HOW Blockchains are Reshaping The World (ICP) | Web3 Davos #WEF24

Episode 4 of the Blockchain Pill Reacts.

Dominic Williams talks about how blockchains are reshaping the world at Web3 Davos on a panel with Casper Labs, Solana Foundation and Hedera.

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Original video: https://www.youtube.com/watch?v=GVrZV0rbnbA

Timestamps
0:00 Intro
0:43 WEF24 Panel
1:00 Dominic Williams Introduction
7:10 Incentives to get more users on the network?
7:31 Casper Labs Answer
9:21 Solana Answer
12:57 Hedera Answer
14:10 Dominic Williams Answer
18:38 What will you achieve by 2030?
22:09 Outro

And Solana is built on Meme coin so what is the story at the moment crypto is based on mein okay I think you’re just jealous actually absolutely if you want to understand how blockchain’s going to change the world you really have to think in a much more fundamental way than looking at the

Latest meme coin or nft right that’s that’s not going to get you anywhere welcome back to blockchain pill my name is Alex and today we’re going to have a look at this video of Dominique Williams taking part in this panel here talking about about how blockchains are

Reshaping our world and I think we can all agree that the internet computer protocol is the one blockchain that actually has the potential to reshape our world let’s find out more about this panel so this was in Davos at WF 24 Dominic is joined on this panel by the

Co-founder of hadera also by the president of Solana the CTO of Casper labs and of course Dominique himself so it’s going to be an interesting discussion and we will actually start with Dominic here so let’s give it a sh thank you very much thank you leemon uh

Last but not least Dom uh we have definity Foundation here but uh you got a uh bigger name for it the internet computer tell us about you and the internet computer please yeah that’s that’s the network so um I’m I’m best summarized as a what you might call an

Engineering entrepreneur um so I’ve been you know building various Technologies for a long time I think first started coding about 43 years ago now which is a long time and uh I I sort of um got wind of the whole Bitcoin thing um or what

Led to it and probably like 1999 I was using a library called cry Crypt Plus+ by guy called way diey um and if you went to his website to get the uh cryptography Library there was a pical b money and he described um ideas which are antecedents to proof of work and

Things like that but um I didn’t really understand it at the time and um the last thing I did before crypto was a a kids s of MMO uh game to 3 million users um but I got pulled into crypto in sort of 2013 and obsessed

By um you know what was going on with Bitcoin and so on and uh by the end of that year I I started trying to uh build faster look look for ways to build faster blockchains um spent 2014 um researching was known as like classical Byzantine fault tolerance um I think it

Was the first person in the space doing that and try to repurpose classical presan fault tolerance for um the sort of decentralized BL chain setting um 2015 um I was really you know uh wrapped up the ethereum early ethereum Community um and then there’s this idea World

Computer um I think the term first came about at end of 2014 and uh you know I was very inspired by this idea and I thought look you know um of course in the end everything’s going to be built on a blockchain right it’s not just going to be tokens and

Nfts everything’s going to be on a blockchain because when you build systems uh and services on a block chain they’re tamper proof they’re Unstoppable you can put them under the control of a dow so I agree with Dominic in the end everything will be built on the blockchain your blockchain better be

Able to have stuff hosted on it at a reasonable price and at reasonable speeds otherwise I think you may have a problem so just let’s listen to that again and what’s the reaction of the Solana president here tokens and nfts everything’s going to be on a blockchain

Because when you build systems uh and services on a blockchain they’re tamperproof they’re Unstoppable you can put them I I think it’s maybe maybe it’s a coincidence but it’s it’s under the control of a dow so why would you build using traditional technology um when you can build on a blockchain and cyber

Security is for example just one issue but that’s one of the great issues of our time as big as as big an issue is uh climate change and War I think cyber secur is going to cost cost the world or cyber crime 10 trillion by the end of

This year so that’s like know subst five sentences yeah you remember stand away long story short long story okay long St he took all his time now long one second what what happened here you remember this year so that’s like subst five sentences yeah you remember way long story short yeah

People are having fun people are having fun so uh apparently like you have five sentences to talk but we all know Dominic could talk about the internet computer protocol and the future of blockchain and listen the future of the world like for days I want to say

Everybody on this stage they are the thought leaders of the crypto space everybody’s friends I think and uh there is a lot of respect going on on uh on this stage okay long so he took all his time we we build this thing you know originally definity the word came about

In 2015 it was meant to be a it was originally hoped to be a branch of ethereum but it became his own thing um it’s the biggest R&D operation in in crypto has been consistent since end of 2017 internet computer incorporates more than a thousand person years of R&D work

