Refernce.
"status": 200, "transcript": "I think it's more clear now than ever uh why \nBitcoin was created uh I believe uh Satoshi understood um that what we're facing now is \ninevitable I believe uh with the with all my heart that uh Litecoin digibyte Monero \neven Doge represents an opportunity for us um to think and act differently and \nwork uh collaboratively uh in a way that allows us to start becoming self-regulating by myself hello everyone welcome to another episode of \nThe Medallion excellent podcast today we are here with Johnny Law contributor and long time \nassociate of digibyte and we're going to learn as much as we can today about the juvent bite \nand what are what their past challenges have been as well as what their future implementations \nare for everyone watching this podcast if you're if you're watching it on YouTube hit that \nlike button so it uh suggests the podcast to other people and if you're watching it on \nsub staff or medium interact with it as well all right so Johnny Law thanks for joining \nme on this podcast how are you doing today when I'm doing fantastic thanks so very much for \nfor having me on and uh for interest in digibyte you know uh lots of folks have probably heard \nof it at some point uh but maybe not so much know about it so I'm glad to be able to be here \nand and hopefully answer what questions I can absolutely yeah speaking of a lot of folks heard \nabout it I've definitely heard of digibyte like you guys are one of the longest surviving \nblockchains been around since uh 2014 and how long have you been contributing to to the um \nplatform yeah uh I've been in the shadows uh now for about seven years I'd say I was a cheerleader \nfor most of that so I was that guy that was like rah-rah check out the amazing technology without \nreally understanding uh the entire group of people behind the scenes making things happen and so \nI was that guy that certainly kind of memorized some of the uh the facts of how it all worked but \ndidn't really understand any of it for a long time um as of about two years ago it kind of changed \ndirections to start to get more involved in understanding all the different uh people that \nwere working on really building a permissionless Marketplace and specifically within digibyte \nto see how I could be a supporter how I could actually start to use some of my talents to help \nother people and specifically again within the digibyte awareness team so the digivite \nawareness team could you explain expand on that like what is that and how has it been \nset up yeah so uh I think it was in early 2019 um the need was you know kind of um established \nthat there needed to be a group of people uh that were really focused in on bringing awareness uh \nto all the different things that digibyte could do um in all the different ways it could \npotentially be utilized and start to kind of have a group to be able to work \nthrough whatever specific marketing um that needed to be done or start interacting \nwith uh different uh exchanges or different uh protocols and start to have collaborations because \nwe are in a decentralized world and we truly are a group of volunteers it wasn't always easy for \na company or another blockchain to be able to reach out in contact with some entity and say hey \nwe'd like to partner with well there is nobody like that when there's no Ico when there's no VC \nfunding a team there's there's none of that right so the awareness team sort of came together \nto be a point of contact uh for all that work very interesting so how is the awareness team set \nup by the community in a decentralized way or is it just a group of people who are passionate about \nthe project who just come together and take it upon themselves to market the the blockchain yeah \nso initially it was set up by a group of folks um some time ago that were really uh passionate \nvolunteers and you think Rudy Bowman and Jared Tate and and Laura Taylor uh and a number \nof other uh fantastic people and you can see them if you go back into some of the you know \nthe original YouTubes with Ditch Bite coming together to say we've got to get a little bit \norganized in terms of how we present ourselves in terms of how we put together education \nmaterials and how we share and how we begin to partner because ultimately in this in this \nworld it's such a kind of new idea um it's uh territory that's not been established there's no \nclear road map ahead so it was more about coming together without a clear road map but we know \nwe have to do something a little bit different so all the volunteers that are in digital this \nteam presently are from all walks of life from all over the world coming together talking about \ndifferent ideas about how to further development how to further awareness marketing whatever the \ncase might be but we're all volunteers 100 percent that's that's pretty cool and is there \nsome sort of uh incentive model in place uh or do you also do you do this full-time \nand also do your full-time job full-time yeah so more like part-time uh but no \nincentive uh other than understanding that what we're building potentially is a \nMarketplace that will allow for uh retaining individual freedoms through essentially a \npermissionless immutable Marketplace and you know originally uh Satoshi wrote um the \nthe point of all this is making sure that we had our ability to make decisions and that \ncouldn't be taken away from us from a financial Marketplace perspective and I'd like to say that \nwe've stayed true to that uh 100 with every step that we've taken building a public network \nthat anyone can use and that cannot be stopped now you mentioned individuals freedoms \nwhat what does that mean like in particular well originally the crypto uh started out and with \nthat in mind right to build this decentralized system by which there's no central point of \nfailure that there's no central point of control um and that we had 100 percent transparency \nwith every transaction that's happening and occurring that we can go and \nverify trust but verify right um and then it morphed into something much \ndifferent it worked into essentially recreating Legacy structures with new technology right so \ncryptocurrency became about how many tokens can you generate uh it can be how fast can you move \ntransactions even though it doesn't live up to the the decentralized immutable uh and uh you \nknow permissionless technology what we ended up creating in the crypto Marketplace was thousands \nof tokens that literally could freeze up we see it happen with Solana eight times this year so \nfar right it has a centralized point of failure and ultimately what we're looking to do \nand continue to do is build a protocol um that is operating in a decentralized manner \nthat cannot be shut down uh by any uh one person or any one point of failure so I want to I want \nto stay here for a while uh because I think the ideology behind each chain is very important um \nlike of course the technology is important as well as like pretty much the hands and feet of \nthe of the blockchain but you know the ideology