►
From YouTube: Chinese EOS Community, Stablecoins, Regulation, Governance, and the Future of DeFi w/ Equilibrium
Description
Equilibrium CEO Alex Melikhov and Chief Counsel Josh Goodbody join hosts Zack Gall of LiquidApps and Evan Schindler of Dappiness for a friendly but very informative roundtable discussion on a variety of interesting topics. They cover global crypto regulation, the stablecoin market, the future of decentralized finance, and the Equilibrium framework.
0:55 - Introductions
3:30 - Digital Payments in China
9:30 - Chinese EOS and BP Community
13:25 - Global Crypto Regulation
15:50 - What is Equilibrium?
18:00 - Stablecoins
23:40 - REX and Equilibrium Framework
26:30 - Why EOS?
28:20 - Provable.xyz and LiquidApps.io Price Oracles
30:45 - Favorite EOS Projects
32:30 - Crypto Regulation in the US
36:00 - Future of DeFi
37:50 - Equilibrium Labs R&D Division
39:00 - Dan Larimer’s Stablecoin Proposal
44:00 - Fiat On/Off Ramps
51:45 - Facebook GlobalCoin/Stablecoin
58:00 - Collateralizing Assets Beyond EOS
01:00:00 - BP Voting using EOS Collateral
01:02:30 - Decentralizing Smart Contracts
Equilibrium
https://www.eosdt.com
https://www.equilab.io
https://t.me/equilibrium_eosdt_official
Dappiness
https://www.dappiness.io
***
Series Sponsor:
Cypherglass - https://www.cypherglass.com
https://www.eosnameservice.io
For more information on sponsorship opportunities or content partnerships, please contact zack@everythingeos.io
https://www.EverythingEOS.io
https://youtube.com/c/Everything_EOS
http://t.me/Everything_EOS
https://anchor.fm/everythingeos
https://itunes.apple.com/us/podcast/everything-eos/id1434560651?mt=2
A
All
right
everything
e
OS
fans-
it
is
Evan
Schindler
you're
not
used
to
seeing
me
give
the
intro
on
the
show,
but
this
week
I
am
with
Zack
Gaul
we're
in
my
studio,
so
we're
doing
his
show,
but
my
studio,
we
got
the
guys
from
equilibrium
here
with
us
as
well,
so
we're
excited
a
little
bit
of
a
changeup
Zack
how's.
It
going
guys.
B
How's
it
going
like,
like
the
intro
there,
I
think
we
should
go
around
the
table
here.
So
this
show
concept.
Whenever
we
discuss
this,
we
kind
of
planned
this
last
week,
I
met
Alex
in
San
Francisco
for
the
es,
World
Expo,
and
now
that
was
I,
think
whenever
you
guys
announced
equilibrium
publicly
for
the
first
time.
You
know
first
time
I
heard
of
it,
which
is
crazy,
because
I
usually
hear
about
product
projects
before
they
come
out.
But
then
we
saw
you
last
week
at
b1
June,
and
you
were
telling
me
about
this
trip.
B
A
D
A
E
A
B
D
Thank
you
guys
for
having
us
here
is
real
pleasure
was
definitely
great
to
catch
up
in
DC
in
California
before
so
yeah.
Finally,
we
here
in
Pittsburgh
on
the
ear
athenaeus
podcast,
yes,
so
a
few
words
about
myself,
I'm,
the
CEO
of
equilibrium
and,
along
with
being
CEO
of
cuckoo
Librium
I'm,
also
the
co-founder
of
change
OE,
it's
I
guess,
along
with
shape-shifts
one
of
the
biggest
exchanger
on
the
markets.
C
C
I've
been
a
derivatives
lawyer
and
have
done
my
time
in
purgatory
at
places
like
BNP
paribas,
JPMorgan,
reddit
Suisse,
like
the
pillar
side,
I've
been
in
the
dark
side,
but
I
have
come
into
the
light
now,
so
I
am
I'm
the
chief
counsel
for
equilibrium,
with
one
of
my
hats,
my
second
hat
that
I
wear
is
as
the
global
chief
counsel
or
general
counsel
for
qui
be
of
global.
Who
are
we
who
OB
you.
B
B
Block
producers
they've
never
heard
of
absolute,
but
at
the
same
time,
maybe
on
that
side
they
don't
know
what
whatever
and
here's
doing
yes.
So
we
kind
of
talked
a
little
bit
before
we
started
recording
about
some
of
the
ongoing
developments
there
and
how
impressive
their
work
actually
is
over
there
yeah.
C
It's
fascinating
in
the
sense
that,
as
you
say,
there's
this
this
kind
of
communication
disconnect
between
what
we're
doing
here
and
what
they're
doing
over
there,
and
you
know
bridging.
That
is
a
challenge
sometimes,
but
things
like
the
block
producer
summit.
We
were
at
recently
we
had
a
large
Chinese
contingent
and
seeing
that
here,
I
think
is
also
because
they're
taking
the
time
out
to
come
here
and
say
hey.
