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RWA Inc. & 5ire Chain - #AskRWA
Recorded: June 10, 2024 Duration: 0:37:54Space Recording
Full Transcription
All right.
All right.
Hi, everyone.
Can you hear me?
It's Kevin.
Okay, great.
I am told everyone can hear me, so I will just quickly introduce myself.
My name is Kevin Yunai, and I'm the founder and CEO of RWA Inc., and we're here today
to speak about FHIR chain and RWA, and how we can collaborate on various subjects.
So, I'm super excited about it, and I don't know, Mike, if you want to say something, or
I should just run it.
So, I'm super excited about it.
So, I'm super excited about it.
Hello there.
Can you hear me?
Hello there.
Can you hear me?
Hello there.
Can you hear me?
Can you hear me?
Hello?
Hello?
Hello?
Can you hear me?
Can you hear me?
Hello?
Hello?
Hello?
Hello?
Hi, everyone.
Can you all hear me now?
I can hear you.
Can you hear me as well?
Which one?
It was Arbitrum, right?
Yeah, I put you in contact with them.
Okay.
Okay.
Yeah, I put you in contact with them.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Hi, good afternoon, everyone.
I was having some trouble joining in.
I am Rutkarsh.
I am Rutkarsh.
I am the host of Arbitrum.
Hi, everyone.
Can you all hear me now?
Can you all hear me now?
I can hear you.
Can you hear me as well?
Which one?
It was Arbitrum, right?
Yeah, I put you in contact with them.
Okay.
Okay.
Hi, good afternoon, everyone.
I was having some trouble joining in.
I am Rutkarsh.
I am the CMO of FIRE, along with the co-fine…
Okay, so…
Hi, good afternoon, everyone.
I was having some trouble joining in.
I am Rutkarsh.
I am the CMO of FIRE, along with the co-fine…
Okay, so…
I am the CMO of FIRE, along with the co-fine…
Okay, so…
I am the CMO of FIRE, along with the co-fine…
Okay, so…
Have a…
You're welcome.
Hi, everyone, just making sure you're on.
Hi, everyone.
So while we wait, I will just give you a quick update on RWA Inc.
We from an operational standpoint are stronger than ever.
We have some amazing news coming.
So please keep an open eye on the announcements.
We're going to come with some internal announcements in terms of staff soon and also some other exciting announcements.
As you know, we're all working day and night to prepare for the global launch of the RWA
token.
And everything I can tell you is going right after the plan here.
The team is doing so fantastically well, and there will be many announcements on regards
to the launch and many other things.
Also in terms of our infrastructure and all our partnerships, as you've seen, we have signed
almost a partner every day, if not two.
And this is because we are building the largest ecosystem in the space for RWAs.
So we're going to talk a lot about this today, how we can integrate the blockchain from FHIR,
and how we can really work together to create something very unique in terms of deployment
on very fast and compliant blockchains as we have here today.
Also, we're going to speak about the use of AI and how that can help in many ways to streamline
operations.
And lastly, we will hear, of course, all the news from our partner side.
Yeah.
Yeah.
Yeah.
Yeah.
Yeah.
Thank you very much.
That sounds like a plan.
Let's move forward.
Kevin, should we get started?
Let's get started.
Okay, so should we give the word now to FHIR?
Yeah, absolutely.
Okay.
Would you like me to quickly introduce us?
Yes, please.
Please introduce yourselves.
Absolutely.
FHIR is a sustainability-centric layer one blockchain with a unique consensus mechanism.
And the way we've gone about building our entire ecosystem infrastructure and tech is
to ensure that you can actually do greater good for the environment and also add to your
economic returns.
So the way we've designed our entire infrastructure is to make sure that our available infrastructure
is available for enterprises, governments, and so forth, who use us to build interesting
applications.
And the way they go about it is by using our available infra.
And if they are environmentally sustainable, if they have a bunch of practices that are friendly
to the environment, they get a higher score.
And once they have a higher score, they have a greater say in how, you know, how the chain
functions and what kind of rights and duties they get.
And by doing so, we've sort of gamified the process of sustainability.
And this is in line with keeping the UN Sustainable Development Goals of 2030.
So what will happen is that if more enterprises, more governments sort of join the movement,
the more we can actually make sustainability front and center of all our pursuits.
