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EOS Goes Web3 Banking with Rebrand to Vaulta
Recorded: March 28, 2025 Duration: 1:16:34Space Recording
Short Summary
Volta Network is set to revolutionize the crypto landscape with its rebranding from EOS Network, focusing on Web3 banking solutions and a significant token swap. The project aims to bridge traditional finance with decentralized technologies, backed by a strong advisory council and a growing interest from institutional investors.
Full Transcription
a really exciting stream for you guys so much has happened with this space um banking is not only
necessary it's what's going to take us to the next level here as far as crypto is concerned and i have
no one other than the legends of the space that i want to make sure you guys not only get a
quick intro to but also tell you how they are going to just change everything around um i want
to keep this short brief but exciting same time
so tristan let me bring you on and why don't you go ahead start with the intro and pass it off to
the next person i know we're gonna have somebody else joining us here oh zach is already in the
background so i'm gonna head into the stage as well all right tristan kick us off happy to kick
off uh hi guys i'm tristan dickinson i'm CMO of Volta Network. Very excited to be here today and try and shed some light on the rebrand,
try and explain a little bit about what we're doing
and try and highlight why we're so excited about the direction that we're taking,
but also about through banking.
Then I'll pass on to Yves.
All right. Thank you, Tristan. My name is Yves LaRose.
I'm the founder of Volta, Volta Foundation,
Volta Network. I've been in this space for a little over 15 years now. I've been in Volta
specifically for seven years, basically from the beginning to the current transition, and really
excited to talk about what our transition is all about and where we're going today. And I'll pass
it over to Zach, my co-founder.
So I noticed neither of you guys mentioned the current name, even though we're live streaming.
So I'm Zach.
I'm the CCO co-founder of what was previously called the EOS Network Foundation, now the Volta Foundation, the Volta Project.
Since we are in a transitory phase, So last week we announced the new branding,
but we are currently in the process of basically going through that rebranding process. So
that's why if you're watching this today, you're watching it on the EOS network Twitter
and YouTube channel. But if you watch it a month from now, all of those channels, or
even in a week from now, all of those channels will become Volta. So I just want to point that out in case you're
confused. But yeah, co-founded the foundation with Eve back in 2021. Been basically heads down
going in this Web3 banking direction since then. And with the rebrand announcement and then the
upcoming token swap happening next month, it'll kind of be the final steps of essentially a
rebranding process that began uh almost four years ago all right you got to bring that down for me
what do you mean it started four years ago this just wasn't like you woke up rolled out of bed
went you know what let's come up with a new name uh yeah no no um so yeah, I mean, depends who you ask. But no, we started. So when the foundation was created four years ago, Zach and I started off with nothing.
We didn't have any IP. We didn't have any socials. We didn't own the GitHub repo where the software stack was based.
And so from the beginning, we actually had to start a rebrand. We had to change the name of the software stack, we rebranded that to Antelope a couple of years ago, we need to create all our
own socials, telegram accounts, etc. trademarks, and the likes. And so the rebrand effectively
really began, you know, three and a half years ago. But the idea was we always looked at the
rebrand in a spectrum, whereby, you know, on the very low end we would do the changes as i just mentioned
and on the very high end of that spectrum on the other end of the spectrum uh name change token
ticker change etc and that's essentially where we are now but that process has taken you know
three and a half years basically to get here okay so beyond just the name change you guys are also
focusing in new areas of development in this
space. What does that look like? Yeah. So, I mean, in terms of the focus, what we were looking at is
who are we? Where do we come from? What have we actually been building towards? And so when you
look at the feature stacks, the functions that Volta has, they're really geared towards that
open finance Web3 banking solution environment.
And so all of the functions, features that we've added over the years, the security, the reliability of the network,
and kind of the product stack that we have, let alone when you look at our portfolio companies from the ventures arm,
what we've been investing in and kind of the space that we're able to unlock with that
and the different licenses that we indirectly have, etc.
Everything was in that Web3 banking space paired with, in large part, what's been happening
outside of Volta.
So when we look at the broader blockchain ecosystem, especially in the last, I'd say,
year and a half or two, we've seen a significant shift towards reprioritizing Bitcoin in terms
of where
the development was lying, Bitcoin scaling solutions and the likes. And then with the
Bitcoin ETF being approved last January, you've got a very different profile of investor or of
stakeholder that's now in the market. The capital itself that's in this broader ecosystem is also
very different than it was before.
And it's kind of that line bit between what we've been working on, who we're all about,
where we're going, and where the opportunity lies outside of us as well. And that's where that we get that Web3 banking, rebrand, Volta, all of that good stuff.
Okay, I gotta ask, why do you feel that web3 banking is i guess i don't even know if
you call the next frontier but really needed for this space to grow i'll give it to somebody else
to answer i mean i don't i don't really we didn't really decide this i think the market has decided
it um we've seen the institutional kind of adoption and um welcoming of the the blockchain
industry we saw with the starting with even before the bitcoin etfs let's say but now with the bitcoin
etfs it's front and center um different regulatory changes expect it's been accelerated especially
just in the last couple of months with the new administration so we're seeing banking laws change
for example we're in the united states for. Very recently, the banks have been approved to custody
tokenized assets and cryptocurrencies. That was never possible before. The government's
and the new administration's in the process of a regulatory framework for tokens in general.
And that's something that the industry has been begging for for a very long time is just
tell us what the rules are we will follow the rules we just need to know what the rules are
whereas like the previous administration or let's say the sec um it was kind of regulation by
enforcement so the banks are embracing it because they're allowed to they were not allowed to before
so even if they wanted to and some of them didn't but some of them have turned a corner so you go back to 2017
jamie diamond was calling bitcoin a scam and now jamie diamond is still a little bit skeptical
his company at least is embracing uh cryptocurrencies and bitcoin um what else uh all of the different
banks i mean they're all running different experimental programs and pilot programs with different
blockchain technologies. We have a banking advisory board now, we can get into that a bit later,
but getting actual feedback from the banking industry, from people within some of the largest
banks in Canada, for example. We have even, I guess, unofficial advisors outside of the ones that are official advisors, just
being at the crypto conferences. It's not us that are making this decision that the industry is
heading towards a more, I don't know what we'd want to call it. You could call it a little bit
more corporate, but it's really just, it's not that it's changed. Everything's still operating
in a decentralized way, but there needs to be a bridge that bridges this decentralized world that we've been living in for the last, what, 16 years, 15 years that Bitcoin and crypto has been around.
And embracing it to connect the traditional financial world with the decentral world that we've been living in for the last 15 years.
No, I love that.
And to be fair, like...
And to be fair, like.
Actually, I might just add to one point as well.
I think when it comes to Web3 and banking,
I think banking goes on, or global markets in a generality terms,
it goes through major evolutions or revolutions, right?
You can think about the creation of the stock market,
the tulip crash, you know, you fast forward then to the latest one
in terms of how the Internet really revolutionized banking.
And, you know, none of us could imagine a banking experience now not involving the Internet.
And it really kind of took this approach, which was not really experienced first in the sense that you had to go into, you know, a bank and you had to talk to them about different things.
And then all of a sudden you can transfer money between each other with a few clicks of a button maybe for a home loan used to go into a
bank sure but humans really evolve based on experience you know some of the best uh companies
or largest companies in the world provide the best experience and the most streamlined experience so
web3 can be that next evolution you know maybe not as transformational as the internet um but it really has the
opportunity to to improve experience significantly and if you know think about cross-border transfers
as an example sometimes if you send on a friday maybe you send on a friday night you kind of missed
banking day it might arrive uh you know on a monday if you think about what blockchain could do
you know that could arrive in a second you know maybe it doesn't maybe it arrives in four minutes that's still incredibly fast compared to the current um you know climate
that you see so web 3 is penetrating banking whether that's products or infrastructure which
improves experience uh but i think that's also a major reason you know banking is ripe for evolution
not revolution but evolution and i think web 3 really is at the forefront of
based off also what zach said in terms of you know the the global climate is becoming more positive
you know whether trump is good or bad doesn't matter but you know he has opened the way or or
you know provided a framework with which banks now which are typically risk averse can turn around and
say okay i do want to understand more about digital assets, whether they go infrastructure or product.