This
is
what
we're
doing,
but
as
a
general,
maybe
stepping
back
into
into
what
China
are
doing
at
the
moment.
C
I
spend
a
lot
of
time
there
for
Bobby
and
I
get
quite
involved
in
the
kind
of
event
space
and
getting
involved
in
incubators
and
seeing
what's
happening
there,
and
what
I
can
really
see.
Is
this?
This
kind
of
thinking
that
is
very
much
derived
around
the
WeChat
model.
Wechat
is
everything
in
one.
It
allows
you
to
pay
chat,
pay
your
bills
or
the
food.
So
you
have
this
micro
app
culture
within
WeChat,
so
there's
an
entire
economy
built
around
building
mini
apps
for
WeChat.
E
C
Time,
I'm
over
there
and
I
go
and
see
the
the
range
and
the
scale
of
DAPs
that
are
being
produced
on
EOS,
I,
think
wow.
Ok,
it
makes
perfect
sense
because
you
were
doing
this
for
years
in
the
WeChat
space
or
in
the
alley,
pay
space
so
that
whole
mini
app
culture
is
something
they
get
really
really
well
and
they're
trying
to
bring
that
over.
Here,
it's
fascinating
so.
C
B
D
A
And
I
come
from
a
payments
background,
retail
payments,
you
know
NFC
and
EMV
technology,
and
that
was
one
of
the
hardest
markets
to
even
try
to
get
into
because
they
skipped
straight
from
cash,
never
really
adopted
cards,
I
mean
you've,
got
Union
pay
and
they
do
a
decent
amount
of
volume
button.
The
the
the
QR
payments
really
caught
on
there,
and
it
really
you
know
when
I
started
getting
into
crypto
and
into
blockchain.
That
was
one
of
the
first
things
I
thought
of
just
having
been
in
payments
in
a
previous
life.
A
B
C
B
D
Yeah
I
should
I
should
I
should
I
should
mention
that
I've
been
to
China
like
four
to
two
weeks
in
past
months.
I
couldn't
buy
anything
in
supermarket
with
the
cards.
They
have
no,
no
terminals
for
doing
that.
Only
we
charge
only
QR
codes
and
you
can
do
that.
Only
having
Chinese
bank
account.
That's.
E
C
A
A
D
No
I
mean
I
mean
you
easily
can
get
lost
in
China
because
you
know
Google
Maps
doesn't
work.
Actually
you
you
can
even
locations
they're,
mostly
I'll,
on
all
incorrect
that
all
everything
in
Chinese
everything
engineer.
So
if
you,
if
you
type
in
some,
you
know
address
in
in
English,
it
can't
be
wrong.
So
so
you
arrival
is
wrong.
Destination
yeah,
but
but
you
easily
can
use
some
translation
app
to
translates
to
people.
What
do
you
actually
mean
so.
B
D
So
yeah,
as
I
mentioned
I
spent
there
two
weeks
I
was
I,
was
really
impressed
with
the
amount
of
people
who
are
involved
with
us-based,
particularly
so
we
were
literally
floating
between
offices
in
Shenzhen
from
one
meeting
to
another.
We
actually
I
think
I
think
we
we
had
like
six
up
to
10
10
meetings
a
day
with
dill
did
with
different
guys
in
inch
insane.
D
So,
for
instance,
like
we
were
floating
between
meeting
with
token
pockets,
it's
the
largest
I
guess
wallets
in
China,
with
respected,
specifically
for
for
us
pays
us
Park
us
us
space,
us
Shin
Jane,
although
all
these
guys,
they
they
hope.
We
had
a
meetings
in
person
so
and
we've
done
a
lot
of
connections
there
by
the
way,
so
I
actually
I
actually
visited
Shenzhen
and
Beijing
within
this
trip.
So.
B
B
D
They're
doing
a
lot
of
work
there
in
China,
with
with
the
community
they're
hosting
a
lot
of
a
lot
of
meetups
they're,
getting
together,
also
the
they
all
they
all
are
into
into
development
of
the
apps.
So
every
every
every
block
produces
doing
something,
some
applications,
some
wallets
or
anything
so
they're,
very
deep
in
in
textile
technical,
technical
side
of
things
yeah
so
weeks.
B
B
D
E
B
E
D
Yeah
they're
hosting
a
lot
of
meetups
by
the
way,
I
think
all
over
China,
including
Hong
Kong
by
the
way
and
yeah
since,
since
we
are
going
we're
actually
thinking
of
more
expansion
to
China
to
have
more
exposure
to
local
community,
we
are
going
to
participate
in
in
these
meetups
and
maybe
with
us
studio
as
well.
So
there
is
one
one
of
the
high
priority
for
us.
So.
D
E
E
C
I
mean
we
hear
a
lot
of
hyperbole
here
about
China
and
regulation
and
I
think
really
I
boil
it
down
to
to
two
things.
One
is
the
regulators,
and
the
authorities
in
China
are
listening,
they're,
listening
and
they're
learning
and,
secondly,
engagement,
they're,
engaging
and
what
I
mean
by
that
is
they're
sitting
at
tables
with
the
right
stakeholders
going.