And so far, we've partnered with various organizations, Government of India, for instance,
large Web 2 companies.
And we've been rewarded as one of the more fastest growing chains by a leading government
in the Middle East.
And all of this is focused on, you know, our core mission, which is to truly democratize
a layer one, which is EVM compatible.
And it's focused on developing a for-benefit blockchain ecosystem premised on sustainable
development goals.
So we deliberately kept our mission system broad to make sure that we can have developers
build interesting applications in gaming, financial services, and so forth.
But once they are all, you know, following the right set of best factors, they get greater rights.
Our test net is live and our main net is coming up soon.
And we are really welcoming opportunity for developers and organizations to build real-world
use cases, which is very much in line with all of you.
Indeed.
So this AMA is very important for us.
Indeed.
And when I walked through your documentation, it was very diligent.
Could you tell me a little bit about like your Chrome browser and all the others just
here in the introduction?
I think the audience needs to know how well a platform you have built and how well your
documentation is.
I think you should emphasize that just before we get started really.
Absolutely.
So on the website, we have our technology portal.
People can go on and actually try out deploy smart contracts on our chain.
And in a few weeks from now, they'll be able to actually buy and sell tokens on our own infrastructure.
Right now it's the EVM compatible one.
People can be able to run a node.
We also have our block Explorer, which is live.
And yeah, when once we launched our test net, we had a million plus smart contracts getting built by developers all around the world in four weeks.
So there are lots of features that people can check out.
Yeah.
But I am personally interested in actually offering grants to the best applications that get built.
The ones that are environmentally friendly and have the potential to achieve product market fit.
So we have an ecosystem team that is focused entirely on this.
So anyone listening to it, if you have an interesting idea and you need some support in terms of capital or marketing or developer evangelism, we are there to help you get there.
Yeah, we saw that you had quite interesting grant programs.
So maybe you could also just inform a little bit about that.
The FIRE grants program?
And Prateek, please feel free to jump in anytime.
I'm just speaking.
But yes, your inputs are right.
Prateek is the co-founder of FIRE.
Hi guys.
Utkarsh was doing it really well.
So it's better to not stop somebody when they're explaining everything really well.
I'm the co-founder and the chief product officer.
In terms of, and Utkarsh it's okay, I'll quickly explain the grants program.
So for us, it's very, very important to make sure to encourage developers to come and build on us as a layer one.
So the FIRE grants program is a program that consists of us, you know, contributing to good projects, both in terms of relationship capital, in terms of financial capital, in terms of also human capital.
To make sure that the best projects come out.
And in fact, we also make sure, we also try to make sure that we take them from A to Z, especially when we are a new chain.
We are still not become, sort of, on our Ethereum yet.
So we have a better bandwidth as compared to the bigger blockchains to sort of cater to the more nitty-gritty, minuter details of most of the projects.
So that's essentially what it is.
We are making sure that good projects have visibility and, you know, have visibility on our chain.
In terms of what sort of projects are important, I feel because, and this is where, you know, RWA, the partnership also really important, because we are also financially incentivizing sustainability.
So it is the same thing, you know, on the sustainability side that you guys are doing on RWA.
That's why RWA becomes very, a default, very important narrative for us.
We are also making sure that we make sure that there is financial value in terms of, in terms of legacy systems.
So if, you know, sustainability was just a buzzword now, now it is financially incentivized through Firechain.
Similarly, you know, there were NFTs that were pretty much mostly non-existent in value.
I'm pretty sure through Deepins and so on and so forth, you guys are able to provide value towards the infrastructure.
So that's why the synergy is also there, but we'll talk about it as and when the time comes.
Indeed.
And maybe I should just for the audience give an overall introduction, both about what we do on the client side and what's happening with all the asset classes now being prepared for tokenization and deployment on chains like this in what we call CVL amounts.
That's a term we use to really calculate the amount of dollars, you can say, in terms of assets that is brought to the change.
That is called CVL.
So overall, you can say the trend right now is booming and we see movement on all kinds of asset classes from real estate to commodities to private equity to private person wanting to tokenize their own cash flows to, yeah, IP rights, Veblen goods.
It's all assets you can imagine is being thought about being tokenized and actually being tokenized as we speak.
And this is a trend not only in Asia and Europe, but also in the US.
