Events Add an event Speakers Talks Collections
 
TOKEN2049 London 2021
October 8, 2021, Online, London, UK
TOKEN2049 London 2021
Request Q&A
TOKEN2049 London 2021
From the conference
TOKEN2049 London 2021
Request Q&A
Video
Staking: The Foundation of Web 3
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Add to favorites
432
I like 0
I dislike 0
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
  • Description
  • Transcript
  • Discussion

About the talk


About speaker

Lorien Gabel
Co-Founder at Figment Networks

Lorien is a wannabe polymath who was born in Malaysia while his dad was curing tropical diseases with the Peace Corps. Off to a cool start, he spent the next few years of his life in Hawaii, San Diego, India…before settling into the much more exciting, colorful and exceedingly polite land of Canada.

View the profile
Share

Hello, thank you. Good morning. Are you in traffic Souls? Who went home early last night. So, thank you for showing up this morning and made you already hear me before the before the crowds arrive. So I'm at my table, co-founder at figment. I'm going to try something a little bit different today. I'm not going to do kind of a vendor pitch and I can talk about my company may be waxed a little philosophical about 10,000 feet where I see we are in the development of blockchain Jenner weigh and what it means for web 3. So when we get taken out of the way, we provide safety,

infrastructures, to institutions and individuals, go in the bathroom, and our state, and our platform. And we also provide tools for developers who are building smart contracts managing their daps on this group of State protocols, which we support. Okay, that's awesome. So if you want to stake, think of us, is your developer to check out our tools off. Okay, let's get on that. What's movie on that? So I made some kind of a pretty bold claim. I'm just taking is the foundation of web 3D, like, you know, is he high on his own Supply? What you talking about? It's just taking, it's not a

big deal because I think it's important. What are the first three? What is a wonderful term because kind of means, nothing and everything. Anyone does anyone want to play with balls enough to make a definition of web free for me to try. No, no one. Okay. See you soon. All right, so I'll tell you what, what do you mean to me? I think we have three is what comes after our current Internet text back are public-private text after. I think we all have in our gut that something's not working, quite right? Whether you're concerned about privacy

or data, extraction or value extraction, antisocial algorithms what? I look at my phone to get angry. That doesn't seem right, that seems bad. So I think we need to know, whatever your situation is, whatever your background. You kind of have a feeling that something's not, right. And I think web 3 is what's going to be a better internet. And I think it has to be powered by blockchains and I think so it's taking I'm not talking about taking where you are. Look, pretty are yield farming or lending out your tokens are staking

to one of the one of the landing platform. I'm talking about where you're staking actually two. Call. So I'm if you have a cerium you're running a node or you're having something I got to run and do it for you. If you have a salon, it's okay, and then you're stating that to a nude and essentially what you're doing. If you want to decline and before people start throwing things at me. This is not a negative statement about Bitcoin. This that ship has sailed wheel of Bitcoin wheel of proof of work, but the difference is as a token of what it would be obvious lie, when you want to prove

State token, you can do that so you can run or no. Do you can participate in government now, it's pretty cool. And most importantly, you can then share in the benefits of a community. So what's that mean? If you come from traditional Finance, now, all the sudden this token looks like maybe not just a speculative asset or a store of value. Now, it looks like something you can apply to traditional valuation Frameworks to buy. This is something that has value over time. And so that's pretty cool. That your developer. It means that instead of Apple taking 30% of your profits or your revenue

for what? I don't know for processing transaction. You can actually share in the benefits that you bring on your application to that blockchain. Okay, so that's pretty important. I think it's pretty cool. And what does that tie into web 3? So we often say, you know, what's taking that they were building a new Financial system. New economies. But we're really building his community by everyone here. These are all entirely new computers. I don't know. I've been I've done the Miami New York, London circuit and like the enthusiasm of the diversity of people. The engagement was like

awesome. I don't know. I kind of want in a bit of a bear market and it's really fun. I think you guys are all seeing it. You're all here at 10 in the morning, listening to some guy talk about it. So it's like, I think we all sorta, feel it in the air. Right? And so what you're saying is really these communities being built and Community is like it's not a one-way Street to be in a committed. You have to participate, right? It doesn't work that way. And so when you stake, your token stay with me, you're participating in this community, your governing you're running a know. You're

securing the block. Shane the value you stay considering they can blockchain people build on it. So you are and then you're going to drive the benefits. I've got three Unity that value over time. So instead of an Internet that takes our data, extract value, usually takes away our privacy. Maybe our sanity. Did you stay choking? Do you participate in these new protocols? What you're building a new internet? You can ask to be part of a larger community and drive value from it over time. So that's why I think Stacy is the foundation away of

three and so State your tokens. Save the world. Go to better internet. That's my pitch for this morning. So yeah, I have it on that. Let me get to this gentleman here. I totally agree with the sentiment you're saying, but a part of staking means that you need some capital and significant Capital to invest. When are they pulling and nominated prefix, taking that kind of thing, but surely that excludes a whole bunch of people that can steak be cooked at on

a few workout blockchains work, at a fundamental level in proof of work. You take your cash and you convert it to expensive. Mining equipment electricity, right? In the case of staking instead of buying electric, said, if I'm 86, you're basically buying value in a token in unlocking it up. So, yes, it's some core level. However, there's protocol for governance work. There's lots of foundation grants as a developer. You can, you can create it at the permissions. You can create an application,

