Introduction to DAOs and Decentralization
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Speaker
Welcome to the Polymath Experience.
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Speaker
It's really cool to have you.
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Speaker
I'm super excited about this conversation.
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Speaker
So we met a few weeks ago, got to talking because, well,
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I have a DAO, you help DAOs in many, many ways.
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But it's not even the thing that comes back.
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I love that conversation because one, you and I, we share the same passion for all of this and we care about decentralization so much.
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Speaker
And before we even jump into all the decentralization stuff, because I know it's coming and I know it's going to be great.
Crypto Market Trends and Builder Sentiment
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Speaker
We're at a very, very interesting time.
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Speaker
moment in time right now for uh crypto web 3 blockchain decentralization as a whole because 2022 was uh a shit show uh i don't even know if i swear words on swear words on this podcast anymore but it's okay five two verse six
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Speaker
How do you feel about the market right now?
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How do you feel about where we are right now?
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Where do we go from here?
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So first, several things a lot for the event.
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So invitation, Polymas.
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I'm from France, as you can say, with my accent.
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Speaker
So I'll try my best with my French accent.
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Speaker
Glad to be on your podcast.
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Speaker
Thanks for the invitation.
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Glad to see my favorite Clonix again.
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So at the time we were speaking, we were
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who are just experiencing a small, tiny bull run upward movement from the market.
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But yeah, we are really at the bottom of the market right now.
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The difference between this bear market and the bear market that we experienced in 2018, for example, is that I think on the builder side, people are less in a disbelief or less in a movement, you know, when they are really anxious and everything.
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So people who are actually...
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on actively participating in the web free space so that it's already too big to fail.
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Am I too bullish saying that?
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But all the smart money, like the VC on the banks, on the governments
Infrastructure and Tools for DAOs and Web3
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This is the main difference between right now and 2018.
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So on the builder side, there is a lot, lot of really cool projects being built right now.
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The last bull market,
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last year gave DAOs on all the other topics of Web3 a lot of infrastructure on tooling that are necessary to go from level one to level two.
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So yeah, quite excited on the builder side.
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Speaker
Then on the investor side, it's a bit more difficult because VCs on private equity funds right now are like sunflowers on a bit toward the IA, artificial intelligence.
Venture Capital Focus and Strategies in Web3
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On all the deep tech funds, all the LPs are basically people who are not that much into the Web3 ecosystem right now.
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Because of the volatility, those guys are a bit anxious about the markets.
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So it will take a bit of time for them to come back.
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Then, of course, there is a lot of blockchain native funds as well.
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So I'm speaking right now about the deep tech funds.
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that are the more powerful ones on the market.
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But we don't have to forget that there is more than 1,300 blockchain first native funds in the world.
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So if you're a builder right now... I didn't know that.
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There is a lot of people for a small cake.
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So this is a chance for builders actually because
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It's the VCs, the blockchain-native VCs that are looking for entrepreneurs in order to be the first one on the deal.
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I've got a small tip for builders.
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Speaker
If they change their bio on LinkedIn on working on something new and then three dots, this actually is one of the keywords VCs are looking for.
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Speaker
Yeah, working on something new and then...
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Speaker
Oh, that's really cool.
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Speaker
How did you know that?
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How did you find that?
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I know a lot of VCs.
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I went to a conference of one of them, Jean-Laurent Brouchard, that is the VC in charge of Kim Aventure in France, the most active VC in Europe.
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And he was explaining that.
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There is so many VCs that they just want to be the first one reaching to the interesting entrepreneur.
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Do you have any idea like the value those 380 funds represent the AUM they have?
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Yeah, that would be so interesting.
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Yeah, I don't have any feelings about it.
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Speaker
Yeah, it's really interesting because there's...
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There definitely is.
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I mean, it's one of the biggest skills that is needed still to this day in this industry is developers.
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And you can have as many founders as you want.
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If you don't have the development power to build the infrastructure, it's going to be tricky.
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we're still in a, it's still the wild, wild west out there.
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There are still so many projects and not a lot of like serious businesses, people who, who have, because I think, I think what might've happened is,
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A lot of people jumped from who weren't quite successful in Web2 jumped to Web3 and thought, it's so crazy.
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There's so much capital.
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I'm pretty sure I can just launch an NFT collection or a token.
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And it's definitely going to pump.
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I'm going to find like 10,000 people who are going to invest.
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And they end up in disbelief because it's not that easy.
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But it's hard to even...
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I mean, I've been around a little bit as well, and there's still so much noise.
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It's still hard to catch a real good project early.
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Speaker
We can talk about DAOs, we can talk about everything else, because I'm pretty sure with your traditional finance background, you could talk about the whole thing.
Evaluating Web3 Projects and Anonymous Contributions
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How do you, if you catch a project early,
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How do you vet it?
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How do you personally look at a project that is Web3, supposedly decentralized, and how do you say, all right, these guys are going to make it, these guys are not?
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Wow, this is a one billion question.
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I look at the core team, the builder reputation in the space.
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Are there self-taired experts coming out of nowhere?
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Are there truly people who have a deep understanding of the space?
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And I look, of course, of the previous achievement of those people.
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And then I look at the quality of their contributors.
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If it's a decentralized community, I look at...
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who is part of their organization, who is looking at what they are doing.
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Super interesting.
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On the first part, because being anonymous is a big thing in Web3.
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I like it, as you can tell.
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I think it's very powerful because I think it takes away spotlight from the founder and put it on the project, which I think is really good.
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It's really tricky because how does it work?
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How do you check the track record of someone who is Anon?
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Do you think the Anon thing will remain a thing in the future?
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Or do you think people will have to prove?
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Because the whole...
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cycle of VC to anon founder to the public and you see all the funds, you see all the marketing and then you invest, it doesn't build trust.
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I don't think that's the future of Web3.
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Speaker
How would you personally see this?
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Super interesting thing.
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Speaker
I'd say you can still stay anon
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I have a track record.
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Speaker
So some tools are made for this.
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Speaker
If we take the example of Degen.score, I'm not sure.
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Are you familiar with it?
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Speaker
So it's based on your on-chain activity, right?
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On the transaction you've made with your wallet.
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Speaker
That is your identity on the blockchain, right?
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The more difficult airdrop you add, like Optimism airdrop, that was pretty hard to get.
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or the more ICOs on blue chip coins or blue chip NFTs you add, the more your DeGene score is high.
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So this truly is a reputation builder on a tool that you can use while staying anon.
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Speaker
This kind of solution can truly be... That's really cool.
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Speaker
Yeah, this is really a great solution, DeGene score.
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Speaker
I'd only thought of it in terms of social because I'm more of a human based person.
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Like I like having a conversation and my intuition will say, but obviously it's hard to do if someone wants to say anonymous, I'd never really thought of it as well.
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The track record that you have on the chain can be proof.
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Speaker
Do you think it's enough or do you think it's, it should need more?
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Speaker
And if so, what, what do you think it should need?
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Of course, it's not enough, but it can give you a first understanding of the deep expertise someone can have on this or that topic.
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If, for example, this person was a huge contributor of MakerDAO or, I don't know, Uniswap, then you can trust that guy.
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I don't know, maybe the treasury management of DAO, if he was in charge of this or...
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the community side.
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Yeah, that makes a lot of sense.
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And even like we're still very early on.
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So even if it's if you're not a huge contributor and a huge project, but if you if you start like leaving pieces of, you know, like bits of contributions here and there and and you're active in this or that community, it doesn't matter much right now because we're too early on because
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Speaker
even I wouldn't know how many like real businesses there are.
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There aren't that many.
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But in five or 10 or 15 years, then this will work.
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Speaker
Let's jump into the DAO
Journey into Web3 and DAO Involvement
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Speaker
Because you have such a... I was absolutely impressed when you started telling me about yourself and your track record in crypto, because we got in at about the same time five years ago.
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Speaker
in 2017, but my personal part of the journey was go all in, uh, ICOs, ICOs, ICOs, money, money, money, like completely sucked into the, um, the, the bull market for, for eight months or something.
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Speaker
Um, looked at some of the tech, but not much.
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And then when things started going down in 2018, then I really started to dig in.
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And it took me like five years, four years to maybe really know what DAOs were about.
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Speaker
But you were an early contributor in Uniswap.
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If I'm not making a mistake, you were an early contributor in MakerDAO.
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Speaker
And let's take this opportunity to really like go back a little bit on your journey, how you ended up in Web3, how you ended up in DAOs.
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And if you get off track, it's okay.
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I'll come back and I'll ask those questions again.
