Hedera Hashgraph – Tel Aviv Meetup

(upbeat music) – Hi everyone. It's the gossip guy, your trusted source for news and developments
from the World Power by Hashgraph and the
Hedera Hashgraph Ecosystem. And to kick off 2019, and thanks to Hashgraph
Ambassador, Lior Goldenberg. we're able to get a hold and share video from the recent
meetup in Tel Aviv, Israel. That featured Tom Trowbridge, the President of Hedera Hashgraph. Now what made this meetup
particularly special is that it also coincide
with the 10-year anniversary of the launch of the Bitcoin Network. So to start off the presentation, Tom provides some coverage as it relates to the development of Bitcoin, user adoption and also it's use cases. Before shifting over to a Ethereum and eventually diving into Hashgraph. For The Hashgraph portion
you'll notice that the materials have been recently refreshed to reflect some of the updates as it
relates to the development of the Hedera Hashgraph Network.

Also, be sure to pay close attention to some of the details as we also get some indication on the timelines
for the announcement of the first Hedera
Hashgraph Council members. The expected costs for
transaction fees on the network. A look at case study as
it relates to OpenPharma. And also there's a
special guest appearance from a furry friend. Now, I want to give shout outs to Lior Goldenberg for sharing this with all of us in the community. If you don't know, Lior is a
ambassador in Tel Aviv, Israel. And is pretty active in
promoting their Hashgraph within the Israeli
technology startup scene. He also has extensive background in business development
for technology companies. Recently Lior has shifted gears and is currently working
within Security Token Space, and is continuing to promote adoption of Hedera Hashgraph
amongst enterprises.

So thank you Lior, for this. I think you're going to enjoy this video. Make sure to watch it to the end. And also, if you find it to be helpful, be sure to leave a like. Let's dive in. – I think everyone knows who we are. We're basically a consensus algorithm. We're fast, we're fair, We're secure. You've heard some of that. Where do we stand right now, I think. I think Main net-launched open access will happen March of this year. Importantly the real
update is that we have our community testing program. Which is live now. You can go.hedera.com and you can go to the app store
or android download wallet.

And you go to go.hedera.com and you can actually
scram the micro payment, use the network and earn up to 1000 Hbars by just testing the network. So it's live and functional right now. And that is I think a
big, we did a announcement in December 18th and a slow roll out and we're aiming much bigger
now to smooth out that. And we're getting thousand of users actually testing the network right now. So that's a big, big update. It obviously uses Gossip
Protocol and virtual voting.

Who's behind it? Doctor Leemon Baird and Mance Harmon. So these two guys are behind
it and what's relevant here is the experience they both have. Mance Harmon, two degrees
in computer science. He lead the Missile
Defense War Game Simulator for the Missile Defense Agency. And he course directed
the for Cyber Security at Air Force Academy. And he is the non-technical Co-Founder. The Technical Founder is Dr. Leemon Baird. Ph.D from Carnegie Mellon in two years and nine months. I think that's a record. For a Computer science from Carnegie Melon over 100 published papers in math. So this team, they've worked
together for almost 25 years. They met working for the Senior Scientist
for Machine Intelligence in the Airforce back in 1993.

So they were doing effectively
AI for certainly me and I guess most people
who hadn't heard of AI. The next question is how many people have heard of Hashgraph two years ago? Anybody here? we've got one, Lior, very fitting. This guy is our first
ambassador here and he knows it. It sends us to when this project started. How long ago? It actually started in 2012
when Leemon began working on it. So this is been under
development for a long time. Completed the architecture in 15. Whitepaper in 16. First enterprise client in 17. We call it a 6 year overnight success. Been a lot of hard work in progress. So let's talk about Bitcoin. This is the 10-year anniversary of the first Bitcoin transaction, the first mined Bitcoin Block. And this puts kind of
an interesting topical to what was put on that first block. Which was that the Times
headline on January 3rd 2009. That's why people speculate.

