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Revolutionizing Recruitment with Blockchain ft. MyStandard
Recorded: Dec. 11, 2024 Duration: 0:55:39Space Recording
Full Transcription
All right. What's up, everybody? Welcome in. It's been a little while since we've been on Spaces, so it's exciting to jump back on here. We have a really awesome conversation we're going to have today. So just wanted to kind of get the room open. I know it's going to take a little bit for people to kind of come in and join. And so we'll have people kind of trickling in as we go. But just wanted to say hello, get things kicked off.
We're really excited to welcome some special guests from the MyStandard team today. I think it's going to be something that we haven't talked about much in terms of a new, really cool real-world use case for Avalanche and for blockchain technology around recruiting and kind of the hiring process.
So I think this is going to be pretty insightful in terms of stuff that we haven't talked about much. So yeah, we're excited to have it. We're going to invite our guests up here. It'll take us a few minutes to kind of get everybody up on stage.
So just hang tight. But welcome back. Hope everybody's having a good December so far. And got holidays coming up. For those of you that are just joining in, if you have questions, we'll probably have a short Q&A section at the end if we have time.
So if you've got any questions, just kind of hang tight and call on up when we get to that point. But for now, we're just going to get our speakers up here and we'll get the conversation started here with the MyStandard team in just a few minutes.
And we're going to be talking about revolutionizing the recruitment process and how can blockchain technology, specifically Avalanche, enable a bunch of ways that we can improve this process, improve this industry.
And we're excited to have Adam and Josh here from their team who joined us at Summit and had a great panel down there too. So yeah, let's get them up here and we'll get things started.
And we're excited. And we also have Matt from that website. So hang tight, everybody. We're going to get get started here in just a few minutes. Let's add Adam up here.
Let me get my standard team up here.
Cool. All right. Looks like it's still loading up here.
Adam, I see you down there. If you see the request come through, just hit accept. Or if you want to request up, just hit the mic button in the bottom left and it'll request up for you.
All right. Let's see.
It's been a while. I just want to make sure this stuff all works well.
All right. Looks like it's still loading, man. Spaces can be tricky sometimes.
We're going to be moving some of these combos over to stages here pretty soon in the arena. So just tried to. Yeah, you're in. Awesome. Welcome, man.
All right. Thank you. Matt's here, too.
And then.
Do you know? I'm looking for Joshua. Do you know if he's in the room yet?
Yeah, just there's the official MyStandard account.
Oh, perfect. Okay.
I invited that up now, too. That makes sense.
All right.
Cool. Once we get that up, we're going to get things kicked off here.
So for those of you who just joined us, thanks for coming through.
It's been probably, I would say, a month or so since we did Spaces.
So excited to kind of jump back in and talk to some builders in our ecosystem that are creating something really cool.
And I think this is going to show another really unique and innovative use case that's happening on Avalanche.
I think you're seeing a lot of these from, you know, the ticketing announcement today to some other stuff that's coming out.
But we haven't talked about the recruitment industry.
And so this is going to be pretty exciting.
And I know Matt is going to lead us through the convo and Adam, you have some cool stuff to share.
But let's, I'll be calling the channel up to see.
Maybe you can see if they can request up.
Yeah, sometimes it loads slow.
But either way, we'll get things started.
I see a couple other requests to come up.
We probably will have a short Q&A session at the end if we have some time.
So I see a request.
We'll call you up when we get to that point.
But just hang tight or pop down and request back up later on.
Do you know if Josh is on mobile on the account?
I'm actually not sure.
I'm messaging him right now.
But if you...
We're troubleshooting when I can get in.
So if you want to kind of get moving, you can do that whenever you're ready.
Sounds good.
Well, I'm actually going to kick it back over to you first because we want to welcome in our guests.
And Adam, I wanted to just see if you could give a little bit of intro on yourself and what you do for the team there at MyStandard.
And we'll go from there.
Yeah, no worries.
All right.
Hey, thanks, everyone.
Obviously, I spoke at Summit.
So if some of you met me there or you watched the pitch on stage or live or on the recording, you kind of have good context to this conversation.
But my background is actually I was in talent acquisition.
Not too shocking considering that's what our first use case is for about 13 years.
And I was on like the kind of a consulting side.
So basically, Fortune 500 companies would hear about...
Would have a relationship with my corporation and they'd call me and be like, here's what's happening.
Kind of give me all the problems that's going on.
And, you know, I try to triage the problem, figure out if it's a technology problem, a person problem.
How can we fix it?
That's sort of like consultative approach.
But it was really good because I got to hear like all the major problems that were happening with every company in the U.S.
And why all the talent acquisition companies and services that were out there didn't fit, right?
There were those gaps.
And so when we created MyStandard, we were not creating like a solution and trying to find a problem for it.
We literally had problems.
And the only way to solve the problems was Web3, which is a very different approach than like I think the majority of the things that are being invented in this space.
I think a lot of them are trying to...
Like they created something cool and are trying to find product market fit, trying to find where it fits in.
And that's just not the case with us.
So we're kind of coming in with a use case that solved a very real problem in talent acquisition or many, many problems in talent acquisition.
And then when we started doing that, we started like going down the rabbit hole of what we created here.
And it's actually way bigger than just talent acquisition.
So we're talking about talent acquisition and revelation and recruitment.
But like the vision of MyStandard where this is going is way larger.
It's the everything app.
It really is.