You know, it's a good question, but it's a very lucrative industry.
It is ripe for change.
Web3 is already, you know, integrated significantly in the industry if you think about apps like Revolut.
So this was very natural.
And then, you know, also off the back of what Eve mentioned, not anyone can have a tech stack that's suited towards what banking needs.
You know, part of one of the reasons why we're able to become a banking OS is because of reliability.
You know, that's stage one, you know, to open the door and becoming an operating system for a bank, you have to be reliable.
And the network hasn't gone down in six plus years.
Then you have to be customizable and provide banks with options. They need control, right? And neobanks might be a little bit more risk averse than
maybe major banks, but permissionless decentralized infrastructure is familiar for us. And that's
great. And we have that, but maybe someone wants a permission set. And so, you know, Web3 is really
And so, you know, Web3 is really improving the experience of banking, and it's a very fast-growing industry to an extent.
And I think Revolut is something that I look at consistently in terms of it's not so much the infrastructure side of things, more the product side of things, but they've got 50 million global customers.
You know, and a significant portion of why that is is based on experience, but also based on the offering that they can provide.
All right. Give me a little bit of insight as far as how people are engaging with capital and assets, because I feel like it has been changing, especially with the explosion of Web3 and the access that it provides.
It's almost like Web3 is not necessarily just adding a new layer to finance. It is a new layer.
not necessarily just adding like a new layer to finance. It is a new layer, right? It's almost
redefining it. What have you seen as far as maybe some of the shifts of how people are, you know,
leveraging their capital and assets in this space? I mean, true asset ownership. So Tristan was
saying that maybe it's improving upon the current financial system. I think it's actually bringing us back to the roots of what people actually wanted in the first place,
was to be able to own their assets, to be in total control of your assets, but in a safe and secure manner.
And the best option to do that was not keep your funds under your mattress,
was to put that in a brick and mortar bank where there would be guards on the outside.
And we've got kind of this castle and this moat and you've got archers on the side and they're protecting your funds.
That's what we've evolved to. And now we're kind of swinging back the pendulum towards I can control my own assets.
I can leverage my own assets, less middlemen along the way. I can keep more of what I have.
I can generate bigger yields, bigger interest on those assets because there's less people in between taking a cut, offering services. And I'm able to do that because of that fundamental
underlying technology, which is Web3. So I think we're actually seeing a paradigm shift where
people are more comfortable in owning their assets. Obviously, in this space, it's still
quite challenging to do so. Management of keys is not an easy task.
But as the space evolves, we're seeing solutions come about where they're abstracting a lot of that away from users,
bringing in insurance components in between, bringing about different functions, functionalities to make it easy so that you can recover your accounts.
make it easy so that you can recover your accounts should there you know should something happen etc
you can have multiple parties on a permission set a robust permission set allowing for recovery of
those accounts but at the end of the day that you're still the owner of those assets and they're
in your possession and I think we've seen a shift especially since 2008 obviously when when this
started where people thought they had assets and in fact you know those were just numbers on a
spreadsheet that somebody on the other end could could easily manipulate all the way to now owning your own assets being in
fact the you know the sole and true owner of them having them in your custody we saw even what
happened in in Greece for example a couple years ago when the government was defaulting on loans
and they had to shut down people were trying to retrieve their assets and their banks. They weren't able to do so.
And people started realizing, if the funds are not in my possession,
I don't actually own them.
Somebody else owns them on their ledger and they give me the right to be able to access them.
But they don't always give me the right to access them,
nor do they give me the right to access them at any given time fully,
even if the bank is not in default,
or there's not some kind of upheaval happening or societal issues causing that. And so we're seeing individuals that historically trusted institutions now start distrusting institutions.
And so that's kind of what created this space in the first place. But as capital has been maturing in this
space, going back kind of to your previous question, why now? What's different? It's because
a lot of the capital that started off in this space was more on the libertarian side, more
cypherpunks, more people who want to own their own assets. But now it's been quite some time.
We have more functions, more features, more products. People are starting to understand
this space more. Now we saw that with the latest wave of capital entering, it's now
more mature capital. And that capital wants to be able to leverage products and services that
they're currently used to, right? They want to leverage the technology, but also have the same
functions, features that they currently have, the same products and access. They want their cake,
they want to eat it too. And the space is at a point where you can provide that
where it's got the the demand that's now knocking on the door and the tech underlying in the products
and the teams working in this space are now capable of supplying that um and so it's just you know it's
just time basically it's just uh you know we've matured to a certain point where that's what is
being asked uh that's what people want uh and we've matured to a certain point where that's what is being asked. That's what people want.
And we have the capacities to be able to provide that.
And we want to be at the forefront of that, being ahead of the curve.
And like Tristan said, because we've been up and running for six and a half years with zero downtime, with zero incidents that have affected the network wide, then we've got that security and we've got that reliability and mature capital really thrives on that security, that reliability.
That's what drives markets. And that's why we're also seeing right now that there's a, you know, the markets are a little bit shaky because markets do not like instability.
And right now we are seeing instability. So at the same time, that's also driving people towards moving their capital in a blockchain environment, because again, at the end, they, it belongs to them. We saw that when, you know, the war in Ukraine erupted as well, people having
to cross borders, not being able to access their assets, but those who had those on their assets
on the ledger were able to relocate very quickly, very efficiently. So there are multiple, I guess,
geopolitical events that are leading to this. There's institutions coming into this space.
And then there's a tech being mature enough to be able to handle that demand and offer the supply.
Now, you're talking about this change in crypto as a whole.
You're dead on, right?
Like when I lost my original keys, I didn't lose keys.
I literally lost a file.
I lost a hard drive, right?
So we've seen this progress that we've made in this space, and it's been phenomenal.
Like, I really, really do love it.
And it's honestly to your benefit because I can't imagine, you know, anyone out there trying to create a banking operating system and telling people they need to change everything that they do and how they do it to be able to, you know, come into this new space.
But you guys are – you have a very ambitious goal. You're talking about transforming large financial
institutions. That doesn't happen overnight. Although the technology is here, things are
better. It's a lot easier for them to get integrated. What's the plan? Like, what's the
strategy behind getting all of these people on boarded, essentially? So we've laid out our
vision, our roadmap or, you know, at a high
level with four different pillars. And the idea is, you're right, this is not going to happen
overnight, some of these products, and the way that I guess two of you so far, I've heard,
there's this impression that banks will somehow all, you know, integrate web three, I don't believe
that that's necessarily the case. I think that there are some banks that are a little bit more
forward facing in terms of their thinking, they'll integrate web3 uh components within you know
their products and services so they won't necessarily uh run on web3 but they'll have
web3 components in them let me let me give you a concrete example right now if you're going out to
get a mortgage uh you can collateralize the assets that you have in terms of stocks bonds commodities
that kind of thing the bank will look at that and will determine whether or not you have enough assets to collateralize to
offer a loan, in this case, the mortgage. But you can't collateralize your digital assets.
And that's one thing I think we're going to start seeing quicker rather than later. And that's a
shift that doesn't necessarily integrate Web3 in the bank itself. It's simply collateralizing your Bitcoin, for example,
the bank recognizing that you have Bitcoin, that that has value,
that it is an asset and that it can't be counted towards
your collateral that you're putting up against, let's say, getting a loan.
