Web3 rollup: payment integrations, crypto regulation and DAO of the Month

Transcript

what's up friends welcome to web3 academy a place for entrepreneurs creators and marketers to explore and learn how to use web 3 to transform business models and create thriving communities enjoy this next episode [Music] welcome to web web3 academy gm kyle gm everybody what's up it's thursday and is the weekly roll up where we break down all the news in web 3 and wow what a week it's been we got so much to get through today we had april fool's day we got some stuff going on in the payment uh lair and integrations with

making payment much easier in web 3 which is great to onboard more people we got some big news over uh at twitter with uh elon which i'm sure many of you have seen already we're going to dive into that we got some um exciting news on the government level some uh actually positive news coming from some governments which is great to see uh and uh then we're gonna wrap up with the dow of the month today uh and we got a doubt that we're super excited to be highlighting uh one of the og dows to tease that a little bit uh so uh but before we jump in um as always i'm jay hamilton coming at you from whistler canada

where i am a web 3 uh builder entrepreneur and a marketer in the web 2 world and as always i'm joined by my bro my buddy you know what not as always because last week i wasn't here true you're actually joining jeremy last week uh but i'm happy to be back i am back in popoyo nicaragua and uh i'm excited to be back on the show this week so before we start what are you grateful for today kyle i am grateful for uh my friends boogs and jenny uh long time friends uh like since i was a child and they came and visited me in nicaragua this is why i was away the

last week so we had a little bit of a vacation i took a little couple days off work uh and uh and we spent some time cruising around nicaragua it was a great week great to see friends from back home uh which as a nomad you don't get to see very often so yeah very grateful for them and just glad they came came down to visit nice how about you who boogs has just got one of the best nicknames of all times um i am grateful for my desk i purchased a new standing desk which has given me the ability to move my body during the day which is very nice when you like so many of us sit at the

computer all day so look like you're sitting right now though i am sitting right now because my back hurts uh because apparently at the same time i'm also an old man and i injured my back while bending down in the bathroom this morning so we don't need to get into the details of that uh uh we always like to start with uh the web 3 word of the week kai what's the web 3 word of the week this week the web 3 word of the week is is utility um and the reason i say utility is the more that for me anyway the more that i go down this rabbit hole of web 3 and speak with more people went through i keep realizing all the different um utility that web 3 enables it can

just it can do so much and i think we've only scratched the surface in web 3 and i think over the coming years we're going to see so much new utility coming out of this and that really excites me and that's honestly the point in this podcast is we try to stay away from the markets and the prices and try to look at like how do we actually use these things to better communities to better businesses um and to um create more equality around the world and um so you utility is the is the word of the week i love that i love that because you nailed it with that's the objective of of us here on that pod on this podcast is really exploring the various utility that web 3 enables and you just there's we're just scratching the surface so

and we're going to talk about some utility today as always but let's start with some fun it was april fool's this past week i mean we're almost a week out from uh april 1st at this point but uh there was uh there was some fun hat on april fool's april fools is a dangerous time in the crypto world if you're if you're not in crypto twitter or even twitter just stay away on april 1st there's there's just uh there's too much fun being had and you need to be on the no because otherwise you you might miss something or think something's real when it's not but our first story here uh is that bankless purchased

the rights to welsh fargo arena so the philadelphia flyers and the philadelphia 76ers used to play at wells fargo arena but they're now gonna play at bankless arena uh after a 420 million dollar crypto uh i'm sorry deal was approved uh and one of the best parts about this uh this story and i actually have to say where i first saw this story was in a discord server that i'm in the jump server which is a great server for markers uh and a guy posted it as real news in the in in their discord server and so he clearly got he clearly got fooled which i was so surprised because if you read the story you can tell this

isn't real right away but this is the best the best my favorite line from this is bankless will reportedly trade 6900 sorry 69 000 ethereum tokens and an undisclosed amount of board ape yacht nfts turtle nfts and david's crypto punk the a pseudo swap according to the reporter you know it's not true because they used all the meme numbers 420 million dollar deal 69 000 ethereum yeah yeah i love it what's funny though is so bankless is uh has been a client of ours and we've been working with to help them with marketing and growth for a year and a half now at least and they did this last year as well um but they did a different one so they last year they for april fool's they put out a

newsletter and said that wells fargo acquired bankless and uh and it was actually so many people believed it to the point that their subscriber base had a significant decrease that day like hundreds of subscribers unsubscribed from bankless because they thought that well they actually like gave it and got bought out by wells fargo so it was actually quite detrimental this one we didn't see any impact uh thankfully uh on a bad side anyways so yeah great great april fool's joe good job ryan and david all right sticking with the april fool's trend what else have we got here so this one's kind of funny i actually thought this one was this is the first april fool's joke that i saw that day and i thought it was real and it was

breaking solana to shut down its consensus layer and settle on ethereum and for some reason the reason i thought it was real is anatoly the the founder of solana retweeted this and i was like holy [ __ ] they're doing it and the reason it's kind of funny for me is like a lot of people in especially in the ethereum space talk about this it's like ethereum is going to be the settlement layer of the world um these other more centralized chains like they don't have that decentralization but if they wanted to they could actually just execute their consensus on ethereum and so there's talk like this is probably gonna happen for some of the chains and i was like holy [ __ ] it's happening with solana that's the first one uh but yeah just an april fools joke but what was nice is it was played on by the solana

crew as well so respect okay next one we got here is uh somebody on twitter tweeted uh a an image of a role at the u.s department of state saying that they were hiring an ambassador to the metaverse uh for for for somewhere between 143 to 173 thousand dollars a year uh which they are clearly not hiring this role this is not a real rule uh it would be nice if they did i was gonna say they would get a lot of it would get a lot of applications from a lot of very bright people i think um and and this guy i just love what he says he says if