It's the thing that's going to make your life easier on every single front, not just to find jobs or be found.
So we'll talk about that as we go.
But, you know, it's an exciting moment for us in Avalanche because Avalanche is the adoption chain.
Like every big adoption narrative is happening on Avalanche.
So if we create an app that onboards the next 500 million, billion people into Web3, they're all becoming Avalanche ecosystem members without even knowing about it.
And that's the best part is we made it super easy for everyone to get involved on.
It's an Android and iOS app.
It's launched to the U.S. right now.
And then we expand more countries and more use cases as we go.
But we'll talk about all that.
But, yeah, I started the company four years ago, more than four years ago at this point.
And then found Josh.
And he and I have been working hard.
We have a great team, great backing, great partners.
And looking forward to having this conversation with you today.
Can you guys hear me?
Yeah.
Made it in.
I'm here.
Well, Josh, perfect timing because I would love to hear a little intro on yourself and what you do for the team.
And then we'll get into the combo here.
Great.
Thanks for having me.
I'm Josh Skloot.
I'm the co-founder and COO of MyStandard.
I've been, you know, like Adam said, Adam, we've been doing this about four plus years.
Prior to this, I've been recruiting about 20 years.
I had my own recruiting agency for a while.
I have been on the inside.
I've built talent acquisition functions from the ground up.
Really recruited, placed, hired.
Everything from, you know, receptionist through CEO.
So my, you know, my goal when Adam and I first connected was to try to create a tool that I would use because the ecosystem that we live in is so riddled with problems and so many issues that I want to try to help create something that we actually thought could, you know, that I could actually use as a recruiter.
And to Adam's point, what it's evolved into is a much larger thing, is much, much greater.
But as long as we sort of keep our focus for the moment on talent acquisition and really changing an industry that needs to be disrupted in a big way, being able to use blockchain technology, Web3 technology to make that change is, you know, is, will cross off a giant goal in my life to get that accomplished.
Awesome.
Well, it's exciting that this area of focus fits both within both your expertise, but also is really addressing the problem head on right now.
And so it's exciting to see something that's kind of really going to, like you said, showcase new adoption for this technology and showcase a new use case.
So let's jump into it, Matt.
Why don't you say hello and then kind of take it away from there?
Hey, everyone.
My name is Matt.
I've been at Avalabs for just about three years now.
Originally joined to be primarily focused on DeFi, but since then I've kind of turned into a generalist in nature.
And so I've been helping teams like MyStandard, as well as lead a lot of our external data efforts, whether that be infra, tooling, explorers, indexers, APIs, et cetera.
But happy to be here with you all today.
And yeah, let's get this space started.
I guess the first question off the top of my head was like, both of you two have a very extensive background in recruiting and HR, but how did you guys discover blockchain?
And then how does blockchain relate to MyStandard?
And why do you feel like blockchain is needed here?
Cool. So I started basically almost like the day that Link was listed on Coinbase is when I got into crypto.
It was completely on my own.
I happened just logging into Coinbase.
I saw a number go up and I bought some.
And then I actually dove into like what I bought and it kind of just like, I don't know, it just encapsulated, like it brought in all these inefficiencies I saw in the business world could be solved by what Chainlink was doing, what smart contracts could do.
And I kind of just went all in, went down the rabbit hole and have been a steadfast Link Marine for many, many years.
And where those two things intersect with talent acquisition and blockchain is that we were trying to, I was trying to help a company solve a problem where their recruiting company or their recruiting department was seeing too much information on people before actually making an offer to them.
And people were losing out on offers because of bias.
It's like if, you know, if a company doesn't want to hire somebody of a specific skin color and they see the person's got a name or a skin color and, you know, they're just going to pass up on those people.
And it was happening at this company.
They got knocked for it.
They lost a lot of money.
They got fined and sued and it made the news.
So they called me and said, how can we fix this problem?
And there wasn't a tech forward way to do it.
And at the same time, Chainlink announced their zero knowledge proof platform, Deco, at SmartCon Zero.
And I was listening live and that's when it hit me.
I was like, well, what if we use zero knowledge proofs to prove that a candidate is qualified for a job, but the organization doesn't get to actually see all the information about somebody that doesn't really relate to the job, right?
Like any of the stuff that has bias.
And then we needed an incentive structure to say, well, if you have all the data on you, like why would you want to share it with a company?
And then that's where like the incentive structure is saying candidates get paid for their job.
They got the middleman.
Like people should get value on who they are and also be incentivized to share the sensitive information with a company.
And that's kind of when all these things intersected.
And then I was also doing some work with Ocean Protocol very early.
And the whole idea of like being able to monetize data silos that companies are sitting on is their whole premise of the early stages of Ocean.
And so I also was thinking like, what if companies could use all the data that are sitting on people to make the network stronger and get paid for it too?
And in our terms, if a company gets paid in our token, they just get free candidate flow.
So now we created this sort of circular ecosystem where people and companies are incentivized to participate in this ecosystem.
And that just made it in the net.
That's kind of the first things that I brought in.
And then when I met Josh, he was talking about the idea of verified credentials on chain.
And you put those things together and it becomes this cocktail of like a really powerful ecosystem where people are owning really highly qualified, verified credentials on chain, sharing them real time with organizations if they want and getting paid for it if they do.
And also having companies increase the value and depth and fidelity of the network.
And this sort of ecosystem then just like flourished, right?
The use cases that we came up with flourished.
