ETHWarsaw Meetup 0x0C (#12) Rotunda PKO BP (23.02.2024)

[Music] hello hello GM good evening uh welcome to the E fora Meetup thanks for coming on uh on the Friday evening uh we have uh two great talks for you tonight uh we'll have uh VC and uh bavo and Monika um V is going to talk about public goods uh the challenges around uh financing um public goods and how octant uses e staking for that very purpose and uh after that uh Monica and Pavo from our team um we're going to are going to talk about uh region uh region ideas that are close to our heart as uh if War so um yeah and after each talk we're going to have a quick Q&A session so keep your questions in mind and I'll pass the microphone to you uh after that we're going to have a networking session um so we're goingon to have some drinks and food for you guys um yeah again thanks for coming and uh I'm going to pass the mic to VOD Let's uh give him a round of [Applause] applause few to switch the HDMI okay hello welcome everybody um thank you for inviting me um thank you for being here Friday evening and in a city like this there are plenty of opportunities so I'm glad that you decided to spend this time here with us I hope I'm not going to disappoint you with my so I'm going to be talking about public goods and why funding financing them is actually quite challenging and what we can do to solve the uh challenges so uh let's start with some B Basics uh when we talk about public goods we are dipping into some shgon that gets thrown around a bit too Loosely sometimes and this can lead to some pretty confusing discussions so in order to avoid them let's settle on uh one one definition and throughout this talk I will be using the definition from economics because this one is the most widely used the least controversial so when economists um talk about public goods they mean uh something be a good or a service that has two features uh it's non-excludable and its use is nonrival and out of these two actually the first one is the crucial one the non-excludability because this is the characteristic that allows us to distinguish between private and public goods uh so I will focus on this um um aspect throughout this whole presentation and to oversimplify it a bit a good is nonexcludable uh when it is really hard to stop someone from using it once it is available so once it is available anyone can use it therefore uh the rule no shirt no service does not apply here okay uh before going any deeper uh let's also clear up some misconceptions that are quite common so first of all uh public goods is not just another name for goods provided by the government uh not all Goods not all what um government does is uh public good and some public goods are actually provided by private entities um for example uh if government decided to produce cards tomorrow it wouldn't make cards into a public good on the other hand um radio stations are a textbook example of a public good um because it's almost impossible to stop someone from tuning in and yet most of the radio stations are actually privately uh funded another misconception that we should be dealing with is that uh public good does not imply something that is universally valuable uh in the same way to everyone uh public good don't always benefit um everyone um there may be folks who feel they don't get much from them so in a natural uh what makes something into public good isn't uh who produces it uh who finances it or even how many people benefit from it it's all about whether we can keep someone from using it once it is um available so uh uh what would be a good example of a public good in a digital or a web free uh space ethereum um uh software clients uh connecting the ND are an excellent um example why because to encourage the use you need to make them open source and once you go open source Bas basically everyone can use it so it's either available to the whole Community or it's not aail available at all in fact open source software in general is an excellent example of public goods U however it needs to be added here that um open source doesn't mean uh that uh source is available yes that's one of the condition but it's not uh enough when I'm talking about open source and when I'm using this as an example of public goods I mean software that is released under one of the licenses uh approved by the open source initiative um that is software that is yet has its source publicly available but also source that you can uh modify you can freely redistribute um uh software that is technologically neutral and so on if you're interested in this subject leis from rki has an excellent presentation on on it uh that you can easily find on YouTube and probably some other places um as well um other um examples could include advocacy for example the work that crypto open patent Alliance is doing as some of you may know they are involved currently in a legal tesser with Craig Wright who claims to be Satoshi Nakamoto basically the originator of um Bitcoin and now tries to uh control the development of a blockchain through patents uh Open Access research is also another example example of public goods um educational content the documentation as long it is freely available and so on and open meetups meetups like this are also public good okay so uh now that we know uh what are public goods and we also identified some of the examples in the digital space let's turn into uh why is it so hard to fund them sustainably or otherwise again uh the main issue here is non-excludability if you can't restrict access to only those who pay or contribute in other way there's a tendency among potential beneficiaries to hold back on paying uh hoping that others will chip in enough um so that the good uh will be provided and this situation is commonly referred to as a free rider um problem so how do we uh solve this dilemma how do we uh stop people from free riding and there are actually uh several strategies or maybe even many strategies but in this presentation I would talk just