is like the why like why these digibyte and \nwhat separates you from ethereum and Bitcoin and and just the thousands and thousands \nof tokens so I wanna I wanna stay here for a while so why so did you buy for example \nhas I think five proof-of-work algorithms um to like make sure that it's like a super secure \nblockchain like isn't five a bit of an Overkill foreign yeah I mean uh potentially the uh \nthe idea here of course is um even making it more complex to uh launch a 51 attack right \nso with five separate algorithms you would have to essentially be able to uh dominate all five of \nthem at 51 because each of them are having 21 or sorry 20 of the blocks uh at any given time and \nanything about that you think of which is what we call multi-shield and then real-time difficulty \nadjustment uh by which difficulty is adjusting um not every block but within a specific time \ntime perspective it's I'm not going to say it's impossible but it is very expensive at at today's \nprices it's uh it's still prohibitively expensive yeah so I spoke with uh cyber security expert a \nfew podcasts ago and he warns of quantum computers and the looming Quantum uh computer yeah threats \ncome in and because digibyte has five proof of uh consensus algorithms would that make it more \nlike today no quantum computer has hacked any blockchains and I assume like with five it'll \nbe a lot harder but would it be impossible to hack hack a Digi byte blockchain I I wouldn't \nsay so I'd say um the the the challenge will be uh at that point if if we make it there right \nDwayne which uh I've I've read some of those uh articles as well that here on my on my desktop \nwithin the next you know five to ten years could sit a quantum computer that could literally break \nany uh encryption protocol that we currently have um within you know an hour um so I'm not going \nto tell you it's impossible but I would tell you um it doesn't make us the lowest hanging \nfruit so there will be others that are far uh far easier uh quite frankly to reorganize um \nand uh so you know from a security perspective we're always looking to be um the hardest nut to \ncrack so to speak definitely understandable now I want to understand uh definitely from a branding \nstandpoint what makes digibyte different from the other cryptocurrencies like what if you can just \nhone in on that one thing that just separates did you bite away from everything else what what \nis that I would definitely say uh and this is kind of sound cliche but I would definitely \nsay some of the people I've interacted with um along the way the folks that are still here \nare education focused and it's not just about education surrounding cryptocurrency it's the \nbasis of what constitutes money it is the basis of um what does it mean to be free what does it mean \nto operate without constraint and I've seen the community and the people I interact with be \nso generous with their time in holding the hand of a new person coming into crypto and \nhelping them understand and steer them away um from some obvious scams and pitfalls they're \nhere to really help not just themselves in becoming rich so to speak it's not about price \nspeculation it is 100 acknowledgment that we need to continue to build and operate marketplaces \nthat allow us to connect as people across this globe without intervention from anyone and why \nis that so important building marketplaces that allow you to connect with people like we have the \nFederal Reserve and they're doing such a good job right like bread is what ten dollars now it's not \nthat bad it's a that's a great question join um I think it's more clear now than ever uh why Bitcoin \nwas created uh I believe uh Satoshi understood um that what we're facing now is inevitable I \nbelieve uh with the with all my heart that uh Litecoin digibyte Monero even Doge represents \nan opportunity for us um to think and act differently and work uh collaboratively in a way \nthat allows us to start becoming self-regulating we now know that regardless of Regulation um we \ncan't rely upon authorities to regulate themselves including the Federal Reserve unfortunately \nincluding some of our elected representatives we have regulations in place that have and \nshould have avoided many uh many scams should have avoided too big to fail right and we're going \nthrough another too big to fail moment right now that should have avoided many of these fiscal \nmistakes that did not because honestly one was not one and there was all sorts of mathematical \nrules violated along the way as we pretended as though we could create money from thin air \nand it wouldn't have an impact um we've seen Regulators utilize uh money as a means to choose \nwho wins and loses in society and not just at a local level but across the globe from a technology \nperspective we've seen them intervene with money um from a developing nation's perspective we've \nseen them use money to exploit poor countries and steal their natural resources all of these things \nshould point to each and every citizen of planet Earth and say maybe there's a different way at \nthis point the US dollar has been weaponized for a great many years and we're seeing the results of \nthat now it's more clear to me now why Bitcoin was was created and digibyte is at its core Bitcoin \nwith some improvements it's needed you and I have the ability to understand what is real and what \nis not by looking at the blockchain and verifying that what somebody says has occurred has actually \noccurred and verifying that the money that we have goes to exactly where we want it \nand it our money can't be devalued by somebody who's uh best interest is to \ndevalue it that our money can't be used to pick winners and losers uh some of which we \nwould wholeheartedly disagree with the wage war and I'm sure you know most all of this \nDwayne but it's time technology is here it brings to this moment our ability \nto think in a win-win perspective and to act in a win-win perspective it will \nrequire a great deal of effort an education it will require people truly understanding \njust how broken our system is right now and it will require the ability to do so \nand operate freely moving forward I'm glad you brought that up um especially about like you \nknow our politicians and you know because we we we just so freely allow our politicians to be \ncorrupt like it's legalized bribery in the United States uh especially after I think the citizens \nunited ruling that says uh corporations are people too that should be a bumper sticker so after \nthat like pretty much any sort of Corporation can buy any politician they want and like there's \nno there's no rules like no one's regulating the rulers like they're regulating us like they tell \nus like if if for example if you are like if you have stocks and you you're ahead of a company and \nyou have stocks in the opposing company whatever then that's that's illegal but politicians who are \nmaking the rules to benefit different um different companies and pick the winners and losers they can \nbuy stocks in whatever company they want you know right before