So that's not necessarily the bank now suddenly being on Web3
or the bank somehow integrating in in Volta, we're
just talking about one specific small component that we are
seeing that is changing. That's a sign of things to come. But for
the rest of the products, yeah, it's a vision that we've laid
out, which obviously will will deploy and we will work towards
that goal over time, some of the projects and features or
functionalities that we are talking about, we already have in pilot stage. Either we've already
created MVPs or we're working on MVPs. Think of one of them in the asset management pillar,
for example, the first pillar. We've got a partnership with Cefu that we announced a while
back, being able to have your assets on chain
under your custodian on chain through an agreement. But then those assets, they need
mirrored to a centralized exchange so that you can run further yield earning strategies. Think
about, let's say, a delta neutral quant strategy that can be running off of Mirror X on Binance,
but your funds are actually not on Binance.
So that because your funds are on chain, they can be earning the protocol level yield,
which at EOS right now stands around or VALTA right now stands around 17, 18%.
But then complementing that with, let's say, Delta neutral trading strategy that can add,
let's say, another four to eight percent. And so you're able to compound both products into better yield while still
remaining uh custodian custody over your assets or at least the assets being on chain trackable
transparent that's incredible i mean yeah i love myself a little yield i mean i'm a miner at heart
right like this is how i got started into bitcoin i was mining back way back in the day well over a
decade ago so like knowing that i can actually earn without having to play all the crazy DeFi games and keeping it simple is music to my ears.
But something that's-
On the other end though, you know, somebody might have a higher risk profile. And so now I just
talked about maybe a lower risk profile. And so when I talk about capital that's entering the
market, that's also more mature, when you go to your current bank and you've got some capital to place in investment, they'll offer you, let's say, different mutual funds,
depending on your risk profile, you're going to fit out some questionnaires,
and you're going to get a, I'm very conservative, conservative, average, aggressive,
very aggressive, for example. The one I just mentioned with Delta neutral trading strategies,
that's one of them, for example, that we are piloting that we'd be able to offer,
but that's on the very conservative front of things. You just mentioned, for example,
you're not into the crazy volatile default, etc. But some people are. And some people might want
to have that risk profile and have a product that's catered to them that maybe is a little
bit more aggressive, that has maybe a wider spread in terms of potential return, able to accept
perhaps that there's a greater risk. And so a lower return or even maybe a wider spread in terms of potential return um able to accept perhaps that there there's a
greater risk and so a lower return or even maybe a negative return but these type of products are
what traditional industry is used to and we don't really have that right now this is what's being
created so and that's the path that that we're on is to really try to replicate as much as possible
what currently exists in the traditional uh, traditional finance sector in terms of of product stacks and mirror that in a Web3 realm, either by building the bridges and the connections to make it happen by leveraging both of them in a CD5 fashion or porting everything on chain so that your digital assets can benefit from the same type of product that you would originally have in a traditional finance space. So it's not all on chain, not all off chain, it's trying to create products or solutions that
can leverage both of them, depending on on the use case. Now, when it comes to the the keys,
the identity aspects of things, I think that's a big play, like a big thing that people have
asked about recently, what are you guys doing as far as the identity management aspect of things?
Is that something that's built into your system?
Do I take this question?
Anybody can take this.
All right, I'll take this question.
So Volta has at its base an extremely robust permission set.
And so I think it was Tristan that touched upon it, or maybe Zach earlier talked about being able to essentially create permission sets, or walled gardens,
because some institutions prefer to have a walled garden, essentially. So think about, you know,
Vault as an open source permissionless banking OS, or just an underlying piece of infrastructure
and operating system. And people will be able to interact with it in a permissionless fashion, a permissionless
matter.
But think that perhaps there's a large bank that wants to offer products or services on
Volta, but they need to go through a particular regulatory framework in order to control who
can get access to that.
And this is where then the decentralized
entity comes in. And at the base of that is that robust permission set. So on Volta, you're able
to create permission gardens where you're essentially restricting who can interact within
kind of that sub part of the chain, that product or service. You could do so in multiple ways by
assigning, for example,
what was known as a sole bound NFT to a particular account. So let's say I as a user go and do AMLKYC
in the particular jurisdiction that I'm in because I want to engage with a product that a bank in my
Canadian jurisdiction is offering. I might go through an AMLKYC process, get a token that's
only bound to me that I cannot transfer. It's a non-transferable token. And then being able to, with that token, then enter that walled garden that that particular bank offers or that particular product offers to be able to engage with the services, respective services within that walled garden. And so we've got multiple different ways of approaching this. But like I mentioned,
there's a decentralized identity aspect to this, and there's a potentially a sold-bound NFT type of
token that's involved in this. Currently, when you're interacting with your banking services,
or even when you're interacting with your governmental services, here in Canada, we use
your social insurance number, your SIN number. Well, that SIN number could effectively be tokenized, whereby if you have that, it enables you to do X
type of thing. So I know I was talking to some government officials just late last night about
writing a white paper that's going to be published and made available because in Canada, we are
currently going through a federal election. And the idea is to offer something to all political parties in terms of in their first 100 days in government,
what should they be on the lookout for? What should they address in our particular field?
And that was one of the ideas that we toyed around with is how could potentially government
offer a token that enables you to interact with government services,
think paying your taxes or getting access to grants, etc. That's only available to you,
and that you're able to interact with the government in a more efficient manner where
perhaps the transactions live on chain, they are seen on chain, the content of those transactions
don't need to be seen on chain that can live off chain. But you get a better reassurance that the
government is in fact, you know, interacting with you, you're able to move funds back and forth or
whatever the service may be. But you'd also be able to see, for example, if the government is
transacting with other different, whether they be citizens, people, or actual businesses,
and everything would be represented on chain. So the data itself is currently public in terms of government services, what happens, etc. But you
don't have that auditing trail, you always need to trust in this way, you'd be able to trust,
but verify. And so that kind of simple solution that involves identity that involves government
that advanced banking solution. That's the kind of thing that we can envision with something like Volta.
You're getting everybody to get orange pill here,
telling them to not trust but verify.
I love that.
Finally, getting the things that we care about most into the regular world,
the normie world, I guess you can say.
You did mention Safu as one of the things that you're kind of working on.
uh sefu uh as one of the things that you're kind of working on um does that fit into the solutions
to basically bridge um you know these institutions into the web theory world without having to
essentially overhaul everything that they've experienced like from day one is that part of that
strategy yeah i mean seph is just one example um and that's i guess the somewhat of the official
custodian of bin, the somewhat of the official
custodian of Binance. But look at the official custodian of OKEx, Standard Chartered. Standard
Chartered, regular company. And that's another partner that we're exploring, working with.
And that maybe addresses more a little bit your question, because Cefa is really on chain,
where Standard Chartered is kind of that more traditional partner.
And so you can have those custodians, and we're seeing more and more custodians come about.
So it's not just these Web3 custodians.
We're seeing regular banks or regular custodians raising their hands, saying, I would like
to have a piece of the pie.
I'd like to pay a part in this future, where, yes, in fact, you're able to kind of reduce
that friction.
You're able to bridge both worlds where traditional custodians, in this case, a bank or a standard charter, are able to custody assets on chain or digital assets while also offering off chain non digital asset type of product or linking both.
Right. Stable coins have a huge part to play in this.
And that's another one that we we can touch on on later love it now you did mention i was gonna say he's been talking a lot of an opportunity to jump
in he's got all the knowledge but um to build on the sef i think you mentioned if that partnership
would help bring in institutions but i i see it from the other standpoint of it brings it
democratizes access for more retail investors
to have access to things and tools
that traditionally only institutions
or large fund managers did have access to.
So one of the use cases that's been presented,
I think it was presented in the initial CEFU announcement,
was, so there's different,
we call them Delta neutral trading strategies.