about two of them representing the Opposites of the spectrum and you can fill in What's um in the middle um yourself so the first um approach is voluntary contributions and by voluntary contribution I mean the both individual and corporate donation and this seems counterintuitive I just told told you that the problem with public goods is that um uh it's really hard to to finance them because of the free rider problem and voluntary contributions seems like something that flies in in the face of the free rider problem however there's a very large R literature on um provisions of public goods and if you look at this literature you quickly realized that basically all the textbook examples of public goods have been um um finan through voluntary contribution at different times and different places by different people so what givs why people are paying when they don't have to the answer is actually pretty simple uh our decision making uh transcend simple cost benefit analysis we are social animals we respond to social cues and uh This Is Why by using uh something called moral suasion and uh selective incentives we we can appeal to people's sense of Charity group belonging self-esteem social status identity and so on and uh if persuasion fails um we can pressure um would be um Free Riders to to conform and this works as billions of dollars that are uh donated every year to various uh nonprofits clearly demonstrate however this approach has some serious limitations uh moral suasion and reputation based enforcement works really well but only in small communities in small communities where there are face-to-face interactions and when repeated interactions um uh encourage people to make uh uh to to take um Community interest into the account when um uh uh when making decisions large non-localized pseudonymous or Anonymous Societies or communities actually struggle uh with financing public goods uh in this way corporate donations scale um much easy much easier uh but the trouble with corporate donation is that if we rely on them um then we risk uh centralization or even plutocratic control over public goods okay uh on the other hand of the on the other end of the spectrum we have Taxation and financing public goods through subsidies and this is this method is so wipr that basically does not uh require any explanation uh from me uh you are all well aware how this works however it's still probably useful um to acknowledge that this method even if it's widespread also is not without its fla first of all taxation involves compulsion and uh this is problematic because as I mentioned a few minutes ago uh public goods don't benefit users equally uh some users may want more other less um yet others may not be interested at all so um compulsion leads to a problem that is identified in economics as forced riders that is to people who are compelled to contribute to a public good from which they derive little or no benefit another challenge with financing public goods in this way is that it's really hard to decide on the optimal uh quantity of public goods and uh governments usually um try to solve this problem by relying on various decision Democratic decision making processes but due to some reasons that are studied in economics under the public Choice um umbrella this U method is actually very very far from perfect and lastly the process of tax collection itself is costly um not all the money collected um for funding public goods will be used uh to finance them which leads to various um inefficiencies okay so is there [Music] better part I believe that yes there is uh and the gem Foundation that I represent uh believes that with clever mechanism design we can actually overcome or address some of the problems mentioned before and we are in a pretty good position to to actually uh do something about this problem because we have a very large treasury that potentially can be used to experiment with various apprach just to public goods funding this very large treasury um goes back to 2016 uh when the original Golem network was founded through a very successful uh token swap uh back then e was swapped to GNT uh the GNT was later migrated to a new erc20 standard and now Golem uh token is known as glm and uh when ethereum decided to switch from proof of work to proof of stake we made a a strategic decision to uh start using our e reserves to solo stake uh right now we are running over 3,000 validators and this gives us a a steady stream of very substantial um income and a while back we decided to self-impose uh tax at Scandinavian level uh of um income uh this uh self-imposed tax the the rate of this self-imposed tax varied over the last six months but eventually we decided uh on a level well only 25% of our staking income goes to the foundation the rest is used to finance an experiment in participatory public good funding and actually we could easily decided to use the 75% of our staring income um to uh we could easily decide to distribute it on our own but uh this would um Edge us toward decentralization and plutocratic control over uh public goods which is non ideal and also it would be a wasted opportunity so instead we decided to basically delegate the um power over um this part of the staking income to glm community in this way we are uring like Democratic process and also um aligning the interest of those who support us us from the very beginning so how how uh does this uh work uh so every three months which is a period that we call Epoch uh we allocate a predefined percentage of the staking rewards to octant and octant is this platform through which um the rest of the staking rewards are distributed uh octant budget is divided into two categories user rewards and match rewards um in order to be eligible to um receive some user rewards uh one must lock at least 100 glm into Octan smart contract uh uh this locking mechanism is fully non-custodial users have full control over their fund they can unlock it at any time however if you decide to lock some