covet broke out all the politicians \nwere selling all the stocks that wouldn't benefit during the covet period and buying the stocks \nthat would so it's pretty interesting um but just because like we we see those problems that doesn't \nmean that if we go like the blockchain route that those problems will disappear those problems \nwill just transform into something else so that's right what makes digibyte like what what makes \ndigibyte resistant to those types of interferences it's it's not I mean Dwayne you know any new \ntechnology can be distorted right it'll come down to each and every one of us and our \nability to educate our ability to really help connect the dots for people to become an \nenvironment by which we self-regulate and I'll give I'll give you an example of just how \nwe've done that um here recently right so um I noticed that there were some opportunities \nwith the information that was being reported by um centralized exchanges from \na trading activity perspective um it didn't make sense to me based on what I was \nseeing rather um in the on-chain activity right so I started digging in with the help of of many \ncommunity members to understand uh what was being reported versus what was actually occurring in \nthe marketplace and found the number of descript references and again to understand how those \ndiscrepancies were being utilized to inflate volume in the marketplace and potentially have an \nimpact on price trend over time we worked directly with Quinn market cap and coin Gecko and asked \nbased on evidence for them to remove specific exchanges from the reporting mechanisms so that \nit would not over inflate our volume because ultimately we don't want to show that we're doing \nyou know seven million dollars in Daily volume if we're actually only doing a million and a half \nand I would be willing to bet Dwayne that we're probably the only community in all of crypto \nto say you know what I don't think that volume is real why don't you go ahead and remove that \nfrom your reporting mechanism and let me show you exactly why it's not real and there's a lot of uh \nquestion to me whenever I've been advocating for this like what's that going to do to price and \nwhat does that do for our awareness and I was like I really don't care it's not about the price \nit's about are we doing everything that we can to regulate ourselves and are we being a good Steward \nto the entire Marketplace and call for Action that hey there seems to be something wrong with how \nthese reporting mechanisms are working why don't you take a look at it as well we had several uh \nTwitter Spaces by which we hosted uh those exact questions to get awareness in the marketplace and \nabout two weeks thereafter uh after a number of um online Publications picked it up uh an article \ncame out from Forbes uh describing just how off Bitcoin trading was specifically 51 percent \nof the Bitcoin trading uh could potentially be uh over inflated be fake um so it was really \ninteresting to see that kind of spread um and as we talk about centralized exchanges manipulating \nthose systems in order to inflate volume in the marketplace in order to inflate their influence \nor their activity and potentially bring Traders into the marketplace well it's not about asset \nspeculation that's not what this is about we want a marketplace where utility Reigns Supreme \nokay all right so I'll give it to you guys that you know uh ideologically wise like I can align \nwith like your your your sense of justice but your sense of justice can only last one \ngeneration it's up to the technology to persist that Justice throughout the entire like \necosystem and in the future like align your sense of morality with like what the community's \ninvolvement over over over a long period of time so technological mechanisms are in place to ensure \nthat type of like transparency and consistency doing none presently and that and I \nwould say that's true for everyone um I would tell you the focus is on um for \nme and as I try to educate through other people moving to truly decentralized exchange \nsystems by which we're operating peer-to-peer exchanges like shapeshift.io Komodo through \ntheir atomic decks platform uh decred is now beginning to spin up their own decks so that \nwe have true peer-to-peer interactions rather than relying on centralized exchanges in \norder to begin to really think through um what are we willing to trade peer-to-peer \nbased on utility and use of those coins because right now it's still asset speculation we're \nnot using the coins for what they were intended um and that's true of even me right now \nI'm not building a marketplace right now that says I can go out and take care of \nmy monthly needs by utilizing my digibyte coins and what value does that bring to that \nMerchant now that's changing very quickly um working with with farmers in the local area \nto start to understand how they can accept cryptocurrency so that you can truly operate \npeer-to-peer working with different organizations to start to integrate some of the payment systems \nthat allows for them to actually operate more uh I guess uh efficiently right so not paying the \ntwo to three percent that they would be paying Visa Mastercard or Amex um but that also gets them \nuh thinking in terms of they still have to go to Fiat and uh we've got to create a system by which \nthat's no longer uh a necessity um absolutely so I like how transparent and honest you are \nlike it's it kind of throws me off so just how transparent you are I expect you to \nat least [ __ ] a little bit but you're like nope but I like I like it I'm sure I'm \nsure your community is going to like it too um so let's get into the technology like so did \nyou bite like it's been around since 2014 which is I think a year before ethereum launched \nso you know I I've been in the crypto space since 2016 and I've like on the periphery \nlike I've seen digibyte like go up where it's like massive enthusiasm and then go down \nwhere like it's being delisted everywhere so where where are you guys now and where do you \nplan to go to in the future that's technology wise uh so right now we are going through probably \nthe largest um update that we've ever done um led by Yoshi uh and Jared and GTO and \nuh Frederick a number of developers um and the intents and purpose of this \nwhich will be 8.22 is a couple things uh the biggest of which is essentially doing unit \ntests on every piece of uh the core protocol um and so we've never uh to my knowledge \ngone back through and really ensured that um and this is true for a lot of uh utxos by the \nway but we've never gone through to make sure that um no errors are generated any any point of the \nway now it's it's important to note here that nothing is was ever going to stop the chain from \ncontinuing to stack a block right that's not it um what we're attempting to do is create a \ncompletely error-free uh proof of work utxo um so that as we develop new protocols on top of \nthis and which hopefully is a couple of things we'll talk about in just a second but um there's \nno work that we