What
do
you
do?
How
are
you
doing
it?
C
How
can
we
understand
it,
and
how
can
we
support
you
so
they're
supporting
us
already,
but
of
course,
they're
yet
to
come
up
with
this
framework,
which
kind
of
gives
people
carte
blanche
to
do
what
they're
already
doing
in
an
open
and
overt
way.
So
the
regulators
are
very
engaged
in
in
China
at
the
moment,
because
they
see
this
arms
race.
That's
taking
place
all
over
the
world
to
attract
all
these
various.
C
You
know
whether
it's
defy
businesses
or
just
blockchain
technology
or
crypto
exchanges,
whatever
it
is,
there's
an
arms
race
to
capture
that
business
within
your
jurisdiction.
It's
very
sexy.
It's
very
new!
You
know
people
people
love
these
stories
right,
so
all
of
these
jurisdictions
are
trying
to
capture
those
businesses.
We
got
London
competing.
The
u.s.
is
already
one
of
the
hubs.
All
of
Europe
is
trying
to
grab
that
business
by
the
horns
so
trying
to
see
that,
and
they
know
they
have
to
do
something
about
it.
C
So
it's
a
positive
message
in
that
they
are
actively
engaging
with
the
right
people,
but
I
think
it's
going
to
be
a
little
bit
more
time
before
we
get
to
a
place
where
there's
actual
clarity
and
that
that's
to
be
expected.
Really
it's
a
big
country
with
a
lot
of
complicated
and
domestic
setups,
whether
it's
their
payment
system,
whether
it's
their
capital
controls
or
their
banking.
It
requires
a
well
drawn
out
well-thought-out
methodical
plan
before
it
really
takes
it
to
the
next
level.
I
think.
E
B
Why
I
know
there's
probably
a
lot
of
reasons
you're
in
China,
so
I
guess
this
would
be
a
good
point
to
just
introduce
what
equilibrium
is
like
I
think,
beginning
I
made
an
assumption
that
people
knew
and
I'm
sure
there's
people
who
don't?
Why?
Don't
you
explain
what
equilibrium
is
and
what
you
guys
do
and
then
I'll
get
into
some
of
the
things
that
I
think
we're
valuable
with
your
China
trip.
B
D
B
B
A
stable
coin
collateralized
by
something
else
that
doesn't
exist
like
USD
T,
it's
yet
money
and
most
people
here
if
tether
on
you
know
some
people
have
heard
of
carbon
yeah,
but
what
you
guys
do
is
different.
You
guys
are
more
similar
and
I
know.
There's
a
lot
of
differences,
we'll
get
into
them
too.
Like
a
maker
Dow,
you
are
a
collateral
backed
stable
coin
right.
D
Generated
in
the
first
place
right
right,
so
so,
basically,
there
are
several
approaches
in
building
stable
coins.
The
most
general
one
is
to
simply
have
some
physical
assets
like
physical
dollar
sitting
on
some
accounts,
and
you
you
simply
issue
tokens
one
to
one
backed
by
USD
right.
So
there's
the
approach
of
tether
of
choice.
D
of
use
DC
by
coin,
base
a
lot
of
projects
on
the
market,
doing
that
and
it's
a
kind
of
mainstream
for
now,
but
there
are
a
lot
of
obvious
drawbacks
for
this
model.
D
D
E
E
C
Whole
the
theme
of
concentrated
counterparty
risk
is
not
just
the
fact
that
it's
financial
ie
sits
within
one
entity
that
may
or
may
not
exist
tomorrow.
It's
a
counterparty
risk
to
the
way
that
they
treat
your
assets
as
well.
So
it's
much
more
nuanced
than
just
hey:
they
have
your
cash
you've
got
to
look
at
them
and
think
whether
you're
comfortable
trusting
them
having
your
cash.
It's
more
than
that.
Do
you
trust
them
to
safeguard
your.
B
B
E
B
Then
there's
other
stable
coins
that
are
regulated
in
the
u.s.
I'm,
not
sure
like
the
Gemini
coin,
the
coin
based
coin
and
those
ones
they're
there
on
a
blockchain
and
but
they're,
not
completely
decentralized.
The
night
I
think
those
might
be
similar
to
what
you're
referring
to
is
where,
even
though
you
think
you
own.
These
coins
like
there
is
a
central
entity
that
could
shut
them
down
and
freeze
them.
Correct
yeah.
E
C
E
B
D
D
Right
right,
moreover,
I
will
I,
give
you
an
example.
Everyone
remembers
that
a
couple
of
months
ago,
or
maybe
three
months
ago,
so
I'd
say
that
stated
on
the
website.
That's
not
till
it's
just
yeah!
So
since
this
moment,
not
only
by
doors
back
to
our
stable
coin,
but
but
but
out
with
with
also
with
with
the
securities.
What
are
these
securities,
how
they
evaluate
it?
I,
don't.
B
Know
I
think
that's
the
coolest
part
and
the
biggest
differentiate
differentiator
between
what
equilibriums
doing
compared
to
the
project.