The amount of impact it has on talent acquisition, it became incredible.
And we just got more and more excited about it.
And then Ava Labs was one of our first investors.
And they stepped in and said, you know, we love this idea.
Like here's your first check to go build it.
And once they invested in us, we were able to raise enough capital to kind of get this whole thing started.
And we've been building ever since.
Well, I can piggyback off that just a little bit with the background check premise.
Imagine, if you will, the opportunity to see a candidate at the beginning of the interview process who's fully vetted, who you know is legitimately who they say they are, that they went to the school that they went to, that they work at the job that they work at, that they have a criminal background check completed.
That, to me, was the key indicator of why blockchain technology came into play for us.
If you could create immutable proofs for all of these things in advance of any interview, how much of a time saver is that, right?
Like Cancer Treatment Centers of America is one of our investors.
And 60% of the nurses who come through their system bomb out at the end of the interview process when they get to the offer stage.
Why?
Because their license is out of date.
It's out of state.
It's in the wrong discipline.
There's always some problem.
That time can't be retrieved.
That is lost forever.
If you could take that and simplify it so that at the very beginning of the process, the person doing the interviewing knew that that person was legitimately who they say they were, you could hire them on the spot and know with confidence that they were who they say they were.
That's, Matt, to your question specifically, that's where blockchain comes into play here, is the ability to prove all of the things that everybody wants to know without having any doubts that they are who they say they are.
LinkedIn is not capable of doing that.
And we all know, because we all have LinkedIn profiles and we've all been on there, that a lot of the information that people put up is not who they, it's not correct.
So it can't be proven.
Okay.
Yeah, I think that makes a lot of sense in terms of kind of why blockchain.
And I think the audience now has a good understanding of what my standard is, what you guys are doing.
I guess in terms of like day one, if I'm a candidate or a company that's looking to use the platform, what all do I need to do in terms of signing up for both sides of that equation?
Yes, a person can just register on the app, download the iOS or App Store.
However, they use Web3 auth to become a creative decentralized wallet and profile, they add their information, takes about five minutes or so right now.
And that's it.
After their information is encrypted, they are searchable on the platform.
That means that we would be able to do network testing rewards for them once we start pumping those out for various levels and detailed profiles that we have on the system.
And they'll also be able to receive job opportunities from clients who are searching the platform.
And that's it.
So it's kind of like a set it up and forget it.
We'll bring you back in with notifications.
That sign-up process, do I need to provide any like KYC documentation so I am who I say I am?
And then based on that, no, it's just a name?
Yeah, right now it's just a name.
And then we're going to have a KYC partner and we'll be onboarding in a future iteration.
So there's an optional KYC that we'll be able to do, but it'll be incentivized.
And then if you go through that, it'll actually be a toggle that employers can use.
So they just want to see candidates who did the KYC.
They can reach out to those people first.
And so you're more likely to get a job opportunity and offers in the platform if you go through it, but you don't have to, is the approach we're taking so far.
But in the current iteration, which Adam mentioned is like 1.0, it's our MVP, if you will.
You can, and we do ask, it is optional, but we do ask that if you have a work email, that you confirm your work email address.
So if you say you work at Netflix, we like to know that you do.
And obviously employers will have the opportunity in future iterations to make that determination.
So the likelihood of you appearing in more searches with more verifiable data goes up.
So there's an incentive structure for you to do so.
Okay, that makes perfect sense.
And so based solely on a name, you guys are allowed, not allowed, but able to basically do a background check, pull someone's credentials, that says like they went to the university, they went to maybe certain certifications, et cetera.
So the credentialing piece is in development.
So we are actually in early stage conversations with Chainlink Labs on a credentialing platform that does exactly what you just said.
So in this case, a university would actually go in and authenticate the information about you using this sort of Chainlink Oracle system that we're using with Chainlink Functions.
And that information would then be delivered to the my standard profile of the candidate, and the candidate would have that added.
They can't change it or edit it, but now they have a verifiable, immutable proof that they went to that university, et cetera, because it's minted by the right people with the right seal.
So that's kind of like in our next iteration, like 1.3.
And from like the companies looking to hire side, what does that look like?
If I'm an HR team, how would I walk through that process?
Yeah, they just have to contact us.
We'll actually send them a contract that's in like USD.
And then we actually market by the tokens on behalf of the organization and put them into a Fireblocks custody wallet that is designated for that company.
So after they have been essentially we invoice them for as many data requests as they're looking for, as many candidates as they're looking for.
They just have to log in to the platform, and they'll see how many data requests are available to them, and they can just start searching.
They put in the criteria of what they're looking for.
The system says how many of them are available.
They don't get to see any information about those people.
They send them a data request.
Everybody's phone's instantly beeped.
They get a certain amount of time to respond, or they lose out on the opportunity to get paid for their data and be accorded for that job.
And that's it.
And then the company will get responses back, yeses and noes.
And obviously anybody that says yes, they get to see their information in full profile, and then they're docked.
You know, a data request for everybody that says yes.
And the candidate is automatically paid on the back end from our Fireblocks wallets to the candidate's self-custody wallet.
Okay.
Yeah, I think that makes a lot of sense.
In terms of once I'm registered, like you mentioned, do I get some sort of reward for being part of the platform, or what does that process look like?
Yeah, once you're part of the platform, you know, and you get yourself fully set up, and the deeper your profile is, the different reward structures that are going to be involved,
we call them that we essentially want to test out every aspect of our network.