have to go back and do we can move Beyond we can say we're clean and this will be the \nfirst time in the eight and a half years that we can truly say that everything that was done from \nthis point backwards in history is clean and clear there's no need to go back and address anything \nfrom this point back so that as we develop new going forward there's uh it's a little bit \neasier to integrate new technologies into it um hi on the list would be an algorithm or two \nSwap and that is uh contentious at Best in terms of what that looks like but we've discussed \ntwo algorithms um switching over because we're primarily Asic dominated right so we've got \nfor Asic algorithms and one fpga algorithm and we we definitely want to move to a more \nGrassroots sort of look so that we can further our decentralization allow for individual participants \nto be able to mine and to help secure the network through both CPU mining like random X and GPU \nmining like progpal so that would be probably what's next on the horizon we do have a couple \nother components that have already begun such as the Rosetta API integration that we need to bring \non to the protocol again that will come after 8.22 but that will allow for easier Integrations \nfor for companies businesses developers that want to build on top of that infrastructure \nthey'll have a you know a standardized plug-in through Rosetta which is what what most chains \nhave already you know built into their system what's next yeah let's pause right \nthere um so who is uh Digi bites like Target consumer like who's your \nTarget customers like who do you want like who's your target pretty much who who are you \naiming for the people of planet Earth it it really is that simple like I'll give you an example \nDwayne so years ago when uh when Venezuela the the Bolivar was uh skyrocketing right and \npeople didn't have the ability to transact um in a way that made any sort of sense um we uh \nbanded together um and got some cell phones and donated some digibyte and went and actually showed \nsome folks how to use the technology right to be able to transact in their local community with \na um a very easy mechanism that's uh efficient uh secure that allowed them to begin to transact \nin a way that they've never experienced before um the challenge Dwayne I would tell you is \nwe've been in this entire crypto space sort of um sleepwalking and what I mean by that is \nuh we've been convinced that this is about asset speculation that it's about Mark you know \nmarketing that it's about uh to what you just said um a Target consumer audience well the reality \nis this is a new kind of money Bitcoin Litecoin Monero digibyte each of them have their own \nindividual purposes in this Marketplace and it will work out that one day there will \nbe interoperability between the four to five of them and a permissionless marketplace \nwhere people right now I would tell you uh if we look at China for example um using the \ndigital one is programmable 100 you and I both know this we also know that the rest \nof every single government at least in the Western World wants to implement something \nvery similar something that can be completely controlled and programmed something that \ncan uh expire something that can be revoked something that can be programmed to only \nbe spent at uh you know approved uh places that's not okay we exist to make sure that that's \nnot the only option okay I I understand your answer but the answer is just not good enough \nbecause the people of planet Earth is too broad like so you want Elon Musk to buy like all the \ndigibyte in existence then then what right like so like who who who are you going after like what \nwhat purpose like do they want to use digibyte for like does DJ might make the transactions easier \nlike I know you guys do like really really fast like you use uh the segwit right segregated \nwitness and and that makes bigger blocks but like you can do more transactions per second right \nso I think you're like in the three digits now as far as 1066. oh four four digits yeah yeah so so \nI'm sure you guys have like a specific kind of Target that you're going after that like that that \nlike the people of planet Earth is just too broad like most of them don't even know what crypto \nis like like what's your target like you got to start some somewhere like what's your target \nlike who who you who are you going after like people in third world countries to get them on a \nmore stable uh stable currency you're going after super rich people so like get them to boost your \nprice like like you gotta give me a real answer I I appreciate that Dwayne and you're not \nwrong I I understand exactly what you're saying in terms of how we're going to build \nadoption um and really fulfill a need that is current and present in this moment um \nthe short answer to you like I I Look to um I'd look to emerging uh ecosystems and emerging \neconomies across this across this world right I look to the continent of Africa and say um there's \nan entire group of people who truly understand how money has been weaponized against them for a very \nlong time to exploit their countries and they need a means and mechanism to begin to operate \noutside of those Control Systems uh they're already figuring it out through Bitcoin right now \nuh knowing that you know Nigeria's highest per capita in terms of transactions of any place on \nplanet Earth right they understand the value in a permissionless system that cannot be controlled \nfrom external influences so you're absolutely right who we truly appeal to is those those \ncountries uh like I mentioned earlier in terms of Venezuela in terms of El Salvador Guatemala \nsome of these countries that have certainly been heavy heavy handily manipulated throughout \nhistory those should be our targets Okay I accept that so like so here's the thing yeah like ethereum and um and \nI keep bringing up ethereum because like that's by far like one of the most popular currencies \nright now sure but at the same time did you buy it pretty much does the same thing did you bite \nallows people to you know write smart contracts you guys do smart contracts you have uh assets \nlike nfts that you can do I think uh it's it's way cheaper like the the um the fees that you charge \nor to translate super super cheap so it's like it seems like on paper when you compare apples to \napples like it seems like veggie bite should have the advantage and it's a lot faster like you \nguys do what 10 000 or 1 000 transactions per second so ethereum only is like 24 so like \nwhat like why why why aren't you guys more in the lead is my question and I would tell \nyou um that's a that's a whole show Dwayne um that we could kind of go through Point \nby point of what's occurred in in the crypto Market space over time I made mention of it \nat some point success has been determined by asset speculation largely and there's been \na lot of manipulation along the way I would argue though that to your point the technology \nis already there from a technology perspective we've already won but you are absolutely correct \nin terms of making people understand why we should exist and why they should give digivite \na try is going to require a concerted and more targeted effort than what we have right \nnow just simply saying that we are the best which uh you know we're we're glad to say in \nmany regards uh from a technology perspective we'll put the technology up there against \nany blockchain and say let's talk about it um as we talked to this last week uh we were able \nto highlight uh through the digit by Alliance exactly what digiid does from an authentication \nperspective um as a technology that was created and is completely open source and free for anyone \nto use I use it pretty much on a daily basis to operate with Digi asset X which is our nft \nplatform or one of our nft platforms um through the koinomi wallet which they integrated \nuh probably three and a half four years ago um it's fantastic I'll use it to sign on to \nchangeangel.com I don't have to input any of my login information I can literally just scan \nit with my phone which has access and references my cryptographic keys I just sign into my wallet \nit does the work for me in terms of signing into a website there's there's any number of things \non a technological perspective where I could say we're winning um already and the technology \nis just going to keep improving and we're going to keep working on that technology because to \nyour point we have to to build that technology to resist what's coming next and so regardless of \nasset price regardless of whether or not we get sort of shadowed in the marketplace we're going \nto continue to build out in decentralized ways whether that's a decentralized exchange whether \nthat's improving our Grassroots mining efforts and or just preparing for what's next from a security \nperspective I know that we have a great number of volunteers and dedicated developers that's \ngoing to continue to anticipate what comes next and build a blockchain that can do it okay so uh \nyour Digi ID product is that like a authenticator art Authenticator okay that's what what are \nsome other products that you got guys have yeah so uh digit is by far probably my \nfavorite um and uh one of one of my uh best friends in the decentralized world Renzo has \nhas utilized that uh even to sign on to Ledger um and be able to authenticate uh into his Ledger \nand be able to uh use that to manage his accounts uh which is which is pretty impressive right \num so as a three layer um protocol we have the ability as you mentioned for assets Digi asset X \nis the newest of those we have a number of artists um and a number of developers like Renzo building \nsome pretty cool stuff we've got some we actually have our first games on that system now we've \ngot a we've got a graphic comic book uh from dgb which is really fantastic I've seen lots \nof comic books from a lot of different artists this is absolutely one of my favorite and the \ninteresting part about his is everything that we've been talking about from a decentralization \nperspective he weaves into the entire uh comic book and makes it about education about money \nabout uh what's what's coming and about how do we have to prepare and it's it's fun and \nit's exciting right um so we've got that um on there uh we're about to launch uh domains so \nuh Renzo has been working on digibyedomains.com uh by which we'll actually be able to tag our \naddresses so mine will be johnnylaw.dgb which is why you see me wear it I've been wearing it \nfor a few years now because I knew the technology was possible by which uh any wallet uh with some \nsimple integration will be able to send funds by name to specific addresses that we can actually \nrotate those addresses as we send transactions um so it would be as simple as literally as you \ncomplete a send transaction it can transition your asset to another address so regardless \nof what wallet it's in you can always send to Johnny Law and it'll always query and find \nthe right address to send the funds to which is pretty cool and there's a very minimal fee just \nlike the rest of what digibyte does to make that happen that's probably the most exciting and \nnewest stuff on the Block that I know of I'm sure there's more and more coming there always \nis it comes comes out of left field because we truly are a bunch of volunteers a bunch of \npassionate volunteers just building cool [ __ ] with the technology part of my language \nbut it gets me excited just thinking through it yeah no absolutely I can appreciate the enthusiasm \num so uh as far as digibyte like I want to get like super metaphysical right now like what is \nmoney like what is money and how is did you bite evolving money so money is communication in my \nbook right so um we're here having a conversation no doubt right we're exchanging our time uh for \nunderstanding in some respect neither one of us getting paid for this that I'm aware of right \nhopefully Dwayne has a great show and everybody's hits that subscribe button and and uh you're \nable to monetize a little bit over time I'm all for that right because you know I I appreciate the \nquestions that you're asking and I look forward to subscribing myself um but money is a means to show \nwhat is valuable it is our vote in the world right um and the problem that I see and how digibyte uh \nBitcoin Litecoin uh Monero that is capped assets um that can be proven um basically \nallows us to say one is one and for the first time in a very long time um we \ncan all uh potentially agree that one is one and that we can see improve how our uh our vote \nwas cast and for me at the core that's truth um so money is communication uh that is hard money \num approvable unit of measure uh that cannot be deleted that cannot be reversed um and I can \nalways know where it's at not a great answer but no no let's let's let's build let's \nbuild on that so money is communication um so I would Define money as like uh the ability \nto exchange assets right and like for let's go to the beginning of money where like before seashells \nwere used as money but um seashells they weren't like you like you know you could find seashells \nanywhere right so then we moved on to more valuable metals like copper and silver and gold \nright because you can carry them around and you can exchange and you can say hey for one bar or \none coin of uh gold I get two cows right and that that'll be the exchange when you go and you go to \nthe supermarket and I want two cows worth of bread for for this one gold right uh or whatever the \nexchange rate is so now we're in this world where money is is not something physical it's it's it's \nit's an idea right and the idea uh receives value based on the amount the community that that uses \nthe idea and and communicates with the idea um on a daily basis which is the market cap right so now \nlike in this world what is this like I'm trying to figure out is this the optimum like money like and \nand I it's not a question I expect you to have an answer to but it's like more of a theoretical \nquestion like is digital money like the optimal form of money or is gold optimal