One of the reasons why people speculate, that the Satoshi British
because it was a British because it was a British
newspaper headline. But I think it's also interesting given the instability in the
financial markets right now. Because of doubt and the
certain moving up and down. And quite a lot of volatility. So I think that one of the reasons Bitcoin resinated was
the financial crisis. And we're seeing a lot
of market volatility now which is sort of reminiscent
of what we were a decade ago. But I thought we'd look at, the first big point is the payment. Where do we stand payment mechanism? So in terms of Bitcoin wallets, there are roughly 20
million Bitcoin wallets. These are estimates
there is nothing exact. Is that a lot, is that a little. People have multiple wallets, sometimes every transaction
creates a new wallet. That's probably no where
near the number of users, it's probably a fraction of that in terms of the number of users. People recommend three
million, six million, somewhere around there. Relatively small number,
how small a number is that? So to see how small the number is, that's how many Paypal Users there are, it's about 225 million PayPal users.

Now how many MasterCard Users as well? There's about 600 million
Master cards out there. How many Visa cards? Over a billion Visa cards. So I think that put the Bitcoin user base in the appropriate context
of globally accepted, used payment mechanism. It's minuscule, it's accepted by tens of thousands of people. The first transaction
was a pizza transaction which happened over a year and a half after Bitcoin launched. So now you've got 20 million
users it's gone like this. It's nothing compared to where
real payment mechanisms are. So what about as a stored value. Can Bitcoin instead be a stored value.

And I think the answer is yes but let's compare it with
the ultimate store of value which is gold. Now supplies, what's interesting is that they're both big supplies. Their reserves are about the same, there's four million remaining Bitcoins, there's 50 tons estimated it's
about the same percentages. How long it takes to mine all
those Gold it's roughly known, and inflated or whatever but who cares. But it's just sort of interesting stats. Bitcoins value is one 100thof the value of the total of Gold that has been mined. Let's look at store of attribute
between Gold and Bitcoin. Are they scarce and durable,
Yes both are scarce, Both is a fixed supply. Both are endurable or very durable. Interesting the reason why Gold is a particularly good store of value is that it doesn't corrode. Every other metal can
loose weight over time. Gold is not it's a very
unique property of Gold.

So that they certainly share. But are they divisible? Gold, the smallest really
transactable amount is an ounce. You could transact in
fractions of an ounce but it's hard physically to do that. Bitcoin as we all know,
infinitely divisible. Transportable, to transport Gold, it's hard to transport a lot of it. You can don't wanna carry
it through airport security. You can do that quite easily
with a thumb drive for Bitcoin so BitCoin wins on transportability. Ease of storage, Gold
is expensive to store. You can store it but you need
security, you need vaults, you need everything else, it costs money.

Bitcoin you can put it in your draw. Now what about track record. That's where Bitcoin
looses, Gold has a 3000, 4000 year track record. Bitcoin track record
as we know is a decade. So that is quite limited. But the question is how important is a track record in store of value? So shift asset classes here, and just thought we would do
a thought experiment here. And look about what kind of track record is necessary for store of value. So this is Van Gogh 1990`a
sold painting there, there was a Van Gogh for over 82 million.

30 years later 81
million, another painting. What is relevant, is that during his life
he created 900 paintings. He sold two. And sold them, one to his
brother and one to a friend. Basically worthless. In the 1960s and 70s, he started to become recognized
after he died in 1890. But in the 1920s people started to recognize him as one
of the great artists. And he now is one of the
most highly valued artists. So from zero value initially in less that 100 years he's
become not just valuable, but one of the top artists. This doesn't mean you need
to have a decade or 100 years in order to actually be a store of value. I'm just going to show
you don't need 3000 years. And over time I think
what people come to accept as valuable that time is compressing this is just one example of how it's actually happened
relatively recently.