glm into octant you will be eligible to receive rewards and user rewards are calculated on time weighted average basis so the more you lock and the longer you keep your glm interactant the higher your rewards will get and at the end of each EPO at the end of this 90day period users have a two week long allocation window during which they need to make a decision they have to they need to decide whether they want to keep their user rewards to themselves or alternatively they can donate all of it or some of it to eligible public goods and users can keep up to 100% of the user rewards themselves and that's fine uh but we encourage them to donate at least some part of their user rewards uh by matching they their donations from the match in pool and the donation multiplier is inversely proportional to the overall Community donation um rate so the fewer people donate the greater uh the your the greater your leverage gets so if you are the sole donor during the allocation window basically the whole um matching pool goes after you so your Leverage is not significant but enormous in uh in such case there I have two quite important caveats to this design first users must be active we don't want octant to become a passive income generator during this allocation window during this two we period users need to make a decision what to do with the rewards if they do nothing they lose their rewards they go back to the Golem foundation and another caveat is that projects participating um in octant need to pass a predefined um minimum funding threshold uh in order to receive um U matching donations so basically there has to be Community interest in uh funding them so uh how how this works in practice we launched octant uh in uh in August last year since then we had two allocation um Windows the combined budget of those two allocation Windows was 60 uh 695 e out of this combined budget 488 e went to um public goods project and this includes individual and matched donation 204 e were claimed by users as their uh rewards and we had around 10 if that went unallocated uh people who who could potentially claim or donate um this part of the budget just did not take action and this um some went to Golem foundation and we added it to the next allocation window and throughout the two allocation window we founded 24 out of 30 participating public good projects uh right now we are in Epoch 3 um the allocation window is set to stop in April 16 um we'll have 30 projects um participating [Music] uh 19 rolling over from the epoch 2 11 joining us uh in um proposals are still open um so if you are represent so if you represent a public good project please scan the QR code that I will display at the end of the um presentation to to apply and uh during this Epoch we also um uh decided U uh on some changes we introduced some uh changes most notably we decided on a fixed split for E staking yields U going forward 70% of the uh golen Foundation staking yields will go to octant and in octant it's going to be evenly SPL divided between user rewards and match rewards so assuming consistent e field uh we anticipate having around 338 e for users and 338 e for match uh rewards new users I'll welcome to join in at any time basically all you need is some glm that you can easily acquire at um various exchanges both centralized and um decentralized so um as I hope you can see uh our approach U comes with some advantages first of all octant is powered by a regenerative funding source uh the octant reward buol is constantly being replenished from our if staking operation so basically it's like U having a renewable source that keeps on giving okay uh secondly uh octant is built around recuring user rewards um like uh platforms that rely on one of the Nations and require like new money um for each funding Grant octant actually rewards active user participation um every 19 uh 90 days this means that if you are interested in public good funding that basically every Epoch you have a new opportunity to donate to your favorite causes without having to dig deeper into your pocket and last but not least there's this win-win design of octant our goal with octant is to basically create a first self- sustaining public goods funding mechanism that financially empowers both public goods projects and its community and I hope that from what I showed you and from the results that you've seen a moment ago this is pretty clear that at least to some % we are already succeeding because if someone is just interested in user rewards they can do it like they can claim the user rewards to themselves on the other hand it is enough that just one person decides to donate a small part of the user rewards to public goods causes and will will actually um uh match this donation from the very very significant matching uh fund so so in in this way just one person interested in funding public goods um can have a huge a huge impact on the whole ecosystem there however obviously some um limitations uh just as like uh stairs prevent DX from word domination uh our Limited E treasur limits us from overtaking the whole public goods funding ecosystem and obviously joking we don't have such Ambitions but it's certainly true that um there's a limit for what we can find through octant because there's a limit to our Eve treasury we we basically already using all our Eve treasury uh to uh uh Finance this uh project and there there is no easy way for us to increase our treasury but this is actually a solvable um problem uh we are currently working on a partnership with Diva staking which is a liquid staking solution I'm not yet uh in a position to to go into the details this is something that we'll announce later this year but basically the idea is that um we are working on a solution that will enable people to join us in octant with their if and the this is how we are we will enlarge the octant but another limitation of our current approach is the uh the uh somewhat plutocratic nature of the pgf part of Octan it's certainly