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So I'm coming from a small town in the suburb of Paris and I have deep connections with my friends that were with me when I was six years old.
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And I stayed with friends with those guys that are twins.
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In 2013, those guys put all their... So when you're studying, you have to take loans, okay?
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Speaker
And they took all their study loans and they put it on Bitcoin.
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We were just thinking those guys were completely crazy and it went quite well for them.
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And so it's thanks to those guys that have been introduced to blockchain quite early on to crypto because I saw the opportunity of it.
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Not because I was familiar with the tech, but because I saw the opportunity of making money.
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I want to be clear on that point.
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I wasn't a tech guy at the time.
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I just had the chance to have two friends, real close friends who...
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who made millions back then, who introduced me to the crypto space quite early.
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So it took me a while.
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So I arrived in 2016.
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And since I arrived in the space, I spent my whole days digging the space.
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I was super into it, super interested in all the aspects of it.
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So first, on a more philosophical point of view, this is where I met DAOs at the time, the DAO.
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That was one of the first iterations of DAOs.
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So some people say Bitcoin on Dash are the first iteration of DAOs, but the first project naming it was ZDAO in 2016.
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And it made a lot of buzz at the time.
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This is how I've been introduced to it.
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Digging more into that space, so Maker was making its funding proposal at the time.
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So it's the moment where DAO is deciding on their value.
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It's a really important process in the DAO deciding their identity.
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So I arrived at that moment.
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Then I got interested in more DAOs.
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So Aragon, the DAO tooling quite early, Uniswap, that is the more powerful DAO right now.
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So first it was those big DAOs.
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And then we saw an explosion in terms of DAOs, on a variety of DAOs.
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Since then, I've been in up to 100 DAOs.
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On the same time, it's always 5 to 10 DAOs, no more.
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I know that Koopa Troopa is working on 40 DAOs at the same time, but I can't do that.
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Speaker
I've been in DAO since then, from decentralizing the access of space with MoonDAO to...
Innovative DAO Business Models
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Speaker
Self-development DAOs to DAOs in order to make honey with bees to vertical farms DAOs.
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Speaker
Okay, what's the weirdest but best executed business model that you've seen for DAOs?
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Because that was one of the questions that I was thinking about.
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There was the DAO buzzword phase where everyone was launching a DAO, where every project was launching one.
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Because I think that people understand there are good values behind a DAO.
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Inherently means that you want to build something that belongs to the people who make it up.
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But when you get into it, you get in through that promise.
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But it doesn't always happen like that.
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Because we say, hey, there's blockchain, so there's transparency, so you'll know.
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But there's still ways to manipulate data and to do pretty much whatever we want.
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And so in all of this, you're mentioning some pretty interesting use cases.
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Speaker
What's the weirdest, coolest DAO business model that you've seen?
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Speaker
I think about the weirdest, but one of the coolest I've seen recently is all the DAOs in the refri ecosystem.
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Speaker
So the impact on DAOs, you make an action good for the planet or for the animals, and you're being incentivized for that.
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Speaker
Not only with DAOs,
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Speaker
with money but so maybe the refi DAOs are the one where the reputation is the most important because people are so grateful towards people who are acting in a good side for the planet so so those DAOs are working how does that work puzzle planet for example is by taking photos of all the actions you can do some other ones are working with trust so those are really
00:16:19
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cool DAOs, new way of doing things and it's working really well.
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Speaker
The learn to earn vibes is something I'm following a lot as well because right now we have to spread education about DAOs.
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Speaker
So everybody in the space knows about NFT on Metaverse because it's so sexy, but they don't have any... They know about DAOs, but they don't know how much it's real right now.
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Speaker
So there is a lot of work to do on the education side.
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Speaker
There is a lot of projects that are educational projects around DAOs on blockchain.
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Speaker
And all their batch of students are DAO.
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Speaker
They are using all the things they are seeing in classes, like NFTs, tokens, right of vote, etc.
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Speaker
in the batch because it's...
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Speaker
intern economy for the school.
Economic Benefits and Scalability of DAOs
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Speaker
That's really cool.
00:17:13
Speaker
It gets me wondering, I mean, I'm obviously very interested into the educational side because I've told you a little bit about the future of my project, JPEGVOL and Project Magenta that we've started to talk about.
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Speaker
And education is definitely a core concept of it because it's really important.
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Speaker
I think the learning curve...
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Speaker
If you want to buy crypto, the learning curve is already pretty high because there is so much information.
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Speaker
You need to realize who you are as an investor, what types of investors suit you.
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Speaker
You have to make a lot of mistakes because no one gets good at investing before.
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before hurting yourself a little bit and losing some money.
00:17:52
Speaker
But if you want to get involved into the space, it's a whole other ballgame because it's even if you're experienced in business, you have people who have a lot of web to experience, a lot of business experience, and they get into the space and they're
00:18:06
Speaker
They're still smart and they still understand the general dynamics, but it's such a huge shift of paradigm that they end up pretty lost and not really knowing how to address this.
00:18:16
Speaker
And so I think there's a real responsibility for the people who are at the top of their learning curve to kind of mentor and help the people who are coming up.
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Speaker
And I really care about this.
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Speaker
And I know that my co-founders and team really care about this as well.
00:18:31
Speaker
How does such a business model work?
00:18:34
Speaker
It can be the educational.
00:18:36
Speaker
Because if you have money coming out, you need to have money coming in.
00:18:39
Speaker
And so how are those?
00:18:41
Speaker
I'm really interested into refi because I saw it come.
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Speaker
I read a couple articles.
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Speaker
My friend who's not in Web3 told me about it and told me he's interested about it.
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Speaker
And I've been trying to get him into Web3 for years.
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That's his way of entry.
00:18:56
Speaker
Like if you get paid for posting a picture showing that you've done a good action, where does the money come from?
00:19:03
Speaker
Depends on the business model of the of the refi DAO.
00:19:06
Speaker
But the money can come from grants from the city, state or government.
00:19:12
Speaker
It can come from private companies that have a will to...
00:19:18
Speaker
to act responsibly for the planet.
00:19:20
Speaker
It's like a classic NGO.
00:19:22
Speaker
But as other business acting as a DAO, the power of it is that it can be 10 times more powerful when it's growing.
00:19:29
Speaker
Just to go a bit more on the subject, really one of the main reasons why people are building DAOs is because they understood that it's 10 times more scalable than a classic company.
00:19:42
Speaker
People get incentivized so well and they really have
00:19:45
Speaker
a power of decision on the business that they work not 10 times more, but all their work has 10 times more impact.
00:19:54
Speaker
And this justifies the fact that a lot of contributors of DAOs are earning more than $10,000 a month compared to traditional workers in a traditional company.
00:20:06
Speaker
because their work have so much impact on the business.
00:20:11
Speaker
We can say that last year or 2020 were the first experimental years of DAOs, but it's already, nowadays, a $10 billion business globally.
Growth Potential and Compensation in DAOs
00:20:22
Speaker
So this really shows the power of acting with the wisdom of crowd in a company.
00:20:28
Speaker
Everything is going 10 times more fast.
00:20:31
Speaker
You are of the skill set you need in your company so you don't have to scout or reach to people in order to hire them.
00:20:38
Speaker
So everything is going 10 times faster.
00:20:42
Speaker
All the decisions are made 10 times better because of the wisdom of crowd.
00:20:45
Speaker
So when they will have no friction in the way that these companies are working, maybe I'm not that objective, or maybe a bit too enthusiastic, but I'm sure they will be unstoppable because...
00:21:00
Speaker
Like, come on, it's already a $10 billion market.
00:21:02
Speaker
The book market is only $6 billion.
00:21:04
Speaker
It has been there for 2000 years.
00:21:08
Speaker
And it's already like, it's what, five years in.
00:21:11
Speaker
Okay, there's so much to unpack.
00:21:12
Speaker
How does someone make 10K a month by working in a DAO?
00:21:16
Speaker
I know you've said this on other podcasts and I didn't listen because I just wanted to get the answer straight from you.
00:21:23
Speaker
What DAOs, what do people need to do in order to really make a good living?
00:21:28
Speaker
So 12% of DAO contributors are making more than 10,000k a month.
00:21:37
Speaker
Because some people have just the specific skills that DAO needs in order to
00:21:44
Speaker
to work because those companies can really quickly have a huge treasury.
00:21:49
Speaker
They are incentivizing their contractor so well.
00:21:52
Speaker
And there is no, like in a classic company, just in order to organize my thoughts, in a classic company, the mass of people is there with only small wages.
00:22:02
Speaker
Everything is given to the boss.