And today you know it realizes this vision of a world computer um there are social networks that are built on the internet computer blockchain they’re not building Amazon web services and just keeping some tokens on the blockchain the whole the whole thing on the blockchain and that’s the internet

Computer great thank you very much so um that is true listen this is going to make a lot of people uncomfortable to realize that what definity is building is way ahead of everything else and uh yeah it’s going to be interesting to see how this uh discussion here develops in

My simple sentences the internet computer has a other approach so it has everything on the site so there’s no ipfs for files there’s no Amazon web services to run the cloud it’s a full-fledged thing yeah but at the end of the day what I usually do I compare

You guys with Dubai as an infrastructure you know why you guys built great infrastructure rure but if no one is coming and living there and no one is coming anding on it it’s useless having the infrastructure ready for the people who actually understand that it is necessary to have this

Infrastructure and not only hype now she’s happy yeah actually you know we have hype so on Solana what do you have on Solana now you have meme coins you have Bonk you have whiff dog with hat yeah congrats look at you like big Innovations on internet computer protocol the definity foundation is

Building the infrastructure for the future of the internet and the future of the world and you guys have uh mem tokens pretty cool and and the Middle East that works or Duba Works a little bit like the blockchains you know it it it gives us security which is nice uh a

Secure life secure transactions it’s scalable or it should be scalable at the end of the day and there need to be incentive mechanism to go there uh in Dua the incentives the good restaurants we heard about chiani today uh probably the low taxes the good weather and some

Other stuff over there um I don’t go too detailed into that otherwise I get problems um but what is the best incentive mechanism in your opinion for everyone of you to get more utilization on the infrastructure I mean we saw it before on the gaming site this is one

Sector um but how do we get people really use what you built the last 10 years would you start yeah I mean I believe that all all you know fundamental shifts in technology will have to be grounded in real economic value and so what makes blockchain interesting is that we kind

Of came up with our own economic value right we we create created all this value on these token on these blockchains and in the the do com boom it came from traditional venture capital and that was really grounded in use cases and how you were going to sell

More or uh create more or right and so what is challenging has been identifying that economic value where are the savings and it’s been a very it’s been a grind really with Enterprises because the regulatory environment isn’t very favorable that’s the first thing the second thing is that you have to try to

Convince them to adopt this very new technology and it’s hard to talk about the return on investment like we know those of us that are in web 3 we know how much uh blockchain can streamline compliance when you can trust some data we understand the how it can disintermediate transactions but it’s

Hard for the Enterprise to actually visualize that and quantify it so when you talk to the office of the CFO it’s hard for them to approve it right and so that’s what we’re seeing is really hard is that discovery of those use cases and those use cases that Enterprise say ah

Okay I do this and I’m going to save 10% of you know and that’s going to change my iida in a in a material way therefore I’ll invest so a very corpor approach behind I would say that’s what I think is going to happen to to go mainstream

Is built on Meme coin so what is the story at the moment crypto is bed on mein okay that is a Truth Listen he he made a joke but that is the truth so right now what is Solana Solana is the new ethereum when

It comes to meme coins there has to be a place where you know people go and gamble their money and that is the utility of Solas and Ral and I I think you’re just jealous actually absolutely yeah we’re all jealous of 100 X’s but with the bull run those will come every

I don’t know how much bunk you have probably not enough and that is fine you got me Lily you got me but in in all seriousness um look I think uh first of all of course the use cases have to be 10x no technology matters unless it’s supporting a 10x use

Case so therefore to me almost by definition having these conversations oriented around Enterprise adoption you know x on a blockchain in my opinion are destined to fail because they’re just just not good enough right uh uh so I think there’s that part we have to really think about the tanx use cases

That and they don’t exist today right so by trying to Port something the web to world the existing World putting on a blockchain it’s just never going to be good enough um you have to have sort of the start from a a standpoint of first principles and think about if this is

What we’re trying to accomplish it’s going to be some combination of sort of faster peer- toer um you know direct access types of uh implementations of uh primitive know surrounding use cases that we generally sort of use today as an example amm right uh and then also uh

Uh the money markets uh you could get a loan instantly right you could take you know some uh some basket of assets and you know fify that use that as collateral and take a loan against that which is something that you really can’t do in the banking sector so that’s like

One example of I would say an application ver has some degree of sort of scale over the last couple of years but beyond that um I don’t think about blockchains as being companies I actually think about them being cultures and civilizations cultur is trying to become civilizations first and foremost