So then if you become a store of value, or to become recognized
it would probably take popular acceptance. What is popular acceptance,
how do calculate that how do you measure it? I think media mentions
is a relevant piece. Media mentions here really
went up in August of 17 when Bitcoin cleared 4000 bucks. Interestingly not far off
from where it is today. Well what's also interesting to me is that when it decline after the peak, it didn't decline all the way back down.

It stayed up, it stayed in
the public consciousness. And I think as long as the
Bitcoin stays in the media eye. It will help price action it will everyday just solidify as people's knowledge, Acceptance and understanding
of what this asset class is and what a Bitcoin is. And that is actually a
self perpetuation cycle where the more it's written about, the more people probably buy
it, the more people hold it. And it continues to sell and
then more people write about it and it continues to self perpetuate. So if your thinking
about as a store of value the tech component is important. I think that is the last
the feature that is relevant when people think about store of value. If people stop talking about Bitcoin, if it falls out of the press entirely, That's when I get worries about
it no longer being relevant. Because then no one new
is coming to buy it, no one learning more about it.

So I actually think this is a very relevant statistic
over the longer term. But this has all been phase one, right. This was Satoshi's gift to
the world, to all of us. He wasn't the first to conceptualize a distributed decentralized
payment mechanism but certainly the most successful. But he started this, and
phase two came years later. Clearly beyond the store of value, distribute ledgers, Smart Contracts. And this is Ethereum, obviously everyone here
knows that very well. It launched in 2015,
the Crowdsale was in 14. and how does Ethereum compare we've got a 38 million Ethereum address' about a million active users at peak. It's probably a smaller number right now that obviously overlaps
a lot with Bitcoin users in terms of wallets. 2400 dapps on there right now, interestingly of those dapps
not many are widely used. And we can talk about
and speculate as to why more dapps are not more widely used. I think we're one of the people that are part of the solution. But the main thing Ethereum
did was it showed the ability for smart contracts.

And the use of Blockchain
beyond just a payment mechanism. Beyond just a store of value and cavalize enterprise interests. And so enterprise interests, you know Hyperledger may not realize this. It launched not long after
Ethereum, December 15, same year. Hyperledger now has 250
member organizations, big brands as you know. We can debate whether this
technically a distribute ledger. Some would say no. we might be part of that
camp, but broadly accepted, they market themselves as such so let's give them benefit of the doubt for the sake of this presentation. You know EEA launched March of 17 so it took them a little
longer to do that. They have over 500 members. So this just the amount
of enterprise interests in distribute ledgers which
I also think is important.

Now everyone here isn't building on it some just right a $25000
cheque put their name on it and they're like yes, we're now paying attention
to Blockchain done. But many are actually
looking at it in more detail. And what's I think also interesting it's not just companies looking at it, but it's also countries. So we've gone from Satoshi
talking about a currency that will be extra-country
and extra-judicial.

To a whole long list of countries some of dubious credibility like Venezuela to some of high credibility
like Japan or Sweden. Or Israel even talking about
a digital currency themselves. So this I think is also really indicative of the interest level globally, than where are 10 years after Satoshi created this whitepaper. We'll see if any or how many
of these end up happening and if any of them are
actually distributed ledgers. Spent some time with Sweden and eKrona, and the implementation they
have there is probably not what we would consider a real
distribute ledger limitation from what they were thinking about. But some certainly will
and I think it's inevitable that we have a national
digital currency at some point. And I think it's worth thinking about how that impacts stable coins, once you actually have
a digitized currency. And I think that's an inevitability but I can't give you a date on it. Also in terms of interest
level in terms enterprises. We all clearly know that the declined price
of Bitcoin has happened. But if you look at it whilst decline, this slide's a little bit dated because we're over 80% at this point.

But the enterprise interest just continued to steadily march on. And in October you had Yale
invest into Crypto fund. You had Gary Cohn, former CEO of Goldmansachs
and Treasury Secretary Join the advisory board of
crypto distribute ledger project Fidelity, announced a digital assets group of (mumbles) people
that it might spin-off. These are real companies and real individuals making
significant commitments. This isn't slowing down and so they Bitcoin price
or whatever you focus on, misses the bigger picture of
the broad move into the space across the board and across enterprises.