00:22:04
Speaker
In DAO, it's better split between the core contributor.
00:22:09
Speaker
So that's one thing.
00:22:10
Speaker
In order to illustrate this, last week, the Uniswap core team gave an Excel spreadsheet.
00:22:17
Speaker
So on their Twitter, they posted an Excel spreadsheet.
00:22:22
Speaker
With all the costs in total transparency, the Uniswap DAO will have next year.
00:22:27
Speaker
And you can see that some of their co-contributors are earning up to 500k a year.
00:22:34
Speaker
This is not even enough for those people who are really bringing the protocol to life.
00:22:40
Speaker
So what do they do?
00:22:41
Speaker
What do those people do, those contributors?
00:22:44
Speaker
Who makes so much?
00:22:45
Speaker
They can be in charge of the strategy side of the companies.
00:22:48
Speaker
They can be in charge of the development of this or that sub-DAO, sub-project of the DAO.
00:22:53
Speaker
The main job contributor in the DAO are doing is community management, right?
00:22:58
Speaker
On organizing the crowds.
00:23:01
Speaker
And those guys, because they're so important, are earning a lot.
00:23:04
Speaker
Some of them who are working on giving the core teams good information from one of the best and most important sub-DAOs of the DAO.
00:23:13
Speaker
can earn ridiculous amount of money amounts.
00:23:16
Speaker
That actually leads... Yeah.
00:23:19
Speaker
I was going to say that actually leads to a question that I've been wondering for myself.
00:23:25
Speaker
In traditional business, the way salaries and retributions are structured is quite simple because you have stakeholders and, I mean, stock owners and the people who run the business who basically try to
00:23:41
Speaker
take as much value as possible.
00:23:43
Speaker
They try to optimize, try to cut costs wherever they can in order to optimize productivity and profit.
00:23:50
Speaker
So it's pretty simple.
00:23:51
Speaker
You basically just pay yourself as much as possible and you give away as much as possible to the stock owners.
00:23:58
Speaker
It's literally in the law in the US, for example.
00:24:01
Speaker
And the CEOs and the C-suit and the higher suit executives
00:24:08
Speaker
kind of make as much as is possible while being between the stock owners and the employees.
00:24:16
Speaker
Employees get the minimum of the rest.
00:24:17
Speaker
So how do you find the right balance?
00:24:20
Speaker
I've been wondering this for myself, like when our business blows up and we start making a lot of money, how do we decide how much money
00:24:32
Speaker
should the team get paid the people who are contributing the most and how much should be, uh, decentralized, uh, or like given away to, to contributors and how also, because it's value, it's, it's a question of price.
00:24:46
Speaker
And so how, and how do you value someone who's a moderator?
00:24:51
Speaker
How do you value someone who creates content?
00:24:53
Speaker
How do you value all of this?
00:24:55
Speaker
How do you value Dow contributions basically?
00:24:57
Speaker
Well, that's a, that's a tough question.
00:25:01
Speaker
That's funny because I was speaking about it with some clients of mine yesterday.
00:25:06
Speaker
They just created a DAO.
00:25:07
Speaker
So they just went decentralized.
00:25:09
Speaker
They were asking me, the ex-CEO in charge of the strategy part of the DAO was asking me, how much should I pay myself right now?
00:25:19
Speaker
Yeah, it's an important question.
00:25:21
Speaker
Yeah, how much can I ask from the treasury of the DAOs in order to pay myself as an ex-CEO on the DAO?
00:25:29
Speaker
coach him right now in charge of the strategy of the Dell.
00:25:37
Speaker
told him this can be subject to vote.
00:25:40
Speaker
Like you can vote this with your community in total transparency saying, okay, so what is my value?
00:25:47
Speaker
Like if I was, if tomorrow I'm leaving the DAO, will it still work?
00:25:51
Speaker
Then what do you think is my value in the DAO?
00:25:54
Speaker
Doing this, you won't have a clear answer, of course.
00:25:58
Speaker
Right now what is happening is that
00:26:00
Speaker
There is a kind of grid, a kind of sheet, a grid, a salary grid.
00:26:07
Speaker
Salary grid that is existing right now based on the size of a DAO.
00:26:12
Speaker
A community manager in the DAO would be legit to take that much money amount, everything.
00:26:18
Speaker
But this is because it's still brand new.
00:26:22
Speaker
There isn't any proper process to do this.
00:26:25
Speaker
But I'm sure that really well, really well, and maybe in
00:26:30
Speaker
In less than one year, the host will have a response for that.
00:26:33
Speaker
As in a company, how does the head of Google or the head of Facebook choose to be paid $1 million a year?
00:26:42
Speaker
This will be in discussion.
00:26:44
Speaker
I think they will...
00:26:45
Speaker
have much improvement on this topic in the coming year.
00:26:49
Speaker
I want to add something.
Mature DAO Ecosystem and Choosing DAOs
00:26:51
Speaker
There is so much people working for DAOs right now.
00:26:55
Speaker
It's being so real that it's a new way of working, that there is a new tool as Utopia, for example, that is providing DAO contributors with retirement plans, medical insurance plans, everything like classic companies in a company.
00:27:13
Speaker
And this really shows we are beginning to be at a state of maturity where DAO contributors can even have such things as social insurance.
00:27:24
Speaker
That's really cool.
00:27:25
Speaker
It really goes to show that we, you were saying this earlier in the conversation, that we're maturing and people have more trust in the ecosystem as a whole.
00:27:38
Speaker
And we can see that the scale of what happened last year
00:27:43
Speaker
should have made us go to zero.
00:27:46
Speaker
We should be at like Bitcoin at 3K and Ethereum at like $200.
00:27:51
Speaker
But we're still at decent prices considering the catastrophes that we live.
00:27:57
Speaker
And yeah, the fact that you're starting to see such one, opportunities for contributors and two, those types of benefits.
00:28:06
Speaker
I didn't know that Utopia existed.
00:28:07
Speaker
This is very interesting.
00:28:08
Speaker
I'm definitely going to reach out to them.
00:28:12
Speaker
What is if someone was like, listen to this conversation, loves what you're saying.
00:28:17
Speaker
And it's like, okay, this is something that's interesting for me.
00:28:20
Speaker
What type of a DAO should they be looking at?
00:28:23
Speaker
What DAO should they be looking at?
00:28:25
Speaker
And what are the skills that are looked for right now?
00:28:29
Speaker
We've started to answer this, but anyway.
00:28:31
Speaker
So the first question, sorry again, is how should someone choose the DAO they want to be part of?
00:28:38
Speaker
Yeah, or what DAOs come to mind for you that you know are offering opportunities to earn a living right now?
00:28:48
Speaker
To respond to the previous question, there is existing job sites, websites, where I will give you maybe the website so you can list them.
00:29:00
Speaker
This could be a good way for a contributor or someone who wants to be part of a DAO and make a living of the DAOs that are looking to reward contributors.
00:29:10
Speaker
But I'd say the best way to do things is just like in a theater club, sports club,
00:29:17
Speaker
book club, just knock on the door, go in the discord of DAO that really fits your personality.
00:29:23
Speaker
Not only the aim of the DAO fitting your purpose, but as well the mood into the DAO.
00:29:28
Speaker
So if you belong well to a DAO, you will spend a lot of time working for that DAO.
00:29:33
Speaker
And if things go well, they will start paying you for it and you will make a living of it.
00:29:38
Speaker
So DAO, in that way, best way for someone who wants to quit IS-95, gradually,
00:29:46
Speaker
on a work on a topic that he's passionate about, it can be a really cool exit for starting some freelancing as a contributor for DAO.
00:29:57
Speaker
What was the second question again?
00:29:58
Speaker
What types of skills are looked for that you know currently DAOs are looking for?
00:30:05
Speaker
Every type of skill is looked for in a DAO.
00:30:08
Speaker
So the number one skill looked for is community management because, of course, our brain is only capable of having 150 relations.
00:30:18
Speaker
After speaking with 150 people, our brain is totally overwhelmed, confused.
00:30:23
Speaker
Imagine a DAO with 30,000 people, which you will need.
00:30:27
Speaker
groups of people in sub DAOs or in groups made with the skills of the people in order to organize all those people together.
00:30:35
Speaker
You will need coordinators and community managers in order to educate and activate your main contributors.
00:30:41
Speaker
So this is the most needed skills for DAOs.
00:30:46
Speaker
And then you have, they need a dev, smart contract, full stack, as well as designers, as well as a,
00:30:53
Speaker
People, finance guy, marketing, communication.
00:30:57
Speaker
So all the skills.