form of money or \neven you know paper like because paper is backed by the military and the military protects our oil \nand we use oil on a daily basis in our cars so that's valuable right so with like I'm trying to \nfigure out like what okay what's the future like is is paper uh metal or this digital currency like \nwhat's what is it like what what what's what's the winner here like and I'm and I'm not like trying \nto actually a trap question or anything like I'm actually a real question like what's the winner \nwhat's moving forward like what which one are we gonna which path are we gonna go down and why like \nwhat are the pros and cons of going out each path do you have like a thought on that yeah no I I \nthink we're already starting to see some of that um that very question be answered in front of us \nright uh with inflation as it is I've already seen um these kind of parallel economies start \nto develop here in the real world right um I'll give you an example like I'm trading \nuh you know a weapon for uh some cow right and that's real like that's a friend of \nmine uh who has Ranch lands right that um he knows I like cow right so he also knows \nuh based on our our relationship uh that I like other things and we came to an arrangement \nuh that allows me to have cow and him to have something that he wants right but I believe \ndigital currency um will be that uh that Medium exchange that allows for if we don't both have \nsomething the other person wants but we we might want something the other person has and we need \nsomething that is easily transferable that can be proven something that's relatively quick to \ntransfer that value and something that can't be manipulated from external forces and that's why I \nbelieve digital currency will become that Medium of exchange because we're not always going to \nhave the ability to interact and have that thing that somebody else is willing to trade for so \nthere there's that that seashell so to speak by which if we collect these seashells and somebody \nelse agrees that that's a real seashell that came from this particular Beach and that's a very rare \nseashell or color whatever the case might be it might be a little bit more valuable than something \nelse that my neighbor has and that's where I think having different options that are interoperable \nbased on their utility will have different values ah okay yeah that's a that's a great answer now \num whenever you bring up did you buy you also bring up Monero and a few other privacy coins \nis did you buy the Privacy coin no okay okay but um privacy points so if there \nwas a need you can definitely do that right well it's uh in an interoperable \nWorld um there'll be different needs for different um different chains right so \nbased on what you're trying to accomplish and and I'm not I'm not a maxi for for a \ndigit by the reason I talk about digibyte so frequently is because quite frankly um no one \nelse does and I believe people uh fundamentally a good portion of people there's a lot of uh \nBitcoin Maxes in this world um who will just go around and uh basically tell you nothing else \nhas value uh which I think is completely nonsense um I do find Value in Bitcoin as a store of \nvalue as a digital currency but I don't believe it is the only thing and if I'm thinking \nabout cash something that can work quickly um and is just as secure if not more secure in the \ncurrent environment that we're in digibyte makes a hell of a lot of sense in terms of its speed and \nefficiency I mean we talk through um I think 50 60 million digibytes I posted moved uh in the span \nof seconds for a cost of something like six cents it's pretty cool so like let's like let's let's \nthink worst case scenarios right like yeah back to that question about like the dollar \nand medals and and digital currency like the thing that everyone is scared of is \nthat if something ever happens to our electric grid or something like that \nand for some reason all the power in the world goes out all at once then like \nthe blockchain will pretty much restart is that true or no no no Okay so so it's it'll \nbe true for some chains but not did you bite and why is that uh ultimately there's um and \nthis is true not just for did you buy this is true for Bitcoin um Bitcoin has actually the \nthe biggest network of satellites that are Standalone that are self-powered um that have \nfull operating nodes as well as mining rigs um off-grid 100 ready to go for um really just \nabout any scenario other than large-scale emps um gigabyte is quickly working to do the \nsame uh in terms of building out our node network uh in terms of making sure that we've got \noff-grid power to power that Network as well as different communication mechanisms but there's \nseveral um there are several protocols in place already that we're trying to adapt um yeah but \nBitcoin has shown the way in that regard uh it probably leads in that regard okay all right \nso I've always wondered um since since like from what I've I gather a you the target audience \nfor digibyte is everyone on Earth but we do have a you know a smaller smaller more accessible target \naudience which is people in third world countries who are looking for stable like a more stable \ncurrency so are there any initiatives in place to maybe Outreach to those uh people in those \ncountries then and you you mentioned what what you guys did in uh Venezuela like are there any other \nuh type of initiatives anywhere else in the world not presently doing okay like would that be part \nof uh an Outreach or a more consistent uh Outreach for that type of audience or is that is there \nlike would that be a possibility in the future yeah without a doubt Dwayne I think uh ultimately \nas this entire Marketplace comes full circle and I believe it is right I believe 100 we're going \nto get back to the roots of why cryptocurrency was created that we're going to get back to \nthe roots of uh this message that we're going to unbank ourselves right that we're going to \nhold our private keys that we alone are going to choose uh who and how and when we operate um \nas we get back to that place and I think we're getting there very quickly based on on what I'm \nseeing in the marketplace um that that will be the next step I think ultimately um helping people \nunderstand how to use that technology and starting to deploy resources in order to make that a \nreality for people in different marketplaces okay cool now uh doing my research I heard about \nsomething about like AI powered blockchain or like something about like using AI to The Internet \nof Things iot yeah yeah so tell me about that initiative or did you buy it yeah so and and on \nDwayne it's not something I focus on too much um a lot of different uh analysts put us in \nthat category of Internet of Things uh sort of blockchain and the reason they I they do I believe \nis because of our speed and efficiency uh and our security right so it makes it such that uh you \nknow you can potentially tag an address with an asset that's provable and be able to communicate \nuh quite efficiently and easily uh within