The Dos and Don'ts for Mainstream Blockchain Applications | LA Blockchain Summit

Hello everyone. My name is Ben Lake off and welcome to the do's and don'ts for mainstream blockchain applications on this panel. We have Steven from tarraxa and Jude from jointer brief introduction about me. I'm the host of the alt asset allocation podcast and a startup investor, and advisor. Mainstream blockchain adoption with a long ways to go. Before we get started, let's start off with a little intros. Let's start with you, Steven. And then we'll jump into the questions. We are, in addition to building and later, when

lighter, we're also building this application come marinate, which makes a handshake disagreements. Heidi verifiable helping businesses minimize. No confusion a dispute and the risks and costs that come with them, all without changing their current usage behaviors. Thank you. My name is I am defending. The CEO of jointure indication. Give me this. Usually, when you thinking of her and Batman, your investment is not really. Just spent the last. Even if you investing in startups

to invest in steel, in position over risk, what's the startup will be able how successful it will be so much. We credit is basically in you way how to bridge the gap between the old world investors like accredited investor to the scripture investor and bring the money from the old one to the new world, and make a staff bridge between the massive into the real estate to venture capital to student loan to Insurance gone. So it's a new way how to drive money to the massive, massive to the crystal Market in Africa. Awesome. Excited to have both of you on.

And this is nice and nice balance between the two financial and non-financial. So I'd like to start off by asking both of you. What does mainstream blockchain adoption look like Yeah, I can go first. So from my point of view, Mainstream adoption. Meaning that the public did not even aware that something happened. It's like that you have electricity, right? You don't care. What's going on behind the same, it just want to get electricity, right? So the point is that the public is

not into being investment or I can just have to be speculative if you think about it. When, when the public put money in the bag, you told me reason to to put money in the bank, is because they want to protect the money from them self because they have the cell structure that spending money all day long. So they want to keep it even if they will never return. The just want to keep it from them self but by doing that they want to know that there is stability. It won't do know that the money is protected even government, given trust $250,000 to make him Staples or feel safe about it.

I can get some insulation with most of the time is not happening. So be it, they will be happy with that. But the main point is that they're not here to make money get here, just to put some money in the side every time and there were best way for them to do, it is not actively. What day do usually is tickets from the 401 k or from the salary of patients. So they like to see it at the end of the road but they don't want on daily basis. Make decision, I will move $100 and they wanted to be automatically and they want to wake up in 60 or 70 and have enough money to survive. This is the

master. Now, the money where the money go to shop today is not the institution that will be tomorrow because maybe tomorrow to build a more efficient, more decentralized, more black shirts blockchain-based, but it's still the same concert version of will take the public money and we'll put it in the place that it can be lost. How do I drive to Mountain View, masseduction meaning that department gets what he's looking for in the better way or in eternity, where we don't even know what this stuff is happening and you happy from the end result and

he's not part of the father sees us that need to go to the massive and nothing. Massive, you come to us Matthew deduction for me. Thank you, Stephen. I think I think I do agree with that. Although I buy a broader view of that switches. You know, it to me, boxing is an infrastructure technology. I do agree that mainstream adoption would have occurred when it has become an integral part of the in stock price of people who are using it there. Cuz if you were using it without knowing that, they don't know

anything about boxing, there's no need to my Bitcoin application. To use most likely have nothing to do with Finance, right? It does, it doesn't matter to that, right? But they do understand the benefits that my day is not going to get lost. No one can alter the the day and I ain't reading. Should I chew the backend? I mean, they're juicy, so benefits, right? That they're able to just naturally expected, of course, right. And no records are immutable. Benefits end users will be able to enjoy without knowing anything about launching. An integral part of the API.

So, right now, I'm very, very incredible, checkngo, social, and economic innovations, that that come out of this parking space. But then you're quite frankly, you're still very, very, I think circumscribe and restricted with in the world. You know, people who actually hold coins and largely to people who are very interesting Finance. It me, find it, don't get me wrong, great application for boxing technology, but it is just one of many industry verticals in the world. So I think that, you know, probably I would say that they're tens of millions of people in the world

that currently are where the second ology and aware of other benefits. That's a lot of help from a few years ago. But you know, even larger scheme of things. You stole a tiny drop in the bucket, right? So I think, you know, we can do better and I think we will do better going forward. Absolutely. And I completely agree that eventually this will just be have a back-end sort of thing that and it's just kind of an integrated in a lot of the different things non-financial as well. But we're dealing with Steven, I'd like to start with you on this next one and we talked about it and it's