selected i will work to build lasting peace with the metaverse which is which is you know i just got to touch on this quick guy and i'm sure you feel the same as um it's so i've never felt before such a difference between being in a community so being part of the crypto web 3 community versus being out of the community and anytime i go out of the community to talk to friends or family members it's unbelievable to me how negative their view of web 3 and crypto crypto in particular over web 3 how negative their view is and there's so much fear and so much scare around it um and so it's just it's

really nice to see somebody point out that like really we're all just trying to make the world a better place here right right so great great huge disconnect from those who understand web3 to those who don't like it's it's it's massive completely different worlds it's kind of hard to go and sit with my family or friends who are not in this space and have a conversation because i'm like i just want to talk about web3 and they're like i don't even know what that means like [ __ ] what do you guys want to talk about then what but okay let me let me just back that up a little bit because i was i was just going to say something to sort of the opposite of what you just said kai um kyle and i's dms are open we're in our discord server web through

academy we are well we welcome anybody to ask us questions right because um we do need uh we need more openness and if you are new to the space please reach out we'd love to chat with you uh there's so many beautiful things happening that are going to make the world a better place this is not just about making money 100 okay next up uh we got big news out of open c uh so openc which is the largest mft platform in the world uh about 1.4 million users uh on their platform has now announced that you will no longer need crypto to buy nfts on the platform you will be able to

use visa mastercard american express as well as apple pay and obviously this is big news because there's a lot of people who don't have digital wallets yet don't have crypto and aren't able to participate in this nft boom and buy nfts and so um great great news for onboarding more users into the nft space yeah i don't really know how it works like under the hood but it is interesting because it's like it's onboarding people into crypto and they don't even really realize it right because it's like you can buy some nft with your visa for let's say two thousand dollars and then you can go and sell the nft for eth uh and now you have crypto in your wallet and you never

really like you never used an uh like a centralized exchange i mean i'm sure the the way that you're buying this with visa and everything is obviously centralized um but yeah that's that's very interesting to me i don't know how it's gonna play out but um cool uh i think the funny part is when you're buying an nft that's expensive for like two eth it doesn't sound or seem that expensive and then when you convert that into us dollars now you gotta buy it and it's like i don't know eight thousand dollars it's like oh [ __ ] this kind of sucks so we'll see how that plays out yeah it is funny how those of us in in the web3 space start to think in east and not in us dollars it's a a transition you got to make and calculate that in your head

okay next up uh we got another sort of on the same thread of payment um and that is that apple pay is integrating with uh one of the most popular crypto wallets metamask and and this is big news because again it's going to allow more users to onboard to crypto uh because you don't you can just make it much easier easier transition using your apple pay wallet which obviously um i don't actually know how many people out have applique wallets but you know billion people that's a lot now it's only 400 is you're allowed to do i don't know if

it's per day or 400 a month or whatever which seems like yes that's small but the real benefit to this is um in my opinion anyway is think about like gaming when that takes off and you have gaming nfts and like things that you use in gaming with tokens and that they're small micro transactions so you don't need a lot of money things we do now in crypto are like buying big expensive pfp nfts and like d5 where you're putting your savings into something that's not what this is this utility is for this is more for like the small micro transactions to to like play axe infinity or to play whatever game is in the crypto space you need to fill up your wallet with a little bit of eath just to play this allows you to do that and so this allows

um the the more mainstream people to come in and just do the things that they want to do without really thinking too much about crypto it's more like oh apple pay to fund my wallet and then boom i'm able to play this game that's the key thing and then they can start earning crypto or earning nfts as they play that's really what this enables it doesn't enable like the whales to come and you know buy whatever tokens or whatever but who cares about that i don't really care about that it's like this enables a bunch of people to get onboarded easily to then go and do the things they want to do maybe it's participate in like a new social app or it's a game or whatever um so that i think is is really really cool yeah and i think for a lot of people too

their first transaction is probably under 400 right like most people looking to get into space they want to they want to put in 10 or 100 and this is what we always suggest right is you know you don't need to i think there's this big belief that like oh if i'm getting into the space i need to be investing thousands of dollars no like jump in spend 10 spend 50 spend 100 spend whatever you're comfortable with and just play and try well and i i think we're it seems like we're finally reaching that phase and i don't know that we're there yet but we're getting there where ever since i've been in crypto it's been about investing right the last however many years it's all been about i want to get in because you know yes i'm here for the tech some people but it's i want to

make money so it's we're dollar cost averaging we're putting in a bunch of money and we're hoping to go to the moon kind of thing i think now with games and social and all the things that are coming with web 3 it's not about that anymore now it's like i want to participate i want to play i want to um i want to do right like i want to actually like be involved i want to create etc and so it's we're getting away from just the investing crowd and we're getting into the real utility and the in the actual users of this whole thing which is super exciting and i don't know how long it's going to take for that to actually play out where it's just real users not investors but that's when we know like we've kind of passed that threshold and we're we've really

made it in web 3. you know yeah so that's that excites me yeah and that's a great lead-in to our next story here which is a highlight on um things that you can do in the real world and get paid in digital tokens uh and there's been a bunch of projects that we've seen um over the past few weeks one of which we actually had on the podcast on tuesday this week but let me tell you about these four four examples of projects that you can get paid in tokens uh so one is called hive mapper pipe mappers building new google maps and they're doing that by having normal people like uri we put a dash cam on our car and we drive around our city and we