But what do you need to actually have an
enterprise grade solution? We think you need four things, you need to have speed, security,
governance and stability. And importantly there is
not one ledger out there that has all these, not one. And so let's talk about one, which is I think phase 3 of this and phase one is Bitcoin. which is sort of a (mumbles) those payment are really a
store of value I would say. Two which is Smart Contracts, you know I think Hedera Hashgraph is basically the next third
iteration of distribute ledger. And so let's go into it
in a little bit of detail some of this you'll know
some of it you won't.

We're not Blockchain, were
directly synced with graph and I think people here
would probably know that. Blockchain is actually
designed to be slow. If it's not slow it doesn't
work (mumbles) or Blockchain which is the most commonly
implemented form of it. Most widely know. If it's not slow it doesn't work. So people try and do Shard try to do side
chains and trial chains and kind of create all this
infrastructure around it because they're like gee this is so good, I love the security attributes
of it but I want it fast.

Well it doesn't go fast and
it's not supposed to be fast. And every security, every
time you attempt to add speed you are making a security sacrifice. And that's not true for Hashgraph. We have designed this from
the ground up to be fast, to be secure, and it makes no trade offs. There is something called a Trinity which is something that some people in the
industry have spoken about.

It is a necessary trade of between speed, security and centralization. And we argue that actually
exists for Blockchain, it doesn't exist for a
directly synced with graph the way Leemon designed it. So that is actually the false set of trade offs that
you don't have to make. So how does it work? And we heard a little bit of this I'll go through it pretty quickly. And I can go into more
detail if you'd like but you know the Gossip
Protocol with virtual voting. So this doesn't look random but imagine Dave gets
a random transaction, Gossips it out quickly and it
goes one to two, two to four, four to eight and just
spreads geometrically.

Importantly though it's not one to one, with the way that it shows. It actually can be four to
10 gossips simultaneously. So think about this happening
far faster, far, far quicker with a high propagation. As you guys can guess Gossip
is very hard to shut down. Very hard to slow down,
it also doesn't matter if one, two , three nodes go offline because people keep Gossiping and because you know
it's always syncing up. And so the next element
is what are they syncing? It's the event with two pointers and these two Hashes at the bottom. Basically (person talking in background). And that's important because that means that means that every node can build a history of the
transaction in the network.

And this is the big leap that Leemon made and it's the hardest part to explain. So I have this picture here which I hope can explain it but if you look at this graph. You've got these four nodes. B goes here to D, D goes to B, right? And so this Gossip happens
and then it happens this way. Now when this happens the
history is encapsulated here. This history is encapsulated. So what that means is that each
of these nodes, A, B, C, D.

Each have a picture of this graph, they each can see all the transactions in the order of which they occur. And what that means is that when an event is seen by two
thirds of the network, it is fully distributed
and is added to the graph. So what that effectively means is that each node knows what the other
know because they can all see all the transactions in the network. So A knows what B, C and D knows. D knows what A, B and C knows. So each node here can vote on it's own without talking to other nodes and add the transactions ledger, all happens at the same time. They all run in the same voting algorithm and they all know the same amount of data. They see the same picture so it's all added at the same time. That's what gets you,
that's a virtual voting. Now what's important about this, among other things, is security. And when we have each node coming to consensus independently. That allows a terrific
resilience to attacks.

You can take nodes offline, and it doesn't impact
the actual effectiveness of the network that comes in consensus. It's highly resilient to DDOS attacks which is the biggest
vulnerability to any other, or most other supposedly
fast systems out there that usually have leaders. And so Hashgraph is characterized
by something called ABFT, which is a Asynchronous
Byzantine Fault Tolerance. What the effectively means is that each nodes comes to
a consensus on it's own.