coming, right? But what right now is the biggest hurdle of from where we are now getting to this mainstream adoption. I'm coming through the best practices. I see and get some common mistakes that can people are making in his natural Riders and you spaced, you know, people are doing Colin are so, I think the first, the first thing I see is that you'll number one, I think a lot of applications are being built to be decentralized for decent price sick, right? People just want to know, get rid of the man. Let's make a realtor lost. A very natural

advantages to Central system. So, you know, they're fast. What you really need to do is figure out when and what are the advantages and disadvantages are performing, but they can cheat right decentralized? You know, should be used to keep Center cheating, as long as you can do that. I think the balance of centralized and decentralized. So that's that's the first lesson ryu's decentralized system, not to replace, but you both stores and prices. Call mehdi Cina. Second thing. You said, you know, they're sort of this

misconception that, you know, hey, block saying is the truth, right? I can go out there like truth machine, not ready. It's really absolutely true. At the data is generated in Clarity from the boxing. So, if you have a crypto-currency, then yeah, or night, whatever force, and its generator off, and you don't get that guarantee. But what you do get is that you get the guarantee of Providence, which means birthday that comes from a mutability, which means size, tamper proof and needs to guarantee

that she can come together and create me know this application or functionality of making data auditable, right? That is a huge, huge fight. And I don't think it's it's, it's really I think is under an average. I think a lot of stars are realizing that this is a very, very widely applicable functionality but I like to see that. Take me to let's move away from everything and must be absolutely true on the boxing but focus more on the you know out of the bloody of this technology, right? Big ones, you know boxing is still very complex, so

right away from the end-user. So, high off the news to myself my friends, do you have we have these great ideas, you know, and he's very is boxing's and their gambling apps and act like, you know, like a hundred users on a daily basis. So when you have a casino gambling, that's only attacking a hundred people a day worldwide. There's something wrong here, there's something wrong here and what's wrong, is something that look is the barrier to entry to hide. You will need to get wallets and you be sure to

understand that you can lose your private key there, just a lot of flaxseed are coming in. So for the end user Spotify. Let's let's make some small trade-offs. You make sure that the end-user is a user-friendly experience for the games, your end, this is especially true for business users, right? They don't have time to sort of deal with any sort of Yeah that's exactly right. I got often tell people that the killer used case of blockchain is very unsexy. It's something like accounting, right? It's a very good to use case of it. How about you, what do you think of such a sharp for

that sofa review? If we want to change the gamm, we cannot play a game without rules, just have people. I need to see there is no rule. Why you getting off, right disgusting. This could be from each other and people's things that you to the gate. And then they do at least, you know scam, I even blaming the blockchain developer that they allow someone to build the same. A symbol. Everybody can call himself something like something else. I mean, can you imagine

that? I will have to do, man, amazon.com and people will come to me and buy, but I'm at fault Amazon. All right, so so we need to have a rule and if somebody doesn't like rules, the rules designed to protect us from other people that want to do harm, right? So if I want to take our money, we need to protect ourselves. The community, we need to think. What else we can do in order to make it better. The fact that Big Macs and all other people think that they can break the rules. What do you think is going to do? Next is going to help us

is going to hurt. Somebody found, we're going to think what else we can do it in order to shut down this animal that takes other people money instead of thinking, either how to do the better. So I'm saying is when somebody developing something and you think about how it's going to be a few In all those copycats, right. Just copy for me, chowder and then hiding behind cartoons that are right. And they don't even say the name is it had a defenseless complete absolutely essential that. I can agree that nobody care but the fact is I want your ass here. Few issues when it's down to 2 to

defy because how deep I will work, there is true that there is no chance against money. So what that means is that when somebody adding money to the pool and take something out the value of the token going up, right? So depressed, people that's rushing hand. The one that's buying on the ground floor. And when other people come in later that a different one that can cash out and leave everybody with 80% drop, this is kind of a pump and dump scheme right about the first money in and they get

the real. The real talking is the ownership on the 4th Can anytime squeeze that, we lit token inside of the pool and take all the money out and not talking about the fact that you have smartphones. I can people say, you know, what they want to do is check with your private key, I will do government. Yeah. They want our balance each other so well that means someone in the meantime can but whatever you like to change, whatever you like anytime that you like. So the plan is that in order to fix all those stuff. People need an inventory and worried about all those cartoon people that thing