00:30:58
Speaker
I think basically you can have all the spectrum of the existing job can be needed for DAO.
00:31:07
Speaker
Even scientists, even more manual jobs.
Decentralized Business Models and Traditional Governance
00:31:10
Speaker
I've been working for DAO that wants to be
00:31:13
Speaker
decentralized ring manufacturer.
00:31:16
Speaker
I don't know if we say that in English, but they are making ring on necklace, luxurious ones, and they want to be decentralized.
00:31:24
Speaker
So those guys need a lot of artisans.
00:31:29
Speaker
I think the word... Yeah, I think it works in English as well.
00:31:33
Speaker
Yeah, jewelry makers.
00:31:37
Speaker
They need a lot of people who actually can work with their hands, even if the organization is decentralized.
00:31:44
Speaker
So yeah, the spectrum is...
00:31:52
Speaker
How does this specific business model work in a decentralized manner?
00:31:56
Speaker
Who makes the decisions?
00:31:57
Speaker
Who makes what decisions?
00:31:59
Speaker
Who's in charge of the creative direction?
00:32:01
Speaker
Who's in charge of quality control?
00:32:04
Speaker
Like how does this, because in DAOs, and it actually leads into one of the questions that I had that I'll keep her in a little bit, but
00:32:13
Speaker
How would that work?
00:32:14
Speaker
Super cool to speak more deeply about this particular DAO.
00:32:19
Speaker
So the guy... What is it called?
00:32:21
Speaker
The name of the DAO isn't out right now.
00:32:24
Speaker
The company, maybe you can link it.
00:32:27
Speaker
I will give you the name.
00:32:29
Speaker
So the guy who had the idea of this DAO has been working in the space for more than 20 years.
00:32:34
Speaker
It was hard for him
00:32:35
Speaker
to make rings with materials coming from all over the world.
00:32:39
Speaker
So he had this idea, crafting things with a decentralized organization.
00:32:43
Speaker
So the way it's working, so I'm working, I'm helping them being a DAO.
00:32:47
Speaker
It's not a DAO right now, but it will soon be one.
00:32:50
Speaker
The way it will be working is they will
00:32:54
Speaker
decide on the products they want to make together.
00:32:58
Speaker
So imagine the five rings of the year 2023 they want to make.
00:33:02
Speaker
They will recruit the craftsmen, so the jewelry maker from all the countries they need for the materials.
00:33:10
Speaker
So imagine for a ring, they need a diamond from Africa, Central Africa.
00:33:18
Speaker
And then for the diamond to be in place, they need special material coming from Asia.
00:33:23
Speaker
In Africa, they will have one contributor working on a diamond.
00:33:28
Speaker
Then in China, they will have this guy making a specific clip in order for the diamond to be on the ring.
00:33:34
Speaker
And then everything will be shipped in another place where a contributor will put all the things together.
00:33:39
Speaker
And then they will get the ring.
00:33:41
Speaker
And then all the revenue of the sale of the jewelry will be split between the different contributors.
00:33:47
Speaker
This is a super clever way to do things.
00:33:49
Speaker
And I hope this kind of decentralization in a craft work will be spread to other stuff as a woodworkers, clothes, clothes, everything.
00:34:00
Speaker
Yeah, that's super exciting.
00:34:01
Speaker
Yeah, it's, this is literally, okay, not literally because I'd never, I haven't thought that much about jewelry making per se, but the value creation process is one of those things
00:34:18
Speaker
that Amazon is for me a perfect anti-example because they are so good at processes.
00:34:26
Speaker
They have optimized every single little thing from the beginning to the end.
00:34:31
Speaker
And because they are so good and they manage to basically, they're so important and they're so powerful because they capture the attention,
00:34:43
Speaker
that they're capable of saying, hey, you're only going to be making five bucks for this.
00:34:48
Speaker
But in a decentralized manner, by using those technologies for transparencies, for accountability, my hope five years ago when I started getting into it after that infamous bull market was that we would take those processes and we take those systems
00:35:06
Speaker
this optimization and then we would put it in a decentralized manner so that every person along the value creation process will earn as much as they're owed something that is very decentralized.
00:35:20
Speaker
And so seeing, like hearing this for me is really amazing.
00:35:25
Speaker
I didn't know that existed.
00:35:29
Speaker
Do you think that DAOs will represent a majority of how organizations are built in
00:35:36
Speaker
like 50 years or 100 years?
00:35:37
Speaker
You're giving me goosebumps.
00:35:41
Speaker
I'm asking myself this question every day.
00:35:43
Speaker
Will it be fully decentralized?
00:35:45
Speaker
Will it be a mix between the actual way things are working on things taken from the web free space?
00:35:51
Speaker
This I don't know.
00:35:53
Speaker
What I do know is that up to beginning of this year, every DAOs was a company, so tech company,
00:36:00
Speaker
on the web free native companies.
00:36:03
Speaker
Right now we're seeing use cases of DAO that has nothing to do with tech as zoos, jewelry maker, as I said, schools, other stuff.
00:36:13
Speaker
So it's expanded outside the web free space.
00:36:18
Speaker
I do have an uncle that is working for a big bank in Europe.
00:36:22
Speaker
They had a training on DAOs in the bank.
00:36:26
Speaker
I spoke with big companies
00:36:30
Speaker
that are actively thinking about redesigning their governance system.
00:36:35
Speaker
Because, come on, the way it's done nowadays, shareholders in the board of shareholders are giving a paper to someone with all the instructions being said in the meeting.
00:36:48
Speaker
And then this paper is given to the CEO, who is giving it to the managers and then to the workers.
00:36:53
Speaker
this has been like this for, I don't know, since the Industrial Revolution.
00:36:59
Speaker
This is not up to date for the internet world.
00:37:04
Speaker
This is where Dao's truly have something in order to make those governance evolve.
00:37:09
Speaker
I'm really excited to see
00:37:10
Speaker
where things will go.
00:37:11
Speaker
But I have clients from a variety of landscape that is crazy right now.
00:37:16
Speaker
I told you those, you will be maker, people who are raising shrooms, people who are doing permaculture, people who are doing vertical farms.
00:37:23
Speaker
This is so exciting.
00:37:25
Speaker
It's so exciting because it's like the story arc of Web3 is absolutely perfect because the value creators, the value extractors got fucked last year, basically.
00:37:37
Speaker
3ac, FTX, like all of those people that were now obviously not here to provide value, but here to get as much as they want.
00:37:48
Speaker
Like, I'm so glad.
00:37:50
Speaker
I mean, I have no hate for anyone.
00:37:52
Speaker
I don't wish any ill to anyone, any bad things.
00:37:55
Speaker
I'm really kind of happy for the world that what happened to SBF happened to SBF because it's
00:38:02
Speaker
his pretense of being selfless and a philanthropist and making all of this money so he could give it away.
00:38:11
Speaker
And then it turns out that he's just like just a kid that thought that he could do whatever and take everything and just really, really shady guy.
00:38:22
Speaker
And so now you have the villains.
00:38:26
Speaker
that are obvious and it actually gives room to people like us who like we care about this.
00:38:34
Speaker
We actually are building this and we understand that society functions as a whole and not based on individualism.
Impact of Decentralization on Global Economics
00:38:41
Speaker
It's, you should try to make a living for yourself and you should try to make money and you should try to provide for you and your close ones and your family.
00:38:51
Speaker
your winning results in someone else losing, then you haven't really won.
00:38:56
Speaker
And it's not even just philosophical.
00:38:58
Speaker
It's, it's, it's, I don't know.
00:39:00
Speaker
I don't even know.
00:39:01
Speaker
I mean, I get, I get a little bit excited on, on, on, what I'm telling myself is when people will, will come at my funerals, this is maybe too deep, but, uh, I just want to, so it will be horrible if people were just like, okay, uh, in the balance, uh, he made a lot of money, but he made lose a lot of money as well.
00:39:21
Speaker
What I want is people saying because of giving the right contacts to the right person, because helping as much people as he could, he brought value to all those people that were interested in his skills.
00:39:34
Speaker
This was just to illustrate what you were saying.
00:39:37
Speaker
I think there's more and more of us.
00:39:39
Speaker
I think we're starting to realize that
00:39:41
Speaker
the way things were i mean that's the hope that's the optimist in me yeah i think a lot more people are starting to realize this and and want to do the same i know that there's a lot of people who are not but it's okay we'll we'll convert them um eventually and what i love about decentralization and that's a slightly other subject but it's or web3 it's that
00:40:05
Speaker
With Web3, you don't need to go and work for an NGO and not get paid anything.