true that donors with deeper Pockets have much bigger impact on the matching fund but this is also something that is solvable um the we can um um solve this problem by moving to quadratic funding however quadratic funding requires a workable anti-il solution and we don't have one yet in fact I don't think that as ecosystem we have a workable anti-il solution because by a workable anti solution I mean a solution that is both user friendly and privacy preserving and none of the options that we have right now uh within the ecosystem actually take both boxes but I believe that this is a solvable solution we are working on it many other projects are also working on it so sooner or later we should be able to uh switch uh to quadratic funding within octant and um go away with um ocracy okay so uh let me wrap up this talk by introducing you to a a fascinating mythical creature some of you may know the name octant is derived from early navigational tool and in the early days of map making the Uncharted territories were sometimes Mark with hix and Dragoness Mark which translate to Herby dragons and within the web free ecosystem we actually have dragons our own dragons Ico dragons uh these are um projects that amassed quite substantial substantial funding during the Ico boom of 2017 and 2019 H 2018 and uh these projects are now metaphorically seting sitting on vast treasuries guarding their hearts and uh uh one of our goals uh or hopes with octant is that we can Inspire the IC on dragons to do something quite similar to what we are doing um we hope that o can show them that they can bring value to the G to the Token holders while at the same time benefiting the broader ecosystem and there actually like some pretty simple ways they can uh follow um our path uh I list some of them at this um slide like they they could basically join us in Octan with their if this is somewhat unlikely uh more prob likely scenario is that they would run their own instance of octant when glm is replaced with a different token this is possible another things that is possible is to basically build upon octant code and design octant as a platform octant as a um software project is released under G GPL license um so uh it is a text example of public good which means that we cannot prevent anyone from using it and this is probably a pretty good way to uh end this presentation so thank you very much uh if you're interested in what we are doing and if you're interested in in how octant work in in practice uh what we achieved so far what kind of projects we we funded to this sport what are our eligibility criteria uh you can check the websites. um listing on the slide we are also available on social media and the QR code would lead will lead you to a form when you can um live leave some um contact info and we'll be happy to get back to you with some additional information depending on what your interest thank um VOD thank you for the great presentation uh I feel like the memes really helped me understand the the message um yeah so uh I also wanted to take this moment to thank uh Octan and Goan foundation for supporting eoro and sponsoring the food and drinks today and uh Golem has been our partner uh since the start so thank you for that you're welcome uh yeah guys uh any questions uh raise your hand and I will uh approach you with the with the microphone um I'm going to just take the privilege to ask the first one um can you tell us more about the projects that uh got funded through um through your through through octant and what the community what your community uh values uh I'm really interested in hearing that okay so uh here on this slide you can actually see screenshots from um our app um that is available under octant dap app um URL and uh you can see the metrics for first two allocation Windows including top projects um that got the most funding during um the window so as you can see uh quite a lot of e went to protocol guilt uh which works um basically on um protocol level um development uh we have hypers um Tor project grip gitcoin so uh excuse me if yes 43 e uh so uh yeah I'm not sure how much it costs right now it's probably around 2,000 USD so just you know multiply it uh 3,000 oh yeah okay so so sorry I mean it doesn't change as often and as but yeah it's it's an eve so as you can see this actually quite substantial uh um amounts can see how much V occurs about public goods and not the price of Eve yeah I'm I'm absolutely not interested in price of E I mean it's super important to us uh because this enables us to do a lot of um stuff um but yeah I myself I'm not a Trader I'm not uh following the the price changes with with a lot of interest so I have a related question uh who and how approves the project to get funded into this app and can you prevent approving a project that would later turn malicious and run away with your money yeah that's that that's an excellent question actually there are two different questions uh the first one uh is concerned with eligibility criteria and the screening process and another um question is concerned with uh evaluation of what projects are doing with the funds so the the first issue is um quite simple we have a very uh um precise um uh eligibility criteria uh the eligibility criteria listed on our website um and you have to take all the boxes to be eligible we have one person in the foundation that checks if all the boxes were actually ticked checks the social credibility of the project if it's a software project goes through GitHub or gitlab repositories to make sure that something is actually being built and so on so this is actually quite easy um another project question that uh the one that refers to uh how we are evaluating projects is actually bit more complicated and it's bit more complicated not only to Octan but basically to the whole funding um ecosystem uh there are no like really good automatic ways of doing this some projects actually do try to come up with something and one of the projects that is working