which then turns was token. So you're right. No value, but I don't think it's the only way to participate in these in these group is a block in. Any other questions? Do you want to comment on social tokens and some of that the smaller little communities and how that fits in with us as well. So, I don't know either. So I think they're somewhat controversial. You know, some people have some some dick to use of them. I think it's still early but I think there are a form of participate,

participatory blockchains and communities. In other words that the people rather than someone else having your profile and then and extracting all the value from it used in Fury have some control. So I think there's like six different models right now being being tested and people playing with. But I think it's probably a better way than what we have now, which I don't think anyone degrees is a fantastic way to run the social network. So Anybody else about the risk with regards to

staking a no-show to retail investors? Look at that space with regards to the heels that are being offered. And what advice would you give investors? Are looking for higher yields, but obviously, it doesn't come out of a risk-free rate. Roads, Swift's taking your tokens in general. You can't lose your principal with some education will talk about. If you are running your own Otis, taking your own tokens in a bad mood goes down. Then you're going to listen rewards. So depending on how it's actually property you are, if you choose someone like us and we don't do our

job that you met Miss, em rewards. So you want to make sure you have an SLA and someone who can back it up. There are some education on something called slashing, which is double signing, which is like 40 Network or double spinning. It's holding the equivalent of some protocols, and then you can lose some of your Capital, not like 100%. Use a few basis points. So it was a risk to be aware of. If you're doing yourself, then you should know what you're doing. And if you're out so she was someone I guess you should make sure that we know what we're doing. So we've never been smashed. So I need

the questions gentleman here. Becoming a commodity service. Like, how do you differentiate the infrastructure? You know, like he was with us, taking staff, looks like for my perspective. So you have a metal and physical idc's, good reasons for running your own servers, and running bare metal. And then you run those in conjunction with the major Cloud providers. Has the centralization benefits excetera and then on top of that lawyer and a reporting they are so you would think openledger easy to

track my rewards. Know what's happening. Well anyone who's like get her after the box, he knows the data structures are a mess and it's difficult to pull that information from self. In our case. You tried to Lisa fisticated reporting and data infrastructure either by a t i or and then I think most interesting about that is we have a We have a team of 10 plus people. It looks somewhat like a daily proxy service to meet sell-side research except with a bunch of D Jen's. So we're better these communities early. We participate in governance at times will actually write proposals if we see this

as a technical upgrade. And so we really think, you know, what selfishly we might do it. Anyways, we only use tokens, we run on these protocols. So we think it's important not just to be like running extract of infrastructure. And that's it. We think it's really important to participate, but our customers generally find it useful. So, you know, what does it look like on block change today? You determined over the long term, but it's like a board meeting every day with a thousand people around the world. We don't know each other, maybe don't like each other, and it's very difficult to

have a group of people. All they do, that is precious to me in those communities rope, right back to her or provide information, updates make V recommendations, and sometimes you can participate participate. We're going to Buc-ee's and insurance and stuff like that. So I think from a commodification. Sorry, that's your question directly. I think you could just look like a rotten about all these other things that I think it's important for purchasing. These networks has a lot of value had to be to be found there. Hi, I was wondering if you could comment on the on the

tension. I perceive between keeping staking rewards high enough that people actually want to do it. That's that's security budget. That's right, so, that way, and then and then if they can get to 5432 % then left with the ones, I just acres into how to, how to land, a good them, equally Brie, and they're very high because the network the protocol the rules and built for the people, walk value up with her and send to do that. So, there's a curve when it right way. So starting from this way and then

going down over time that we're going down over time based on toward the internal economics that have been defined by that protocol and that's like the internal inflation rate and starts out. I generally and then declines over time and there's another line that's coming up from here. Which is the transaction, the value captured on that protocol over time. So I think out season aetherium. So this number should in theory if he were using the protocol coding applications running smart contracts and then they're going to meet in the equilibrium

somewhere. And so that's going to be the value. Now. I think the networks not being used. If no one is doing anything on it. Then this number is going to decline. This number is not going to go up and you're basically going to get a network is not very secure and people are going to build on it. So you need to like get that right and it's still pretty early. You're seeing some protocols like terraluna which are all transaction fees right now. So I'll deal there is from stablecoin usage and anchor excetera. And then you have other protocols which you know are very much all as Century inflation.

There's no real use it yet. So I think you kind of got to watch those two lines and the ones where that one doesn't go up or going to fail. So, any more questions for Lorien? Lori and I was pretty cool presentation. I like the Style. Thank you. I'm going to bed early and board meeting, but it sounds like you very very much really appreciate.

Cackle comments for the website

Buy this talk

Access to the talk “Staking: The Foundation of Web 3”
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free

Full access

Get access to all videos “TOKEN2049 London 2021”
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Ticket

Interested in topic “Blockchain”?

You might be interested in videos from this event

April 23 - 24, 2019
Singapore
23
671
bitmain, blockchain, crypto, cryptocurrency, fintech, fundraising, game, government, investment

Similar talks

Michael Jackson
Non Executive Director at Volvo Cars
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Ross Bates
Community & Event Management at PARSIQ
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Simon Barnby
CMO at Archax
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free

Buy this video

Video
Access to the talk “Staking: The Foundation of Web 3”
Available
In cart
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free

Conference Cast

With ConferenceCast.tv, you get access to our library of the world's best conference talks.

Conference Cast
949 conferences
37757 speakers
14408 hours of content