So it's a global trend, right?
And this is why the narrative of RWA is so hot.
So what we have done here in RWA Inc. is really to prepare all the partnerships.
You have seen us announce almost one, two partnerships a day with strong infrastructural partners, with strategic partners, with marketing partners, so that we can really build this huge infrastructure of both payment partners, blockchains like this amazing one, and all kinds of other integrations and connects.
And that's really what is so interesting about our journey is that we are really building something completely new here and really opening up for the blockchain corporations.
Why we want to do these very deep corporations with blockchains like this is to really give both the compliance and the security of deploying real world assets onto partners that really have the infrastructure.
And when you go and check out the test net here, we did our own test, it's super fast, it's super secure, and it's super well documented.
And there's also strength behind the group here, which I personally also see as a big, big value for our clients.
And therefore, we are very, very interested in deploying projects to this chain and really increase our cooperation and work together in not only the technical part and the deployment part, but also in go to market strategies together and marketing and so on and so forth.
So this is really what we should talk about today, like how could we cooperate and what projects lies ahead for us, right?
So that's…
Yeah, that's a very helpful context, I would say, Kevin.
Yeah.
So do you want to talk about some of the sectors where you see a lot of this tokenization happen?
Also…
Yeah, I would love to…
We also invited from our side, guys, Brian from MCBDAO, and they're doing pretty massive work in terms of deep ins and real world assets.
That is mostly government to government.
So if you see him around, you can just send him a listener invite and we'll also have him speak.
Thanks.
Let's carry on.
Yeah, so really what we see when we look at the market, of course, real estate is moving really, really fast, but we can also see commodities moving really fast.
So these are the top two segments that we're focusing on now.
We are basically building two tracks, you can say, one for the security tokens, which is an ownership token that fragmentizes the ownerships, but also utility tokens with no ownership but with future, you can say, increase in value and a lot of exciting utilities.
So these are the two main, you can say, token areas that we focus on.
And that brings me to really speaking about how we could partner up here and what we could do together on the client side, because there are many who are ready now to tokenize.
They have done their concept.
They have written their white paper with us.
So you will see a lot of movement on the client side, actually, from RWA Inc.
And that's really so exciting because it's now that the projects are actually market ready.
And this market readiness is also, you know, a really important point to keep in mind, but just like in terms of the broad sector overview, when MCB Dow comes in, they will talk about how they have been thinking about this entire ecosystem.
But our approach is that we do see that a lot of assets which we see in the quote unquote real world will have some sort of, you know, potentially have questions of ownership, asset utilization, how to, you know, like just the way sort of Uber created, you know, a new way by relying on unutilized assets.
The same thing can be done pretty much for anything that exists in the quote unquote real world.
But how do you put that on a system which is immutable, which is, you know, which is there can't be a debate about around it.
And that's where I think blockchain comes in.
And the way blockchain movement becomes even more democratized and finds its product market fit is when different kind of sectors actually see their assets and start putting them on the chain, figuring out the right business model.
The way MCB is done is one example.
Yeah, that's pretty much, you know, from real estate to to sustainability to, you know, even things like, you know, precious metals, all of these things can have a very similar tokenization enablement.
So we see this as a positive trend to keep an eye out for the future.
And that's why we realize that a lot of our partners will need some handholding and support.
So a lot of our programs is are designed on providing this support so that tokenization can happen at the speed and pace at which is necessary.
Very interesting.
And we also have to really think about this movement that we see now a lot of we call the segment Web 2,
which is the old traditional finance segment.
We see a lot of movement from the investor side.
Actually, in diversifying into Web 3 now.
So this overall trend really drives the you can say drives the market forward at this point.
Indeed, there are still a lot of Web 3 investors investing into the real world assets.
We can see that on our graphs when we analyze the market as a whole.
But we also see a lot of new deployment into into RWA coming from the traditional investors.
And this is quite new trend.
And it was not like this last year.
But now we can really see that the traditional finance people finally have aped into the Web 3 investments.
So that's that's a very positive trend we see.
We agree.
And our partner from MCB Dow, they are there.
Could you please invite them over?
Sure, they they will definitely be invited as well.
Yeah.
Brian and Chris, either of them.
Brian, please feel free to spend in a Suica request.
Yeah.