on this actually two projects that are working on this uh problem got funding from us one is hypers and another is open source Observer uh right now we are basically have another person in our team uh that checks uh uh if uh if the money that was collected from Octan is spent the way project promised us uh but yeah this this is not a scalable solution so we we definitely looking into something that it's it's more like scalable and at this moment looks like hyps is the way to go and we are actually trying to implement hypers hypers certs into our our system although it's not the only possibility here like the it's the one that seems to be the most suitable for our purposes uh we got another question here hey I have two questions first one is uh do you plan to issue token uh well uh no not really because we already have a token glm this glm is a native token of the Golem Network and we are using it in octant to basically fullest extent so there there's no need in this particular setup for another token maybe with liid staking it will change but at this moment there is no know what price of glm is uh uh around 29 um cents and do you know what was alltime high of glm uh 80 something 10 sense do you think it will ever hit alltime high again um yeah it's ni question I can only tell you that yes I hope that it will hit this alltime High man we will surprise it but you know there's uh it's a hope not something that we as a foundation can ensure in any right and the second one is uh do you know how many projects of this 24 but you are invested in scammed you out of money uh how many didn't deliver so far um actually all um delivered uh so yeah but you know the this uh you you have to understand that yeah we have pretty strict eligibility criteria and one of the criteria is actually social proof uh so we basically are doing a lot of screening before accepting project into octant so this is like one way we are ensuring that the number of projects who will try to scam us ultimately is going to be really really low like we cannot guarantee that this number will be zero but we are doing all we can that the the number is as low as possible and I just came up with my third question how do you plan to scale up like what's the next goal of octant like what do you want to be so yeah the next next um goal is this Diva staking in introducing liquid staking into octant in order to grow our staking pool our staking pool is already very large as I said during the presentation we are already we are already running over 3,000 validators uh so this is a very very large amount we are staking more than 100,000 each uh but yeah 100,000 e is basically all that we have as a foundation in our treasury if you want to um grow oant we need to find some outside sources of um capital and this potential Diva partnership should enable us to to increase this budget do you view Le Finance um a i as your competitors uh not really uh like I mean yeah with with liquid staking we will have to um present um the potential users with competitive rats so in this sense yes uh but right now uh no uh and my last question uh but like he's speaking and I'm asking yeah but uh because I'm really interested in so um I'm going to be here throughout the whole Meetup so there's going to be plenty opportunities to ask my last question is um who do you think uh like what project do you think will eat your market share and thank you for answering all my questions good luck not sure there are not that many projects that try to do something uh similar and as far as I can tell uh none of the projects that are trying to do something like this are actually self self sustainable so yeah we we don't really think in terms of market share here uh but yeah I would actually like for many more projects entering this space this is why I ended my presentation with the slide about Ico dragons and how they can use their treasuries to do something similar but yeah it's it's a hope and not something that we are worried about that was some uh deep probing uh but we're going to have time for every questions so no worries around that uh we have another one here okay I have a question how octant is different from competitors for example uh you know AAR right yeah so how octant is different from AV why should I donate in octant not power because it's not just a donation platform uh and no one actually requires you to donate through octant octant is a platform through which you earn user rewards and then what you do with your user rewards is up to you we will be happy to um uh we are encouraging you to donate but if you decide to keep all your user rewards to yourselves we are fine with this this is absolutely a part of the um project there's nothing wrong with it so yeah it's it's a different scenario okay but I think in a you can also like keep keep the uh money not actually donate them but earn um okay yeah the the that's true misunderstood um your question a bit sorry about that uh so I'm not sure if it's there like the huge difference on this level that you you are asking me U initially we built this platform um for the glm token holding communities because there's already a very large uh group of people holding glm tokens since like 2016 well back then it was g&t but we have a very large group of token holders and initially this platform was designed for them because we as a Goen Foundation have the responsibility um toward our community but uh basically uh you know since glm is an erc20 token you can swap any token for it and participate our rewards are quite large individual worlds and our matching U um multiplier is actually very very large not sure if you can see this from your angle but during the first allocation window the donation multiplier was 44x and in the second allocation window the donation multiplier was 58x so this is a very very large difference even a small donation um can have a huge impact provided that you donating to a project that uh met the minimal funding threshold because only the