That's the Asynchronous part, ABFT. And why is that important? Right now you read about hacks and security distribute ledgers you thinking about wallets
being stolen, coins being taken. That's the security
people are talking about. This is a different level of security, this is about overall network security. Think about the capability of what this network should
be able to generate over time. It should be at a Visa network plus all logistics
companies you can think of, plus loyalty programs. Everything that ride on these
distribute ledger networks. There is no tolerance for them to go down. The Visa network goes down
that is nationwide news, probably global news if
the Visa network goes down for an hour or two.

It impacts business'
commerce dramatically. This layer will be more
important than Visa. It will be more important than Visa plus MasterCard plus others combined. And there will be no tolerance
for hacks or for downtime. So the layer which is the
most secure, we think, will generate the most amount of business because enterprises will
not have tolerance for even the remote risk of attacks.

We want this to be an enterprise
grade system suitable for mission critical applications. And the one way we can do that is by having the highest
level security possible. That is what ABFT allows. How do we know it's ABFT? Well even proved it in math proof, and then we had that
math proof also checked and proved by a system called (mumbles).

Which was done by Carl
Crary using formal methods. And we're published that as well. So you won't find any
other protocol out there, that claims ABFT, others will
claim something else BFT. All that means is they've made assumptions under which their system is secure. This makes no assumptions. So be very wary of other protocols that claim anything else related to BFT. And think about any other protocol, how it will survive if it's shut down for any period of time. Because I don't think that real applications
would tolerate that. So let's talk about the public ledger. how we've set it up is
quite different than others. We've broken part
consensus and governance. And this is another
leap for people to make. Where we're building a governance model, that's diversified with
39 trusted institutions across 18 industries,
all geographies and time. Because people are only
in it for thee years or six years is the max. And consensus at a scale
of thousands of nodes, globally distributed with
capability for many, many shards.

Importantly, this is a huge point that we don't talk about so much, with proof of work there are
increasing benefits to scale. That is why you see the
concentration happen with mining (camera beep) people with Bitcoin Ethereum, and soon to be into many others. Where every incremental CPU that you add, gives you additional mining capability it helps you with that. To crack that puzzle that much faster. That's not the case with
us it's proof of state. It is just based on coin
balance and their added max, you no longer get anymore reports or you'd probably create another node. Those are the nodes, nodes are
then designed randomly shards so actually increasing benefit to scale. That is I think a very big equalizer in terms of how consensus works. Let's talk about governance quickly. This is how we like to think about it which is global regions,
sectors, companies and time is a fourth dimension. So 39 companies, about 18
sectors, 10 global regions. We are at work building this now. We intend to announce the
first members in February.

And no on else I think has something new. People will say well gee
aren't you just one company, isn't that centralized? And well say well find me
one other protocol out there where the biggest
influence is 2.56 percent. Which is one over 39. It certainly isn't a foundation
where the biggest person has only a 2 or 3% vote. There's usually someone
pulling all the strings in the foundation. It's certain just because you
hold a foundation doesn't mean that it's magically diversified. This is by charter diversify. And then in terms of consensus, phase one in order 10 to 20 nodes, phase two 39, phase
three thousands of nodes across all sectors open to anyone who meets minimum CPU and
bandwidth requirements.

So imagine it's being highly distributed within a year or two of our
real open access in March. And so what are we playing
for here, what are the stakes? And the thing about
technology in particular, but most business' tend
towards consolidation. Usually you end up with 8% of the market controlled by a couple of players. And then a huge number of
players dominating the bottom 20% you see this in Telcos you see this in internet service providers. You can see this across many many sectors but technology in particular. We think that will happen in
the base layer area as well.

There won't be one protocol that wins But a couple will probably dominate. And then the next question is okay if a couple of protocols
are gonna dominate. Then is that relevant, is it valuable. We think the lower you go in the staff the more value there is. TCPIP which you can see that we are just one layer above that. So this layer we think should
be the most valuable layer, in the internet. And that is a very, you know I think it's sort
of not always appreciated.