earn tokens by doing it um so right now google maps spent millions of dollars um to map the streets and to create google maps but hive mappers is going to create that by incentivizing us to do it you know you need your own camera and you've got to have the setup which i haven't looked into the hardware to do that but my guess is a lot of people already have these these hardwares um and they just raised 18 million dollars for uh to get started on this plant so uh i think that's a you know it's great to see the simplicity of something anybody could do and get paid in tokens um the next one is step in uh this one i saw this one like a few

weeks ago and i was like really uh i haven't i have not gotten involved with basically this is as simple as like you get paid to walk and run outside um so you buy a pair of nft shoes and then every day there is a period where you can use use your nft shoes but you have to actually go for a walk or run and it tracks you and if you move during that period then you get tokens so really really interesting social fitness game basically the next one is helium and helium lets you earn money by

putting a internet router in your house uh that others can connect to so you're basically like you're buying a mini hotspot and you get paid in helium tokens when others connect to it uh and helium has already got over 500 000 routers in 47 000 cities and they've raised over 200 million dollars to basically build the decentralized wireless network um right now helium is just limited to iot products so you're not able to connect your phone it's not 5g this is not the typical internet that we would use or think about but they they are planning to roll that

out in the future as well and this is who we just had on our podcast um with ada and and actually um i think it's 700 didn't she say on the podcast it has 750 000 rudders now right it's growing a lot she said too um but yeah the 5g part is coming but yeah helium is very interesting that's a cool cool model uh and the last one is super local and with super local you can get paid to check in at your favorite locations i'm sure those of us might remember from web 2 one of the popular platforms early was foursquare and basically super local is building the new four square so you simply you take a picture you put a caption you

submit it on the app and then you earn tokens um and they're they're looking to build that uh yeah that super local platform that can tell you all about the local places around you so this is one of the things where these four here is i try to explain a lot is that the the big thing about web3 is it allows you to incentivize your community right you can create incentives to anyone and everyone and um these are all doing that right they have a token and they incentivize you to put a dash cam on your camera and that allows them to collect data and build a product around that right um or to use routers and put them in your your um in your house which normally someone wouldn't do like if i wasn't getting paid i wouldn't go buy

some random router and put it in my my house or put a dash cam on on my dashboard but because i'm incentivized to do it through a token structure then it makes sense and now you get the data you get the users you get people helping you build the product the key thing they have to figure out is that's issuance right they have to give that money from their treasury or however they're doing it maybe it's some sort of mining way whatever like bitcoin but that goes out there how do they get their revenues to make up for that because otherwise it's a ponzi and it doesn't go anywhere right because eventually they can't just continue to give out tokens for the remainder of life without bringing that revenue back in it needs to be profitable and i actually want to talk a lot about this i

think maybe we'll do it next week um because the merge with ethereum that's coming up this is one of the best most brilliant tokenomics structures and when you understand what they're doing it really helps you to understand all of these business models and what we're talking about from a different lens and so i'm going to talk a lot about that like next week um because i think it's just super helpful for people to understand the business models uh of these tokens yeah i know that's a great point definitely something we'll dive into okay what what what big news do we have here next guy this was actually super surprising but super exciting uh elon musk buys i think it was like nine point i don't know whatever eight percent or something on twitter

9.2 of twitter and uh and as you can see from the tweet here from blockworks he's also was appointed um as the the board of directors on twitter he is now the largest shareholder of twitter now this has nothing to do with crypto um but it has everything to do with crypto at the same time uh and that's because a few things one elon is obviously a uh i don't know what an influencer in in the crypto space uh two twitter is where we all talk like that's where we all most of you know us from it's from twitter probably um and that's just where crypto hangs out and three and i think more importantly actually first let's go to the the image for the viewers here watching i like the next the next tweet here it's the picture of elon smoking a joint

and on the joe rogan podcast and it just says twitter's next board meeting is going to be lit but the best part is elon was the one that tweeted out this image so good he's just the best at trolling he's the best on twitter and now he owns the most of twitter so i think that's super cool um but uh what's really cool here is if we go to the next one i know the next one's on jack so um you know twitter and really all social media companies have gotten a lot of flack lately for censoring content right we've seen it a lot with kovid there's things going on with the war with ukraine um and just a bunch of different things i mean donald trump getting banned and um and look whether you agree don't don't agree with who is getting banned or who is getting

censored the thing is the problem is is that things are getting censored right we should have freedom of speech we have freedom of speech in the real world we don't have it on the internet and that to me is [ __ ] and i think that's one of the things that crypto fights for we want freedom of the things we own digitally we want freedom of the things that we say digitally and right now that doesn't exist in social media um and elon is a big proponent of freedom of speech and so i i don't know if this is why he did it um but i i think it's definitely something i feel like he's going to be a big proponent of and should push forward that hey we need to stop censoring and let there be freedom of speech and so i'm super pumped to have elon

running we're not running twitter but at least have a say in twitter um to help to help push that forward because right now it's a bunch of [ __ ] that's happening in social media so yeah i'm rooting for elon here yeah i gotta say i just i just really admire and am inspired by elon constantly he's a bit of a he's a bit of a weirdo so i think sometimes people have trouble understanding him but he is an optimist to the highest degree that just is driven by the the ambition to better humanity right and make the world a better place and so and i've heard him say that so many times one of my favorite elon quotes is uh i'd rather be an optimist and be wrong than be a pessimist and be right

right yeah it's good quote so sort of funny uh this this happened a few days before uh elon made this announcement uh but uh jack who is the uh initial founder of twitter uh tweeted out um that uh the days of usnet irc in the web even email uh were amazing so the early um web one days were amazing um and then what happened was centralizing discovery and identity into corporations really damaged the internet i realized i'm partially to blame and regret it uh so a heavy tweet from jack basically saying