that and have it be secured by our uh by our blockchain \nright and it's cheap to do so right so if you think about uh you think about threefold are you \nfamiliar with threefold no I'm not so there's a partnership between digicore labs and threefold.io \nnow threefolds working to uh decentralize data storage as well as server power right and so uh \nwhen they're like presently building out uh in the UAE a uh essentially a new subdivision right \nso new Housing Development and they're selling three-fold nodes inside each and every home and on \nthose nodes um essentially exactly what you would think there are many servers right that would \nhold pieces of data and handle pieces of uh the server requests and threefold essentially \nis using uh through their Quantum say file storage secured by uh digibyte blockchain the \nability to locate your data pretty much what in whatever jurisdiction you want and you can have it \nessentially be duplicated across many places and 100 distributed across large networks so that \num you know if if you're thinking in terms of um trying to hack that out it's really difficult \nwhen it's built on a matrix across a very large uh Network across many regions of planet Earth \nand then secured by cryptography right so um threefold uses uh and is going to potentially \ncontinue to build on digibyte technology to do that they actually formed a third entity called \ndigi3 labs to work on just that aspect of life now again those they're independent right so \nthey're using the the protocol they're using the technology they're using the network um \nthere's there's nobody to ask permission to do so they're just building it on top of it using \nwhat's already readily available and that's really what we see and hope uh to be able to empower \nwithin different organizations to be able to do that's what it's there for to be utilized right \nand so it's really cool to see them build it out if you if you dig into them they've been around \nfor quite some time as well um and big into the decentralization space and if you think about how \nregulations are going in terms of data storage there has a curve by a large margin because \nthey'll be able to help organizations institutions and even nation states locate their data and \ntheir server processes and friendly jurisdictions it sounds very very important um so data storage \nis in like uh ipfs like right like kind of like an alternative to ipfs yes so threefold isn't \nan alternative to ipfs or it's building it is it is okay for sure that's good to \nknow and um so IPS FS for everyone I'm sure most people know but it's \nit's decentralized like data storage blockchain I don't know like it's not blockchain \nI don't think it's a blockchain but it's like a decentralized way to store data and um it pretty \nmuch communicates by finding the person with the the person's closest to you who has that \ndata instead of like fetching it from like a network where everyone has it and it takes a lot \nlonger you just go directly to the closest source um so that's that's pretty pretty interesting \nso what you're saying is that um threefold like nation states could use threefold to figure out \nlike where data is and could it potentially like let's suppose it's in a hostile area could it \npotentially like remove it from that hostile area or just like be notified that it's there it can be \nremoved and located to another piece of the grid uh that's interesting so tell me a little bit \nabout your background uh Johnny Johnny Law sounds like a cowboy what's your background uh I'm just a \nnormal guy right so I've I've worked in the retail world for most of my life and um I uh I'm a bit of \na futurist I always have been um mostly because I look back at history um and try to understand all \nthe different epochs in our in our world that we know of and the cycles that come and go uh and try \nto figure out uh what's next um I've been uh I've been a computer nerd for most of my life although \nto be honest we're way out of my depth in terms of the Practical knowledge of the blockchain in terms \nof the big picture theoretical stuff I'm all about it right in terms of thinking about the whole \npicture of society and how do we move forward as a people and focus on network States rather than \nnation states I love having those conversations right I understand the obstacles um of that \nwhich is uh this whole win-lose Paradigm that we've been operating in for quite some time and \nrecognize the technology energy can help us move beyond that too and I know it sounds idealistic \nbut I believe we can achieve a win-win Society um through technology through the innovations that \ncontinue to lock and unlock from a productivity perspective not just a personal productivity but \nin terms of how we grow food in terms of how we operate in society automation that's coming if \nyou look at the fourth Industrial Revolution I don't think it's necessarily a bad thing but I \ndo understand that we're going to have to lead and educate people in a different way I see all \nthose realities on a daily basis right I enjoy working with people every single day I lead a team \nof a couple hundred people on a daily basis and it's messy and it's very human and I love it right \nit's hard it's not easy it's um we operate at the end of of the whip whether it's at the uh mercy of \nthe logistics of the world or mercy of the the bad regulations or the good ones we have great days \nand bad days and challenging days and I'm here for all of it I love it right it's messy and I don't \never want to get beyond that because that's where the real humans live right I want to be a part of \nthat because ultimately I want to make that better every day for each and every individual not just \nfor some people like I'm not okay with that yeah yeah I'm I'm right there with you as far as like \nidealism the only thing is like I've learned from history that like you don't want to go too far \ninto idealism and like you want to always keep in perspective like what the potential threats are \nbecause you know Satoshi Nakamoto he envisioned like a world like where you know each individual \ncan be their own Banks which is a great thing but one thing they didn't he probably didn't Envision \nor didn't like account for was that speculation was just gonna take over right and instead of this \nmoney being used in the way that he envisioned it as like a an alternative to uh fiat currency it's \njust pretty much stuck on exchanges and people are just like speculating it and I'm sure that's a \nphase that we have to go through before we get to like the the idealism phase but like he definitely \ndidn't account that like Bitcoin is just going to be on exchanges there's being exchanged like every \nsingle day so I think like we have to stay aware like as we build the the better future that we we \nare hoping for we have to stay away aware of like the possible like downfalls and the possible \nways that like the technology can be co-opted in ways that we haven't we didn't really think \nof so that's that's why I asked these questions because like I'm I'm right there