That's
most
often
compared
to
and
that's
maker
down
mm-hmm,
so
with
Yves
tokens
they
have
a
utility
and
that
utility
is
resources
and
governance
right.
So
with
something
like
maker
down
you,
you
lock
your
aetherium
into
a
contract
and
you
print
dai.
You
print
your
your
tether
span,
your
dollar
peg
or
not
dollar
PEC,
but
your
your
collateral
back
to
stable
coins.
B
Because
all
it's
good
for
is
gas
and
transactions,
whereas
on
EOS
you
do
the
same
thing.
You
lock
your
EOS
into
a
smart
contract.
Yes,
DTS
are
generated
which
are
basically
they're
picked
$1,
so
you
could
use
them
to
spend
right,
I
use
them
to
trade,
but
while
those
ia's
tokens
are
locked
in
this
contract,
this
is
the
most
interesting
part.
To
me
is
that.
E
D
Here,
I
also
can
give
you
example.
That's
currently
we're
also
developing
the
market
making
solution
for
for
the
framework
which
roll
actually
supports
this,
the
the
secondary
markets,
and
so
we
actually
needs
a
lot
of
resources
for
wouldn't
within
us
network
for
doing
that
and
we're
actually
utilizing
recs
for
now
and
we
deploy,
we
have
deposited
to
wrecks
like
0.25
us
get
resources
for
1,000
us
us
against
this,
this
deposit,
so.
C
Right,
yeah,
yeah
and
you
know
the
the
feedback
we
got
from
the
community
when
we
announced
that
we
were
using
recs
within
the
framework,
was
overwhelmingly
positive.
So
I
think
that
that
call
by
Alex
in
the
dev
team
was
a
really
positive
development
for
us,
because
it
almost
further
enhanced
all
of
the
various
really
interesting
and
powerful
tools
that
the
framework
can
give
its
users.
So.
B
E
E
D
So
if
it
comes
to
the
internal
currency,
nuts
can
be
submitted
by
users
for
covering
some
fees
accrues
by
the
framework
for
the
generated
USD,
stable
coins,
and
actually
we
enable
arbitrators
who
are
involved
in
liquidated
liquidation
process
on
the
framework
to
submit
nuts
in
order
to
get
an
access
to
liquidated
collateral
at
a
discount
all
right.
So
it's
it's
a
huge
difference
by
the
way
to
make
her
since.
E
E
C
From
a
an
exchange,
perspective
have
always
looked
at
what
it
means
to
have
a
stable
coin.
What's
the
utility,
how
does
it
work
best?
You
know
whether
it's
the
regulation,
whether
it's
the
operational
side
and
the
one
thing
that
stood
out
to
me
about
EOS,
was
just
the
the
ease
of
transaction.
How
quick
it
is.
E
E
D
D
Because,
of
course,
of
transactions,
I
give
you
another
example:
we
we
actually
have
the
decentralized
application
for
generating
USD.
Obviously,
and
these
application
has
no
back-end
at
all.
So
it's
just
the
front-end
sides
and
the
smart
contracts,
and
we
I
was
really
impressed
when
we
launched
that
and
when
you
do
the
transaction
you
broadcast.
Transactions
from
the
front
ends
signed
your
private
keys
with
it
with
a
private
key,
and
you
see
the
results
of
transaction
immediately
within
the
half
a
second.
This
really
impresses
yeah.
You.
B
E
D
So
the
the
approach
force
bride-price
Oracle's,
is
pretty
straightforward.
We
are
utilizing
the
Oracle
Oracle
service
provider,
they're
our
general
partners
or
acquires
now
they
call
provable,
so
they
they
provide
the
the
trust
line
which,
with
the
smart
contracts
and
the
external
source
of
market
data,
so
that
we
can
actually
fetch
the
prices
from
whatever
we
want.
Currently,
we
are
utilizing
creep
to
compare
for
doing
that.
D
So
we
get
the
aggregated
price
of
us
to
use
the
pair,
but
in
further
we
are
going
to
build
up
some
median
Iser
on
chain
mini
another
so
that
we
can
get
prices
directly
from
exchanges
like
ten
or
fifteen
and
build
build
the
medium
for
that
and
another
important
thing
that
we
are
going
to
to
diversify
our
Oracle
Oracle
Oracle
services
on
offer
for
our
smart
contracts
and
now
we're
in
the
process
of
integration
of
these
piece
within
that
network.
Right,
yes,
sir,
so
that
that's
one
of
the
goals
for
us
to
date,
yeah.
B
D
Yeah,
firstly,
I
should
admit
that
we're
really
impressed
with
the
work
of
the
community,
with
with
the
unity
of
the
community
around
us
and
what's
happening
in
the
space
in
terms
of
these
B's
and
different
other
services
and
dabs.
So
we
were
in
talks
with
a
lot
of
projects
from
the
space
in
terms
of
integrations
and
partnerships,
and
also
I
can
highlight
here
defuse,
for
example,
we're
working
with
them
on
integration,
their
solution
for
history
plugins
and
some
some
some
other
stuff
for
our
backends.