that the web two period when we centralized uh into five major corporations that own our data in the internet um was a damaging cause damage and that he regrets it i mean uh fascinating to hear him say that out loud uh that you know he clearly believes that we're going in a right direction now showing the problem is jack's a hypocrite and i complete hypocrite because he says this which he's right it did become you know centralized whatever from web 2 and yes he was part of that he built twitter sure but now that there's web 3 that's being built out he bashes it and he's against it because it's not on bitcoin his love in his right the thing that he thinks

about all day all night it's not on bitcoin and like he says that he doesn't agree with web through right now because yes there's still investment from vcs it's not fully decentralized blah blah blah whatever jack twitter was not what it is today like 10 years ago either right like it took time to develop and build it it was a [ __ ] product back in the day until things got worked out and we figured out how to make twitter what it is today and it's like how are you not supporting web3 you are this big proponent of decentralization and all this and you put this tweet out yet then you actually publicly um he publicly hates on web3 and it's like it doesn't make any sense man like which what do you support here do you support web2 or do you support web3 and i know

he supports web 4 is kind of their thing it's like when web 3 finally becomes decentralized but it's like so you're going to hate on it until then like it just makes no sense just get out of here jack get off twitter and i don't want to hear a word from you anymore you suck i'm not going to lie what side does he take here make up your mind um anyway here's a nice one okay so look here's someone's actually doing something about this um jack you're just tweeting and you know kind of making [ __ ] up lens protocol um is this is the future in my opinion of where social goes like social right now is is fully centralized we don't own anything it's it's a mess right um i mean facebook and google

and twitter they make all the money uh and those who are creating and doing things on it we make basically nothing um so lens protocol was actually invented uh or created through ave is one of the largest most well-known um decentralized finance uh protocols in crypto started on on ethereum it's actually now on avalanche and on i don't know a bunch of different a bunch of different blockchains um and it's huge it's the best and the the founder of aves is like one of the the greatest in the space so they actually brought together a team of bigwigs from social media i think it was they got some people from google from facebook from was it reddit maybe i think from twitter as well um and they uh and basically

they launched um something called lens protocol which basically as they call here is a permissionless composable and decentralized social graph that makes building a web3 social platform easy um so lens protocol is not the social platform it's not the twitter or the facebook but it is the new um it is the sort of the underlying technology that allows people to build the twitter the facebook the reddit in a decentralized and permissionless way um so it's technology that's needed to get the thing that we eventually want um so it's really really exciting and it's honestly kind of hard to wrap your head around what exactly lens protocol is i've read through their sites i still

don't know i'm working on getting someone from their team on the podcast to to explain it to us but essentially they're building the social graph where you can um what's really cool is if you actually want to go to the next tweet um so here's an easier way to explain it so they did a hackathon sort of thing recently and the community created a hundred different projects that could be built on lens protocol and the reason this is cool is like what we think of social media right now is not what it's going to be when this gets built out it's going to be very different i think and the reason is because of this composability that lens protocol allows is we might have a hundreds of social media platforms and that sucks in the web 2 world because well you build on one and

you don't have access to move your stuff to the other one right because you don't own anything you don't own your followers you don't own your content um so to be on multiple platforms is very difficult in this world where it's all composable and interoperable you could be building or using and creating on one and then just move your followers along with you in your content along with you to the next one into the next one it's very fluid right and so we might have a bunch of different ones and just like you can go and interact in any one you want and as you do that it builds up your social reputation so you don't have to spend all your time on one platform it could be a bunch of different platforms some videos some written some whatever we decided to do in the

metaverse um and they all will accumulate um your reputation and your following and your i don't know whatever else we decide that is um so you'll own all your content you'll own your followers um and you'll own your profile as well and so i think it's it's kind of hard to imagine right now but i would be following lens protocol and just paying attention what they're doing because i think this is the future of social and maybe maybe one day elon sees this and he decides to uh to build twitter on this as well we'll see i don't know future prediction right there yeah composability is a big theme that has so much power in web 3. uh and it's a

difficult concept to understand for us in the web 2 world because web 2 is not composable right you're building on closed platforms where you can't layer on top of that and have open source and have other people come in and build so it is it is difficult to think about but it is exciting to think that we could take our followers from one platform to another or we could take our content from one platform to another and that's really what the future of social holds right and i mean this is still i mean they're not even on mainnet yet they're building a polygon but it's test net it's still going to be years until i think we have a solid web 3 decentralized social platform so don't don't expect this to happen anytime like

soon i mean maybe something comes out of nowhere i don't know but that's just my opinion okay next up we got another nft collection that sold the pudgy penguins nft collection uh sold their collection of 800 sorry 888 digital penguins uh for 750 east and the reason the reason we wanted to bring this up is you know we saw board ape yacht club uh and their investor around when they raised a whole bunch of money and then we start crypto punk sell to yugo labs so we've seen this a few times and one thing i think that i keep

i keep hearing and people keep asking me is like wait a second like what what what is this like what did they sell like what did this person buy or what did this vc buy um like are they buying the nfts like what what is really part of sales so uh kyle break this down for us what what did um this investor buy by purchasing pudgy penguins yeah so they didn't they didn't actually buy into the nfts like the owners of the nfts still are the owners of the nfts that's one of the beautiful things about uh about web3 and about crypto uh and and by the way that's 750 750 is like it says 200 2.5 million uh in in us dollars um so that's interesting what they