There's probably more risky ones too,
but we're focused on the delta neutral trading strategies,
which is basically a risk-free arbitrage that could be done,
where if you have a lot of capital,
we're talking like tens of millions of dollars,
most likely, or even more in a lot of cases,
then you could generate yield from your assets.
You're just holding your asset
and professional quant traders are doing things
with your assets in the most risk-free way possible
to generate yield. Typically, that wouldn't be available to you or me, most likely.
But with tools that we could build, we call it CDFI. So that's centralized, like centralization
DeFi. So kind of bridging the financial worlds is how about if we could democratize access to these
delta neutral trading strategies so that regular retail users could access them but then
there's regulation that's that's the centralized uh finance aspect of it and then going back to
you mentioned digital identity or kyc so to participate in this because you are indirectly
interfacing with a regulated product with professional quants and arbitrage going on
anyone who would want to participate in that it might be different for d5 but you would most likely you will have to kyc so there will be an
identity component if you want to participate in this yield that is typically only accessible to
fund managers with millions or tens of millions or hundreds of millions of dollars so i see it
as the opposite of what you said it's not that you're wrong and assuming you bring in more
institutions because they want to use institutional tools also but i i see a big opportunity because most users on any blockchain
or even defi most people aren't whales most people are probably investing a couple thousand tens of
thousands some people even a couple hundred dollars and that's a lot of money to them
and right now the only the best ways for them to make money is they basically trade on their own
and a lot of times they probably get wrecked.
So I'm sure that if they could get a stable risk for yield, that they would jump at that opportunity.
So that's one of the products that we've kind of laid out the vision for.
And that's something that we'll probably be releasing more information on as it's coming closer and closer to fruition.
But that is the general idea is basically democratizing access to these quant traders, not directly, but through the yield that they are already generating for large funds, making that accessible to anybody.
So not losing the ethos of what we really want to see in this decentralized world while still providing new tools for people to participate in it all, which is super exciting.
But something I did not understand was the Banking Advisory Council.
What is it?
What's its intent?
What does it do?
How does it function?
Can one of you guys break that down?
Yeah, I can break that down, definitely.
So if you think about entering into the banking space,
it's not something that you can kind of just jump into
and all of a sudden you can gain market share.
You have the connections.
You understand from a strategic point of view how to approach certain conversations.
You understand from a regulation, from a security point of view.
There are a lot of different elements to banking.
It's extremely diverse and it's extremely complex in many ways.
It's simple in others, but complex in many ways.
So really what we wanted to do as a network was to create a banking advisory council.
So we call it the Volta Banking Advisory Council and get notable thought leaders, but also really experts in the space to help guide the network on a bunch of different initiatives.
Whether that's from a growth point of view, whether that's from an understanding or learning point of view, whether that turns into something from an integration point of view, you know, integrating
blockchain technology with banking technology, it's not that easy to do. Maybe that's not the
right path forward. Maybe in some jurisdictions, it's more about offering, you know, financial
services or different products. But then you have to understand the regulatory challenges might be.
So it was really important for us actually to get this council together.
And it is made up of some very notable thought leaders.
So Lawrence Strong, he's the CEO of Systemic Trust.
He's been in the industry for quite a long time.
He was the ex-CEO of Binance Canada.
I think he was also a regulator as well, but, you know,
brings a lot of experience to the table,
but also a lot of understanding of our space. Didier Lavelle. I'm not saying his name right. I think he
says his name better.
No, you're butchering it.
Yeah. Didier? Anyway, I won't say it.
Didier Lavelle.
There we go. You can tell that I'm good at French.
Did you read that one again? It's Didier Lavelle.
Didier Lavelle.
Didier. Yes. Never mind. Lavallee. Didier, yeah,
that was something I wanted to say.
You don't have that French accent. No worries.
I'll keep
saying Didier, but yes,
he's the CEO of Tetra Trust and he's
worked with compliance
and custody solutions and different institutional
clients and he
held senior roles at RBC from an investor
and capital markets point of view. So it brings a lot of experience to the table.
Alexander Nelson is the senior director of digital finance for ATB Financial, which is one of the
larger public banks in North America, and obviously brings a lot of experience currently
working in banking, has a very good understanding of the industry and a lot of strategic insight that it can build
and bring towards the network.
And then Jonathan Rizzo,
he's a senior business solution specialist,
also works for ATB Financial
and similar in the sense of a solution specialist.
We're working with technology and products
and together these banking advisors,
and we also plan to to expand the banking advisory
council they really help us to better understand the ecosystem that we're moving into to better
understand from a strategic point of view how to go about different elements from a growth point
of view how to potentially open doors or unlock different possibilities that we wouldn't have
been able to understand.
And they're a really integral part of the network.
They're going to be a significant part of success for us. They're a really good springboard to have and something that we're really, really excited
with.
And, you know, it's new that the council has been formed and we'll continue to iterate
and build on the council.
But it's something that we're very excited to work closely with really senior thought leaders and experts in the space.
So something that a lot of people may not have noticed that don't look at news basically all the time, something I kind of have to do for the position that I'm in.
You guys were everywhere.
Literally, not only Web3 publications, but a lot of financial publications announced what you guys are up to here.
Why do you think the reach has been so broad and so many people are actually interested in what's happening here?
Is it because it's new?
It's innovative?
What's the reason why so many people are actually talking about it?
I mean, I guess we're onto something.
Yeah.
I guess that the time is right.
The product is there and people recognize that.
I mean, just thinking, we're talking like banking,
just the word banking, like, well, I guess in third world countries,
maybe not everywhere, but most people are familiar.
It's something that everyone can kind of relate to.
Everyone kind of uses.
Everyone probably has complaints about it's it's it's there's a much think about how small of a population is actually
like in web3 not not people that have maybe invested in some meme coins and bought something
at some point over one of the bull cycles but people that are like really into web3 and really
follow the web3 news think about how small that segment is, and then think about how large mainstream is. So if you want to focus just on a Web3 niche,
it's very narrow thinking and a very small piece of a global pie. So it's very much strategic. And
part of that is just how you handle PR, how you handle outreach, which journalists and editors
you're reaching out to, and not just focusing on the coin desks and the coin telegraphs of the world looking at the wall street journal and the forbes
and and larger publications that have a much much wider reach than coin desk or coin telegraph
no that i mean that is definitely the right approach if you want to be noticed and known
by people out there but i would go as far as say the people that are quote unquote unbanked
they care about the stuff too man like i've been hearing it literally i heard about you guys from people that have no idea that i had a connection
with you whatsoever people that don't speak english people in third world countries are like
hey do you know anything about this you know what's going on here like this is an exciting event
not just for the people that are like banking you know in regular institutions we're talking about
the debanked here as well.
The people that don't have access to it,
they're excited about it.
I would say arguably that addresses their concerns.
And it's even, if anything, as you say,
it's even better for them.
When we talk about, you know, maybe you and I or the people on this call,
we already have, I'm assuming,
access to regular banking services.
We already likely have a bank account and we already likely are able to access financial services. And so for
us, it's maybe going from a, you know, whatever, 85% efficiency to an 88% efficiency. But for
somebody who doesn't have access to those services, you're bringing about a whole new world to them.
And there are certainly areas in the world that we're always, I guess, poised to be able to take advantage of blockchain technologies. And they have to a certain extent
since, you know, since the creation of this space. But I think with Web3 Banking, we're going to see
an evolution that we've just not seen in terms of being able to offer services that currently are either prohibitive because
they're just too expensive. I don't want to get ahead of myself because their announcements are
being made next week. But there's a significant portion of the world that access right now,
third parties to be able to transfer capital, and they pay extremely high premiums on this,
and they do not have an alternative. And so being able to offer alternatives at a much more efficient,
you know, where the settlement is maybe whatever.
