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8th Edition Global Blockchain Congress
November 8, 2021, Dubai, United Arab Emirates
8th Edition Global Blockchain Congress
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Fireside Chat: Smart Assets the Birth of a New Era
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About the talk


About speakers

Jay Moore
Co-Founder, Chief Collaboration Officer at Prasaga
Hussein Sayed
Anchor at CNBC Arabia

Jay Moore is a massively parallel entrepreneur, human connector, and an industry insight merchant. He is a startup advisor focused on community branding, team building, and community development. In his 25+ years in games, he's strived to be at the convergence of emerging markets and disruptive technologies. Most known for being GarageGames’ chief evangelist, he helped propel the available sourcing of the first AAA game engine and igniting the Indie games movement. Jay believes the future is disrupted by the blockchain, empowered by AI, and driven by an economy based on reaching our full human potential.

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Hello, my name is Hussein – in short, I am a strategic and innovative leader with a unique background in news production, market research and analysis, market strategy, investment management, and financial advisory services. Currently, I serve as the Host of the popular business show “Bursat Al Alam” as well as the FXTM’s Chief Market Strategist.

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About yourself. What you doing? What you've been doing watching, expanse. I'm one of those people who can't seem to stop. This is might well have the opportunity to work for a few decades. In video games building a lot of fun in about 15. I started to look at watching realize that it was going to be the next thing. We're going to be the Innovation that broke not just video games, but drove the entire planet. And I got the opportunity to start working with the

project that I wrote the white paper in 2017 for / Saga in our original thesis was If we with our interoperability be up to us to make any smart device, talk to any other smartphones. If we could take that date and give it to the humans versus the Facebook's and allow them to monetize their own data across state of Lakes, Middle lyrics that that would give the economy back to the human and that was really important. The challenge was we had the technology to do the ability to move the data, but we didn't have was

watching to be able to keep track of it all. And we went around in 2018 and got a small round. We're ready to to do our big push and are you going to stay up? Well, we reschedule really. Well. The servers at the message server bus, it all works and they said no no. No, we want to know how you're going to steal the blockchain. We've said we were watching agnostic lepers going to scale. We're going to be on. We spent the next six months looking at every project in. At the end of the day. The the challenge was there wasn't one

that had the right architecture to actually be able to scale. Moment of Truth wife in with the CTO of the rehab. She said, no, we can do this. We can build the next block thing. And that's what we set out to do in 2018. We've gotten the patents put together so that we can open source. Has the planet. We've actually proven a piece of it. That's very important by having brought out the the main technology and showed, showcased it over on hyperledger. We're kind of old school. That way we kind of like to be able to prove even to ourselves that the texts going to work before we take other people's

money. The span of this discussion is the smart-ass. That's the birth of a new era. So I think we all know what the smart smart contract is. But I mean, this is the first time probably get about the smart as a job. What is it? So, What contracts were the big animation? When is Siri and came out with a hairless? What's behind transaction. Be able to make it more than just moving token from one account to another and we can actually put a watch around that transaction. That was a major Innovation. What we

discovered when we went to figure out how to scale it was it that was also the major limitation? That is fundamental smart contracts to realize. There's a thing called him. Has lost him. Don't work for IBM in the 60s. Way to measure on mainframes what was going to be parallel in terms of transactions and what would be serialized in by running that law against smart contracts? Me saying this, it's just like physics. It will never scale. It will always serialize. So we had to come up

with a new approach and that's what we call Smart assets, assets makes more sense. Still all the same logic can be going on because we build what we call a full system. One object model operating system, but just like your phone, your laptop, your Smartwatch, all have an operating environment to work in. That's what we built for the watch it. That allows us to move state from an array in a smart contract, to actually being in your account, under your neat

unique, Ledger on the blockchain. The ability to move that stayed in your account from Sharda, Sharda, from one node of a network. To another note allows us to get full parallel processing. We can dogs have complete settlement complete screws in your account at all times and still be able to do that in parallel with other transaction. We don't have to wait for settlement of one. Smart contract to execute another So what I'm seeing is busacca is playing at the different League or maybe a different game than most of the other startups down in the blockchain. So you tried to to bring Footlocker

one protocol to the business. So this will provide scalability. What else what other features everything felt that? The fundamental just like when you're writing soccer, would say for a Windows machine, you're going to be writing to the class 3 that runs your software. So your going to run to the windows class street that runs right now on your laptop, what we've done is move that to the cloud or to the global computer system of the blockchain. And now those same