bought though was a few things i mean one they bought a brand right pudgy penguins uh i mean is somewhat popular in the nft space so they bought the brand of pudgy penguins that they can go and do things with um they bought the community right so there's a discord server somewhere there's a community of people following their twitter and their discord um that are familiar with and like or love their pudgy penguins um so they bought access to that community um and then i don't know the details of it but potentially about the ip so it depends on who owns the ip which is different for a lot of different nfts but probably i would assume they also bought the ip which then allows them to i don't know maybe pudgy penguins wants to create a tv show or a movie or i don't know a metaverse

and or a game or something and so they have the ip of that as well so i mean they bought a business and i guess the other thing that they bought as well is um there's royalties so there's revenue here when people buy and sell a pudgy penguin there is some sort of royalty i assume again i don't actually know what the royalty is for penguins but most of them have this where they get a certain percent of that sale and pudgy penguins are worth you know a few eth so when they get a sale they're they're actually making a decent amount of money so there's revenues that they also bought so um try to not think of this as they bought an nft collection they bought a business in a business that has a brand it has users it has revenue it has a community

um and so that's it could be a great purchase we'll see i mean i don't i don't know what pudgy penguins are or why people like penguins that are that are fat uh but but they're cute i guess yeah they're cute um but i mean look you could do things with this you could make a comic you could make a game you could make a movie and and instead of making it from scratch you already have a bit of a base right you have a bit of revenue to help um you have a brand around it you have a lot of things there's a website there's social um so yeah i mean it's it's only i mean not only but it's 2.5 million i mean i'm sure this guy uh luca nets who bought it from who's from la i'm sure he's got the the means to buy this you could do some

cool things with it and we'll see what happens i mean look at what hugo labs has done um with theirs right so um yeah it's interesting it's cool to see this sort of network effect now this is continuing to happen and i'm sure this won't be the last nft collection we see that sells um yeah so we'll follow this and we'll see what comes of it if they if they have a plan or or maybe they just want to buy it and collect those royalties who knows what i love that you said um is that nfts is really the intersection of brand and community that's what's really what nfts are is you know you're building a brand and then you're also building a community that then these

nfts these like the pfp collections yeah yeah yeah these these these nfts yeah awesome all right well let's shift gears now uh to there's so much happening on the regulatory level and government level uh announcements coming out uh and often it's it's fun often it's uh it's not it's not the most exciting news because it's that it's the government trying to control uh what we are trying to build which is self-sovereignty right so this was exciting news coming out of the uk because it was the opposite of that so the government of the uk said set out a plan to make the uk a global crisp

crypto asset technology hub uh and i'm just gonna highlight a couple things in this announcement that what they're focused on first is stable coins are to be brought within regulation paving their way for use in the uk as recognized form of payment uh there's an announcement uh as part of this that measures to make the uk a global hub for crypto asset technology and investment and so they're talking about how they're going to open their doors to more uh investment and more technology improving and pushing crypto forward and then there's also talk about how they're going to create legislation and they call it the financial market infrastructure sandbox so they want

innovation to happen they want to create legislation which encourages innovation and basically creates a sandbox where um crypto companies can play and can innovate without feeling the fear of potential regulation coming in the future uh so and then they also i don't even know what this means but they also said they're gonna royal mint an nft which i uh that feels like that's like some pr guy threw that in there i don't know i mean it's but yeah it's uh it's i think it's great news yeah i think it's awesome and i mean we talked about this i think weeks and weeks ago many months ago uh that when when the u.s we kind of weren't sure what they're going to do with their their regulatory we still don't really know but

for those who kind of block crypto and and don't allow for innovation the entrepreneurs the businesses the money the people they're going to go elsewhere right we live in a world where it's very easy to move around i mean i'm in a different place every episode it's not hard to go to different countries um and and i mean crypto makes it even easier right because you can bring your money and your ownership with you um so look here's what happened with the internet right europe had really bad restrictions and bad laws and rules that they put in with the internet and so everyone went to the u.s because the u.s was very favorable silicon valley was born from this and it was one of the greatest moves any country's ever done in terms of like bringing in capital right like i forget i saw some stats on how much

capital and investment that silicon valley brings versus like the rest of the world it's it's insane how much they bring in um and europe completely missed that right because they just put in stupid regulations so everyone went to the u.s i don't even know any tech companies that come out of europe i don't know any i couldn't name one but i could name you 100 that come from the u.s yeah and so those who get it the governments who get it and the people in the space already we get it we know that this is the next thing crypto web 3 this is the future it's the future of finance it's the future of the internet um and those countries that have good regulation allow people to innovate they're gonna get a lot of capital a lot of smart entrepreneurs that are gonna move there

um and so good on the uk for doing this we'll see how they actually do it and like implement it um but it's amazing we need countries like this and we don't have a lot of them yet um that have actually said we're gonna be very favorable we have like el salvador is very very good i think the bahamas i believe is is another really big one that's where ftx put their head office i think singapore might be a pretty good one other than that like i don't really know portugal might be one but um marshall marshall islands in uh in the caribbean which is the one that has the legal entity for doubting corporations so yeah there's a few but there's really there's not many and i think you nailed it

when technology is is on a growth path like it is now with new technology of blockchain and all these base layers there is going to be some governments and some uh places in the world that really support that and that's where the innovation the money is going to flow last year alone there was over 30 billion dollars in investment into crypto and web 3 projects 30 billion dollars well that's got to go somewhere and the uk is basically raising their hand saying come here we want to be part of this revolution i actually hope i mean i don't know if i hope this because it'd be very bad for the markets