In our case, it's one second.
That's why we call it instant finality compared to, you know, whatever the and
we're not talking about T plus two plus five when we're talking about settlement
and remittances globally when you're you're thinking of transunion or money
union, that type of thing
there we're talking about you know up to two three weeks depending um and maybe at a best
case scenario you know a week we're talking about bringing that down to a second and bringing the
fees down that uh can be extremely prohibitive from maybe one transfer costing fifty dollars to
move over uh because some of them they're on two different uh types of fees some of them are flat fixed fee so that doesn't make sense if you're not sending a lot and some of them, they're on two different types of fees. Some of them are flat fixed fee.
So that doesn't make sense if you're not sending a lot and some of them are on
percentage fee and so that doesn't make sense if you are sending a lot.
And so with Volta, essentially your fees are negligible
and then you're able to transact with stable coins.
Think USDC, USDT globally, instantly, transparently, securely, reliably.
I mean, it's a whole new world.
Yeah, and I have access – well, I have experience in that world of losing money to those third parties.
I'm originally from Brazil.
I moved out to the States when I was a teenager.
And having that experience, working with third world countries and just trying to support people there, trying to help people, this is phenomenal this is like the next evolution that we've all been waiting for um but
something i would love for you to go through is those four pillars that you mentioned um because
i know that your your plan you know to broaden the reach will kind of you know upgrade or evolve with
each one of those if you could you know any of you guys, feel free to jump in.
Is this a test for Zach or Tristan? Who wants to take the test? If not, I mean,
I wrote the thing, so I can definitely lay them out for you.
We've hit on several of them individually. So just the four pillars is wealth management,
consumer payments, portfolio investment, and insurance. So the wealth management,
basically we talked
about CDFI and SEFU and basically different ways to generate yield from your assets. I think we've
already hit that one. And collateralize your assets. Collateralize your assets, be able to
borrow against future yields. I believe you've tweeted something other day teasing something
out about that. We were just talking about consumer payments and remittances uh so i think we already
hit on that one portfolio investments rwas like you could look at the statistics and the projections
for that market and how it's continuously growing i think everyone's pretty familiar with asset
tokenization and rwas i don't need to go into a whole lot of detail um spirit blockchain if you
look on the blog article that's the logo on there you can look at
their portfolio companies and maybe take some guesses um and then the the last one's in insurance
and i'm not going to try to attempt to explain this one because eve's the one that dealt with
corporate insurance in the past and has actually dealt with the issues that some of uh these
solutions are actually meant to solve with blockchain insurance Inc.
All right.
I can't explain.
I can't explain.
I'll jump in for a couple of things.
So the wealth management component, like Zach mentioned,
you're collateralizing assets. You're able to generate extra yield and that payment solutions.
I touched on one with remittance, but when you combine both of them,
think of, and Zach basically
kind of gave a little hint on that, think of being able to have your assets locked in,
generating a particular yield, that yield, let's say, is stable. And so you're able to
project future yield. And then you're able to take out a loan on that future yield to be able
to deposit on a credit card that's linked to your digital assets that you can spend when you go to the restaurant or something that what you're spending is actually a future it's future yield
right so you're taking a loan on that and so because you're spending debt that is not a taxable
uh uh event so obviously there it depends on your jurisdiction there's a lot of work to go in that
way but that's the kind of product that we want to offer there and that's how you can start to
see the blend of different pillars.
That third pillar, like Zach mentioned, tokenization of assets, the famous report that came out a couple of years back from BCG, the Boston Consultation Group, projects that by 2030, the RWA space or tokenization space is going to be up to $16 trillion.
And we're seeing that grow year over year significantly. Even since that report came out, we've already seen that we're on track to perhaps even beat
those projections.
And that final one, just to add to what Zach mentioned, historically, whenever you want
to work in this space, it's incredibly difficult to get access to traditional financial services.
Think of just getting a bank account.
So because you're in the crypto uh uh space financial
institutions look at this as you're inherently uh riskier or you're of an unknown risk because they
don't understand what you do and so by default uh it it makes them that either they're leaning
towards not offering you banking services or they want a little bit more assurance in terms of if
something happens will they be made a whole essentially, or will they be absolved of the perceived risk that you bring about?
And so that's where the insurance portion comes in. And here we're really talking about real
world insurance. So if I'm a developer and I want to create a company and I've gotten grants or
something like that in this space, I do need access to financial services. I need to make
payroll. I need to pay
my bill at the end of the month, whatever it may be. That company perhaps has a need, and more often
than not, will have a need to financial services. But you can't get those unless you're insured.
And it's very difficult to get insured in this space. Think about directors and officers insurance.
Think of if you're a minor infrastructure insurance, cyber attack insurance, that there's a slew of insurances that are accessible. But as soon as you check that that box or you label your company as I am associated to blockchain or crypto, you now become a liability. You now, you know, your premiums essentially jump up. So even if you are lucky enough to be able to find a company that will insure you, you're going to, your premiums are going to be through the roof. And so think
of a company that's not in the Web3 space, and they are doing a very similar product to you,
whatever that product may be, they're just not incorporating Web3 inherent functions or features
within their product. They're able to get access to insurance at a much
lower rate. And that's been the norm now for years. And so it's kind of a chicken and egg.
You can't get insured because it's too risky and or you just don't have the funds to be able to
pay for the insurance. But because you don't have insurance, you can't get the banking service. And
so you can't actually really grow your company or you can't operate in a compliant manner in
some jurisdictions. So often what happens, we see regulatory arbitrage teams move overseas,
they incorporate overseas, they have to relocate or they just end up giving up
and they just don't join the space. And so innovation is stifled.
With that component of insurance, we're closing that gap where we created a product that's
specifically tailored to crypto companies made by crypto companies who understand the risks
in this space, who understand their players in this space and understand kind of the realities
and the challenges, but also understand that, you know, that certain things are quite vanilla
and there shouldn't be a high cost of that. And so we are launching a product called Blockchain
Insurance Inc. that will be able to benefit those companies offering premiums at a much lower rate than currently is available.
And this is because it's essentially the world's first digital assets captive insurance.
A captive is regulated by the government. Captives in the insurance world are quite standard.
So the rigor in which you need to go through in order to be
able to showcase that you're properly capitalized and that you're able to offer these insurance
products compared to, let's say, a private insurance that can offer to anybody. And so
inherently, their risk is a little bit higher. In this case, a captive can only offer to its
members or associated members. And so you're able to create associations, memberships that then
basically kind of do the filtering in between as an added mechanism to be able to verify whether or not the company or the individual that is trying to be insured meets the standards that are set in place by the insurer.
And so long-winded way to say we're closing that gap between being able to offer financial products because now you'll be able to have
insurance at the backbone and those two play very very well together
wow i was gonna ask like how are you guys supporting you know the bitcoin ecosystem here but
this is incredible because that's my life right i deal with miners every single day like i'm i work
with companies that have you know a handful one megawatt all the way up to you know an organization that
has over 80 000 miners and mining you know over a thousand megawatts right now so that is a hard
thing for us finding insurance that actually makes sense is incredibly difficult um but i know you
know exat um plays a part in this whole good segue of another way that we're supporting the bitcoin
miners yes how how is that can you break that down for us all right somebody else can make it
go for it so i mean uh the 2.0 white paper has yet to be published but there was um a blog
article that's kind of a sneak peek of what's to come new tokenomics new functionality for that
um still working on increasing uh the the mining the increasing the synchronizers, which are the
mining pools, basically pushing their, using their... What is XSAT, Zach?