So we'll be doing these network testing rewards after about three months from now, and then another set about six months from now.
And then as we roll out new products, like you're going to be able to store your hobbies and interests on my standard, or medical records, or whatever it might be.
We'll also have like some incentives for people who get involved with that early.
Man, that's so easy to do, I feel like.
And it's kind of free money just for registering my profile or something along those lines.
I see you didn't...
Yeah, it helped us out too, you know.
It's not...
It helped us out in a few ways.
It makes our network more valuable and allows us to test out all the tech internally with our community.
Gotcha.
And then in terms of once you're registered, you mentioned like a notification system.
As you get matches or potential employers that want to speak to you, do they just message you on the app and connect for maybe a first-round interview or something along those lines?
Yeah, exactly.
Yeah.
And if you say a full profile, if you share your full profile with an organization, you'll earn $23 in missed tokens.
And then if you can share a partial profile or they might request a partial profile, but the max you could earn for like sharing a full profile with an organization is $23.
So I guess, where's that $23 coming from?
Like why are you earning it?
Just because you're sharing your data with them?
Yep.
Yep.
You earn it for sharing your data real time with a company and that company essentially bought, you know, your bought access to your data.
They paid, you know, $28 for your data.
$23 if it goes to the candidate, $5 comes to the MyStandard business.
And then we'll be using that for doing buybacks and, you know, various business operations, growing liquidity, things like that.
So, Matt, so to piggyback off that also, the premise here is instead of giving your data away for free to LinkedIn, which we've all been doing for 20 plus years, and having LinkedIn make all the money,
now the people who actually own the data and should have control of the data get paid for access to that information.
The difference here, just from a human nature standpoint, is we all know we treat things differently when we pay for them, right?
I think LinkedIn reminds me of Tinder, okay?
It's the Tinderization of recruiting.
You go on there, the average recruiter spends about five seconds on everyone's profile, and they're perpetually swiping left.
I don't like their picture.
I don't like their name.
I don't like their school.
I don't like the company they work for.
They find biases in the profile.
Because they don't get to see anything about you other than that you're minimally qualified for the role that they're approaching you for, they're going to treat it differently because they've paid for it.
The first thing a company is going to do after they see your profile is cross-reference it with LinkedIn, right?
Just to make sure you match up, but they're not going to then get rid of you out of hand because they've paid you.
And they're going to say, okay, I want to give this person a shot.
What does that create?
It creates a lot less bias in hiring, right?
Because now you're actually looking at a person based on their skills as opposed to some other factor.
And you're forming a one-to-one relationship with that candidate, which, as good recruiters know, is ultimately the goal of any good recruiting situation.
Because it's not necessarily about the position that you're looking to hire for today.
It's about the position you're looking to hire in six months, 12 months, 18 months.
Example, if you go through the process and you don't get the job that you're there for, right?
If you do that and you don't get this position, that recruiter will absolutely at a later date be able to reach out to you and say, hey, do you remember me?
You came through my standard.
I paid you $23 for access to your resume.
You're always going to remember who that company was, and you're always going to treat it differently because you're like, oh, yeah, these guys are great.
They paid me for my information.
Do you see what I'm saying?
So what we're trying to do here is give control of that data back to the people, but also formulate those really important relationships, which is ultimately the strongest thing you can do as a recruiter to a candidate.
Yeah, and I think that aligns pretty well with the ethos of blockchain and crypto adoption in terms of self-custody of one's own data, self-sovereignty, et cetera.
So I think that makes a lot of sense.
I guess on the topic of data, it seems like you guys are handling quite a bit of personal data that might need to remain confidential.
So how do you guys comply with those standards?
What practices do you use, et cetera?
Yeah, so all data on the platform is encrypted, and then the candidate actually self-custodies and stores their information themselves without going through us.
And so the way that essentially operates is a candidate has their own private locker on the blockchain through IPFS that they have access to.
Their key is the only place that knows where that data is, and it's the only way that data can be unlocked is with that private key.
And then when they share that organization, that data with the company, it actually never even touches the MyStandard server or our company.
Like our team can't even intercept it at that point.
There is no moment where their data between being shared from their locker to the organization's locker is exposed to the RTM.
And so truly, the candidate has the full decision of, like, who sees that data.
And when they do share with that information, the data is only shared with the company they intended to share it with and not, like, through us as an intermediary.
And it's really good for, you know, data private, like the California Data Privacy Act, GDRP, things like that.
Because in those cases, they're really trying to make sure that companies who have people's data are good stewards of it.
And people know when their data is being used or shared.
With us, it's in self-custody.
It's like the dream solution for both of those regulatory bodies, since we aren't actually deciding what happens or sharing someone's data on their behalf.
And if we ever want to see someone's data, we have to pay for it, too.
That makes sense.
So basically, if I register on the platform, put all my own information on, et cetera, my data is fully anonymous as well as encrypted and really can only be seen by people who I choose to share it with.
Exactly.
Okay.
Yeah, that's awesome.
I think that makes a lot of sense in terms of using blockchain as well as, like I mentioned, the ethos of crypto and whatnot.
But in terms of market adoption, are you guys primarily targeting, like, Web2 or Web3 companies first?
Or how are you guys essentially going to onboard new businesses to use this platform?
So early on, I'm just kind of leveraging my network from being in the marketplace and selling to these people for so long.
So we've actually onboarded a few companies.