D
B
E
B
D
C
Making
the
blockchain,
accessible
and
I
think
that's
really
one
of
the
key
themes
that
we
see
when
we
go
out
into
the
the
non
blockchain
world.
You
call
it.
We
talk
about
what
we
do
and
they
say,
but
how
would
that
apply
in
the
real
world
and
I?
Don't
want
to
think
about
private
keys
I,
don't
want
to
think
about
what
protocol
to
use
or.
C
Interoperable
with
other,
you
know,
protocols
making
it
easy
and
those
guys
has
done
a
really
great
job
in
that
making
it
easy
to
use
easy
to
setup.
Is
you
know
it's
a
very,
very
important
tool
to
broaden
the
application
of
blockchain
technology
in
other
areas,
so
yeah
they've
they've
been
a
very
impressive
who
must
have
we
met
on
our
travels
sense,
yeah.
E
C
It
is
a
minefield
of
regulatory
issues
in
that,
if
you
feedback
something
suddenly
it
becomes
some
kind
of
instrument
whether
that
is
electronic
money,
whether
that
is
a
Fiat
collateralized
instrument,
it
can
be
anything
in
various
jurisdictions,
so
suddenly
you're
hitting
this
minefield
of
cross
jurisdictional
regulatory
arbitrage
that
you
can't
win.
So
that
is
a
theme
I
I
I'm,
very
well-versed
in
I
thought.
Wow.
There's
got
to
be
a
better
way
to
do
this,
and
we've
seen
obviously
make
it
out
come
out
and
do
a
pretty
decent
job
at
kind
of
a
swaging.
C
These
concerns
and
I
think
it's
all
it's
all
in
the
kind
of
the
delivery,
it's
all
in
the
documentation
and
building
things
in
the
right
way.
So
as
part
of
this
process,
when
we
were
building
the
equilibria
framework,
we
wanted
to
build
it
with
regulatory
certainty.
The
importance
of
that
is
at
all
levels.
It's
a
use
cases.
C
So
if
we
say
to
a
payment
provider,
incorporate
AOS
DT
as
part
of
your
payment
service,
they've
got
to
be
comfortable,
that
that's
not
a
financial
instrument
of
any
kind
or
it's
not
a
security
as
an
example
getting
them
on
an
exchange
and
traded
exchanges,
they
want
to
onboard
securities
to
be
traded.
They
simply
can't
so
you've
got
to
be
able
to
convince
them
that
it
is
a
vanilla,
simple,
crypto
asset,
even
your
average
person,
just
holding
it
in
their
wallet.
There's
a
lot
of
media
fart
about.
C
C
Aspects:
it's
a
space
all
of
the
documentation,
how
it
all
inter
links
and
feeds
what
our
story
is.
We
conveyed
that
to
Council,
we
work
quite
closely
with
them
to
kind
of
get
to
a
place
where
they
actually
can
understand
this
quite
complex
technical
framework,
and
we
were
very
pleased
to
get
a
good
result.
So
we're
not
going
to
go
into
any
more
detail
as
to
the
actual
opinion
itself,
we're
yet
to
release
that,
but
it
is
extremely
positive.
It
hits
all
the
right
tones.
Of
course,
it's
not
a
security
in
any
way.
C
Shape
or
form
for
for
us
is
the
key,
because
that
broadens
our
ability
to
take
these
assets
to
the
right
places.
So
we've
worked
long
and
hard
on
that
and
I
think
we're
quite
pleased
at
that.
You
know
that
that
has
borne
fruit
in
the
right
way
and
we
see
a
lot
of
projects
doing
it
the
wrong
way
around
they
build
their
product.
Then
they
go
there.
Lawyers
actually
you've
got
to
be
working
with
your
lawyers.
B
While
it's
late,
so
Facebook
has
a
terrible
reputation
now,
but
whenever
they're
growing
their
motto
is,
move
fast
and
break
things,
and
that
is
the
absolute
opposite
way
to
go
about
things
in
today's
regulatory
climate
yeah.
So
you
guys
are
like
in
the
weeds
with
the
centralized
to
finance.
It
defy
is
like
what
everyone
talks
about
like
what
is
the
future
of
defy
from
you
guys,
perspectives.
E
C
Too
heavy
it's
such
a
big
yeah.
It's
such
a
broad
topic
to
even
talk
about
so
there's
so
many
things
we
can
cover
at
a
base
level.
Maybe
putting
my
you
know
my
hopeful
hat
on
equilibrium,
we
believe
will
be
a
framework
that
will
not
just
be
pegged
to
the
dollar.
It
may
be
pegged
to
other
assets
at
some
point
in
the
future,
so
really
we're
offering
something
that
isn't
just
suited
to
people
that
want
an
asset,
that's
denominated
in
dollars.
C
It
can
be
in
their
local
currency
and
that
as
a
base,
fundamental
can
be
a
layer
that
can
build
on
so
many
different
applications,
whether
it's
in
the
payment
space,
which
is
booming
right
now,
whether
it's
in
the
micro
app
space,
the
DAP
space,
where
it
can
be
an
internal
currency
that
can
be
used
for
game
developers.