but like if a lot of the big countries like europe and and us or whatever like they have bad regulation and then a lot of the like developing countries like el salvador and that and they all like let's say throughout latin america or something they all allow it and everyone floods there [ __ ] that'd be amazing you got good weather you got great surf uh good food it's cheap and everyone just goes there and starts building crypto companies that would be my dream because i already lived in latin america anyway uh so that would be amazing but um yeah i don't know we'll see it's it's very interesting and one of the things i think that governments need to realize is like look as crypto and all this decentralized dental decentralization plays out like they're not going to get the amount of money they want and like taxes and

things like that where they get their money and because where they give like governments need to think of like they are a business as well and so where do governments give value in the physical world they give value they don't give value in the digital world okay so like get out of our way let us do what we're going to do in the digital world and in the metaverse and like with what we're doing here with with web3 et cetera get out of our way and focus on what you do which is like build some roads right make sure that our our um we have good infrastructure we have water and we have all those things that's what we pay your our taxes for so like if you want to get the crypto community one allow us to do the whatever the hell we want to do right let us innovate and

build a better digital world and you focus on building your physical world and we will like if you are open to allowing us do what we want in the digital world we will come and we will build our businesses we still obviously need things in the physical world we need roads we need headquarters right we need we need physical businesses so we will come put them on your land right and you can serve us and you can do the things you want we will pay our physical taxes to you then but leave us alone in the digital world in the metaverse let us do what we want because you're just slowing us down and you don't provide any value you actually do the opposite so like you shouldn't be trying to taxes and [ __ ] in the in the metaverse because you don't do anything there it makes no

sense right you run a business go do something good in the physical world and give good roads to us and good water and good whatever and hey we'll come there and we'll pay those that's what i think governments need to check themselves and and and that'll help but we'll see what happens kyle reed kyle reed head for president hell no i'd be pissed every day if i was involved in politics i think well and and you you bring up you know such such a great point uh which maybe is a little overly simplified but it's true right but here's here's the issue and this transitions nicely into our next story here which is uh some part some legislation coming out of the

eu but the issue what's that europe doing it doing it again and again do it again but here's the issue though the issue is a lot of governments focus on well my job is to protect and to secure and they also a lot of their campaigns a lot of politicians run off of the creation of fear right and so they create fear and then that allows them power that gives them power because people are afraid and they say oh protect me i don't understand this stuff right so you can see that cycle um and here here's what's happened is the european parliament is uh it they're pa they haven't passed this bill i don't

quite understand the steps it has to go through it is almost passed basically it passed a bill um requiring crypto firms to kyc non-custodial wallets uh so kyle break break down for us what this means to the users yeah so they so governments can't do anything to non-custodial wallets themselves like they can't make meta masks kyc it's users or you know exodus or whatever the things that we use in web3 they don't have any controllers those are decentralized um for the most part some of them probably say they are they're actually not but anyway you get the idea they don't have any user data they can't like force anything or freeze any assets or anything like that they don't even know who's using their

their their protocol in their wallets um but what what um governments can do is they can put regulations on the crypto firms meaning like the crypto exchanges because those are physical businesses in x country that have corporations and like they're controlled the normal way just because they hold crypto assets doesn't mean they're a crypto or decentralized company there's a normal business they just happen to be in the crypto space so what they've done is they're saying that if you want to send money out of your your account at i don't know crypto.com or coinbase or whatever you and you want to send it to a non-custodial wallet they can't do anything to that wallet but what they can do is say who is that wallet that you're gonna that you're sending it to

and they can force you before it can leave the decentralized exchange to put in the name and the address or the email or whatever information they want the kyc and that's basically what they're trying to do so hey if you want to move from a centralized exchange and go into that decentralized world the world that we all love we want to know what's that wallet you're sending it to first and now like there's a there's well we'll let you give your quote and then i can talk about kind of how this might play out but go for it yeah so uh this is a quote from brian armstrong the ceo of coinbase uh and basically he said imagine if the eu required your bank to report ut authorities every time you paid your rent merely because the transaction was over 1 000 euros

and that's basically what this is doing is that's the limit any transaction over 1 000 euros uh they're going to force you to report that to the authorities uh so i mean you could just the the implications of i mean just it's pure shake head what are you doing uh but the implications of this are are far and wide in terms of i mean the amount of data they're going to have to store the potential for hackers to get all that data because now they're going to have all this data somewhere of all this kyc data hackers are going to love that and then also the the burden of this like this is a huge burden right well now you have these

companies that have to go and build in the capabilities for this which is insanity as is now think about the user so like i just want to go and use my play my game or do whatever it is in web three now i have to like fill out this form or complete this thing to send it and like we all we usually have multiple wallets like now you gotta do it for every single one um but i mean what's gonna happen is like look i i have five i don't know how many wallets i have like like actual noncastle ones have a bunch of them what i'm gonna do is i'm just gonna send it to that that one wallet where i can put in whatever address i need or whatever and i'm going to put it there and that's going to be my burner

wall i'm just going to put it to there and now i'm going to send it out to other wallets you know what i mean because once i'm in i don't have to do that again they don't they can't force me to do it to every wallet so i'll just send it all to one wallet and then i can just distribute to other wallets um so but it's also not really needed like i'm already they have me kyc didn't decentralize exchange why do you need to know where it goes after that like if there's something was done wrong you can just track on chain like even without any of this like you know who i am on coinbase right i send to x metamask wallet you already can see that on chain so like what do you need this extra step for just go look on chain and you it's