And there will be only a couple players that ultimately control that. So we're at the very bottom of the staff so what does it take to
be one of these winners? That's where we talk
about these four things first your performance and I'm gonna talk about
speed in a little bit. So let's go there quickly. I think the one thing on speed, it's not just about you want speed but you need speed so that if a big. When your slow and you
want a couple transactions, one transaction every minute. You don't care for every second, you only have 100000 network. But you don't want
CryptoKitties to come on and then completely seize up the network and then your application can't work. So I think in general
applications will move to the highest TPS network just
for service level certainty.

Next one security, we talk about ABFT, you want the highest level security when these things are gonna be attacked. Governance, you need good governance. We've talked about out governance model so you understand that. You need governance and
then you need stability, we haven't talked about
stability we're patented. That has been controversial, one thing I didn't mention with Bitcoin. Is the number of forks it has had. I think people are quite
aware of the number of forks especially given the market volatility of Bitcoin in the past feels like couple months at this point.

But I guess it's only been one. And there have either been
44 or 45 Bitcoin forks. That does not lead to stability. Enterprises are not gonna wanna build on layers that can fork. However despite us being patented, were going to release the
code, everyone can see it. But we think that the lack of forking will actually drive enterprise adoption. As one of the reasons
enterprises haven't adopted this technology more broadly and why they've in fact gravitated from more private solutions so far.

But happy to answer questions on that. Here is where we are, bottom of the stack. Importantly no license required, anyone can build and run a dapp. That is also a misconception
that's sometimes out there but I really want to mention that. Right here our first three services, Cryptocurrency, Smart
Contracts, File Storage. Those are ready to go. And you'll see them in March. These are just a list of public
companies we've got about 115 building on our system
now adding more regularly. So you'll see more announcements
on that going forward.

Let's have some fun and
talk about speed, why? You know it's a proxy for
network capacity and also cost. And also service upload, but
keep in mind speed is a lie. And speed is a lie because it matters the number of computers your using. The geographic distribution
of those computers and time(people talking). But despite being a lie it's
still fun to talk about. So let's talk about our friends Bitcoin. There we are, I'm not sure what the transaction prop
for Bitcoin is right now but it's a ballpark, it's
been 60 bucks it's been less.

I mean it's all over. You've got Ethereum at 25
PPS, cheaper than Bitcoin. You have this so called
next-generation, inflationary. We've talked about the
problems with that model and then we have Hedera. And importantly this number very key, 62, basically six million to the penny. Now that's not the cost,
sorry it's not the price. The price maybe a thousandth
of a penny we don't know what the price is yet we haven't set that. But it's basically
Cryptocurrency transaction for less than(background noise) 100 bytes. So you tell us what 100 bytes costs. In terms of balancing you, it's small. So that's our broad back end look math. What we end up charging well see. But let's put it into math
because sometime numbers are a little hard for people to grasp.

This is about right. So if you put a snail at .3 miles an hour Ethereum's about twice as fast, turtles half a mile and hour. You know people say well gee
the fastest doesn't always win Beta didn't win over VHS. And I just ask how many people took a
donkey here Verses a plane. And the plane won over of course a donkey, and that's what we're talking
about in terms of speed. I don't think there's
much to debate about that. I also am trying to find, if anyone here who has questions of it, a technology capability that
wasn't taken advantage of.

Because they don't need that speed it's not important to
need that achievements. That's what people found when
there was huge fiber cables were laid under the oceans
way excess capacity, you would never need all that. Level three in the US put extra
empty pipes when they laid their first cables bigger
just in case they needed to string more cable
along and it's turned out that's getting used. So I'm not sure that's actually examples, if there are and I'm very
curious if anyone has them, of technologies where there was a capacity for which use was not discovered and implemented rather quickly. So let's talk about a particular use case. What can you do with this level of speed.? This level of cheapness and particularly using
some smart contracts. So let's look at OpenPharma. So what's the problem? And this is very particular
to the US but I'm sure that it's relevant to Israel. Where in healthcare area, you have a web of competing
regulatory frameworks designed to protect the consumer.

