Sergey Nazarov Reveals Most Exciting Development

I think for the most exciting thing, due to confidentiality requirements with the people I'm working with, I probably can't disclose everything. I think the thing that I would say is that the ability to connect the world's largest financial infrastructure pieces into a single internet of contracts that can onboard tens of trillions of dollars in value into the blockchain format, if that is something that we can play a role in, will be an industry-changing set of events. So it would be very interesting to see the same standards allowing Web3 to operate, allowing the bank chain world to operate, and eventually allowing those two worlds to interoperate. That's kind of the end state of our industry in my opinion, just like the internet is full of different internet technologies that are connected to each other through TCP/IP, relying on different pieces of data for identity, for price, and all of that is flowing over that same TCP/IP kind of infrastructure. So I think at a general level, the most exciting thing would be the rebuilding of the current financial system in a way that not only does it work better but it interoperates with Web3, eventually forming a single internet of contracts on a single set of data transmission, value transmission, and off-chain kind of trust minimization frameworks and standards.

Yeah, so I mean it's massively beneficial to individuals because they will have private key control over their assets rather than simply having passwords to systems that people could deny them usage of at any moment. They will, in developed markets, have less systemic financial failures because information about the system will flow very efficiently. So like the 2008 financial crisis, things like that should not happen nearly as much. And in emerging markets, they will go from zero to one in terms of a functioning economic system. In the sense that today it's very hard to save money, it's very hard to transact, it's very hard to engage in global trade, it's very hard to have insurance, in many cases impossible to have any of those because the emerging country's legal system doesn't facilitate an infrastructure, legal infrastructure, that allows bank accounts, global transactions, insurance, those things. So just like the telecom industry took people that had no landline to having a mobile phone, and just like the internet took people from having no paper books to having access to the same information I have over a mobile phone, you know, they can read the same Wikipedia article I read, this will take basically the whole world from parts of the world that are developed in how their economy works, parts of the world that can't be developed because their legal system doesn't work, to everybody is basically on the same system of contracts. And that is irrespective of the underlying legal system. It'll also be irrespective of their language. You won't need to rely on a relationship or a legal system to guarantee the integrity of transactions between people. You will only need to rely on mathematics, similarly to how private key ownership of a token only relies on mathematics to guarantee ownership of that thing that's unrelated to any person's decision. Right, like you have a private key, you control the thing. Imagine if you had a smart contract for crop insurance that if it doesn't rain and your crops die, you automatically get paid out, and there's no reliance on your legal system, there's no person that can change that outcome. If it rains, you don't get paid. If it doesn't rain, you do get paid. That's the kind of thing that can be, I think, very world-changing for people's lives, similarly to how telecommunications and the internet was world-changing for their lives.