We haven't made those announcements yet.
We're going to kind of bundle together a bunch of logos and put them out there at the same time.
But basically, at this point, it's kind of like going into the network, and it's primarily Web2 companies.
You know, I've talked to H&M, talked to Foot Locker, Mondelez, Red Bull, Johnson & Johnson, IBM, Sineos Health, and a whole host of others.
So the point is really to try to get Web2 put companies with really healthy U.S. jobs on the platform early on.
Also, another aspect that we're going to attack is networks.
I'll give you a perfect example.
And this is one of my favorites, and I really see the use case here.
We have been in contact with someone who calls themselves the Indeed of truck drivers.
He has 500,000 truck drivers in his network.
Now, when you picture a truck driver, what do you picture?
You picture driving in your car, and you're behind a truck, and there's a little banner on the back of a truck that says,
if you'd like to drive for us, call this phone number.
Completely antiquated system.
These people are completely underserved and completely ignored, okay, by all of the major platforms.
In other words, truck drivers don't have a LinkedIn profiler, an Indeed profiler, any one of the other job boards.
With our structure, he went crazy because he's like, this is the perfect thing for them.
They all have phones, and they've never been paid for anything in their lives.
So if we set up a system where a truck driver gets a few dollars for access to their commercial driver's license or various other information that trucking companies, such as Amazon, for example, want to find out about these candidates,
we would set up an incredibly valuable network and an incredibly valuable use case for all of these people to be able to find better opportunities.
Truck drivers have a tendency to move from job to job based on their situation, how much more per mile the company is paying, et cetera.
Since we make money on the transactions, there's a real value in people doing a lot of transactions and moving very quickly.
So we won't make a lot of money in the micro on the $23 per transaction, but we'll make a ton of money on the macro and the entire grouping of these people.
Now, that kind of use case can be quantified and can be reproduced in any niche position, in any niche company, in any niche organization.
So if we go after those specific groups, we'll get users very quickly and we'll be able to customize each solution for that particular area.
I also think it's really cool that we'll be bringing truck drivers into Average.
I just love the idea that we're bringing people in that never, you know, really gotten into this space.
Yeah.
This like Trojan horse play, that is my standard.
Talk about crossover.
I mean, we're always looking, you know, the Trojan horse premise, we're always looking to break outside of Web3.
Nothing says Web3 less than truck drivers.
But when we go to the trucking convention in Louisville, Kentucky in June, we're going to be the hit there because they will be so excited that someone's paying attention to them
and that they can actually access technology that values their lives, that isn't about trading coins or doing the things that most people think of on Web3.
That's an absolute use case for somebody that would never have been there otherwise.
That makes a lot of sense.
I feel like in terms of careers within like the trades industries, meaning like electricians, plumbers, truck drivers, etc.
that are in like very high demand that unfortunately have kind of had a supply mismatch.
It makes a lot of sense to have a platform like my standard.
I guess in terms of when you guys were going through the process, once you've already decided the blockchain, sorry, to use blockchain technology,
how did you guys reach the conclusion of wanting to launch on Avalanche, for instance?
Like what did you guys go through in terms of that process?
Yeah, I mean, you know, looking at all the layer ones and at the time we were having a lot of issues with like gas fees and stuff back in 2001.
And so obviously the gas fees, Avalanche being relatively cheap, was one of the first things that hit me.
Secondarily, the time finality was the best in the market at the time, and I think it still is.
And so we're really able to ensure that like candidates get paid and they get paid quickly and the network always works.
And then after that, we started diving into like where the tech was going.
The advent of the subnets was really intriguing, which is obviously now our layer ones.
And the fact that my standard eventually will be a gas token on its own layer one, which unlocks new functionality, just like furthered our resolve.
Like this is the best place to build on them.
So it was a very like progressive like relationship and it grew and grew and grew over time.
And then when you guys invested in us, it made even more sense, obviously, to build Enterchain, but then the support from the Avalanche team was incredible from the ground up.
We had legal support, we had tech support, we had token on support, we had support on everything we needed by someone who's already done it and is one of the best in the business.
And so putting that whole package together makes it a no brainer for us to continue to build and stay close to Avalanche.
And Avalanche will always be the utility layer for my standard.
And then, yeah, I mean, I think that that kind of summarizes everything for you guys.
It was a great, and people should build on Avalanche.
Like at Kilgand, I see that people are not building on Avalanche or choosing other chains.
And so I'll be preaching from the clouds like forever that you guys, like, if Dockneb is here, you should be building here.
This is the only place you can scale properly.
That makes subtle sense.
I guess you mentioned the token very briefly in terms of eventually being used for gas.
It's also being used for rewards.
Is there any other kind of token functionality or utility that the MIST token has?
Yeah, so in the early days, MIST token is going to be the way that companies barter for your talent.
So a company will buy the MIST token, throw us off the market, and then use that token to court you for your talent.
Likewise, if companies validate information on people, they'll be receiving tokens for two.
Like that, we currently have a standardization.
We'll have the option of taking the tokens, they will also get some soft coverants.
And then I'll do it for you to actually use the token, then once you have one for layer one, back in place for various token syncs.
Like if you want to find a job, you can court in a specific employer.
You can, you know, like, podcast to the market if you're looking for a job, or you'll be able to buy services directly through the standard.
So it's okay to say, like, this really, it's in this very complex, I was trying to create a lot more to do than just...
Can you hear me?