00:40:10
Speaker
And you don't need to give yourself away in order to do good.
00:40:14
Speaker
You can actually do good and still get paid.
00:40:19
Speaker
It's still capitalism.
00:40:20
Speaker
You're still a participant.
00:40:21
Speaker
You're still creating value.
00:40:23
Speaker
But instead of creating 100 and keeping 80 for yourself and giving away the minimum 20,
00:40:29
Speaker
we're switching it back.
00:40:30
Speaker
You're going to get something that is not billions.
00:40:34
Speaker
I hope that we see less billionaires in the future or billionaires that use their money less.
00:40:40
Speaker
But I like to be that optimistic.
00:40:44
Speaker
And I mean, it's not about the money that you have or the net worth that you have.
00:40:49
Speaker
If I'm a billionaire in a few years,
00:40:52
Speaker
or in a lot of years, I want all of this worth to be in, in, in these types of ecosystems.
00:40:59
Speaker
I want to be, I want to have a stake in ecosystems that matter, that have a positive impact in the world and that understand the power of, I think we're going to see a wave and you'll tell me what you think about this, but I think we're going to see a wave like virtual virtuous capitalism or moderate capitalism or fair capitalism.
00:41:18
Speaker
Yeah, that was exactly what I wanted to say is that referee is maybe the best alternative to... It's surely, I would say, the best alternative to the existing system we had for...
00:41:33
Speaker
for up to hundreds of years.
00:41:36
Speaker
I didn't know about this terminology for capitalism.
00:41:42
Speaker
Yeah, but this is great.
00:41:45
Speaker
I like the idea behind it.
00:41:46
Speaker
It's still possible to create as much value as we add with capitalism as it is nowadays.
00:41:52
Speaker
But the distribution of revenues behind it, especially in the country that couldn't play the game because they didn't have any internet access or any banking system.
00:42:01
Speaker
Now with decentralization,
00:42:04
Speaker
they can have access to the game as well and get their share when working.
00:42:08
Speaker
But since now, the game was completely unfair.
00:42:10
Speaker
And right now, when people are getting loans from Aave, we don't know how many chains we have as people from Western Europe.
00:42:18
Speaker
But in Africa, in really poor countries, this for them is so huge.
00:42:26
Speaker
So this is all thanks to Web3.com.
00:42:29
Speaker
I hope it will help redistribute the money between every people in the world.
00:42:35
Speaker
And I hope I'm not too optimistic expecting this.
00:42:39
Speaker
I think it's good.
00:42:40
Speaker
I think it's good to have a healthy dose of optimism and of delusion because otherwise you don't do anything.
00:42:47
Speaker
But this obviously resonates a lot with me because what we're trying to do
00:42:52
Speaker
Our mission with Project Magenta is literally to bridge the opportunity gap and the wealth gap that goes with it with Web3.
00:43:02
Speaker
And I 100% believe that it is feasible and that it is possible.
00:43:06
Speaker
And it just comes with people with right intention who have the right skills.
00:43:13
Speaker
Because I think that before, the people who wanted to have an impact
00:43:19
Speaker
were trying to rebel against the system from outside the system.
00:43:24
Speaker
And they wanted to break something that they didn't belong to and that they thought should not be the way that it was.
00:43:32
Speaker
And so they were kind of clashing against it.
00:43:36
Speaker
Whereas now we're...
00:43:39
Speaker
Actually coming in and saying hey capitalism is actually okay.
00:43:43
Speaker
It's it's not the worst system Possible it could work, but let's try this slightly different thing where we're still making money.
00:43:52
Speaker
We're still generating Profit generating revenue creating value, but we're doing it in a way that actually Gives the people
00:44:04
Speaker
who have less power and more of a chance and less of a glass ceiling and they can get in.
00:44:10
Speaker
There's no, they don't have to pay hundreds of dollars that they don't have in order to access this.
00:44:15
Speaker
Yeah, I think I understand why the people at the top right now might view it as something that is a little bit dangerous, but I think that if they look a little bit closer, they'll see that it's actually good for everyone.
00:44:29
Speaker
Don't try to squash it, just invest in it.
00:44:32
Speaker
deploy your capital in a way that you're taking advantage of this.
00:44:36
Speaker
Just don't buy 50% of supposedly decentralized networks.
00:44:41
Speaker
That just won't work.
00:44:42
Speaker
What I like about what you just said is that the smart money is truly anxious and is scared about what's happening right now.
00:44:51
Speaker
I do think that what we saw happening with WallStreetBets two years ago right now.
00:44:56
Speaker
I don't even know.
00:44:57
Speaker
Time goes so fast.
00:44:59
Speaker
This was such a great example of how
00:45:03
Speaker
People, thanks to the wisdom of crowd and thanks to the power of mass, could make a difference in the fight against gigantic hedge funds.
00:45:13
Speaker
And for me, this is only the beginning of people noticing and gaining awareness toward the fact that ZEK
00:45:25
Speaker
they have the power thanks to internet and thanks to being, uh, connected, uh, all together wherever, wherever we are being isolated anymore.
00:45:34
Speaker
I was closely, uh, following this thing with Wall Street bets.
00:45:37
Speaker
I was on, on Reddit every night, putting money on, uh, Blackberry, uh, Nokia on, on all those, uh, games.
00:45:46
Speaker
Did you buy GameStop?
00:45:49
Speaker
So the thing is, uh, we, uh, everybody was on Reddit on, uh,
00:45:53
Speaker
everybody was putting names of stocks at the same time.
00:45:58
Speaker
You just had to choose your
00:46:00
Speaker
your battle, you couldn't put... Yeah, it can be everywhere.
00:46:04
Speaker
I remember I was still working at the time with my team in Bordeaux in south of France.
00:46:10
Speaker
And we were at the hotel.
00:46:11
Speaker
They were waiting for me in order to go have dinner at the restaurant with a client.
00:46:18
Speaker
I was just in front of my computer, just watching this live on the market, just realizing how it was powerful.
00:46:28
Speaker
Yeah, it was, wow.
00:46:31
Speaker
Smart Money followed that with a lot of attention.
00:46:33
Speaker
Of course, they're scared of all of this phenomenon.
00:46:36
Speaker
And at the same time, it's too big for them.
00:46:39
Speaker
It is too big for them, but if they're actually Smart Money, they should see...
00:46:45
Speaker
that power is not inherently good or bad.
00:46:48
Speaker
It depends on how you use it.
00:46:50
Speaker
And the crowd has it when they realize that they do.
00:46:54
Speaker
If you believe in something, if you get enough people to believe that they have the power, like Reddit did for the whole WallStreetBets thing,
00:47:03
Speaker
And so if smart money is that smart, they should just realize that decentralization and that Web3 is actually their opportunity to leverage this.
Smart Money and Decentralization Benefits
00:47:17
Speaker
Their opportunity to come in and participate in this.
00:47:22
Speaker
Yes, you're not going to come in and you're not going to pressure people into buying the majority.
00:47:30
Speaker
You're not going to get 80% of a network or 70% of the network.
00:47:35
Speaker
And you wouldn't want to.
00:47:37
Speaker
You'd want to own the fair number, the fair amount, and to make sure that you...
00:47:45
Speaker
Because the least you take, the more other people get.
00:47:48
Speaker
And a lot of these people who have skin in the game, who have a stake in it, will then participate in activating the network effect and activating further wisdom of the crowd and getting people in.
00:48:01
Speaker
And I think that when everyone wins, then it is truly a win.
00:48:05
Speaker
And that's what you're sporting a board at Yacht Club as your profile picture.
00:48:10
Speaker
And I think that...
00:48:11
Speaker
There are a lot of things around that project.
00:48:14
Speaker
And I actually think I want to talk with you a little bit to see what you think.
00:48:17
Speaker
But one of the things that they definitely did so well was to...
00:48:22
Speaker
make to activate the people who were inside into becoming the biggest brand ambassadors and to they were the most vocal group on twitter for such a long time and they established themselves and they they paste it so well in the in the serum drop and the way the macy uh the the
00:48:44
Speaker
the mutants came in and the way the kennels came in.
00:48:47
Speaker
And I think that there's a really interesting lesson and a really interesting masterclass in that.
00:48:53
Speaker
To speak about this, I will tell you something
00:48:57
Speaker
So I rarely speak about this story.
00:48:59
Speaker
So I minted my board A directly from the website, and I sold it for 1.3 Ethereum one month later.
00:49:07
Speaker
You could see this transaction on OpenSea, actually.
00:49:09
Speaker
So I still have it as my Discord profile picture, but I don't have it anymore.