the projects who met the minimal funding threshold are eligible to receive I receive the um match rewards okay got it thank you do we have any other questions here um nope so yeah uh thank you very much for very [Applause] much yeah so um today is a special occasion we're going to have have a presentation from the efora team um we're going to have a two minute break if gra a drink or some food this is the moment and uh we'll start it in one minute [Music] Jo [Music] a [Music] [Applause] I'm uh curious about one thing show off hands who knows uh what 0x0 c means I see two hands three okay B did you see that yeah I've seen it I've seen it yeah all right uh I'm just switching camera views here so we have the presentation all right yeah uh we're going to have a presentation from D to region uh by the efora team uh let's uh give a round of applause to monik and Pavo yeah hello thank you thank you very much hi uh I am Pavo this is Monika H we are part of the founding team of e waro and we would like to talk to you about things that are Beyond only uh only money that you can earn but we would like to also talk to you about how can you give back to the community because uh I personally was interested in uh in crypto exactly because of that it gave it it is a great opportunity for our technology to do something good but of course we need to do it well uh for it to be meaningful and starting uh with what regeneration is uh it's a concept Beyond blockchain it's not only on blockchain it's um actually a global attempt to um solve crisis like climate change and uh also creating a regenerative sustainable economy so it's about long-term thinking instead of shortterm profits so it's more about creating um the whole ecosystems not only thinking about uh what your next quarterly uh reports will show and we hope that this would be the world uh if we applied regenerative principles so if we all acted in a way that um regenerative principle um yeah so uh this is a a great vision uh that is actually possible we believe we strongly believe that it is possible uh but we need to work together and we need to figure out ways that are making that will make this technology uh very useful uh for this actual uh proposition yeah and why why blockchain why why blockchain is a question that uh is really good to ask every time you start a new project like uh is this technology really needed uh because we as blockchain Enthusiast tend to use blockchain everywhere even if it's not really uh needed uh but in this case blockchain is uh a technology that allows Global coord coordination and people from uh the whole world can uh collaborate to create common projects uh including uh public goods uh projects and of course other um advantages of blockchain also also applies here so like uh blockchain is the centralized transparent immutable programmable uh you probably all know that and what it's uh very particular for blockchain technology are the communities that exist around blockchain uh and even uh we can see uh What vodc uh presented uh that uh you know from a project that started uh as just an I uh we have now the whole idea of doing good yeah and to me as a programmer as a developer and engineer uh at heart it is very cool that this technology allows us to combine different pieces you can build uh some kind of logic some kind of rules for uh how something is distributed doesn't have to be money uh uh for some how something works and then uh you can put those blocks together to compose something new and no one can stop you from doing that because if you know how to read this and this it's not that complicated uh if I know it then like it's easy uh if if you know how to connect that you can actually create something new that no one else has thought thought about yet uh and this actually spikes a and Sparks collaboration between people that would have never met uh in real life so on blockchain uh regenerative movement often appear appears as refi so regenerative Finance uh and it's about uh investing in projects that uh could potentially have uh impact uh on the the ecosystem on the environment uh and so on and it's uh supporting sustainable agriculture re renewable energy uh Community well-being uh General ideas like um you know regenerating Society regenerating uh our climate environment uh and so on yeah and of course uh one of the best and easiest to spot Solutions or applications of blockchains are uh some kind of fin fincial alternative Financial systems but still uh we can we can form them in a way that is not like collecting all of the uh like normal people's money but we can also work with with the systems that we create we can work toward a better future toward uh sustainability in energy uh and also the collaboration part is really a a giant uh factor in this uh so now a couple of examples how uh we can use refi uh with an impact so donations uh are like quite an obvious example uh and projects like gitcoin M or G um like have been functioning uh in the space for quite some time and uh what's interesting and what's also V mention in his presentation uh is um using uh quadratic funding so blockchain uh and this whole programmable uh features allows us um to create more interesting ways uh of uh investing of donations uh and uh thanks to quadratic funding um the donations can be more um democ ratic in a way so you don't need to invest uh a huge amount of money to make the same impact or just a little less of an impact as a person who invest a lot of money yeah for me this is uh this quadratic funding and quadratic voting as well is uh something uh like to me ingenious that some that the number of participants in a vote or in a in a donation matters more than the amount that they give so the more people decide that this project is good and even though they decided that they can only afford to give $1 each they have more impact than like a whale somewhere that gives a giant amount of money and this is uh great for making those decisions on on chain online