that they are behind front room, right? If you don't know what's a tooshie in a komodo that didn't touch the money, somebody will find you and hunt you down. You cannot trick people. If you're not still other people money and think you can somehow cash it out in other door and spend it in a while. It doesn't work like that you will be fine, right? And what I want to do as a suggestion, I want to tell to people if you building a smart contract and and forgot about private team and forget about body build a smart contract in the way that even you with the private kitchen or change,

right? There is a privilege and honor whatsoever, so nobody can come in the back door and change the game. And you, if you open a fool and you only smile a lot of places, but text, the realtor can that you're receiving and send it to deadlock address burner. So you will never been able to engage with the van and still other people money. It's unfair. Is sham a sham of those people that, that you are the pr, all the pier people from Corey desolo. Other people that's running to talk about this fruit and nut fruit and that's what fruit and dip and illegitimate to other

people. That's not fair in order to make this successful and change the game. And not only that, you need to think about what else you can do. Take a step forward, do sound kind of like a downside protection to protect people. Do something like a long-term. Look at so therefore our team our investor co-founder employee provider name. We have five guys. Look behind your for 10 year. 10 year 10-year. You understand what I'm saying here? Right? So you can. We don't even have an access to the units left, or to the oil today. A traditional Market because we locked her self or

engaging with your stuff. We open. The all I'm saying is that when you build something, if you here, just to make Bach is better for you not to be here at all because you hurting everybody else but if you want to change the gear and I'm heading right? But I don't think it's fair that someone breaker switch for years to build something and somebody told me that you want to fight, make it better take it to the next level. Why you copying the same things? Change the demand and call it in the same way with just moving the doors with the, to the right to the left and put the logo upside down,

just changing from red to blue blue thread, and driving people. Innocent people that doesn't know what is behind that you don't have the skills to reach Mark, Michaud. It's absolutely unfair to do all the stuff to people, right? And I think we have responsibility not to give him the stage. Not even two blocks. You need to lock from people to open the same symbol. So people cannot have the same symbol, right? We need to help each other to prevent those cameras. Okay. So it sounds like, I mean, usability is a big

one and then policing and and filtering. Some of these like non-value-added projects is another massive herbal. I'm curious for each of your thoughts and maybe we should start with you Steven? But I mean, are there any examples of a mainstream blockchain application that you can think of? And what does this look like? And in your pinion, you know what contributed to this their success in this area? I mean Shameless plug. Yeah, I do think marinate. Is it hasn't reached mainstream yet but he's tired of me that direction. So I encourage everyone to

check it out, but there's a project out of respect. I think it's probably corny is about to big lot of people. Bring the space, probably knows about them. They're very interesting, right? So I started with this very simple idea, which is the anchor images. To make sure that they are traceable and verify. So today I think they found a very solid foothold with the insurance industry. Really helping them to validate full of graphic evidence during a claim processing progress. So it's a very solid opposition, right? Instead of sending an adjuster flying

mile to some place and check things out, check to make sure that the real that's hundreds, sometimes thousands of dollars a cost, right? You know, you take a picture for the introduction to the Boston and you're not mean that looks like a tiny fraction of the cost of that makes a lot of sense, right. So it's not really enough right now, you're not so so they build a centralized system with functionalities that do fraud, prevention and protection geolocation, Exedra. Read you to live, right. Write in big big truck, an

excellent balance. I think of marrying into centralized and decentralized Technologies and systems in the end. User has no idea that they just know that you're getting all this great benefits. So I think this is really a interesting example, right of a company that has no that they've been around for a while. At least three to four years been around for a while. They start out with a very simple decent ride cost at Stony evolvd, it very practical. You know, I think they fit all these principles I mentioned before and built a very successful

business, you know, targeting customers who don't know, or Tampa are blocked and they just want the benefits. That example, I'm sure there's more out there, but like I said, we're so overall. I think we're so early in the space, and that's why I can just write off, like, 20 companies off the top, my head, these are rare gems. That definitely. But it I got I mean, the key there is that they're using blockchain in a way that it's kind of hidden from the the average user and it put the application still works seamlessly without knowing that it's blockchain.