actually perfect for you if you're worried about i don't know what they're worried about here like um laundering money or terrorism it's like funding terrorism it's just like just go look on chain you already see it you don't need that um so what they're trying to do doesn't won't work and it's just like you said it's a burden for the companies and for the users so um shame on you europe you did it again uh please please please the u.s when you come out with your stuff end of this year please be good uh don't do this so stupid uh so talking about the u.s miami this week is popping off uh with uh bitcoin 2022 uh neither colorado there obviously but i've spoken to a couple people who are

as i'm sure you have as well uh kai what have you heard coming out of coming out of bitcoin 2022 uh you know i haven't heard anything i don't really know like a lot of people that go to this like here's the here's the thing about bitcoin is like they're not there's nothing being built on bitcoin right there's nothing no one's doing anything there's no apps there's no devs like it's just bitcoin is what it is it's a store of value we get it it's great i love bitcoin so i'm not bashful anyway i think bitcoin is amazing and it's going to be uh play a huge part in in the future of of our world but like um i don't know what they talk about at these things like how many days is this it's like four or five days like yeah what are we talking about once you're

like once you get bitcoin it's like what's left right um so i have no idea but look at the speakers it's like odell beckham jr rodgers jordan peterson uh like is this is this pr president naive buchelli is that the president of el salvador yeah yeah so that's cool like to hear how it's impacting to hear that's impacting el salvador that is cool cynthia lumens is also um she's the one that's doing a lot for regulation in wyoming and she's a senator i don't know what she is but she's something in politics like okay there's a couple things that are cool and and i think yes let's let's talk about the direction of bitcoin um but a lot of it like i remember last year just kind of watching videos it was just like

it almost felt like a religious conference where it's just like hoorah and let's get pumped up and hope the price goes up so like i don't know um i don't see any reason to attend these events but there are some cool stuff like i think hearing from naive is amazing hearing from michael saylor is amazing um and like getting some updates on what's going on with lightning network is cool um just don't really know what else they talk about but i've never been so maybe i'm missing something i think uh i think you make a good point and that's again goes back to what we talked about about the external view of the crypto space in the web3 space in a lot of ways this you know this conference is actually pushing that

because it does feel religious from the outside which is what scares people right last year was super cringe some of the videos coming out of it let's hope this year is um this is just better let's hope so okay uh we're gonna final wrap up with our dow of the month uh so give me a little drumroll here uh our dow of the month is maker dao everyone's like what make her dad that's boring but the reason we went with maker dao is because there is a lot of dows that have popped up in the last i don't know whatever it's been year or so um and a lot of them

kind of suck like just i think it's just a lot of them don't have direction or don't really know what they're doing and they have cool ideas um like so like the intention is there but the actual implementation of it is just like it didn't really go so well um and we see that with a lot of dows and so the reason we brought up maker dao is um maker has been around for forever i don't know when it started it was like 20 2016. i mean their twitter started april 2015 but there's no way that's what it was this must be they must have changed an account name or something i don't know well no it is called maker dao so i i don't know what it was but so let's just give a bit of a background story here so maker dow is

um basically they are the almost like central bank for ethereum so maker dao is where you can go and you can give collateral so eth or usdc or i don't know wraps bitcoin whatever you want you can give some collateral and they'll give you dye which is a decentralized stablecoin and then you can go and do things with that you can use in defy you can transfer it into like us dollars and buy whatever you want with it um so it's it's a lending platform essentially where you you put up collateral and it gives you and mints these new like die tokens it's one of the biggest decentralized um stable coins in the space and it's kind of the og it was one of the first um actual applications to be built on ethereum years and years and years ago um so it

was kind of the like aha moment that like whoa we can make actual apps that work and do things and dye has been stable for many many years it's probably the most battle tested of any of these decentralized stable coins um and it's just it's worked it's worked for forever and it's got all this utility um so you've done a great job product wise now the reason we brought this up is they have been a dow for many many years i i honestly think it's 2016 maybe it's 2017 but i think it's before that and this data has just been like it's one of the longest standing downs by far um they this dao has built this amazing product and what maker dao is and what dye is um it's multi-billion dollars of market cap and it's all been basically built or at least maybe it wasn't fully

built by the dow but it's been managed um by the staff for many years and this this product has just continued to flourish and do better now yes there's there's other stable coins that have had more growth recently like ust with uh on tara luna um but overall like it's been steady growth and just like a um a strong stable coin which we haven't had a lot of um so they've built an amazing product um now i want to dive deeper into the dow and the structure of it i don't know if there's anything you want to add first oj uh no i think that like the thing that i just want to add in why we picked maker dow is because they truly are a fully decentralized organization and i think a

lot of dao is a hot word right now it's the you know it's the bee's knees everybody's starting to down uh but not a lot of people understand what that means or how to do that and so that's why you have a lot of projects that are going nowhere because it's very difficult to operate decentralized and maker dao is fully decentralized maker doubt also it has no legal entity which is also very interesting not many daos truly have no legal entity most are forced to go figure that out but maker is yeah it's fully fully decentralized i

think one of the reasons why this dao has lasted so long is they have a great product they have a great product that the members of their of the dao use and need right because um the way that their dao is set up is like it's quite big let's say um but it's actually not just a bunch of individual users like we're used to in dallas today it's actually like companies or agencies and or like groups of people who use dye and who use maker dao and they want they want to use it in different ways and they want to have different um uh capabilities of it so what they do is they're like oh i use maker dao for this right and i use dye for this but i want

to use it for this way so what they do is their company puts out a proposal to make or doubt that the entire community and says we want to build this feature we'll take this much from the treasury so we can build it the reason we want to build is because we want to use it and i'm sure many of you do as well and then the government the community votes and the community is often a lot of different companies agencies whatever others that are building on it and they vote yeah that's a good idea we need that here's the funding and they go and build it so now you have like the users making money to make the product that they're using even better um and so some of the examples is if you want to go to the next one um i think it's an example here