00:49:14
Speaker
Oh, that's unfortunate.
00:49:21
Speaker
This is the cost of the lesson I learned from it, and it's
00:49:26
Speaker
It's an expensive lesson, but as you were saying, at the end, what I do like with that ecosystem, and specifically with Web3, not a traditional stock market, is that there is so much volatility and so much things happening.
00:49:41
Speaker
Everything is such an experience.
00:49:42
Speaker
Every mistake that you make on every thousand of K euros you're losing is each time a great lesson.
00:49:52
Speaker
And this is the way I'm seeing things at the time.
00:49:55
Speaker
In order to respond to your question, so after that, I have to say, after this bad experience of mine, I didn't get that much close look to the
00:50:06
Speaker
Yuga Labs boarded community.
NFT Market Strategies and Ethical Considerations
00:50:09
Speaker
But what they did is truly an amazing work of communications on Yuga Labs buying MiBits and buying all the other cool NFT projects.
00:50:19
Speaker
It really made Yuga Labs a giant in the space of NFTs right now.
00:50:25
Speaker
In beer market right now, we can't really
00:50:29
Speaker
see it but I do think that the future for Yuga Labs will be like a big group owning all the blue chip NFT.
00:50:37
Speaker
They understood things before anyone else on this explain their success.
00:50:41
Speaker
We can talk about their success some more because it's I don't know if you saw there's a class action suit that was just filed I think it was a few days ago by two
00:50:55
Speaker
Yeah, it's actually really interesting because I'd heard about some components of this, but it's really hard to dissect and to really know what is hearsay, what is actually true, what is not true, because Web3 is still such a small pot.
00:51:12
Speaker
And so you have a lot of interests that go against each other.
00:51:16
Speaker
There's still quite a bit of individualism, despite all the good actors that we've been talking about.
00:51:22
Speaker
And what this suit says is that I might butcher his name.
00:51:26
Speaker
I think it's something O'Leary or Osiri came in as a manager and basically has a lot of a lot of connections.
00:51:34
Speaker
And there was a partnership with Moonpay and you had
00:51:38
Speaker
Moonpay that was supposedly facilitating the purchase of high value NFTs for people.
00:51:45
Speaker
That was part of their business model.
00:51:47
Speaker
I think that that's what I read in the lawsuit.
00:51:49
Speaker
But what supposedly happened is that instead of facilitating, they were actually buying Bored Apes, giving them away to influencers and then paying the influencers for the marketing without disclosing that it was actually marketing.
00:52:05
Speaker
I do think that Yuga and the Bored Ape team did a lot of things very well, but it's hard not to think that there were shady things, weird things going on.
00:52:18
Speaker
I'm not even going to go into the Ryder Rips thing because that's just, I still don't know what to think of that.
00:52:24
Speaker
It raises some very interesting questions because those are some, if they are true,
00:52:30
Speaker
allegedly, well, I'm not going to, it's not my place to say if I think they are or not, but if there are true
00:52:39
Speaker
What do you think of this?
00:52:39
Speaker
Because it's really aggressive.
00:52:41
Speaker
It's like marketing at all costs, benefit at all costs.
00:52:45
Speaker
You have Anderson Horowitz, A16Z that came in right around that time that also has a stake in MoonPay.
00:52:52
Speaker
So it creates such a very interesting pot.
00:52:55
Speaker
And does that take away from the ethos?
00:53:00
Speaker
Does that take away from Web3?
00:53:02
Speaker
Your question is like, how come does Andresen Norovits come at the right time always with Moonpay, Yuga Labs?
00:53:12
Speaker
Yeah, that's part of it.
00:53:14
Speaker
I mean, I'm a little bit dumbfounded.
00:53:15
Speaker
I'm a little bit, there's a little part of me that's the diehard Web3 natural network effect, natural ambassador.
00:53:25
Speaker
And then there's also like, I've studied growth hacking.
00:53:28
Speaker
I've tried to use it because I've never been very efficient at it, but there are ways to hack growth.
00:53:37
Speaker
And there's definitely like anything that's done to the extreme can go borderline on the dark side.
00:53:43
Speaker
And I don't know if I really have a question other than like, what do you think of this?
00:53:47
Speaker
Do you think there's a limit that we shouldn't cross?
00:53:51
Speaker
It's been more than an hour already.
00:53:53
Speaker
So maybe my friends... Yeah, about the first part of your thought.
00:53:57
Speaker
So it's always those... It's really numerous actors, like 20, 15 people who are...
00:54:04
Speaker
Always there at a good time, in the perfect momentum.
00:54:07
Speaker
I'm sure about one thing is that there is insider groups, Telegram groups or WhatsApp groups.
00:54:13
Speaker
Myself, I do have insider groups where I have insider information.
00:54:17
Speaker
One of them is CryptoTester.
00:54:18
Speaker
And I will suggest everyone to join CryptoTester.
00:54:24
Speaker
That is a community with only Web3 entrepreneurs on blockchain native investment funds, market makers.
00:54:31
Speaker
So people who are deeply rooted into Web3 all day long.
00:54:36
Speaker
So it's really an engaged community all day long.
00:54:39
Speaker
It's an NFT-based community.
00:54:42
Speaker
All day long, people have some information about the market.
00:54:45
Speaker
These groups at my level give me some information about the market before anyone else.
00:54:52
Speaker
But I'm sure there are groups I will never have access to or parties in Miami or I don't know where decisions are being taken with information.
00:55:04
Speaker
Andresen Horowitz that invested in FTX.
00:55:07
Speaker
I'm sure I will be wrong about the figures, but they lost something like $1 billion because of FTX.
00:55:13
Speaker
But they are still in positive right now, having gained more than 20 times what they lost on FTX on FTX.
00:55:20
Speaker
printing one of the best years ever for A16Z.
00:55:26
Speaker
It's insane what having capital can do.
00:55:29
Speaker
Yeah, I've been part of this world when I was working in marginal acquisition.
00:55:33
Speaker
I met tons of VCs.
00:55:35
Speaker
But I do think there is a huge step between European VCs and those...
00:55:41
Speaker
American phones, because I went into VC office that were managing hundreds of millions of dollars in Paris.
00:55:50
Speaker
And their office was only two rooms with four people working around computers.
00:55:56
Speaker
So behind it, it's nothing.
00:55:58
Speaker
But two US VCs or something else.
00:56:03
Speaker
I don't know if it's any representation.
00:56:06
Speaker
It must have been an interesting life.
00:56:08
Speaker
I wish I'd seen... I wish I could see what it is like.
00:56:13
Speaker
Have you seen the show Billions?
00:56:17
Speaker
It's a pretty good one.
00:56:18
Speaker
I don't know how representative it is, but you're interested in finance and all this stuff if you're ever in need of a show.
00:56:25
Speaker
It's Billion or Billions, something like this.
00:56:28
Speaker
It's a really good one.
00:56:29
Speaker
My thought behind this...
00:56:32
Speaker
is that we do think the smart money has everything three years in advance.
00:56:35
Speaker
They know exactly which industry will pop up in the next...
00:56:41
Speaker
So they are doing an amazing job in order to help entrepreneurs.
00:56:44
Speaker
They are not only here for making money, but a lot of them are really positively acting toward the entrepreneur ecosystem.
00:56:51
Speaker
But we saw it with intelligence, artificial intelligence right now.
00:56:55
Speaker
Nobody was expecting ChatGPT to be a so huge thing in the space.
00:56:59
Speaker
And I saw VC really close of mine that from day to another just created a new vertical in the investment thesis saying,
00:57:09
Speaker
okay, now we are fully into, uh, intelligent, artificial intelligence.
00:57:13
Speaker
Uh, we are creating a $100 million vehicle in order to, uh, to get investments on this.
00:57:21
Speaker
Things are going so fast.
00:57:23
Speaker
I do things on things at the same time as we do.
00:57:26
Speaker
We people are interested in deep tech on following stuff on LinkedIn and everything.
00:57:31
Speaker
But yeah, this last example with all the things around artificial intelligence.
AI Integration in Web3
00:57:39
Speaker
Yeah, it was crazy.
00:57:40
Speaker
They had one million users in something like one week or first week of... Yeah, but it's so... Yeah, it's so surprising.
00:57:50
Speaker
Like in retrospect, it's not easy to see the power of it because like I couldn't wait to tell like five or 10 of my friends about it.
00:58:01
Speaker
Like, oh my God, look what I did.
00:58:03
Speaker
I had a full on conversation with ChatGPT for like 45 minutes around spirituality and self-development.