Right. What about you? Do you have any examples of blockchain mainstream blockchain applications and what contributed to their success? so, okay, so again, when it's time to mainstream If you thinking about the man's dream, the mainstream using stuff that other people using, like they kind of do validation by the Publix. So if everybody thinking that this is a good company like a chin, Mobile Oil Change, right? To Stanley people start to come into. That Dimension,

is not really forced adapter, is not really smart person because he's a day-to-day job worker, that doesn't have the time to do research. And, and when you see Dimension, if you can imagine, just have the picture in the news, the stock market is going up. What do you think happened again? But going on Willie rushing up right now, already gone. So the thing is that Dimension come when he's always too late and dimension if they want that paid the price. So right now we don't have really meant

stream Adoption. We don't really have mainstream people that's coming in because you know that you do that they need to do it without to be sophisticated and in order to get into the block and right now you need to be a Christian, some different countries. You need to spend hours in order to fill forms and apply and your credit card being failed and failed again because the bank will not allow you to process payment, reminder, mr. Do not have time for that. They barely have a time in the supermarket, you know, to put bags in, in the plastic and then it helpful. You all right. So

they're busy, busy busy like a bee. If they work all day long, and you cannot say today that you have a successful tool for successful app that brought the master, the only thing that you can say, is that the woman does the world will go into it when mowing the China United States, or any took five of the five states that five countries will Embrace digital money. Pain in the back will allow you to have it. Read out new cameras without spilling from you. Just going to have it in your bank account instantly, right? Because the bank will issue that for

you. The more people will use digital money because it's on their private server right now. So if you can replace the digital money from unsafe point of Bel-Air point of your right to something more even know if it's happening. All they want to know is that they have enough money to survive, you know, that you leave when they going to end of the day and finish their job in p65, that's all they care about and just pay the mortgage on daily basis and that's it. Here is a lot of people that try to make it back and it's fine.

As long as you don't see that you do it in the right way. We were by the way, we try to act in any very interesting way. We try to bring the crypto market and we tried to read bring the tradition commercial real estate investor like institution in New York between that, which means the crypto Market will enjoy Farm. Something that there was a back behind it without even have a security. So it's not really a security for them. But in the back door, and the traditional Market will enjoy some cash flow from the community. Because think about it, when

I lock money, like five years 7 years. So if we took those two Market in a very nice way, and we build a symbiosis between them. We allowed to want to have the security and we allow the other two. Trinity. And that's how we believe will be able to drive a lot of money into the industry and help those project. Like real estate project, start a project, Maurice Torres Voyager. You know, people can you get money to move in to happen with the covid-19? Every industry is being

damaged. So this is exactly why we basically build a safe Gateway from the old man and get into the market and, and whimpering the crypto Market. By the way, I didn't mention that, but it will be interesting to see day by day, because I really believe that if you show evidence is stronger than Express the prices and say, hey, I will be will be stuff like that, right? Full of jointure. You will see the jointer being able to besides, cutting 4000 per second faster. You'll

see the 52 smart contract. Just protecting the value of the coins from going down by reaction that free producing that. So it's very interesting to see how the body cannot go down and there was risk-free but what we credited, very interesting. Usually always hear the word higher return. We've been able to reduce their priests but keyboards on high. That's what we've been able to do. So that's what I think. I think I know a man who carries T-Mobile or AT&T as long as you have a cell phone, eventually, everybody talking with everybody, we are one step away

from being guessing between all the network. So don't feel stuff on network. Cannot speed up, coconut by Raffi, from Coastal point of view, is a shame that if I become too big for his people, if you don't have $1,000 in your pocket, It was a lot of countries that is not open for that. So we move to buying a smart, but there is other network. So I think people need to explore. So, yeah, that we're definitely not there yet and then perhaps a good pivot for the last question. Now, I'll give it to you Steven. But currently blockchain

adoption place and have a very Financial focused approach in this is fine. But what other areas do you see? That are ripe for adoption. And why? And just a time check we have a think about this. A minute. You say, I think that the data and cream in a blind man. Really? I think that is a huge huge and I would say shoot the Overlook functionality of blockchain. That is dirty now financially. So I'm just at a macro level, everything in the world today is about being faster, cheaper better, and that puts a lot of stress on the way. People communicate, on a way that people work.

Technologies we push out today things like yeah I think so, I could do all the mission they make things go faster, but they don't necessarily stalled. The trust problem right there. Trust problem is what is going to ultimately slow us down as I was talking about before that's what is going to take a lot of time and effort in terms of coordination, in terms of auditing. So this is a huge opportunity here. So if we can build this beta and cream capability, to capture all kinds of operational data, and business data, we can get rid of the need to all the things into

question things. We can talk down, confusion coordination cost. In this is going to allow our civilization basic to do scale much faster. I think that is that is like the Holy Grail or decentralization? How can we coordinate with each other? You know, what's a lot more, trust, right? Or less friction in. Coronation that more, that's that's what you completely that's our time. Thank you so much for tuning it inside. I think we get cut off. Awesome. Thanks guys.