And they protect the consumer, it basically requires
certain data we share with certain parties
with certain conditions. And the requirement in
the US are different even state by state. And so what that means is that it's very difficult to
actually share data. And if you get it wrong, there are massive consequences
for getting it wrong. Big fines and potentially it
can put you out of business. What does that mean? It means people end up
sharing that data less. Which means you have real
public consequences because of this data not being shared. So how can Hashgraph or
distribute ledgers help. Using smart contract, you can
actually provably demonstrate that data takes a compliant path and that can be audited real time by anyone in the system using APIs.

That allows data sharing, so
that any mitigating consequence of regulatory reach in a way that hasn't before been possible. And when you can share data,
which either wasn't shared, it wasn't shared or took
months to share instantaneously you can affect real health outcomes. And you can do that by the
way while remaining anonymous. Let's take a look at that quick video. So that's a real application
being built on us now. Which I think gives you an example of the all
kinds of people interested. Different species interested in space. We are broadening our field. But the idea is you take systems that are not designed to operate, you can now using OP APIs.

You can allow them to operate in a way that never before was possible. That has a lot to do with patients. Now as is it unique to hedera? Not necessarily but you need speed and you could really
go back to when we did the initial capability of having service that is highly resistant to down time. And to hacks. If your sharing medically sensitive data, or you weren't doing, even supply chain you don't want that to go
down for and hour or a day or a week, it can't go down. So that then goes back to wanting a security
level as much as it does the speed and the cost of performance. Also the reaching finality in seconds also allows a real time tracking. If your reaching finality
in five minute, 10 minutes, it's not nearly as effective.

This next slide shoes the
complexity of the ecosystem here all the different
players that are engaged. Just in this generic drug network. By the way the FDA sounds like
it's one entity, it's not. Here we're showing it as two, but it could be as many as five (person coughing) and you've got different
pharmas and organizations and factories et cetera. And all of whom are sharing
data related to generic drug. This is just one application. So then I'm gonna ask well this is great, why aren't we seeing 1000
of these applications? Why are we just learning about this now? Why aren't there 10000
applications that goes on this right now that we know about, that were reading about every day? So I think we look back at the birth and early days of the internet.

So it's hard to imagine but
in 92 there where 10 websites. We've come along way does anybody know how many
websites there are today? Guess'? There we go, there you go
yep you can keep going. You guys are pretty close. At least you got the (mumbles) right. Keep going, keep going, there you go we're just about two billion. Who know exactly but big
picture it's a big number. So that 10 doesn't look so important, but what I think is particularly
relevant though is this so these dots represent the
top 20 most visited websites. Now this is the year in which
these websites where launched.

So on average they
launched in June of 2002 that was 11 years after
the internet started. Today we're 10 years after Satoshi so it's the perfect
time to talk about this. But importantly Bitcoin is not designed for applications like (mumbles). It's not what they are designed for. So you probably should start this maybe around the Ethereum launch, maybe 15. Maybe it started even around
our launch but we'll see. But why I think that it started here, I don't think there's really
anything special about 2002. But if you look what happened before, broadband became really available
a couple of year before. And so if you look at this, you know it's some big
sites that we know well. Amazon, Ebay, started pre broadband. They were able to generate
terrific network scaleability. Which made them very hard to displant, they also took advantage of
broadband in a terrific way. But most of these sites
started post broadband. And when you think about it the uses that we use our phone
for and our computers. Most of that couldn't be
done without broadband. some could but most isn't possible. That's why it's become
the phenomenon it is.

Is the ability for us to use the amount of data we do right now. And so what we think we are
is that broadband provider to the whole distribute ledger space. We are fast, we are fair, we're secure. Hedera is what is going to help drive these application like (mumbles) afford And actually help bring
this next generation this third phase of distribute ledgers to be broadly available to everybody. So thank you and I'm happy
to take any questions..

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