV show is pointed on, it was a time and this wasn't that

long ago when they asked sign was new in the idea of the internet with something completely foreign. And today we take it all for granted. Now I suspect and I suppose a lot of you out there as well as suspect that crypto will evolve in much the same way we're in Fievel. When is time for the crazy jogging, a new terms that we have today like public, he's cold storage and decentralization will become a lot more mainstream and people will become more comfortable using them as they interact with these Technologies. No, I want introduce you to ribbiks before. I head over to 10, which is a

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want this means is that you get broad exposure to the cryptocurrency asset class without having to worry about having to be balanced approach for yourself on a monthly basis based bundles for the base. So we can provide exposure to the payment, Focus cryptocurrencies. These little acts of Bitcoin Bitcoin cash Litecoin. Xrp, is it right that are looking to sort of five the position of digital cash? Now, I'll payment bundle is the top five payment book is cryptocurrencies and they waited a final bundle is a smart contract bundle. And this provides exposure. To, as the name

implies smart contract, or entity cryptocurrencies, the submit to the likes of ethereum. Ethereum classic near the hospital, and this is a bundle of monkey faces and provides exposure to the theme within the crypto space start. If you want to learn more about what we do, please head over to www.roblox.com and without any further and I were contracted Riddick's and what my total today is when we focus mostly on financial products and services. I think that the general principles around his tool can be applied to skin products. So, let's get into this little bit. This folks entitled

building that a blockchain products, but actually it's a case for how to make you a product a little bit at the mass consumption. This is something that I think is really important is going to stay at the store, then you, and maybe one day is money. There are tons of other retail-focused blockchain products services and black change themselves and are in danger of a slow slide into being irrelevant. Talk about some questions in my favorite question to ask any blocked and founder is what concerns you most about your business. What are you worried about that might affect the

future of your business. And the First Response usually is regulation. And then off to that, they go. Well, I'm worried about getting people to use my product. And the third thing people say is that I'm struggling to find really good talent. So I don't know a lot about regulation nor equipment, so we're going to stick with a adoption on this one. So let's talk about some ways that we currently measure adoption. So many Publications, used as a measure of adoption is a chart showing daily activity room, addresses. So that means if an address to move some funds on

easier Network as an active address. This next slide shows, the dollar value of transactions on the Bitcoin Network each day. None of these are definitive measures of adoption as much as they are outcomes of an option while at the dresses, making the transaction on a given, blockchain might be a good indication of use of the blockchain. It's not a true reflection of the number of people that I actually using it. Measuring the total number of transactions also has its benefits, but it also has flaws. Like, it could be skewed by a whale or a business that's transferring

funds from one mother to another one. And finally, the least of ejected, one of all of them, but a very common is the Catholic, but my Grands are the Bitcoin. So the doctor must be coming. In this case, we're confusing mess of winds with mass adoption and knowing that there's a program to get free coffee, adoption is going to Starbucks and in the point that you need and then claiming the free coffee and this is why the real challenge to Starbucks because even though I can take advantage of this promotion, I haven't done it because they've had an extra stamps.

In crypto we have a similar problem. We have to unborn uses and then we have to teach them about things, like feeds guess, private keys and a my Praises it's difficult to so many Concepts and considerations to make with a simple crypto transaction, and it's making the onboarding process from many perspectives. This makes the simple talk like buying laces. Mutated digital cat far, more complicated, then uses a familiar with and to be frank, we're asking for too much. Outside of just a handful of products, overcomplicated

decision-making is passed on to the user instead of the business. Just handing this logic themselves. Instead, we pause products with complex. You wanted to have an in-depth understanding of the backend, essentially, all our products and they don't need to. And then we framed this complexity as a feature but it's really not and complexity to new technology is going to do your project from the start unless you're open to Rapid iteration and what time's our budget doesn't allow that. So I want to talk about two schools of thought when it comes to developing products are there

was wrong, but one is very common and one is considerably less Khan. Let's talk about the first one. And this is a mouthful. So give me a second. The first one is waiting for Mass adoption while solving technical problems. That will positively impact the life of lots of uses. So it's not a bad thing. We pulled in the product, we think this product is going to be useful to provide value and one day, when the world wake house wakes up and lock script, I just going to be huge. So why does it the price? Has one intention to it's kind of like buying a house before you get to

look inside of it for the first time. The second one, and this is an even bigger. Mouthful achieving adoption by solving technical problems that will positively impact the lives of uses without introducing complexity to the uses. Now, this is only a simple difference between the two schools of thought. The first one is we want to make something great for uses and it's going to make a difference. The second one is we're going to make something for uses. It's going to make a difference in their lives, but we going to make it really simple for them to understand. It seems so

obvious. Yet the space is kind of business is doing the exact opposite. If you were lots of people to use your product, you have to build it for lots of people. Now, I know some of you will argue that something like these need to be in the hands of a customer but maybe not. Maybe that's an advanced feature toggle or maybe you don't need to be displayed in a currency then you use understand. Or maybe if you really need your house tonight to input the feed, that they're willing to pay allowed to input the fee in a currency that they understand. Not into a car seat with 18 decimal places. It