I don't know if it was internet or...
He dropped out.
He dropped out.
I'll add him back up here while you guys continue on.
Thanks.
Yep.
Can you hear me?
Yep.
I can hear you very clear.
Yep.
Great.
So as Adam was saying there, there's multiple different ways that the token will have a value.
One of the more interesting ways, and one of the more interesting use cases down the road, as Adam sort of started to allude to, was marketing and advertising.
Here's an example.
There's no reason why we couldn't start to create a different and connect and intertwine different AI bots.
Once you've got your profile up and fully running and you're, you know, appearing in many searches, we can have an AI bot reach out to you and be like, hey, you've been, you know, monetizing your data successfully.
Would you, you know, what else are you into, right?
What are the things that interest you?
Oh, you know, they ask me, you guys at Avalanche and Republic probably know I'm a big sneaker guy, so I collect shoes.
So they could ask me, great, how many sneakers do you have?
How, what kind of brands do you like?
How many shoes do you buy in a year?
What's your average price point?
And all of that information could be minted to my profile.
We can then take that information and go to Nike and say, hey, Nike, on our platform, we have 10,000, 20,000, 50,000 self-identified sneaker heads.
Right?
Would you be interested in reaching out to them directly?
Instead of them guessing on Facebook who is and who isn't, they know they have a captive audience.
They'd say yes.
You'd get a notification on your phone that said Nike would like to talk to you about this opportunity, this, this, this new shoe.
Would you watch their latest ad for, you know, three tokens, five tokens?
Yeah, I like Nike.
Sure.
I swipe right.
I watch the ad.
At the end of the ad, they say thank you.
They hand me, they send me my tokens.
And then they say, today and today only because you're my standard user, we'd like to be able to offer you those shoes you just watched at a 20% discount.
Just take the tokens you've been earning in all of your other searches and send them back to Nike and pay for them that way.
So we're creating a flywheel.
Right?
So there's a two-sided marketplace.
There's no reason in the world why every advertising, why every company in the world wouldn't want to be attracted to the people who they know are their users and buy their products.
So we've created an entire ad marketplace based on your profile because you're a user.
Adam, I see you're back.
You want to test out your mic real quick?
Yeah, testing, testing.
Space is just dying for me.
Yep.
I think you're back.
Yeah, so I guess in terms of how adoption has been, what have you guys seen?
I know the platform has, is it live yet or when is go live?
Yeah, it just went live a few weeks ago when we have users trickling in every day.
We haven't really started any advertising or anything heavy yet.
Basically just like telling friends and family and people that are in our circles to join.
With the token launch coming, we've really started now telling people publicly, like, you should probably get in on my standard, download the apps, and let's get moving on this.
And then we're also trying to, you know, get employers who are, like, early adopters or launch partners going on the platform.
I, Ava Labs is going to be one of them, kind of get them trained on.
It's all just happening real time.
The building, so it's very exciting for Josh.
Uh-oh, your connection might be dying again.
Yeah, basically, you know, what Adam was saying is, you know, we've been building for four years.
So getting adoption is going to be the most interesting aspect of what we're doing here, right?
Like, once we can convince people that they've been doing it wrong and giving away their data for free for so long and that they can monetize that data and that they will forever be valuable to the marketplace, they're never going to delete the app, right?
Once we can cross a certain Rubicon of amount of users that are getting their monetizing their data properly, they're never going to leave.
And they'll also tell everybody they know, hey, get on this thing because, you know, this is how I paid for dinner last night, you know?
So that to us is going to be probably the most exciting day when we cross that line of real adoption, even in a small group, because then we know we can kind of recreate that in a larger number.
That makes total sense.
I mean, from a retail user's perspective, I like free money, and as long as I trust the platform with my underlying data, I think signing up for something like this makes a lot of sense.
Yeah, sure.
I mean, but just to quickly respond on that, that's exactly the point.
Right now, everything you're giving away to LinkedIn, you are absolutely not sure who's looking at it, who's seeing it, where it's going.
LinkedIn gets hacked a few times a year.
That data gets stolen.
So we've already committed, just by creating a situation where you have at least a little bit more trust in who has your data, we've changed the game already.
Do you see what I'm saying?
Like, instead of just continuing to give it away and hope that no one's abusing it, now at least you know very well that you have control of that process.
Yeah, exactly.
Like, anyone with a LinkedIn account should also create a MyStandard account, it seems like.
You're speaking my language, Matt.
That's exactly correct.
In terms of strategy from, like, the actual company side, what does that look like?
I mean, it seems like for them, like, the main point here would be, like, finding high-qualified candidates that are actually serious about potentially taking new jobs.
Is there any other strategies that you guys are using or deploying to essentially onboard companies within MyStandard?
I don't know if I trust working on that.
Is it working?
Go for it.
I can hear you.
All right.
Yeah.
So right now, for onboarding companies, we're just going to individual organizations that we have relationships with.
And then Josh has actually been courted a lot.
He did some podcasts and some people reached out to him that would want to be involved.
So it's really, like, on a one-to-one basis in this early phase.
We haven't started any kind of, like, mass marketing toward companies or anything of the sorts.
I think once we get a nice collective group of logos together that people recognize, we're going to put out some press on that.
I think Avalanche's team is also going to, like, amplify that.
And then people will see that, you know, this company is, like, onboarding real brands that are using the token.
And that's a really exciting kind of moment for all crypto to see, like, I'm just making it up.