All
of
these
areas,
I
think
we
see
the
equilibrium
framework
really
being
a
launchpad
into
all
these
different
verticals,
and
there
are
so
many
conversations
we've
had
over
the
last
few
days.
D
C
D
D
And
I
would
say:
there's
a
lot
of
more
concepts.
Arriving
arriving
at
the
space
from
lending
perspective,
from
from
from
different
perspective
of
defy
and
I
should
to
make
a
little
a
little
statement
here.
So
we
were
actually
in
terms
of
equilibrium,
we're
launching
the
equilibrium
lab
to
to
make
things
happen.
So
it
would
be
our
R&D
division
to
pick
some
interesting
concepts
and
to
make
some
development
and
research
and
development
on
that
III.
B
B
D
Right
right
so
currently,
we
are
definitely
working
on
something
something
interesting
and
something
very
relevant
to
us
community,
and
this
is
the
concept
of
Bank
or
backed
stable
coin
proposed
by
Daniel
Armour.
So
we're
doing
research
on
that,
because
we
we
think
that
actually
block
1
is
not
going
to
do
something
themselves
on
the
top
of
this
of
this
concept,
while
they're
actually
expecting
the
community
to
take
a
little
nuts
and
to
develop
something
something
on
the
top
of
of
the
concept
proposed
by
Daniel.
B
E
E
D
Yeah,
it's
interest.
It's
interesting
that
Daniel
Daniel
has
joined
our
telegram
group
by
the
way
telegram
of
of
equilibrium,
and
he
asked
a
lot
of
questions
regarding
the
projects
and
eventually
he
shared
this
article,
and
it
was
exactly
that
dates
with
when
he
was
initially
released,
so
he
shared
the
link
to
that
suit.
Our
group,
maybe.
E
B
B
E
B
E
D
So
the
team
currently
as
I
would
say
around
twelve
twelve
developers,
so
we
have
very
experienced
guys
on
the
team,
doing
research
and
obviously
the
developments
in
terms
of
equal
apps.
The
concept
of
Daniel
is
I
would
say
very
different
to
the
approach
of
USD
T.
But
what
would
be
the
green
common
between
these
projects?
There
would
be
nuts,
so
we
actually
we're
actually
now
figuring
out
how
to
apply
natsu
to
this
concept
as
well.
D
So
it
would
be
the
connects
its
infrastructure
and
yes,
so
currently
we're
working
on
the
series
of
articles
which
will
be
revealed
in
the
upcoming
weeks
and
so
the
we
can
actually
presents
the
results
of
our
our
research
and
development
as
well.
So
the
all
the
development
of
this
concept
would
be
open
source
and
if
someone
someone
from
the
community
wants
to
approach
us
with
their
ideas
or
feedbacks,
they
are
very
welcome.
E
B
C
C
So
part
of
that
is,
of
course,
what
does
phase
2
phase
3
look
like
and
if
we
can
do
it
with
dollars,
it's
a
logical.
You
know
jump
hop
to
think
that
we
can
probably
do
it
with
other
currencies
and
that's
where
the
utility
of
the
equilibrium
framework
really
broadens
once
we've
proven
ourselves
with
our
first
base
project.
I
think
you
know
we
want
to
be
quite
ambitious
in
terms
of
what
other
utility
we
can
bring
to
other
currencies.
I
think.
C
A
So
yeah
so
happiness.
It's
really
relative
to
this
yeah,
it's
funny
because
you
you
mentioned
earlier,
you
were
like
all
these
people
are
coming
up
to
us
and
want
to
work
with
us
one
integrate
with
us,
and
then
you
were
talking
about
payments
and
then
you're
talking
about
multi
currency
and
I'm,
like
I,
got
a
lot
to
talk
to
them
about,
after
the
show.
D
C
Like
no,
it's
a
great
question
and
you
know
part
of
what
we're
building
has
to
have
an
honor,
an
off-ramp,
and
we
recognize
that
and
every
time
we
have
a
discussion
with
someone
in
the
payment
space
as
to
a
potential
practical
solution
that
we
can
bring
them.
We
have
to
have
an
off-ramp
for
them.
So
at
the
moment,
what
we're
going
to
be
probably
doing
is
creating
very
strong
relationships
with
OTC
desks
and
those
OTC
desks
will
be
able
to
be
a
pretty
seamless
off-ramp
for
us.
Dt
holders
is
one
example.
E
C
C
We'll
reveal
who
we're
working
with,
but
we're
working
with
some
really
great
o
TC
desk
to
kind
of
build
out
a
seamless
solution
for
an
off-ramp
really
so
going
from
your
your
your
fiat,
pegged
assets
to
cash
and,
on
the
other
way
as
well,
it's
really
important
that
they
can
get
into
the
system
as
well
right
further
down
the
line,
we
might
have
some
some
more
mature
solutions
that
might
do
that
as
well
really
depends
on
the
use
case.