So we always Focus first on of course the network because no network there’s nothing for anyone to do um but then uh uh beyond that always culture community and specifically developer communities to me the crown rule of any L1 is an independent developer Community if you

Don’t have a network you don’t have an independent developer uh Community you’re going to last one cycle that’s it right uh and so for us um and to me you know if I even think one step further why is that true in crypto uh is it because there’s a distinct lack of use

Cases actually kind of yes so why do people keep on coming what are people running from and seeking out in blockchain in my opinion what people are running from and seeking out in blockchain is essentially hedge to a loss of faith in institutions right and a search for communities that can more

They can more flexibly enter uh and exit and have some form of kind of an aspirational nature to them uh and I don’t think that that’s something which is uh I think that’s inherent to crypto I think that’s an inherent part of Bitcoin at the beginning ethereum at the

Beginning uh I think that is embedded in blockchain and crypto and I think it’s something that um you have to lean into right because I think that is that is just the sole of what it is uh and so for us you know while we spend a lot of

Time thinking about sort of uh uh things in a you know professional structured funnel like all those types of things metrics so on and so forth um to me um all of that is necessary but it also has to be attached is sort of why we’re here

And why we do blockchain to begin with I agree with Lily here I think that just taking a web to business and you know getting it to web 3 is not enough there has to be some utility something that they would not be able to do in web 2

There have to be benefits for bringing your platform on web 3 and I’m very curious to see what dominic will say about that back to a sentence from you later on that is Bitcoin is freedom uh um but keep that for that so you guys are doing a lot to the corporates stuff

A lot in the University level and so on where do you see the adoption coming for your network so not just our Network the netwk the the industry as a whole we know that there are use cases where it makes the world better where it’s you

You have a higher profit you can do new kinds of things you couldn’t do before you said we don’t want to just make a little bit better but do whole new kinds of things you need both because people take baby steps before they take the big

Things you have to do the little things and then also the big things that and we’re seeing both so we’re seeing for example you can buy diamonds today and we and you get them sent to you and you pay import taxes I just talked to a company tokenizing diamonds on hia why

Would why would anyone want to deal with tokenized diamonds well you can do this where it the physical Diamond doesn’t go to you so you don’t have have to pay the import tax you can buy and selling across borders and there’s no import taxes and you can fractionalize and so

Somebody could buy $1 worth of diamond you don’t have to have a giant Diamond because you can fractionalize it and you can have the extreme speed and low cost of transferring without having intermedi I think using the blockchain to have more transparency in various industries from The Real World is very welcome

Because we have this huge transparency with blockchains so let’s see what dominic here has to add and how the internet computer protocol plans to change the world we live in is which are changing the world if you want to understand how blockchain’s going to change the world you really have to

Think in a much more fundamental way than looking at the latest meme coin or nft right that’s that’s not going to um get you anywhere and um you know blockchain is a very difficult space to understand because um the the networks that exists are kind of flywheels right like people invest money

And they pay developers to build on the chain and then the Press reports on the people building um and then the token goes up and they sell some more tokens and they can pay some more people to build um and you know some uh you know many um

Phenomenons we’ve seen you know um behind the scenes you know are driven by um people who want to get people building on on chains um if you’re like me and you believe in blockchain Singularity is a different kind of uh game because you believe that the fundamental properties of blockchain

Will result in everybody building everything pretty much on a blockchain and so then the question is you know what are those really fundamental properties and drivers and uh when I back in like 2014 2015 when you know I sort of kicked off to Affinity um I I

Saw that you know smart contracts the software that’s installed on blockchains um is really a new kind of software right so um it has properties that you just don’t get and can’t get any other way um obviously it’s it’s tamper proof you don’t you know there’s no firewall protecting ethereum right there’s no

Seam logging there’s no security team um doesn’t need it smart contracts always run the code that’s written against the expected data um you can make smart contracts um autonomous in the sense that they can’t be modified by anyone one they have an independent existence or they’re controlled by a doubt so now

Sorry to interrupt you I’m always impressed of the knowledge you’re bringing but you’re very far away from my question very far very far away we only have three four minutes left and we will not get there but the point is this the point is this you so when the Solana president

Was talking about how much Bonk you have and and you know how how many meme tokens uh you’re buying that is on topic but when Dominic Williams talks about at a fundamental level how blockchain will change the world all of a sudden is not on topic the host here you know he he