Oh, XSAT is a, we don't want to call it a layer two, but it's a Bitcoin scaling protocol. It's
leverages a hybrid consensus mechanism. So it's kind of like it kind of it's kind of a bridge,
let's say, between Volta and Bitcoin itself. The infrastructure providers essentially operate
infrastructure on both sides. I'll give a concrete example of what we call synchronizers. So
synchronizers are Bitcoin miners who mine Bitcoin. They're the most if you don't trust the Bitcoin
miners, you probably don't trust Bitcoin. You always hear about the 51 percent. If you don't trust the Bitcoin miners, you probably don't trust Bitcoin.
You always hear about the 51%. If you have 51% of the hash power, you basically control the network.
So whenever we set out to establish a Bitcoin scaling protocol, how do you establish trust?
What's the best way that you can establish trust? Because everyone trusts Bitcoin,
but how do you trust the operators the operator the operators or infrastructure of the
scaling layer so the best way to do it was to actually leverage the bitcoin miners themselves
ideally with more than 50 of the collective hash power so essentially when i say that they bridge
between the two networks the miners are already mining bitcoin but we want to mirror that utxo
data so mirror the entire state of Bitcoin and the entire history of Bitcoin into
VoltaRAM,
which is a high speed decentralized database mechanism with an economy
already built around that it's been live since 2018, well-established.
So the Bitcoin miners essentially, every time they produce a block,
they essentially push or anyone produces of the other miners produce block.
They basically synchronize that UTXO data and push it into RAM.
So they're running a piece of software that is writing into Volta RAM,
and they're already running the mining infrastructure on Bitcoin.
And then on top of that, there's another piece of infrastructure we call validators.
Those are a lot of large custodians, Bitcoin holders, trusted entities.
I believe there's 40.
Miners themselves, yeah.
So you could be a miner, you could be a synchronizer and a validator
to participate in both.
But they're essentially checking the work of the miners.
So if you didn't trust 50 plus percent of the hash power already,
then there's another group of 40 other infrastructure providers called validators.
They basically just check the UTXO data to make sure it's valid and not fraudulent. So that's as
trusted of a system as we could potentially possibly come up with. If you have a better
idea, please present it. How does this help miners was the question. How does it help miners? So whenever...
Why should his friends care?
His friends are miners.
Why should his minor friends care?
We were in a different environment
whenever the concept of XSAT
was kind of come to fruition.
So this project really started
picking up momentum last January.
At that time, it was right when the ETFs launched,
but before the market really took off.
I don't remember where the price was at the time, let's say between 40 and 60K. I don't remember
the price, but things were good until the halvening. So then the halvening happened,
was it April 20th, I believe was the date, roughly around there. So whenever the halvening happened,
half of the revenue of Bitcoin miners was taken away.
That's still the case today.
But luckily for them, the price has gone up a good bit, even though it's down a little bit now.
A year ago, we would love to say that we were 85K.
So it's essentially an additional revenue source on top of the Bitcoin mining for the Bitcoin miners.
mining for the Bitcoin miners. At the time that Exat was initially being, I guess, the idea behind
it and the tokenomics behind it and the economy behind it, it was the miners were struggling.
A lot of them were not profitable. They were taking on debt to stay afloat and they're looking
for additional revenue streams that didn't add a lot of additional costs and that's what exit offers them to run this extra
piece of infrastructure it doesn't cost much i don't know the exact infrastructure cost but let's
it's a light client we're talking about like you're running yeah it's very very light the hard
part's the mining power the hash power they're already they're already paying that anyway so
basically what exa is paying for is it's paying for their trust it's it's paying them in exit tokens for their trust and the exit
token is um uh what what wow i'm blanking on the the word of the the fair launch model yeah so it's
so basically how a lot of d5 products launched where you start with zero tokens. The only way to earn that token is to provide some kind of work to the network. In this case, it's, it's the mining, it's, it's synchronizing your UTXO data. So the miners are earning XSAT tokens from, from zero. And then the validators also earn XSAT tokens. There's no team allocation, there's no treasury. So very much
the tokenomics were set in the same way that Bitcoin was launched. The only people who had
Bitcoin tokens at the very genesis of the network were those who were participating in the network
and mining Bitcoins. XSAT launched in the very same way where no one got free tokens, there was
no pre-mine. The only people or who had tokens initially were those who earned them through providing work to the network whether
through validation or through synchronization I almost said that's who has tokens today there
are secondary markets today so you could easily hold XET tokens because you bought them from a
secondary market today or you could actually stake your Bitcoin towards a validator and then they
could share their yield with you
as a retail holder also. So there are other ways to get the yield now, but essentially it's a fair
launch model. The token, I won't get into the new utilities because that's going to be laid out in
the 2.0 white paper. But right now you only have to stake Bitcoin to validate the network. So you
have to have at least a hundred Bitcoin,, which is math is a lot easier.
8.5 million dollars whenever we are at 100,000 dollars. I can't do the math today at 85K.
But essentially you need to stake XSAT tokens on top of that. So to participate as a validator, you have to have both XSAT tokens and Bitcoin staked.
But that's when the staking goes live, which will be the specific dates for that will be in the white paper.
So I'm all over the place on this, but as far as the use case for it is, it acts as an oracle
of the Bitcoin network. So I'll give a concrete example of you can trigger a smart contract based
on, we're talking about these new things that Vaultic can do and owning your assets while being able to leverage them as collateral, for example, or take out a loan or have a credit for it.
So let me give an example of, let's say Eve has a Bitcoin stake in his wallet and he's saying that I hold this one Bitcoin.
You can trust that I hold this one Bitcoin because I gave you my wallet address i signed a transaction on bitcoin i showed that i have the keys to this bitcoin on
the bitcoin network but because it's an oracle of the network if that if that token were to move
from his his wallet address as soon as that happened that data would be pushed into xsat
because it's a utxo on the bitcoin network it gets pushed into the xsat network so you can
essentially think of it like an Oracle
where if that balance goes below one Bitcoin,
then that could trigger some kind of smart contract,
whatever that is.
If he borrowed against it,
you can't touch his asset because he owns it.
So it'd have to be something else.
So like if he defaulted on a loan,
it wouldn't work in that situation
because you couldn't actually take his Bitcoin away.
You'd have to have some other kind of collateral.
Other things you could do is you can kind of have
a multi-sig on XSAT that triggers a transaction on Bitcoin. One of the flaws of Bitcoin,
or not flaws, but limitations of Bitcoin is it does have multi-sigs as far as using like sharded
keys, but it doesn't allow for dynamic multi-sigs.
So that's another use case for it is if you wanted to have a set of keys that can control Bitcoin,
but you wanted the key holders to be able to rotate based on, let's say, a consensus,
you could actually change in and out who the key holders are based on any rules of a smart contract.
You can't currently do that on Bitcoin. If you wanted to change the keys on a Bitcoin multi-sig, it's very difficult
because the only way to change the keys is for the current key holders to actually sign the
transaction and reach a consensus. So you could actually have almost, depending on how many keys
you're trying to kick out of the multi-sig, you might not actually have the consensus to do it.
Let's say you need a five out of six and two people are bad actors in your group you couldn't
actually do it um so that's another use case but pretty much anything where you have to look at
bitcoin you basically could trigger so think of it like chain link but specifically for bitcoin
and even more powerful and more trusted than the consensus of Chainlink.
Because like I said, it's the Bitcoin miners themselves who are pushing the data.
Not saying Chainlink's not trusted, probably 12 out of 15 oracles pushing the data, all checking each other's homework.
But I wouldn't put them on the same level of trust as Bitcoin mining pools.