yeah so um this 6s capital so this is the the i believe it's the founder of success capital has just been a member of of maker dao for for many years and he's just been kind of watching and what he does is he helps companies um fund like physical uh like buildings and things like that so like tesla for example wanted to i forget what they're creating they're creating um warehouses for something they're gonna build another thing but they didn't wanna go and buy a bunch of these warehouses around the world because it puts debt on their balance sheet which is bad for and for investors their public company so what they can do instead is 6s capital can go and build those warehouses and

they can do it and then tesla just pays them rent and now it's not a liability right and they can like sign a deal to pay future rent for the next however many years and so this guy who was in maker dow was like wait i tesla's trying to build these things but they need funding so he's like i could get the funding from maker dow with with dye and i could fund this you know project for tesla and so that's exactly what he did he put into proposals they made a way to make this happen and boom now he's funding a bunch of warehouses for tesla through maker dow so what's actually happening is tesla is using dye to buy warehouses to build their products which is super cool number one but it just it came from the community um other things that happen is like

there's devs and there's dev communities inside maker down where they were like oh we should put maker doubt on layer twos where there would be no fees to use die and so they put out a proposal and boom they're doing it now they're getting built across optimism in arbitrarium uh i think maybe polygon i'm not sure but that's just happening from within the dow because they're like i use this i would love to use this without fees and so it's all it's this like really cool dao with a big community of like big companies let's say that just want to make this product better and that's really what a dao is it's very decentralized and it's just the users are like oh i want i think we should do this feature and they just put a proposal and they go and do it and make

it out yes it's not the best thing in the world there are it's challenges right it can be slow it's very um we call it democratic is the word where just like it takes a while to figure out things because there's a lot of voting and stuff so it's not perfect by any means um but it's robust and like jay said it is truly decentralized for the most part um and it's bigger than just this like discord community of a few people that are like trying to come up with something so um the reason why i bring it up is like why we bring it up is if you want to learn how to create a dow and you're thinking long term about your dow not just trying to like get some capital and rug it join maker dao you can join your discord and just watch what they're doing or

follow them on twitter because they're they're doing big things and it's all happening in this like decentralized fashion you could also go look at and really maybe we should have said the doubt of the month is all of the um all of the like og dows from before dows were even cool like compound is another good one this is like a product that was built on top of dye so actually built on top of this products here they have their own dao that does things with it um there's like um one of the other big ones i think uniswap is one um i think yearn has a big one yeah just look for the blue chips in the d5 space because these are the protocols that were first built was the defy ones and they just have these very long-standing big dows that are that are

doing like it's actually a real business and they're they're building products with it and they're billion dollar products so um it's really cool to dive into that if you want to learn more i'd highly recommend the bankless podcast that just came out last week um and it was with two three three of the members of maker dao and it broke down the product it broke down the structure of the dao the tokenomics um really really good deep dive and like look into into maker down shout out make her down everybody go go check it out yeah lots lots to learn well uh and which is a great reminder that's that's always the great place to learn from you want to learn how a new

structure or new technology is working go find the ogs which often are the quiet ones they're hanging out in the background uh building and doing great work but one thing that's it you know make or doubt we hear lots about die but maker dow is not they don't have a press team they're not doing marketing they're not trying to draw attention to themselves which is part of their strategy their focus is build die make die a global currency and a leading global currency and then make her dao that's their focus so but they're they're they're under the radar doing a lot of really good things and yeah i think structure wise listening to that podcast i learned a lot

yeah i mean it's about the product right you just build the product because that's the thing is with web3 and what we're building here is like the these are new products that people need all around the world the amount of people that can use lending and borrowing is massive and use it without permission just go and do it whenever you want it's huge so like they're solving a massive problem and they've built a great robust product and hell yeah a lot of people are going to use this and so it's cool to see it being run by a dow though and i think that's that's the interesting part here well that's a wrap thanks all for listening uh thanks for being part of uh the podcast uh as always uh if you're not already in the web3 academy discord server please join

us in there uh we're up over 200 people now people joining every day we have a weekly uh where we welcome new members every monday we want to meet you we want to talk about what you're doing in web3 we want to teach you about web3 uh we've got builders we've got creators we've got business leaders we've got marketers in the community tons of great conversation would love to see you there and jeremy actually just restructured all of the channels inside of our discord so we have spots to discuss different things like nfts or metaverse or tokens or marketing specifically we've just got a lot more i think it's organized in a much better way there's a lot of action in there now as more people have been joining so if you haven't been in a while come check it out it's fun we got a gratitude section

which i love and actually i wasn't sure of but it's like the most popular channel we have in discord right now everyone's just giving their gratitude every day and i love it um so yeah check it out it's fun and we want to we want to hear from you yeah yeah lots of exciting things everybody have a great weekend uh and uh yeah keep on smiling keep on practicing your gratitude we love you all let's make the world a better place take care thank you for listening to web3 academy we hope this helps you along your web3 journey if it does please share this episode and subscribe so you don't miss the next one by the way if you have yet to join the discord community you are missing out this is where all the magic happens this is where we learn where we ask questions where we network uh you

want to be in there the link to join is in the description below and finally a quick disclaimer nothing in this podcast was financial advice crypto and web3 can be risky you can literally lose it all in fact if you invest on account of what we say you probably will lose it all so don't do that in all honesty the point of this podcast is to remove the noise of markets and price and focus on utility implementation anyway so you should not take any of this as financial advice thank you friends and see you in the next one