There
might
be
something
specific
to
to
certain
industries
that
might
be
useful.
E
B
E
B
With
that
the
ideal
situation
we
talk
about,
like
the
future
of
defy
and
the
future
of
defy,
is
you
never
have
to
have
an
on-ramp
because
you
just
transact
if
I
sent
you?
If
I
buy
your
phone
off
of
you
from
500
euros,
DT
I,
give
you
500
euros.
Dt
you
give
me
your
phone
yeah
and
then
you
just
spend
those
USD
t4.
If
it's
online
transactions,
let's
say
you
want
to
buy
an
e-book,
he
sells
ebooks
yeah.
You.
C
C
D
B
B
E
E
B
Grocery
store
the
other
store,
whoever
there
are
transacting
with,
but
on.
What
is
the
timeline
whenever
the
the
grocery
store
just
will
take
any
stable
Quinn,
because
it's
like
this
is.
This
is
fine.
This
is
exactly
what
I
need
it's
one
dollar
and
it
doesn't
matter
whose
it
is
as
long
as
they're
all
like
might
have
a
basket
of
ones.
We
really
trust.
Yes,
we
just
hold
it.
C
It's
a
great
quest
and
I
think
the
day
will
come
when
one
one
brave
company
comes
up
with
a
a-almost
asset
agnostic
system
which
allows
you
to
whether
it's
with
a
card,
whether
it's
your
phone
or
a
QR
code,
even
you
are
able
to
pay
in
whatever
asset
and
they
receive
a
dollar
value
for
it.
Mm-Hmm
that
I
think
will
be
super
super
powerful
and
in
China
they
do
have
similar
variances
on
that
kind
of
moment.
That
will
be
game-changing
yeah.
A
C
Square
squares:
let's
say:
squares,
gone
full
crypto,
yeah,
okay
friendly!
So,
if
you
think
well,
what
does
Square
do
why
they
going
crypto
friendly?
What
would
that
mean?
It
could
mean
just
that
the
square
are
giving
their
merchants
the
ability
to
accept
in
crypto
but
get
the
dollar
value
from
it.
Well,.
C
E
E
A
E
B
B
The
way
that
the
sped
in
app
works
with
Gemini
is
it
creates
a
barcode
that
the
cash
register
just
sees
as
a
gift
card,
so
transact
as
if
it's
a
gift.
Okay
and
if
you
think
about
with
gift
cards
and
like
airline
miles
or
those
are
like
points
or
like
they
would
like.
The
original
kryptos
they're,
just
like
centralized
on
someone's
door
in
a
database,
but
III
think
it's
gonna
be
really
cool.
When,
from
you
just
get
rid
of
the
bank's
I.
Honestly.
E
E
D
Yeah,
but
if
it
comes
to
crypto
like
from
from
my
standpoint,
the
physical
off
chain
infrastructure,
steal,
complex
right
and
it's
cool
by
the
way,
that's
block
one
announced
you
be,
you
be
key
in
on
their
announcement
on
on
June
first,
so
he
is
the
kind
of
for
for
us
space.
It's
the
first
step
to
more
convenience
of
chain
infrastructure
for
users.
C
C
C
Don't
know
I
think
if
anyone
can
do
it,
they
can
but
they're,
probably
going
to
release
the
most
vanilla
use
case
possible
in
a
very
narrow,
restricted
set
of
countries,
because,
unless
they're
going
to
build
something
magical
that
is
crypto
back,
that
avoids
a
lot
of
regulation
which
I
don't
think
they
will,
because
I
don't
think
they'll
be
allowed
to
I
think
it
will
be
a
basket
of
Fiat
collateral
is
probably
where
they'll
end
up
being
that
in
itself
has
regulatory
implications
in
each
jurisdiction
that
Facebook
will
want
to
operate.
They're.
E
C
B
B
E
E
B
Have
to
do
that
and
tie
this
back
in
the
ear
with
voice.
People
are
gonna,
be
earning
voice,
tokens
and
transacting
and
voice
tokens,
but
people
still
think
dollars
in
their
head.
So
one
of
the
things
you
said
is
step
ones,
probably
other
currencies
euro.
Maybe,
but
then
you
have
the
everything's
collateral,
backed
with
us
right
now.
So
with
the
right
amount
of
liquidity,
anything
could
be
used
as
collateral
and
we
always
hear
tokenize
everything
you
can
tokenize
your
house,
your
car.
B
Eventually
there
will
be
a
time
where
everything's
tokenized,
like
that
and
with
I'm
sure
there
has
a
lot
to
do
with
liquidity.
You
have
to
be
able
to
sell
it,
but
if
you
had
a
tokenized
asset,
you
could
clap.
You
could
technically
collateralize
it,
but
within
your
system
you
have
to
probably
stick
to
the
biggest
ones.
If
voice
grows
into
what
people
hope
it
is.
People
want
to
use
those
voice
tokens
for
dollars
right
now.
We
don't
know
a
lot
about
the
utility
of
a
voice
token.
It
gives
attention,
but.