class trees that are the same code that you'd reference to run on your computer. You're now referencing across the global. And that allows us to inherit or take the shared code, is global namespace and be able to make applications happen that much easier that much faster with us. You're not writing in a in a Specialty's language, like solidity. We have to pay $500,000 a year to get some of you tell you how to write a smart contract with your dragon, whatever language you need to write in to get your

application done cuz you're writing to an operating system. So give him that I'm not the expert in blockchain and I'm seeing this year. So I just let me ask you this. From what I heard a look what you're doing to the blockchain is something similar to what Amazon's AWS as for why their corporate and other institutions in the past that I had weed? Lego build your own server system, we have to do now. We just get those services from the cloud, right? Similarly. What we're doing is allowing that whole block chain

as a single layer. You're not having to have multiple layers. All of it runs on one layer accessible off of the cloud. I think of it a little bit like the we got the the blockchain which is your smartphone's. And now we've got the ability to have that application store, the App Store so that everybody can have access to the key in my learning and in all of the different to start upside down. As if you can solve ease-of-use, you can make it. So everybody can have access to it. You're going to get adoption. If

it's still too hard, which is what the blockchain is right now. It's not going to get the adoption at needs. It's not going to get the amount of momentum and slow that it needs. That's the major Innovations. We've taken the friction out. We made it easy today, we're talkin about, I mean, during the first panel and there was so much of the discussion on on regulation. And I think regulation is very important aspect of developing the industry. And I've I've seen has to.

She's she's the SEC commissioner and the US was quoted saying that for Saga is the TSA PreCheck for the regulatory, use of blockchain. So what what does it mean? I kind of like a green light from sscs, guys, you can go ahead and stop by with love, right? We're not using smart contract. So it was important that we talk to the EU. We talked to the SEC. We make sure that any regulatory That came out wasn't going to be a barrier to us because we do it differently. So we were explaining this tunnel leads to the

labs and into others, but we had the the call with Hester in many attorneys in the room. We were explaining why for example, by using our model, you can have the certification of DirecTV offer. For example, if you were able to meet all the certifications on the blockchain, that you were reg, D compliant and that you have the accredited investor on the other side that was qualified to purchase that that transaction can happen. And you'd never have to run an audit against that company because you already have them

certified. And that's when she said, So if I understand correctly, you're the TSA PreCheck for the regulatory, use of blockchain. I waited 2 seconds of can I quote you on that? She said, yes, it is a really important because when we're talking to automotive supply chain, same thing, if you can have those certifications the actual metallurgical composition, the the specialty chemical composition and have that on the blonde chick tag. That part that all

of that Providence goes all the way back to the DNA of the parts. So, if we ever have a situation where there's a real, instead of taking months, to figure out what was wrong with the part you do you go to the big filing cabinet big males with a steel, filing cabinets, the fax them over to the compliance office. Now, it's all real time on the blockchain. Everybody knows the province of that entire car down to the part in the actual metallurgical, composition of the bolt that failed and that will revolutionize.

The only Regulatory Compliance for organizations weather in Pharmaceuticals or medical devices or cannabis cannabis. We got to know what's in whatever we have. And we have to know that it's true in that the blockchain allow us to have that kind of transparency. And you know, the Providence, all the way through the transaction process, you know, that the like we said, they said earlier that the person producing the actual coffee for the gold, where the diamonds were the energy.

Is getting compensated in than all the way through but if there's a fair market through it, I think that's going to change. I think is going to change all over lies. So you don't have my husband David Berman. And if you haven't heard about these gentlemen, they are maybe we're using their Software System in our cars and our routers at home internet and together you bring almost more than a century of experience. I'm not saying that you guys are old but maybe it's a very young age racing at

world. What would I think about you? Three working together? I feel like it's the kind of a dream team symbol to Chicago Bulls back in the 90s by Michael Jordan Scottie Pippen and Dennis Rodman play together. So how did you get all together on? What's the dream? Now? I've had the opportunity to work. This is the first time I've ever felt like, okay, you know, and I've never been the smartest guy at the table. That's not, that's not my role in the marketing guy. But with David Bieber been specifically in