00:58:13
Speaker
And it was really cool.
00:58:16
Speaker
And I was telling my girlfriend, who's not amazed.
00:58:21
Speaker
I mean, kind of, but not really.
00:58:23
Speaker
And I was telling her, hey, this AI had a conversation on a subject that is
00:58:36
Speaker
Like, how do you get better?
00:58:39
Speaker
What should you do if you're in this or that state?
00:58:42
Speaker
What are some practices that you could implement?
00:58:45
Speaker
And then I was telling it, oh, but you forgot that.
00:58:47
Speaker
And so you should probably, you should probably, I think I told it, yeah, I think you forgot about introspection.
00:58:54
Speaker
It's really important.
00:58:55
Speaker
And so it bounced off it and be like, yeah, actually introspection is a very important component of self-development.
00:59:03
Speaker
It develops self-awareness.
00:59:05
Speaker
And this is day one.
00:59:08
Speaker
This is an alpha version of a tool that stopped the testing, I think in 2021.
00:59:16
Speaker
And so when it actually goes live, when it starts to not just do things off of the database, but also adjust to the user that's using it, it's going to be insane.
00:59:27
Speaker
Microsoft just injected a 10 billion dollars, uh,
00:59:31
Speaker
Like, as you said, it's just the alpha version.
00:59:36
Speaker
It was announced yesterday.
00:59:37
Speaker
Yeah, I played a lot with it.
00:59:41
Speaker
It's truly redesigning a lot of, lot of jobs.
00:59:45
Speaker
Like, the first thing that comes to my mind was, okay, so now, on this or that topic, people will write in 10 sec a 600 pages book.
00:59:55
Speaker
And I went to Kindle.
00:59:56
Speaker
I do have my Kindle.
00:59:59
Speaker
to Kindle on, uh, I saw a lot of new books coming out of nowhere on, uh, people are like, there is so many new business opportunity, uh, behind it.
01:00:11
Speaker
And I'm seeing on LinkedIn people who are in Web3 who are now experts in, in, uh, artificial intelligence on, uh, like out of nowhere, uh, they just want to, to catch the hype on, um, yeah, I, I,
01:00:28
Speaker
I'm sure it will be a thing.
01:00:29
Speaker
I'm really excited to see the bridge between Web3 and artificial intelligence.
01:00:38
Speaker
Where do you see it?
01:00:38
Speaker
Because I've thought about it and it's so obvious that there will be a bridge.
01:00:45
Speaker
Even I thought about how do we implement AI into our business processes.
01:00:50
Speaker
I have a couple ideas.
01:00:51
Speaker
It's going to be interesting, but it's not life-changing yet.
01:00:54
Speaker
And I'm very curious to hear about what you think the bridge will happen between the two.
01:01:03
Speaker
It has such thousands of applications, but...
01:01:07
Speaker
Like the older paths for the yields in the loans protocols as AAV, artificial intelligence could in the matter of seconds find the best path in order for users to get the most of their yield every day or every hour.
01:01:24
Speaker
The opportunities are too big.
01:01:28
Speaker
It's probably what's preventing... It will permeate everything.
01:01:33
Speaker
probably just seep into all the infrastructure and, and you will get into discord.
01:01:39
Speaker
And instead of asking a million questions to content, uh, to a moderator, you'll go into, um, a chat bot and you'll open a support ticket and you'll ask questions and the AI will be able of answering, will be capable of answering 95% of the questions.
01:01:56
Speaker
They'll be able to go into the blockchain and, and,
01:01:58
Speaker
say, Hey, this is what happened to your money.
01:02:00
Speaker
You send it into Polygon instead of sending it on BSC.
01:02:04
Speaker
I'm such a tech optimist.
01:02:07
Speaker
I do think that tech used well can be very powerful.
01:02:10
Speaker
For the first time in many years, I was actually a little bit scared of what's going to happen.
01:02:16
Speaker
And holy shit, I hope that it could very well further the divide between the people who have access to it and not access to it.
01:02:27
Speaker
If it stays as it is like open source on free, it's not a problem, I think.
01:02:33
Speaker
But clearly, it will make the gap bigger between people who are working hard and people who are working smart.
01:02:41
Speaker
You will be able to do so many tasks and save so many hours thanks to artificial intelligence.
01:02:47
Speaker
In my workflow, my daily workflow, I'm implementing so many artificial intelligence already that
01:02:54
Speaker
People who know to work smartly will gain productivity on people working just hard without using the tools that are existing.
01:03:06
Speaker
And maybe this is one more opportunity for people to jump into entrepreneurship with all those intelligence enabling you to do text to code and build a website from what you want as a feature.
01:03:22
Speaker
crazy for the frictions people had about knowledge on everything.
01:03:26
Speaker
And administration, you just made me think of administration when you have paperwork to do.
01:03:32
Speaker
Yeah, yeah, yeah, exactly.
01:03:33
Speaker
And intelligence, an AI will very well be capable of going into your transactions, looking at your invoices, and be like, boop, boop, boop, boop.
01:03:43
Speaker
All right, this goes there, bam, bam, bam.
01:03:45
Speaker
This is your declaration.
01:03:47
Speaker
This is how much taxes you should pay.
01:03:50
Speaker
Yeah, just going back to DAOs, BIP is a DAO tool that just implemented ChatGPT-free.
01:03:56
Speaker
So the previous version of ChatGPT.
01:03:58
Speaker
This is just a free tip for people who will be listening to the chat.
01:04:02
Speaker
this one and half hour podcast, but it enables, it's a huge improvement for DAOs because as you were saying, it's like a chat bot on your Discord.
01:04:13
Speaker
Instead of having a moderator always responding to the same Q&As on FAQs on Discord, for example, Doos AA will help the core team educate the contributors.
01:04:26
Speaker
by giving them all the responses they need.
01:04:28
Speaker
Where is the white paper?
01:04:29
Speaker
What is the aim of the DAO?
01:04:30
Speaker
How can I participate to this vote?
01:04:33
Speaker
What is the forum of the vote?
01:04:36
Speaker
There's going to be so much stuff to link to.
01:04:42
Speaker
That's so powerful.
01:04:43
Speaker
What was your question again, Polymas?
01:04:45
Speaker
I was going to ask what you've already started implementing in terms of AI in your daily workflow.
AI Tools for Creativity and Communication
01:04:53
Speaker
Yeah, for example, as you saw, my English is not that academic.
01:04:58
Speaker
So when I'm writing in English, I'm using Deeple.
01:05:02
Speaker
Do you know Deeple?
01:05:04
Speaker
Oh yeah, yeah, DeepL.
01:05:06
Speaker
You can just write your text in any language you want and you will translate it in perfectly academic English.
01:05:18
Speaker
I mean, yeah, now that I think of it, obviously I hadn't made a connection, but yeah, it makes sense.
01:05:23
Speaker
And then as soon as I have a question business related, I'm asking ChatGPT.
01:05:27
Speaker
What's the latest question you asked it?
01:05:32
Speaker
The latest question I asked is, so I have a twin brother that is living in Reunion, Iceland, next to Madagascar in Africa.
01:05:42
Speaker
And I wanted to, so he just had a little child and I wanted to make a gift, to give a gift to his newly born, so my nephew, because he's abroad, because on this island,
01:05:58
Speaker
So Amazon is not going on this island or it's really expensive.
01:06:01
Speaker
So it's always difficult for us to bring things there.
01:06:06
Speaker
So I asked ChatGPT.
01:06:08
Speaker
OK, I have a nephew.
01:06:09
Speaker
He's two months old.
01:06:11
Speaker
He's living on Reunion, Iceland.
01:06:12
Speaker
What kind of gift could I send him?
01:06:15
Speaker
And he gave me a list of six to seven gifts.
01:06:18
Speaker
proposals and it was perfectly well done.
01:06:27
Speaker
AI is going to become our best friend.
01:06:30
Speaker
It's going to become the thing that we talk to the most because right now we maybe don't have the habit.
01:06:37
Speaker
It's just a question of habit.
01:06:39
Speaker
You have early adopters like yourself.
01:06:42
Speaker
I did the same thing with Mid Journey.
01:06:45
Speaker
I don't know if you've tried it.
01:06:46
Speaker
I haven't tried it.
01:06:47
Speaker
I've heard about it, but I haven't tried it.
01:06:50
Speaker
It's fucking crazy.
01:06:52
Speaker
It's like, I'm an artist in my mind.
01:07:00
Speaker
But I never took the time to practice those skills.
01:07:04
Speaker
I can't draw for shit.