with you as far \nas like you know the idealism for blockchain but I'm also like wary of like how because right \nnow blockchain is the Hub of all scams like all the scams are here mostly because like it's \nthe learning curve is so big it's hard for like normal people to to like really understand what's \ngoing on but go on yeah I'm gonna challenge you on that a little bit Dwayne because I do operate \nin in the real world where everybody is every single day right the messy world I I see people \nscammed out of thousands of dollars daily on a daily basis in the old world right I see people \nuh getting scammed out of their bank accounts on a daily basis through phone scams buying gift \ncards in the thousands of dollars while I'm trying to convince them no no no your grandchild is just \nfine there's nothing wrong with them they're not in jail that's not a lawyer on the phone with \nright now it happens every single day however it's not reported it's not it's not high on the \nlist list of what gets talked about right we're talking about this tiny one trillion dollar \nmarketplace right now and we think as though it's a really big number the reality of it's \na tiny number but it's a very powerful number because it represents uh everything that they \ndon't want to happen it represents a loss of control of those marketplaces right it's tiny \nbut it gets a lot of attention and for a very specific reason because if the if the rest of \nthe world understands what you and I understand things change what do you and \nI understand just to be clear we understand that Fiat is at the core \nof many of the things wrong in the world whether it's societal disparities whether it's \ndevelopment of entire countries and societies um whether it's War whether it's manipulation \nof a medical system and who has access to it whether it is money in politics that \nline the pockets of people that are supposed to be representing us money is at the \ncenter of it and the fact that it's not real so just to push back just a little bit like I \ndon't really have a problem with Fiat because to me it's just a medium just like did you bite \nor Bitcoin or whatever like it's just a medium it's like the the system around that Medium \nthat that that needs to be like addressed right and I like just the same way that uh \nFiat has been co-opted to you know do all these things in our name which we don't agree \nwith I I think that blockchain could also be co-opted in a similar way if we're not careful \nso you know I the reason why I'm like really I I like blockchain is because you know the \nthe thoughts behind it are are really good like as far as like giving people the ability \nto control their own like digital sovereignty I I think that is really good but also like \nthat's only like this generation like the next generation is just gonna be like money I just \nwant to make money I just want to make money money money money I want to be rich I want to \nbe rich you know so it's like so like I think establishing like the the protocol with with rules \nthat that that doesn't allow for you to you know manipulate or or to bring about like the same \nsame bad things that was happening in Fiat I think that's that's where blockchain has a lot of \npotential to shine in my opinion yeah no I would 100 agree um with that that there needs to be \nand created self-regulatory systems um preferably through smart contracts um 100 transparent and I \nthink when I talk about Fiat I do have a problem with it because it's not transparent at all there \nis no accountability there's no auditing the FED right there's no there's no auditing our defense \nbudget there's no auditing of how Social Security is allocated uh invested there's there's none of \nit it's all none of it's real like you can give a million a trillion and a half dollars to Blackrock \nand they can whoops we lost it because the because the marketplace for arbitrary reasons things \ncan just disappear and happen and it's because Fiat it's because money's not real and it has \nto be made real it has to be made provable you have to be able to go and look and understand \neach and every transaction that's occurred okay yeah I can I can agree with that like \num blockchain definitely solves that in that area like you're able to at least Trace where \nthe 12 billion dollars in weapon sales went to yeah like they didn't watch it and you can \nsay nope it's still there oh it just moved um which which I enjoy imagine being able to see \nuh credit Swiss right and be able to see how much money they have in their Accounts at all times and \nwhat they're doing with it and what level of you know fractional Reserve banking they're engaging \nin based on the liquidity pools in many regards D5 is much more honest than our current Legacy \nbanking system yeah it's problematic as it's been for people who truly understand and and \nwe haven't built all those mechanisms that allow for easy understanding and \ntransparency just yet but we will for sure all right well I usually like to \ngive our guests the final word as far as like anything you want to promote or any upcoming \nannouncements uh yeah go go ahead take the floor well I appreciate that Dwayne I I'm not going \nto promote anything other than you I really do appreciate the the conversation the challenges \nuh being able to really just speak honestly and openly about um the challenges we Face uh \nacross the globe and across the marketplace ultimately that's what we're looking to do it's \nit's not about digivite first and only it's 100 about building these marketplaces in a way that \nenable us to continue to have conversations like this and discuss what the future needs to look \nlike in order to have more Equity across the globe awesome well thank you Johnny Law and did you \nbuy Community for uh coming on our podcast", "video-id": "xrQNtEmLX7E", "timestamped": "false", "metadata": { "title": "12. Digibyte, Johnny Law explain the sleeping giant of Blockchain protocols", "description": "Medallion XLN Podcast Ep. 12 - Digitbyte\r\nFeaturing Special Guest: Johnny Law\nAs I researched the Digibyte blockchain in preparation for this podcast, I was blown away by how robust their protocol has become. They are one of the most secure and innovative blockchains out there. Their Genesis block was mined back in 2014 and with 220,000 active nodes on the network they are one of the most decentralized blockchains out there. In this podcast, I speak to Johnny Law, who is on the Awareness Team at Digibyte, a volunteer based initiative that aims to educate new folks about the Digibyte ecosytem. With 5 consensus algorithms running simultaneously, the ability to right smart contracts, and transact over 1,000 transactions per second…Digibyte is a sleeping giant. Learn more about Digibyte and their robust community on the Medallion XLN podcast.\n\nIf you like the podcast and want to show support, please send crypto\nBitcoin \n1B2CHxTiTx97KtQV34YSSThpdcVfo2p2fD\n\nLitecoin \nMCUKBx1i8uwyMWStr7oVRGde5ztpBi9wKZ\n\nEthereum \n0xa5c8d6f54d4e5c21a46c517c30f6ec74bd110bcd\n\nDigibyte \nD5sorVNBQmMM7Hvyq8hfr4NWdNT7pzVSpm",