Two seconds, I will see if we can add.
Hi, Kevin.
Yeah.
Brian is here.
So you can sort of add on as a case study.
Please, Brian, go ahead.
Yep.
Thanks, Ucas.
Thanks for the invitation.
Hi, Kevin.
Nice to meet you.
Nice to meet you, Brian.
Yeah.
Right.
So I'll just keep myself very short as a example of how we do in the.
real-world access or RWA tokenization.
So myself, my name is Brian.
I'm the co-founder of MCB Venture.
So what we are so clearly, everyone understand about the RWA and what it's trying to do.
What we see is basically how to, to really do it in a unique way.
So what we are so clearly, everyone understand about the RWA and what it's trying to do.
What we see is basically how to, to really do it in a unique way or giving a more unique and attractive opportunities to the potential investor, both from blockchain and especially in the
blockchains and especially traditional investors, just like you just mentioned.
One of the things that we usually do is we tokenize the 1% of a mega project.
Say for example, the solar project that we are currently deploying in DRC, Democratic
Republic of Congo.
So the size for that is 5.4 gigawatt.
If you're not familiar, then it translates to about $6 or $7 billion.
Technically, that's not possible to be funded by the crypto community's traditional funder.
We already have traditional funder anchor as the 100% full investment into the country
because this is basically a G2G level government to government projects.
So what is a little bit more unique into this is what happens if we can tokenize the 1%
in this mega project.
Because usually, let's say if you do traditional business, you do solar, then it's pretty much
traditional.
You have to look for who is your customer, how you can develop, how you can have market
exposure.
Similar to if you have a flat and then you want to co-share the rent, then you need someone
to manage the apartment, for example.
So if in this case, we talk about the G2G mega project, then usually you have all type of
things ready.
You have a PPA stand for a power purchase agreement.
You have government guarantee.
You have everything ready in order to secure for both traditional and crypto investors to
have a more sustainable returns, let's say, or the increase in the valuations event.
Because we're talking about the real world access tokens now.
So instead of, let's say, you invest in 5 million solar projects, and you know that this is 100%
scale of a single project, just 5 million, you know that the 5 million you put into is
basically 1% of the 500 million pilot site in DRC, for example, then you know you can
sleep well.
That is something unique and that is something sustainable because you know that you can take
care by either governments or professional operators.
So yeah, it's just one of the study case that we're currently doing.
And we share the same vision with you, Kevin, and practice as well that sustainability and
real world access will be the trends and a huge futures inflow of capitals will be not
not really from a crypto, but traditional, yeah, there will be a huge influx of potential
investment and interest.
So yeah, that is what we do a little bit different and hopefully bringing a little bit more unique
exposure for the communities.
Thanks, Kevin.
Yeah.
To you again.
Most welcome.
And I really wanted to now speak a little bit about like the perfect blockchain designs
for RWA.
How do you see like the design for RWAs on your chain?
Could you give any like insights on what would be the advantages of deploying on your chain?
Did I come through there?
Did you hear the question?
Okay.
Are you still there?
We have a couple of people from MCB and we wanted them to sort of Brian and if you can
just add on what made you think of FHIR?
What are some of the features that attracted you to come on board?
Yeah.
That would be great.
Okay.
So, sorry.
Yeah.
I thought it was a technical question for our practice on the technical side.
But for what I'm looking for, we had this question in the earlier section.
What I explained to the communities is because I am not too much of a technical guy, but I know
enough to be-
Okay.
Let me add on and then you can sort of build on top of it.
So, you know, one of the ways in which when we understood their use case, we were like,
you know, why use blockchain or why use FHIR at all?
So, it seemed to us that for some of their projects in Kinshasa and others, they really
needed transparency and they wanted the operations to be completely transparent to all stakeholders
because governments are involved and there is no scope of ambiguity there.
So, you know, our infrastructure is going to be the backbone of their project and all
the stakeholders will be able to get a real-time analysis of what's going on or not.
There are advanced use cases of IoT chip technology so that all the solar farms can be monitored
and optimized in real time.
And this will lead to the creation of, you know, new standards, data integrity and so
forth.
And what I find super interesting is, you know, how decentralized their entire approach
So, FHIR tokens would be the core of, you know, the micro economy that will be built in MCB
DAO.