Like, a Johnson & Johnson logo that is using the token real-time to find talent has, like, major ramifications for our space.
So that's just kind of, like, our goal right now is to get to those first, like, a collective group of a nice bundle of companies.
And then after that, we'll start announcing them as they come out.
Okay, that makes a lot of sense.
So, I guess, looking a little bit more towards the future, what all do you guys have in store of, like, what's to come for my standard?
I know you mentioned, like, certification, verification, potentially having your own layer one blockchain and a few other kind of items on the roadmap.
Do you mind explaining kind of those in detail?
Josh, you could start this one.
Yeah, no, there's a lot going on.
And obviously, if you follow us on Twitter or any of our other socials, we're, you know, we're getting very close to a token launch.
So that's pretty exciting.
The details are out there and available, so check in to us.
We're coming up on three different launch pads.
It's Republic, Ava launch, which is obviously connected directly to you guys, and then CPAD as well.
So once the token stuff gets out there, that's going to really be a game changer for us because then we'll actually be able to do actual transactions, right?
The technology is built.
So we have the capability right now.
Matt, if you had downloaded the app, I could actually send you a request.
But it will be a pretty amazing day, and that's days not too far in the future when an actual transaction can take place.
So that's first and foremost in our list.
Then there's several other things that are coming down the pike in terms of, you know, getting really good logos on the platform, getting more users on the platform, spending some money on marketing, and getting, you know, a really good slew of people on there.
Again, if we can connect into these networks and we have, you know, if truck drivers, again, if that becomes the thing, why not?
You know, what's a really good place to start?
That data can be replicated or that process can be replicated.
So that, if I'm looking at the next sort of two to three months, that's happening.
Adam, you want to jump in here from beyond that?
Yes, my internet will hold up.
No, I think one of the things that I'm looking at that's outside of what Josh just talked about is always trying to find, like, new partners to help advance our ecosystem.
So just thinking from a Web3 standpoint, like, we're a Trojan horseplay to onboard, you know, new people into this space.
Now that they're here, let's give them some interesting things that they can do.
I've talked to all the gaming protocols.
I've talked to, you know, we've talked to Chainlink about doing some extra stuff with them.
And obviously, there's, like, all sorts of DeFi opportunities.
So to make it, like, really, like, a one-click thing so that people can take advantage of, like, it's all the magic that is Web3 now that they're here is one of my, like, side quests for making this app.
So that we're kind of, like, known as, like, the front end for Web3.
Okay, yeah, that makes a lot of sense.
So any final thoughts from your guys' side before we open up to the audience for questions?
Just download the app if you're in the U.S.
You know, and I think, you know, it's kind of evolved into many things since then.
And then my affinity and love for what they're doing and my belief in their vision and conquest has grown, too.
And I think that's kind of how we are, too.
Like, we're starting off with this one thing.
You can own your data, share with your organization, find a job.
And it's going to continue to evolve into more and more and more.
You'll see us rewrite and release our white paper as we evolve into new things.
There's some side opportunities that I can't even announce here because they're so crazy if they pan out that Josh is pursuing for, like, on the government level.
With data ownership and authentications.
So, like, there's some really interesting things that are happening behind the scenes here.
And so, like, if you think that the general idea of ownership of data is important, then, like, follow along.
Be a part of us.
Be part of our community as early as you can.
And we're going to be launching our token in the coming weeks.
And we have a bunch of launch pads going on right now.
So it is an opportunity for people to get involved.
If you just go to our main page, you can see a launch page yourself.
Yep.
That's where I was going to go as well.
If you're interested in learning more about us or investing in some way or getting to learn about sort of what we're doing, feel free to take a look at our page.
All the different links to the various launch pads are there.
And, you know, it's a – join our Telegram community, which, you know, we are very active in.
So if you have specific questions, we more than likely can – you can DM us directly and we'll tell you what we're doing.
But, yeah, the things are – things are in a very, very interesting place right now.
And I think, you know, from everything I've read, just paying attention to the blockchain Web3 crypto market, 2025 is going to be a very exciting year.
And I think that's – 25 is the year that, you know, people start to break through the ceiling of Web3 and start to interact with people outside of the space and bring them into the fold.
That makes a lot of sense.
Kyle, you want to speak a little bit about guidelines for coming up and asking questions?
Yeah, yeah, yeah. For sure.
Oh, man, that was a great conversation and it's so much more expansive than I had even known.
So excited to see how this all plays out and definitely love the Trojan horse approach.
But I also think this is going to solve a lot of real-world problems.
So we're going to – we have a couple minutes for maybe a couple questions.
So I see some folks that have requested up.
If you – we're going to keep our questions just strictly directed towards our guests here at MyStandard.
So if you have another topic you want to cover, there's probably another spaces for that.
But, yeah, I'll call you up and then we'll go through them as much as we can.
I'm going to start with two of the folks that called up a little bit earlier.
I'm going to call you guys up and then just, you know, we'll do questions one by one.
So, Tommy, I'm going to – I'm going to have you go up first as soon as this loads.
And then Mario, we'll get to you guys in a second.
Cool.
Let's go with Ninja.
You got a question for MyStandard team.
Okay, it looks like – oh, disconnected.
All right, let's add Mario up here.
All right.
Mario, can you hear me?
Ken, how are you?
Good, good.
Welcome up, and let's see if you've got a question for the team here.
Yeah, cool.