And right now it's about 50% of the Bitcoin mining hash power. The Eastern Bitcoin
miners were much quicker to get on board with this because they're in a different regulatory
environment than the Western Bitcoin miners. But there's two particular very, very large mining
pools that have been in communication with us for a while. And as soon as one of those two or two of those two join the network,
it should likely be 65, 75% of the Bitcoin hash powers. Once you have that, it's just like a super majority of the mining pools participating. Yeah. So on top of that,
I mean, you're not asking for somebody to run additional hardware to go out there and like,
oh, let's do some type of Oracle. Sure, it acts like an Oracle, but you're literally getting the same exact data that the Bitcoin
network is actually getting because you're working directly with the people that are
mining, right?
Yeah, and you could also think of it like you could batch settlements too.
So for example, exchanges and arbitragers and market makers, traders, constantly sending
Bitcoin across different exchanges from coinbase to
binance to kraken there's all this on-chain movement of bitcoin just to move an asset from
one one exchange to another even though i mean that is what it is so imagine if um the exchanges
used exa as their highway for bitcoin um because look at Because look at the list of custodians who are participating
as validators already. They're aware of the ExSat product, running the ExSat software.
Now imagine if they wanted to use almost, this is their own Lightning network. And then they did
settlements. Instead of doing a settlement for every single transaction, I send Bitcoin from
my Binance account, which I don't have because I can't KYC through it, but my Binance account
to Tristan's Coinbase account, let's say, or the other way around because you could
probably use Binance and I can use Coinbase. So instead of that going on chain, I'm just using
these examples. I'm not saying Binance and Coinbase are going to be part of this, but just
as an example, instead of that transaction being seen on chain from me to Tristan, Binance logs it,
Coinbase logs it.
It's logged as part of a big batch of transactions between those two exchanges or whoever the custodians are behind them.
And then let's say once every hour or once every 24 hours, even once every 15 minutes, 10 minutes, whatever they want to do.
They just batch all of those transactions and settle with the differences.
Because let's say thousands of transactions transpire between
Binance and Kraken or Binance and Coinbase or any two exchanges. At the end of the day,
there might only be a balanced difference of one Bitcoin, even though thousands of
Bitcoins went back and forth. They all kind of just offset each other. If I send one Bitcoin
to Tristan's exchange and Tristan sends one Bitcoin to my exchange, we're already settled.
We don't even have to do a transaction on chain
because it offset.
Even if there's different retail users
making those sends,
the end balance is still zero.
You would only need to balance,
you'd only need to transact on chain
what the difference was
whenever this time for settlement is.
Would that make sense?
Oh, it totally makes sense.
I mean, this is how real banking actually works.
We seem to think that we need to reinvent the wheel
every time we add
Web3 to things.
This is what actually makes sense to do.
It's way more efficient.
To me, we shouldn't be reinventing
the wheels. It's just stick with things that actually work.
Just make it more transparent
and easy for new players
to come in to our little world
and participate in it.
Something that we've been getting questions about
is in regards to the EOS tokenomics,
is it going to get altered?
Are things going to change?
What happens with the token?
Is EOS staking real?
Is that a real thing?
Believe me, we get all sorts of questions.
Weirdly enough, I get a bunch of those,
even direct DMs to me.
None of the tokenomics are changing.
So there was a tokenomics upgrade last year.
That was the most major change to tokenomics since the network launched.
It went from an inflationary model to a fixed supply,
which was very important for both function and narrative.
Even though when you have an inflation schedule,
you're taking tokens that were not in supply,
you're minting them and putting them in supply whenever you have a vested wallet that drips out tokens at a slow rate it's the same
exact thing it's tokens that were not in circulation going into circulation but there's a few key
differences one just people don't really think that deeply i don't believe that it's just inflation
bad that goes back to the ethos of bitcoin in the first place. But then the other thing is being able to calculate
FDV, so fully distributed value. If you have an inflationary supply, the supply is technically
not capped. It can go up forever, so you can't calculate FDV. Part of the tokenomics changes
also included adding funding for things like staking rewards which you mentioned all of those changes
happened last year there is no need to go back and try to change tokenomics again
one because it's something that should only happen very very very rarely if a project's
constantly changing their tokenomics i would say that's not really good for the project or its reputation. The other
thing is the supply doesn't change, like the total supply. It's a one-to-one swap. There's no
bonuses. There's no special airdrops. I want to just point that out too, is there's no airdrop.
If you see any links to anything or any messages on social media, promoting any type of airdrop for the
vaulted token, it is 100% scam. The only way to get a vaulted token is to swap your EOS tokens.
So it's a one-to-one. If you have one EOS token, it becomes one vaulted token. We will have a
smart contract. It's already been audited by two different auditing companies, very reputable.
It's already been audited by two different auditing companies, very reputable.
We're already coordinating with every major exchange.
They are aware of the specific dates.
We have not made the specific dates public because,
mainly just because if any of the largest exchanges had a valid reason to change them
and they wouldn't change them by much, maybe a couple of days,
then we would basically adjust on our end before making those dates public. Those dates are in May.
We do plan to announce the token ticker name. So that has not been made public either. We're
just calling it the Vaulted Token. We can continue calling it the Vaulted Token, but the Vaulted
Token ticker will not be Vaulted in the five-letter symbol. say that um but that's it's unique i'll say
that um but we're going to announce that in early may and then the token swap will begin um mid mid
may let's say let's leave the date pretty flexible and then we'll also be able to uh uh x that we
were talking about except before x that's one of the title sponsors of the Bitcoin Las Vegas conference in Las Vegas in the last week of May.
So Volta will have both a direct and indirect presence there.
It's an Exat representation there.
But Eve is obviously a representative of both.
He will be on the main stage.
So there will be some messaging related to Volta there, maybe a potential partnership announced at that time.
So Volta, we were just talking about XSAT and how it's the Bitcoin layer on Volta.
There will be a presence at the Bitcoin conference, let's say, for Volta to introduce it to that audience as well.
But to go back to tokenomics, no changes.
I don't know how else to say it.
There's no changes.
It's still a resource.
Really good way to say it. There's no changes i i don't know how else to say it there's no changes that it's still a really good way to say it there's no changes it buys memory which is called ram it powers up transactions it's basically the gas token of eos nothing changes there's there's no new funding
created which is actually kind of unique i guess if we want to go there is you look there's a lot
of projects that have uh rebranded their tokens and launched new main nuts recently. Every single one of them changed their
tokenomics. Concrete examples, Sonic and Polygon both added inflationary mechanisms to their tokens.
They're previously not inflationary. Now they are with their new network. I believe one or both of
them also increased their token supply, basically created new tokens for an airdrop for new incentive program, whether it's going to community members or not, it's still new tokens, the higher supply.
So it is unique that this, the tokens and supply and economics did not change with this.
And then the other thing that's unique as far as a rebrand of a token or mainnet is it's the same
mainnet all the other projects that had to do a new token or chose to do a new token they launched
a brand new mainnet which there's probably good reasons for it on their end but on our side the
the antelope the underlying technology that powers volta it's highly upgradable every single year we
do two major upgrades one's usually a hard fork.
We can change so many different variables on the network
with a supermajority consensus of the validators
that we didn't need to launch a new mainnet
to change the protocol token itself.
And there's a lot of key benefits to that.
You do not lose all of the state history of the network.
DApps do not need to redeploy. So just using
the Phantom and Sonic example, they had to create an incentive program to pay their existing
Dapps to migrate to the new blockchain. So it literally costed the network money to ask
Dapps that already existed and were already deployed to go deploy onto the new chain.
I'm sure Polygon did the same thing. I'm sure there's probably other examples I can give.
There's nothing wrong with it. It's great for the projects. It's extra capital for them,
but it does impact token supply and tokenomics and things like that. So it's very unique that
we weren't required. We didn't want to anyway, change tokenomics or even launch a new mainnet.
I don't know.
As a project, I wouldn't have to like work.
I'm on vacation.
You're going to upgrade?
No, I want to stay on vacation.