And all of this will be following the best practices of sustainability, efficiency and so forth.
And the goal is to have this in perpetuity, whether it comes to budgeting, future proofing,
all of this will be focused on or propelled on the FHIR infrastructure and FHIR tokens would
be running the economy.
All the stakeholders will be able to see what's going on in real time.
And it will be not designed for, say, six months or four months.
It will be there for the longer term.
And I think this is the kind of applications that we can hope to scale because the sheer
size of these projects are multiple billions of dollars.
If you look at, you know, the overall pie, and these are projects that can, of course,
have a huge business impact, but they have a huge impact on their local communities as
well.
So, by embedding our infra and our tokens into the wonderful work that MCB is doing, we
found them to be really interesting partners.
And it's a great example of something that is in line with our mission, which is propelling
the economy and enhancing social good.
Very good.
And now I think it's time for us to hear from the audience if you have any questions.
And you can basically write on Twitter or you can also write on our Telegram group if you
have any questions, and then we will raise the questions here.
I think that's the best way to do this.
So let's hear from the audience if you have any good questions for the speakers here.
So while we wait, I would like to answer, what are your typical ETAs from your startup project
until it's deployed on your chain?
Could you maybe give the listeners some insights on how long it takes to do a token?
I, of course, know the answer, but it could be great to hear your estimates also.
Like a lot of it is the unpleasant answer of it depends, but the greater the complexity
of the project, you know, the longer it takes.
But, you know, because we have like a dedicated tech team and an evangelism team, so we try
and keep, you know, the discussion to deployment window under two to three months.
And sometimes, you know, of course, the economics and negotiations with different stakeholders
take time.
But from our side, a lot of the infra is ready and our tokens are already trading.
So there's not that much of a lag.
But, you know, because these are complex systems, so you don't just want to throw technology
at a problem.
You first need to understand the problem, then see where tech fits in.
Where, like, what are the interesting use cases of tokens?
For example, in the case of a DAO, how do you, you know, how do you enable transactions
through tokens?
What are the use cases?
This is typically a joint effort with the partner involved, say MCV and our tech team, and
there are discussions around it.
Some things we reach a conclusion pretty quickly and they're ready to reply.
Some take a little longer time.
But there are no, what you call, structural bottlenecks that prevent this from happening.
All right?
Right.
Great.
We have another one here.
What would be your estimated time for your mainnet deployment?
Hmm.
I don't know if you heard my question.
Could you repeat that, Kevin?
No, I could not hear that.
Okay.
So, another one here was, what is the estimated time for the mainnet deployment?
Do you have any ideas on that?
Yeah, so we already have the, we already launched the general ability version of the
testnet.
Yes.
Mainnet is ready.
It's under, you know, audit and so on and so forth.
I think it's not more than we are, we're basically planning to launch it within the end of the
month.
Oh, we are that close.
Okay.
That is interesting.
Yeah.
If you're not, if you're not, if not, you know, maybe there's always like, you know,
a week or two here and there with delays, but the first alpha version is going to be somewhere
around the end of the month.
Okay.
We wish you the best of luck and we are very excited to work with you.
I'm super excited personally about this.
And, uh, I think we, we are at a point.
Is there anyone who wants to say some final remarks?
No, I think, I think for me, it's, uh, it's wonderful what you guys are doing.
I think it'll be good, uh, for us to also have a strategy session with the MCB guys and
see what synergy can come out of it as well, because those guys, Chris and Brian are doing
something great, um, in that field.
And I hope the collaboration brings forward a lot of really decent, good projects that
are able to create much more value, uh, in the, in the ecosystem.
And I think it's only the, the only way to go is up.
I, I absolutely love, uh, your, your vision, what you're doing and let's do it together.
Let's do it together.
Let's do it together.
And please everyone go follow us on both telegram and also here the private profiles.
Go follow us all.
If you're not already.
And, um, then follow the announcement from RWA also on our telegram group.
I want to thank everybody for listening in.
Thank you for the speakers for joining.
We look forward to working closely with you and, um, see you soon out there.
Yeah.
Thanksgiving.
Thanks.
Thanks everyone.
Bye bye.
Thank you guys.
Have a great day.
Bye bye.
Bye.
Bye.
Bye.
Bye.
Bye.
Bye.
Bye.