Tries to be funny but I think it’s really unfair I take back what I said I think this guy is being a little bit unfair here to Dominic you ask like what are the massive use cases well I mean in imagine you can build a social network um with no security team no

Infrastructure um which is tokenized it doesn’t get hacked I mean that’s what we’re seeing today and that’s transformative and it’s much more profound than oh is it going to be mem coins or nfts or something like that blockchains support a new kind of software called smart contracts and if

Smart contracts are adapted in such a way that they can process unlimited amounts of uh data and computation and can serve web experiences directly into a browser that will enable the creation of things that we can’t even imagine which are fundamentally different so for example there are social networks on the

Internet computer that are controlled by Dows directly through full automation because of the power of the actual blockchain e even when you interact with them the user experience is created by smart contracts that process HTTP and these these you know the the community building that using that technology is

Is growing organically so I think in the end it’s the fundamental power of the technology that will drive growth and create all these use cases we probably can’t even think of it’s not the use cases themselves there’s no specific thing you can point to you’ve got to

Think about the power of the technology and and what that enables the platforms are what change the world not individual use cases great my last question which when crypto will stop being about speculation and about buying meme tokens to 10x or 100x your initial investment

In the case you don’t lose all of it when all this is going to end it will matter who actually has the real Tech and who actually brings the Innovations to the blockchain space most of the tokens and most of the blockchains that are hyped now will not be here in a Cy

Or two or by 2030 I think most of them will not be here but yes who will those who actually innovate and bring something new to the table I think those will be here for the long term should answer with three sentences all right we we’re coming back together we

We are coming back together in January 2030 sitting here again uh what did you achieve not you yourself with Casper what do you she won’t be here the Solana president will not be here the hadera guy will not be here and guess who will be here is going to be Dominic Williams

And hopefully not even this guy here the moderator he’s not going to be here anymore what do you think what did you achieve uh multiple products that leverage mainnet that are adopted by the Enterprise right out of the box that solve real world problems real use cases that the Enterprise uh finds valuable

Right that’s that’s what we’ve cracked that’s the net we’ve cracked is we want to bring products Market that are meaningful and valuable that the Enterprise will pay for not Beyond transaction fees right that they will use mainnet as part of their core infrastructure great and I hope we will

Discuss this in the Kasper house then again absolutely good good Lily yeah I believe you answer totally different hopefully what I’m here for uh uh I let me guess we’re going to have 10 more meme tokens we’re going to have Solana phone number five maybe we’re going to

Have a Solana Wi-Fi router or something let’s let’s see if I guess I think that I would like to see um real sort of uh uh settlement and payments kind of related infrastructure uh and what I really love to see is you know we now we

Think defi is kind of all like Buy sell defi around a speculative use case um obviously the economy is denominated in payments and settlements and I think there’s a lot of defi uh to be built uh on that um so I would like to see a number of those actually be real scale

Like supply chain at Works those types of things uh and uh you know I think that uh an L1 reaches immortality when you don’t have a need for a foundation so uh s years from now I would like the foundation to not exist and I would like

To that to me is is immortality yeah good for us to disappear mhm yeah it’s only six years by the way yeah no worries you will disappear in seven years there will not be a salana don’t even worry about that it’s only six years by the way uh but give me give me

An extra year where it starts from six to seven um yes and I think that blockchain will be mainstream six or seven years from now it will be because of the things that we’re doing right now and so the Legacy that I would like to say is that hidea really by the people

Building on it and the real world things that it’s been doing was able to help make it mainstream and so if we are mainstream I would see that as the success of hyera and the success of the platforms we see on this stage and that’s what I would say is success is

Only not if we built something cool but if we really do have the whole world using it and I am very optimistic that we’re seeing that that we’re seeing that thank you very much Dom three sentences right yeah okay wait should I do it for you no

No Google cloud and AWS is the internet computer now yeah okay one rather than hundreds of projects on the internet computer hundreds of thousands of projects on the internet computer um two crackie Enterprise and three uh hosting a substantial portion of the world’s compute great perfect I would say thank

You very much very insightful and I love that you’re so different uh overall I think this was a great discussion uh kudos to Dominic for not letting this guy annoy him listen I I thought he was a little bit disrespectful if you guys think I got a little bit heated up I

Apologize for that Dominique didn’t even Flinch he knows exactly what he’s doing he’s confident in what he’s building and I think that shows so we’ll end here here thank you very much for watching let me know in the comments below what do you think about this panel do you

Think Dominic was being treated fairly I would love to hear your opinion and with that we’re done thanks for watching and I’ll see you in the next video