Michael tell you the same thing. He's actually done the Innovation that helps write the internet that we run on today. He sat next to Ben Surf & B, R O T C and then there was i p he did nap at which was Network address translation in Port address translation what make TC and IP work. So if you use your phone or anything on the internet, you've already had some of the David's Innovations. He's also written another 50 of the high-speed protocols that run the block. The internet today when we sat down and we have that moment of truth. We said, okay, how are we going to kill

this & David's? I think we can figure this out. I didn't know who David was the way I do today, and And when she started to work through the problems since, you know, and in Albert Einstein's, sister really, well, we can't solve the problems that we have using the same thinking that got us here. It's kind of what happened with smart contracts for us. What we did do with with David, as he'd already, written a new operating system for pinpoint tablet Computing, back when os2 from IBM was coming out in the 80s. So yeah,

we've been around a minute, but it also helped to write the the, the actual Collision solution for the internet that makes it all work together. Gateway, computer, contracted with him to lead the team that helped reduce the, the network Collision on the internet and in the in 2000 did that. So, he understands just how the protocols written, he understands how it functions on. That was really important ones. We wrote, you know, are watching protocol as well as the operating system. We knew what was going to work and

what was it in, or should I buy for a second? So, I mean, The books or one of them is Define. What's a decentralized finance and being a decentralized finance, block change time. Now, if anything happened to buy, I don't want to use. Can you give me like you skates? How can I be operating at this account on the blockchain? So you could fraction Eliezer stock yourself or your real estate or any major asset in because that answer is going to be accessible the platforms that would build on top of our technology would have not only

much faster settlement, but they also have the DNA of the, the logic much easier to code and get to Market. So it's not so much that we're changing, what's possible. We're changing how fast it can be built. And how easily it can be maintained one of the challenges we have. Is it every time you want to write a new smart contract? It's kind of like if you're riding on a Word document and you had to go program the word processor first, and then you could write your word document. That's how it's more contract work right. Now. There isn't the code readers. There isn't the

extensibility that we were able to provide with an operating system language. Well, let me know we're still in Chestnut tension because we actually have the movie called the class manager infrastructure that takes care of writing to the blockchain. You're going to be able to write in whatever object oriented program is available, will take care of that. Right now. We're going to be in a modified put python. We're building most of our core operating environment in golang, all that's

happening at the core level. But the real goal is that you're not going to have to learn to Specialty language in order to write in in This next generation of Technology. Let's make me feel good about it. I'm learning find some on my ya doing good. I mean, my friend is one of the languages that why wouldn't be. So he doesn't really care what language we pick, we're going to support it has dick. So I think one of the things most investors would like to know about

this world here, is what type of coin is the update? Our token and, and what is it? How does it differ from other tokens now? Available? Okay, we only have 20 minutes so that the date of your token which were rebranding to The Saga coin, when we're doing that iot, smart city of made sense to have power. But now we're going to tell a different story which is the Saga coin. The main differentiator that we've been working. Very, very hard on is, you have to understand, we're old trying to use a speculative currency to do transactions on a day-to-day basis for its

our brains, if the Three Amigos up or do I wait. So, rather than trying to go to a third-party stablecoin, we actually built our currency architecture so that we stabilize against her own internal gdpr own digital gross domestic product. Does it work? What the actual transactions going on? On the network? We can mend and burn. Create a monetary policy similar to any current Fiat organization. And that's where we're putting the most of our resources in terms of mathematicians to make sure

we get that right. Cuz it's the end of the day will start as a deflation, a token is every token industrial likes to hear right now, but over time we're going to become the currents that you invest with versus the currency that you're investing in. Did you have an economist why I think this y'all do we have a number of condoms? They cannot say who are currently finishing up the and one last question is a.j. Dubai. What's the plan? Then I will say, will think we're going to talk at the dinner about more to give

me a sneak peek of our belief is that if you're going to get the kind of innovation that we want to have on our blockchain you have to build a collaborative and that's what we're doing our first Regional collaborative here in to buy and that will be to not only incentivize people to build on our blockchain. But to help invest in the ecosystem of innovation is happening here. This is really the place on the planet would do everything in. This is where it's happening in. So we want to make this our first first collaborative that we're going to be putting on. It's going to be a regional

1. There's going to be a lot of other local ones coming out of this. But for here, this will be the hub for our, our work on this side of the planet. Even before we do anything in Europe, whether we got a lot of plans for Southeast Asia and North America, but this is going to be our first clever. I'm looking forward to welcoming your head to buy a. Thank you very much day. I truly enjoyed this chat with you and looking forward to see you. Even the gardener. I think you'll have another project. Obviously, I please get in touch. We're looking for people of purpose

that were interested in being part of this process. Thank you. A big round of applause to J. Thank you very much, and he's saying big python.

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