And maybe I'll just go with a nice, easy one here, Adam.
So I'm in the staffing business.
What is your pitch to me?
What is the value that you bring for somebody who's hiring specifically temporary staff?
Temporary?
Oh, yeah.
Absolutely.
A couple different things.
Number one, if you're hiring gig workers or hourly workers or temp workers, a lot of those people are not going to necessarily be easy to find because they may – if they have a LinkedIn profile, they may not be responsive.
You know, if you think about – you probably spend a lot of time sending out in-mails right now, right?
You're reaching out cold.
Those in-mails oftentimes go end up in a different mailbox than their primary inbox.
It ends up in socials or promotions, or they're just not responsive.
You also have no way to track if they've even opened your email, right?
With our structure, since you can tailor make exactly what you're looking for – again, if you're in staffing, I need an admin assistant who has five years of experience who type 90 words a minute.
You can put all of those things in criteria.
The only people that are going to come back to you are people who match up, and you're going to know the moment they say yes.
So if you're a good recruiter, what are you going to do?
If you know somebody – you just paid somebody $5 for their resume, and they just said yes, what are you going to do?
You're going to pick up the phone, and you're going to say, hey, I just paid you $5.
I know you're interested because you said yes.
Would you be open to, you know, having an interview with me?
And you're going to build a relationship right then and there.
The amount of time saved, which was our – when we did our market research, the number one criteria for recruiters was time management.
The amount of time saved between that and going through the process of finding somebody on LinkedIn or running an ad somewhere or trying to find people on Indeed is so extremely – it's 80% to 90% faster.
Interesting.
Cool.
Thank you very much.
You're welcome.
I'll let everybody else go.
Thanks for your question.
Appreciate it, Mario, and it's a great question, and it's cool to hear kind of from your perspective, like, how would it help your life?
So, yeah, it's awesome.
Root, we have you up last, and then we'll wrap things up.
Question for the MyStandard team.
For the team itself.
So this is – good evening, everybody.
Good morning for the other side in the world.
MyStandard, what's your perspective in three years as a company itself?
What do you guys want to build, and what's the key point for you guys?
Cool question.
Yeah, three years from now, I expect this to be a global company.
So in countries that are working, which I guess is pretty –
I expect to use cases to be outside of time to be sure in what order, but I imagine we're at least in, like, the, like, hobbies and interests side.
I think we're in the credentialing and background check side in the next three years.
So if we are kind of hitting those milestones at the same time, you know, that's kind of –
that's kind of what I was in front of me, things that we're actually building toward.
There's a lot of, like, use cases that we're kind of exploring that are outside of this, like, Corey's case.
There's, like, the idea of, like, being able to authenticate, like, with one click.
It's kind of some other things we're looking toward.
But, yeah, that's kind of ultimately what we're trying to do is just, like, consistently build use cases within the platform.
I'll back up on that a little bit as well.
I see in three years your profile internally as a user looks a lot like a Cheesecake Factory menu.
And what do I mean by that?
There will be lots of different AI tools that we can integrate with the system.
So you can take different – you can do different things with your profile.
In other words, you could say, I want to do this personality test or this skills test,
or I want to learn more about this ability or that ability or to be able to teach yourself or train in different ways.
Things that companies who are reaching out to users on the platform may want to know about you before they see your stuff.
So the more robust your profile is, the more opportunities you have to monetize,
the more valuable your profile is to the marketplace really creates your own little persona,
your own little world of things that you can share with the world that you can get to monetize.
And in three years, I'd love to see, you know, millions of users on this platform really investing their time in it
and spending the – and having the ability to appear in lots of different searches
so that opportunities will appear to them that they never would have had access to before MyStandard existed.
You're welcome.
Yeah, I love the vision there of just kind of expanding into all these areas where the users can expand with you
and the companies can expand with you in terms of what they have in their profiles and what they use the platform for.
So it's really awesome to see that.
The way we look at this, and then I know you want to wrap it up, but the way we look at it is, I mean,
you know, every company and every organization, you get probably 80% of your income and your revenue from 20% of our users.
And, like, we'd love to see 20% of our users being what we call super users, people who have really invested
and see the value proposition here because once you've done that and once you see the longer play here,
there's no reason in the world why you would ever go back to the way it was done before.
There's no reason in the world you're going to respond to in-mails.
There's no reason you're going to just get random, you know, hits from recruiters and respond.
This will be the way people will have to get a hold of you, right?
And, therefore, you're creating a value proposition for who you are.
And if you can multiply that and replicate that over millions of people, the entire ecosystem changes.
Yeah, absolutely.
That's great.
Yeah, love the vision, but I also love what's just been built so far.
And excited to see some of the stuff play out in the next couple weeks, months,
and showcase the power of the technology that can solve some of these real-world problems.
And, man, anything that can save people time is money.
So, I love it.
Amazing rundown.
Appreciate you guys joining us.
Yeah, thanks for having us.
We're going to wrap things up here.
So, folks, I know you guys got to bounce and so do Matt and I.
So, yeah, thanks for joining us.
We're going to continue to share milestones from my standard.
You can go back and listen to the recording on Twitter.
We're going to have this up on our YouTube channel here probably by the weekend.
So, yeah, appreciate your time.
Thanks very much, guys.
Thanks, everyone.
Thanks, Adam.
Thanks, Josh.
Thanks, Matt.
Appreciate it.
We will talk to you all next time.
Have a good one.
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