uh because it makes uh it is is more democratic but it also uses the crowd knowledge uh if you have enough there's a theory that if you have enough people uh to decide something but it has to be quite a lot then the what they decided is more likely to be uh to be correct and also we have uh the idea of banking the unbanked and uh here we could say that the whole def uh is contributing uh to to banking the unbanked uh and that permission lessness of defi made possible uh for millions of people to access Landing protocols and also investing into foreign uh currencies like for for example usdc uh and it's not so obvious in uh developing countries and uh we have also whole ecosystems like for example uh that uh are built around mobile users and uh with um with developing countries in mind and also um an example of worldcoin that is creating a whole new uh economy and also focuses uh currently uh on developing countries yeah because uh with the with people not being banked the problem is that they are actually missing out our great OPP opportunities and not only about money itself but about this uh collaboration and how like incentivizing uh doing Goods um hopefully public goods but not only uh like uh Thousand Years a few thousand years ago if there when there was no money people had to exchange cows for things and now people actually have to do exchange physical Goods uh to to achieve something something and then this technology uh BR like Bridges the Gap uh for those people and another example is tokenization of carbon credit and I would say that this is where blockchain shines uh because we could apply our technology uh into actually uh A New Concept uh and uh behind that our voluntary carbon markets so a mechanism for funding projects uh that make a positive impact on uh carbon emissions and um those uh this this impact is uh expressed in the form of credits that other companies can buy to offset their carbon emissions and uh blockchain projects that uh are uh tokenizing this carbon credits are for for example toan MOS and Nori and also like CLA da it's a whole da a whole organization um managing this uh this credit and uh I think it's uh quite fascinating that uh something like that can be built uh using blockchain yeah and uh how to make an impact how can you make an impact uh in all of this first of all build stuff think of stuff that you think is missing and try to build it then go uh to meetups like this one and present stuff present your ideas present uh how you feel about it present uh your your dreams and your visions and then maybe you'll just it's enough to find the first person that you you get interested and then uh this just snowballs and you get more and more people that want to work uh with you also you can organize meetups you can organize uh hackaton you can organize conferences whatever it's not that hard actually you can also do it online uh like I'm doing all of this uh this recording or streaming myself with OBS I'm like what a camera so I hacked it together to work and it qu Works quite well uh of course with the help of this wonderful web venue of at rotunda uh like this makes it things easier but there are many many institutions that want to help you propagate your uh ideas I'm talking about this okay uh so uh for examp if you are looking for an example of something that uh was is trying to promote public goods uh and like incentivizing and helping people to organize you can look at the green pill Network it was started uh by Kevin Aoki but of course it is a Polish name so it's vsky uh and what they have done they are creating uh like many many chapter many green pill chapters they are incentivizing that's the that's the key they are not creating them the themselves they are just helping people to create them from the ground up and uh there is no warso chapter or polish chapter for green pill so if you are interested just uh go read some books on Green pill. Network or talk to us or talk to us uh we'll help you we we can like get you in touch with someone if you're interested we can also we would love to help you um creating uh a green peel chapter in warso so if anyone is interested contact us and uh I think we can make it happen yeah and this is just one example uh green peel is just one example of organization that wants to give back uh and you can do the same you can you can work with them you can ask for their help H and they would gladly uh they help you to to achieve your goals uh if they are hopefully Noble so as we say go forth and do good but in the meantime yeah before the Applause s promotion yeah that's a self-promotion we would like to remind you because last month we we talked about it that uh e War SO3 is coming uh it's going to be again a conference in a hackaton and it's going to be in September so uh get ready uh start preparing uh for for the conference start preparing presentation hackaton and for the hackaton of course regenerative ideas yeah we would really love to see a lot of gener regenerative ideas like for something that could be uh used to to to help anyone it doesn't matter really who but uh just to do some good oh that's the last slide anyway thank you very much uh I hope you guys have fun and what see you next time we are not going to to answer any questions um I but it little loud uh anyway um we're not going to do a Q&A session if you want to talk with um can you okay um so that's better no okay yeah uh sorry about that um so if you want to talk to Pavo monik we're going to be here for the networking session and I just wanted to amplify the message that they had that we are an open Community uh if you have any ideas for an initiative uh if you want to take a more active part in the in the community uh we are here we are here to help and we're open uh to your ideas uh so come talk to us message us on um social media or email us and uh we'll be happy to work with you um yeah so uh let's enjoy the food and drinks if there is any left and uh have a good evening [Music] thanks