doesn't really translates into their daily life. The mass adoption of a single product. A blockchain has a whole isn't possible if we keep prioritizing and attempt to explain complicated features and Concepts to use instead of just prioritizing. Their needs complexity is not a feature. Insect life experiences a really great. And why wouldn't they be? We've got through the use of digital product history? How does if he has experience in building businesses and products and services. So, let's take a look at how some centralized businesses do this and

find a place blockchain. Can you remember? This is look, what happened. Did you see iPhone? And he is off to that. That's slowly graduate that customers from telephone uses to photographers to be able to make the hose from f x. This was a product design strategy. Cool, skeuomorphism. And it was hugely successful in onboarding millions of customers and Bridging, the Gap between that dumb knock is and their shiny new smartphones, and it did it by taking the apps and features look and behave as similar as possible to their real-life counterparts in the world

count number. If you don't get back from transaction, it's not that easy though. And if you thought that you're completely right to the point where it makes it suitable, for everyone is an enormous task. A truly revolutionary new technology, they have physical will counterparts in blockchains of Daphne part of this category which makes the hill with climbing considered a sleeper. Adobe face. This problem back in 2011, when they announced Creative Cloud to the to the public. At the time Dropbox, it's been two years creating Cloud

winners for the storage product. Apple has started a precursor to what would become iCloud and now it do be was trying to launch a drastically different type of cloud base product and much like blush. And today they face the challenge of how to communicate the venue of things like virtual servers. In town hosts, the software to the customers who would software Engineers. Adobe realize that the fact that they were using new fancy technology was watching it relevant to their customers. So they decided instead of explaining complicated Technologies to their customers, they focus

on doing nothing like eight different and he said they drew parallels to something that already existed which was their Creative Suite. So they told their customers you don't need to buy software anymore. The subscription is cheaper than buying the latest software each year and you will have. So I kept up-to-date automatically, so you always have the latest update. So whatever he's done is there communicated ease-of-use and value to their customers which are probably the most important things that you want to go anyway. You want your customer to know that you'll probably see anyone for

customer to know that this value in your product. Point Isabel be telling you how fancy their technology is. And at the time it was pretty fancy was tell customers that everything that they can continue to do. But it'll be cheaper, it'll be more convenient. Except for the past nine years, they've been graduating customers into more complex design, flows, more complex, peaches. And sometimes, they're even older more complex peaches, but they figured out that they needed. A starting point to get customers to really

see the value in their products. So, let's make the same approach with Bitcoin. We want to sell our product Bitcoin as a store of value. So, how do we make people comfortable? so, the first thing we do is we introduce Apprentice So we say to them, right? Bitcoins like gold, it retains its value and sometimes you didn't even increases its value over the long-term. It's a really easy way to explain it for that use case. And almost anyone can understand that because everyone is just as with gold is so we go on this parallel, So then what are we going to tell them? We tell

them you can send it to anyone at any time the ultimate convenience you don't have to deal with another person or an institution or whatever it is. You can do it. The second thing you tell them is you pay for the services that you need when you need them. So I'm like gold. For example, when you have to pay storage fees to do this, when you actually use the service, And I lost you tell them. You are not out front just like a gold coin of money, but with the benefits of digitization, which makes it far easier for you to

spend will use force and 73 points. I'm not trying to explain anything complicated. I'm not talkin about Korn mixes for additional privacy. The fee implications of using the same with what? Because it's a business. I can make those decisions for the customer is if I wanted to ask you that transactions amount, that would simply be a feature of my products. if I want to minimize the fees for my uses to make sure that the one I generated within my app with wallets, we don't need complexity to achieve adoption. We need usability. So how do we

fix? This is a. Supposed to take to make sure the part that your building is not only going to work well, when Mass adoption happens but also to make sure that the product that you both as part of making Mass adoption happen, which I think should be one of the primary focuses of any crypto blockchain business. So the first thing is build a simple product that anyone can use even if it doesn't have all the cool features that you wanted to have, I don't know, it's difficult, it's so difficult. Second feed your product, to your friends, or anyone who's willing, to give

you feedback, talk to them, but make sure that they aren't already convinced that blockchain cryptocurrency is a technology that's going to be adopted. Abstract the complexity away from your product as much as possible so that your product is simple to use. Even if those things are a little higher and give power uses like yourself and your friends, their own place to get fancy. An advanced mode in your app uses. These steps can help make your product appealing to everyone, which is ultimately what you want, as someone building a product, not just appealing to Geeks

like us and just because you need to show a little restraint, in the way that you portray your product doesn't mean that you can't innovate to start simple, onboard customers and get them comfortable, then slowly move them, and show them all the amazing things that they can do. But are you sure to them when they're ready? So if you want to see how we attack in some of these problems, you can visit relix.com and we love to hear your feedback. Thank you very much.