01:07:07
Speaker
I'm finally at 30 learning to play the guitar.
01:07:12
Speaker
It would take me to draw a picture that resembles slightly what I have in mind or that portrays the question, the portrays the, the, like the, the intention that I have.
01:07:27
Speaker
It would take me days, literally days of, I have a meeting, I'm gonna do a half an hour of doing this, I have to erase half of it because it's shit and then I have to redo it again.
01:07:38
Speaker
I've spent hours and hours on mid journey in the past few days, just creating stuff, creating content for my personal benefit.
01:07:46
Speaker
Like I journal a lot, it helps me with my introspective work, it helps me like,
01:07:51
Speaker
It makes me accountable to myself.
01:07:53
Speaker
And I found it interesting to start using AI to put whatever I'm going through into sort of image.
01:08:02
Speaker
And I don't know, I'm kind of, I'm a pretty visual person, so it helps me.
01:08:07
Speaker
you know, get this information back.
01:08:09
Speaker
And so I find it super powerful.
01:08:11
Speaker
So you and I were pretty like early adopters.
01:08:14
Speaker
You've already started using ChatGPT as your assistant.
01:08:19
Speaker
I saw a tool somewhere, I can't remember where it was.
01:08:22
Speaker
Someone has created a bridge between ChatGPT and Siri.
01:08:28
Speaker
So now you can access ChatGPT with Siri.
01:08:32
Speaker
And that is obviously the future.
01:08:34
Speaker
In the future, we'll have a small something in our ear for the bravest, something in our brain.
01:08:39
Speaker
And you will instantly just say, hey, Siri, let's activate it.
01:08:45
Speaker
compute my phone what's this or what's that like what time does the store close uh remind me to do this or tell me to do that uh what's the fastest way to do this or that yeah and in five years we'll all be doing that yeah for sure
01:08:59
Speaker
Oh my God, that's scary.
Networking and Learning from Diverse Perspectives
01:09:01
Speaker
Honestly, honestly, this has been such a great conversation.
01:09:04
Speaker
I don't want to like feed it anything else that wouldn't be necessary.
01:09:09
Speaker
I'll just ask you this.
01:09:10
Speaker
What are you looking for right now?
01:09:12
Speaker
Who are the people that you want to meet?
01:09:14
Speaker
What is the type of people that you would want to reach out to you and talk to you
01:09:20
Speaker
based on your current personal needs or professional needs.
01:09:24
Speaker
What I will say is why we could stay one more hour speaking together.
01:09:30
Speaker
So I'm deeply into humans and I'm deeply into personal development as well, journaling, all the things you said, maybe dating two hours for seven years.
01:09:41
Speaker
That's why we get along.
01:09:41
Speaker
We're on the same brainwave.
01:09:44
Speaker
We'll speak about it maybe on another day, but...
01:09:49
Speaker
All the people who are really driven toward what they are passionate about or what they want to become, I really have deep connection with those people.
01:09:59
Speaker
And it's working with you, Polymas.
01:10:00
Speaker
Like yesterday, yesterday I met someone who wanted to do a DAO, I told you, about mushrooms and use those mushrooms as no tropics in order to do biohacking and boost his brain.
01:10:14
Speaker
You need to put me in touch with that person.
01:10:17
Speaker
And it was so interesting.
01:10:19
Speaker
two hours speaking and I was at tons of things to, of work to do, but I will put you in touch for sure.
01:10:25
Speaker
But, uh, two people, um, not only about personal development, but it can be someone who is playing hockey, someone who is playing the piano, uh, the guitar, um, who is acting, uh, but everyone who has a deep passion for something who is living his life, you know, who is not in a,
01:10:47
Speaker
in a life he doesn't want.
01:10:49
Speaker
Or stuck and wants to get out.
01:10:52
Speaker
I think this is the big majority.
01:10:54
Speaker
I have deep connection with all those people and I always take time to learn from them and try to understand their purpose in life.
01:11:03
Speaker
I think my passion in life is to meet people my age who have a totally different story of life
01:11:14
Speaker
understand their vision of the world and what's going on.
01:11:19
Speaker
This is why I've traveled so much.
01:11:21
Speaker
And I spent one year between Nepal and India, and I'm going back there in March.
01:11:28
Speaker
I will spend two years there.
01:11:30
Speaker
Because in Nepal, I bought a motorcycle.
01:11:32
Speaker
I went to the frontier with Tibet.
01:11:36
Speaker
On the way, I met people my age that...
01:11:39
Speaker
had a totally different conception about the importance of working in their life.
01:11:44
Speaker
I was in a distant relationship with a girl at the moment.
01:11:49
Speaker
I was struggling badly with this relation.
01:11:51
Speaker
And they had so much different vision of love, of family and everything.
01:11:56
Speaker
It was so enlightening.
01:11:58
Speaker
This is what is feeding me in my life.
01:12:03
Speaker
It's literally the reason why I'm doing this podcast.
01:12:06
Speaker
It's because I love meeting those people.
01:12:10
Speaker
I keep on meeting them.
01:12:11
Speaker
Like every other person that I meet, even in the realm of Web3, is the type of person that you describe.
01:12:19
Speaker
And we could probably do another hour and a half on personal development on our various practices.
01:12:25
Speaker
one of the things that I've learned a lot, thanks to my girlfriend, is that other people help you as much, if not more than you help yourself.
01:12:35
Speaker
And I didn't really, it wasn't really conscious in me or maybe it was ego related where I, I just thought that I was going to figure out what the fuck is wrong with me and how to get better and how to get more happy.
01:12:51
Speaker
But yeah, meeting people,
01:12:54
Speaker
If you're open enough, and that applies to personal development, but it applies to business as well.
01:12:59
Speaker
I think the biggest growth that I've done when it comes to being a founder and being a leader is in, like being a leader is not being above the people that you work with and telling them,
01:13:11
Speaker
It's a lot more about being with them and listening to what they say and processing what they're saying and processing that information and making sure that it is used in the best way possible.
01:13:21
Speaker
That's why I've come to see myself.
01:13:25
Speaker
I say CEO sometimes because it's what speaks to people and their psyche.
01:13:29
Speaker
But I see myself as a facilitator.
01:13:32
Speaker
And I think that's...
01:13:34
Speaker
in life and in growth, we're all kind of facilitating each other's growth.
01:13:39
Speaker
We meet, we talk, you inspire me for something, I inspire you for something.
01:13:44
Speaker
And it always goes both ways, no matter where you are in life, no matter if you're 50 super successful, if you meditate three hours a day, if you have the perfect relationship, you could meet someone who's 16,
01:13:59
Speaker
and will like completely revamp your perspective on life.
01:14:04
Speaker
Do you want to maybe, do you have people in web three types of people, DAO founders, like who should reach out to you on your LinkedIn or Twitter that we will link somewhere?
01:14:15
Speaker
Sorry again, Polymas.
01:14:18
Speaker
If someone in Web3 would want to reach out to you, who are you looking for?
01:14:23
Speaker
DAO founders, people who want to help you build your business, or who are you looking for at the moment who should reach out to you when they've listened to this podcast?
01:14:32
Speaker
If I can help with the skills I'm doing, like helping founders get non-deleteer funding or people who want to build DAOs, if I can help them with...
01:14:45
Speaker
with doing that, I'd be more than happy.
01:14:47
Speaker
Above all, anyone who is interested in my life, in my track, in what I'm doing, and wants to learn more, feel free.
01:14:56
Speaker
And I'd be more than happy to meet other people who have common interests with myself.
01:15:02
Speaker
Yeah, I have many slots open.
01:15:06
Speaker
I think I have something like 18 to 20 slots open of half an hour every week.
01:15:13
Speaker
on a meeting 18 to 20 person a week.
01:15:16
Speaker
I love this, like feel free and I'll be more than glad to.
01:15:21
Speaker
That's really cool.
01:15:23
Speaker
And for anyone who's not already convinced by this lengthy conversation, I've started to slowly work with Corentin, with Cox.
01:15:34
Speaker
a few weeks ago and he is compassionate and he is empathetic and he listens and he understands.
01:15:42
Speaker
Definitely one of the smartest people I've met in Web3 terms and in general terms.
01:15:47
Speaker
And so I highly recommend anyone go to him for any needs that they have.
01:15:59
Speaker
It was great speaking with you.
01:16:00
Speaker
Thanks again for the invitation.
01:16:01
Speaker
Yeah, it was awesome.
01:16:03
Speaker
And it will happen again, I'm pretty sure.
01:16:05
Speaker
I'm pretty sure we'll do this again in a few weeks or in a few months.