I don't want to have to deal with this.
Like it's way better if you don't have to touch it.
In my opinion, at least, like I get it.
Well, the history is hard too.
Imagine if you're a lending protocol. Imagine if you're Aave and you have all these open loans on one chain to
migrate your users to the other chain,
they got to close their positions and reopen them.
It creates a big headache.
It does. It absolutely does.
Now, I hate to say this,
but we've been going for an hour and 10 minutes.
I feel like I'm going to talk to you guys forever,
but I want to make sure I'm cognizant of time
for everybody else that's listening in.
And I got to ask the big question of what's next?
Where do we go from here?
I know that it's just a start, but what can people look forward to?
Obviously, Bitcoin Las Vegas is going to be one of those events to look forward to.
But what about the tech?
What about the things you're building?
What about the implementation and deployment across the whole network?
What's going on?
What can people look forward to?
You gave a hint earlier.
You said something's happening next week there's a lot more but yeah there's a lot so stay tuned for
more partnership announcements um over the coming couple of weeks we've got also the to announce
what the token ticker is not that that's major news but we'll pair it with something we've got
a lot of presence at key events bitcoin las vegas is huge, right? So Nashville was big. You can imagine how much
bigger this year could be. XSAT has a major sponsor there and Vaults is a part of that.
And then diligently working in the background from a development point of view to try and work
into the four pillars that we discussed before, whether that's solutions that we partner with or integrations with different entities or really building out some of the end solutions.
So we spoke about Sefu at length. It's important for us. We spoke about democratizing financial
access. That is an element to the network. It's important for us to continue to deliver against
that and continue to work with these entities so that we can provide different
options for retail and institutions.
But in short, and to summarize, we have a lot coming up.
It's incredibly busy for us.
There's a lot of partnerships, a lot of events, a lot of integrations, a lot of development,
significant amount of development that's going on both within X app and within Volta.
And it's the most exciting time to be a part of the network.
It's been... Sorry.
No, I forgot.
I talked about XSAT.
So not only is XSAT the title sponsors of one of the title sponsors,
there's other ones, also sponsoring the hackathon.
So Bitcoin Las Vegas is hosting a hackathon.
It starts virtually and leads all the way up to the Bitcoin conference.
XSAT has a very large presence there we will have advisors their mentors there we'll be working with the teams there there's also an exat track so basically excess specific so depending
on what they're building if they could tie it into exit they'll be able to participate in that track
so we'll be following that along the way with updates like tristan said the goal is to have
constant feed of updates uh news, announcements, partnerships.
Some of them have even been held back.
So for example, there's one that will be coming out soon
that it could have been out in January,
but timing is everything.
So you'll see something along with that.
It's more of a technical announcement than a partnership.
Well, it's a little bit of both.
But I don't want to give too much away. There's a little bit of both, but there's,
I don't want to give too much away that there's, there's a constant drip.
So just follow us on socials.
All right. That's actually my, my big closing question is what are your socials?
Where can people find more information about this?
Where can they stay connected websites and all that good stuff?
See where I told you we're in this weird transitory stage so i will tell you that our
current if you're watching this live our current twitter handle is eos network fdn you're probably
watching this on our twitter account we're on our youtube account i would guess that within the next
couple of next week let's say the next week that handle will change i don't want to give it away
because the the there are a few things not completely set up on the new handle. But I will say that the handle of the EOS socials will change.
So there will be an account with no followers that is continuing to hold the handle of EOS Network FDN.
And then the new Volta handle will go live next week.
So if you're following us right now, just follow us at EOS Network FDN.
And then if you're already following that account, whenever it does switch over to Volta,
which, like I said, within the next week, you would have already been following Volta.
So if you were already following EOS, you're going to be following Volta.
There's over 100,000 followers.
So most of the people watching this, surprise, you're following Volta.
There's really no reason to follow the old legacy accounts at that point they're basically just going to be redirects
in case there's a link
on some other website that goes to our old
Twitter handle it's just going to have a pin post
that says go follow Volta instead
so that
yeah so we're in this weird phase
if you watch this next week
I don't want to take the damn handle. I can't give a damn handle.
EOSnetwork.com is probably going to redirect to a new place or wherever it needs to go, right?
You can probably guess the domain.
We're finalizing a few things.
There's a redirect set up if you could figure out the new domain.
You'll just point to the current announcement that was made last week.
But very soon there will be more of a website let's say a website there uh with all of the volta branding and information it's really just finalizing a few
things we've been moving very fast uh if you can imagine there's a lot of moving parts that you
probably aren't even aware of the exchange coordination has been a huge part of it the
branding process to even come up with the name the the colors, the visuals, and the messaging architecture for Volta,
all in parallel with all of the XSAT work
and the Bitcoin Las Vegas.
So there's been a lot of different moving parts
all moving at once.
So it would have been nice to have had everything go live
last week on day one, but it might be a week or two later,
but it will all be, it'll be happening in front of your eyes.
So next week is one of the first big switches you'll see is you'll see all the
telegram channels and all the social media channels,
including the YouTube channel that you're watching this on.
Maybe they're all just going to become Volta.
EOS essentially the token will be alive for a little bit longer,
but as far as the EOS network, like all of that will be a thing of
the past um the website eosnetwork.com is where you can currently find information to answer that
question um but as soon as um the the new site goes live that the eos network site will essentially
be frozen in time it's not going to get taken down it's still an archive of great information
but it will no longer be updated. You could look
at a lot of the other projects that have re-run. It's very similar. It'll have a nice pop-up. It'll
tell you we're not Volta. Go here. But you're just asking these questions at a very awkward time.
We just announced last week we're in the process of going live with all of the new links and assets
and social medias. We're moving as fast as we can
no i mean this is great i mean it shows you guys i actually care about doing this thing the right
way so um thank you for the time congrats on being able to get that.com domain that i did just fine
you guys did a good job with the naming so great job picking up the right URL there.
Yeah, this is super exciting, man.
I'm definitely going to stay on top of it just because it matters to me, the people that I'm around.
And more importantly, getting this Web3 world integrated in real banking is a huge deal.
This is how we actually get people to care about this stuff.
People talk about community this, community that. I love how people throw the community,
you know, warding around when in reality,
we got to make sure we're getting people
from the outside in,
not just building from within.
That's great that we get to get people to like us,
get people to like different projects
within this, you know, ecosystem.
But ultimately, if we're not welcoming outside in,
we're dead in the water
and you guys are making a difference
and a huge impact when it comes to that getting um you know financial institutions
involved getting you know these tools in the hands of the people that need need it very very much so
appreciate all the hard work every guy everything you guys been up to um and this is definitely not
the end of the conversation like you guys said there's plenty more. And we'll definitely be able to see you guys around anywhere else you're going to be at other than Bitcoin Vegas.
That's the only promise.
Last question.
It will be somewhere next week.
We'll share the post pictures and there will be videos.
There will be videos next week.
Any other conferences you guys are going to be at or anything like that?
Maybe token 2049 Dubai potentially, but definitely
Bitcoin Las Vegas. Wonderful.
All right. Both of those are going to have some
great, you know,
combat sports with Karate Combat.
If you're there, I'll get you all pit side.
I'll get you all to have a good time just to
say thank you for all the hard work you guys are doing on this.
Nice.
Thank you, man. Thank you. You guys are
phenomenal. Thank you so much. Everybody listening, thank you to you for, you know guys are phenomenal thank you so much everybody listening
um thank you to you for you know showing up and actually being here caring enough to hear this
information and hopefully disseminate it out to other people as well because this is not what's
happening now this is already the future this is where everything is headed and these guys are just
leading the way so thank you all for your hard work and we'll see you next time with another
update with what's going on with no longer eos but volta thank you all so much thank you guys