E
B
Might
be
other
incentives
that
make
you
want
to
hold
it
I
assume
that
there
will
be
other,
otherwise
it
would
make
as
much
sense.
So
if
there,
if
the
voice
token,
let's
say
on
a
long
time,
let's
say
like
five
years
from
now:
it
gets
some
sort
of
adoption,
there's
millions
of
users
and
but
there's
a
reason.
I,
don't
know
what
the
incentive
is
to
hold
it
and
instead
of
just
getting
rid
of
it,
unless
you're
holding
it
for
the
price
to
go
up,
but
I
think
there
will
be
more
reasons
to
move
it.
E
B
B
E
D
B
E
B
On
our
minds
and
we're
not
even
in
your
space
necessarily,
there
will
be
a
time
when
any
token,
no
matter
what
it's
backed
by
or
if
it's
backed
by
anything
with
enough
liquidity
in
the
right
set
of
circumstances,
it'll
be
able
to
be
collateralized
into
spendable
money
while
still
owning
that
assets
similar
to
how
you
take
a
mortgage
on
your
house.
That's.
B
E
D
B
D
B
B
Diversifying
your
portfolio,
let's
say:
you've,
gold
back
dollars,
we're
back
in
1970
and
earlier
so
you
got
the
dollar
backed
gold
and
all
you
hold
in
your
portfolio
is
gold,
but
then
the
price
of
gold
crashes.
You
have
no
hedge
against
that,
so
I
mean
moat.
We
know
most
crypto
currencies
follow
Bitcoin,
but
that's
probably
step
one
before
you
can
get
to
the
like
other
tokenize
assets
that
are
actually
backed
by
something
that
isn't
correlated
a
non-correlated
assets
to
the
crypto
market
and
I.
B
C
A
natural,
segue
I
think,
because
we
understand
the
you
know
the
risk
mechanics
within
it
and
there's
an
immediate
use
case.
There,
I
II,
as
Alex,
said,
raising
the
ceiling
so
depending
on
the
modelling,
depending
on
the
liquidity
of
the
asset,
and
you
know
how
how
comfortable
our
dev
team
are.
Taking
that
asset
on
is
the
next
one.
There
is
certainly
a
place
to
broaden
out
the
collateral
types
that
are
compatible
with
in
the
framework
yeah.
That's
probably
one.
B
E
D
E
E
B
E
E
D
D
D
B
D
Combined
approach,
so
we
basically
are
going
to
redistribute
this.
The
the
portion
of
this
income
are
across
our
community.
Among
the
initial
issuers
of
USD,
stable
coins
and
another
part,
another
portion
of
these
incomes
would
be
used
to
to
have
nuts
from
from
from
the
markets,
which
will
then
get
burns
on
our
smart
conscience.
B
B
We're
talking
governance,
you
already
asked
yourself
the
question
so
euros:
New
York
put
out
a
blog
article
a
couple
months
ago
about
decentralizing
smart
contracts
so
that
whoever
developed
a
smart
contract
and
deployed
it.
If
you
want
to
truly
decentralize
it,
you
give
people
that
aren't
affiliated
with
your
company
and
have
no
incentive
of
anything
so
told
the
keys
and
the
way
years
New
York
proposed.
B
E
B
E
E
D
Absolutely
yeah,
so
the
obviously
decentralization
is
a
top
priority
for
us
and
we
are
going
to
step
this
way
towards
decentralization.
So
we
have.
We
have
the
roadmap
for
for
for
doing
that,
and
the
the
first
step
would
be
establishing
the
multi-sig
for
ownership
of
our
smart
contracts,
so
that
we
have.
We
have,
will
have
some
certain
block
producers
on
this
multi-sig
to
make
decision
on
smart
contracts
updates
and
now
with
where
it
talks
of
on
that
with
several
of
them,
including
block
producers
from
top
21,
and
also.
D
B
B
D
D
D
C
B
E
C
Ice
right
check,
yeah
and
we've
built
this
framework
that
we'll
be
working
with
them
with
under
which
is
really
simple.
It's
like
a
cooperation
and
they
will
get
a
bite-sized
chunk
summary
as
to
what
what
the
proposal
is.
They'll
get
the
detailed
analysis
and
even
the
code
if
they
want
they
go
through
the
whole
thing
when
they
can
vote
as
they
see
fit.
So
it's
really
handing
the
reins
of
power
over
to
the
multi-sig
participants.
That's
really
cool.
E
D
B
D
Yeah
additionally,
I
should
say
that
we
also
intending
after
after
this
old,
Nazi
mod
signature
stuff.
We
are
going
to
build
up
the
technical
solution
for
for
updating
the
contracts
through
governance
contracts.
Oh
so
it
would
be
they've
in
the
next
step
of
the
multi
signature.
We
get
I,
guess
it.
It
will
actually
take
that
they
take
take
time
from
development
perspective,
but
eventually
the
set
code
permissions
would
be.
We
expect
to
be
set
to
be
set
to
the
governance.
Contracts
of
the
community
would
vote
with
nuts
for
the
updates
of
the
contracts.