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Sweat Wallet: USA Pre Launch Party & AMA with Oleg & Co!
Recorded: Sept. 5, 2023 Duration: 1:06:30Space Recording
Full Transcription
Good morning, good afternoon, good night, good wherever you are in the world.
It doesn't matter what time.
Thanks for joining us for a super special edition of the Twitter Spaces.
Good morning.
We are going to kick it off in just a moment when we have Oleg, the founder of SweatCoin, join our wonderful Twitter space.
We're going to do a quick intro and we are going to dive into all things SweatCoin, SweatWallet, and red, white, and blue, baby.
Let's go.
Let's go.
Okay. Good morning. Good afternoon. Good night. We have Oleg here. We're going to get him up as a speaker and he is going to give you anything and everything to do with sweat coin, sweat economy and the sweat wallet launch in the US of A, which is planned for this month.
And I'm going to stop doing the terrible flipping US accent because I'm from England. It's much easier to do this one, even though they might have won all of those years ago.
So let us get sweat economy up here. You are a speaker, guys. Oleg, is that you? Are you tuning in from that Twitter account? Let us know.
Hello. Hello. How are you doing today?
I'm very good, man. All the better for speaking to you. And I'm super excited, actually, about this Twitter space. It's the most excited I've been about one in a very, very long time.
And I do want to just say that I've got a soundboard now. So if we do something wild, I don't know if you can hear it.
Throw them in. We've got applause. Hopefully you can hear it. If not, never mind. But Oleg, how are you doing, man? Whereabouts are you?
Thanks for having me here. I am in rainy Portugal. It's absolutely incredible. I haven't seen this weather since last winter.
So I'm looking forward to seeing you in person in Vietnam in 48 hours.
Brilliant, man. Yeah, I can't wait. I'm here now.
Are you already in Japan?
I will say, yeah, I'm in Ho Chi Minh right now. It's absolutely roasting hot.
But yeah, if you, anybody who's listening, heading to Nia Airpack, you will, of course, be able to meet Oleg there and a lot of wonderful and incredible builders and brilliant minds of the Nia ecosystem and beyond.
But we can plug that a little bit later on. Oleg, a big month for SweatCon. It's been, what, nearly 12 months since NiaCon?
Yeah.
Or maybe a little bit over since NiaCon last year and the big launch. How's it been?
50 weeks.
50 weeks.
Yes, not 52, 50 weeks. It's just a sign of one year.
Oh, it's been great fun and an incredibly funky journey. You know, lots to learn. But I am incredibly proud of what team was able to achieve and how much we were able to do together with the Nia team, with Pagoda,
with Proximity Labs. So just to name a few things. If you remember, 12th of September last year, we had the biggest TGE in Web3 history that carried out tokens to more than 10 million people.
Ilya was on stage. I was on stage in Lisbon. Everyone was very nervous. But near health, users got their tokens. Yes, it took like 30 hours longer because, to be honest, humanity has never done something like that.
So there was, you know, there were sleepless, that was a sleepless night for everyone's teams, but it all worked. So, I mean, amazing, amazing, amazing achievement there.
And that was proof to everybody that Nia is as robust and as solid in terms of technology as it is robust in terms of strategy and the team.
And since then, I think that we as an ecosystem and SWEAT economy as a project have been going from strengths to strengths.
If you guys haven't sort of heard these stats, then I think it will probably blow your minds.
SWEAT right now is the ninth widest help token in the world.
So we already have, you know, more than 10 million token holders, and that puts us in the top 10.
Absolutely, I think, incredible achievement.
We also looked at activity by token and SWEAT right now is 13th most actively used token.
So if you look at the number of accounts, you know, sending, receiving, manipulating, and basically using SWEAT, it is the 13th most active token in the world.
Absolutely incredible.
We are on 20 plus exchanges.
We have two dedicated market makers that help the community.
But what came recently, and this is like pure alpha because I don't think that this has been announced yet, August was the second month when we were deflationary.
So the circulating supply at the end of August was lower than at the beginning of August and was lower than at the beginning of July.
That means that demand for our token SWEAT and token sinks are higher than the total sums of tokens that you earn by walking and all the tokens that are getting unlocked on users' accounts, on teams' accounts, on investors' accounts.
That is absolutely incredible.
That is an equivalent in Web2 of being profitable.
And we, as a project, managed to get there within the first year of existence.
I think that this is a pretty cool achievement.
Last but not least is SWEAT wallet.
Despite us not having some of the key functionality fully rolled out yet, we'll get into the roadmap and sort of specifics in the future.
Last but not least, we'll get into the next few minutes.
We are already in top 10 dApps on dApp radar.
And this is not NIR only.
It is all chains.
So we are genuinely turning NIR ecosystem into a very, very big player when it comes to user activity, active accounts, and bringing Web2 users into Web3.
I think it's a pretty incredible 12-month result.
What do you think?
Oleg, look, I think I speak for everybody at the NIR Foundation when I say that everyone is in awe of the success that yourself and the team at SWEAT Coin and SWEAT Economy has achieved.
And not only that, I don't think a day goes by when I don't see a SWEAT Economy community member getting involved and engaged on Twitter.
They're everywhere.
I know we've got a few in the audience now.
I love the T-shirts.
I can see a guy with a backpack as his profile.
There's some guy with the SWEAT Economy logo in what looks like a snow globe.
I mean, you've nurtured so much more than all of these on-chain transactions and the actual growth of the project.
That in and of itself is brilliant, but the community that's there as well is fantastic.
So huge kudos to you guys.
Huge round of applause.
I think you guys have knocked it out of the park.
And just as a quick segue into this one, you're about to knock it out of the park even further and go for another home run.
That's a baseball reference.
Where's the home of baseball?
That is the U-S-O-V-A.
Oleg, tell us about it.
Yeah, thank you very much, David.
And thank you very much for bringing in the community, because without community and community voting, and frankly, I guess pushing us in many ways in this direction, I don't think U.S. of A. would have happened.
You know, kind of when we launched last year at 11.59 on advice of overzealous lawyers, we sort of chickened out and we didn't go live in the U.S.
And we immediately felt the brunt of our huge SWEET coin.
That's our Web2 user community in the U.S.
Just for your perspective, there are 30 million registered users in the U.S. alone.
And they really made themselves known that they were not happy about that decision.
And for a period of time, we were giving them excuses and regulatory and this and that.
But to be honest, you know, these are not crypto natives.
These are not the people that understand the nuances of crypto experience.
And their, you know, response to us was like, guys, but, you know, how can it be regulated?
You are making the world more physically active.
You are shaving inches of that proverbial waistlines.
You know, kind of what are you talking about?
And, you know, we just kind of went, now, you know what?
We cannot carry on like this because, you know, with so many unhappy users missing our product.
And as you know, recently we had this massive governance vote, which is, by the way, the biggest ever governance vote in Web3 history,
where more than 380,000 of you cast votes on the topic of burning tokens and supporting U.S. launch.
So we have a remit, we have basically a brief from the community to go live,
and we have a budget allocation of 690 million sweat to go to U.S. users who will be participating in this launch.
So I absolutely love the fact that our community is not like, you know, kind of win-lose and, you know, I get more,
let's, you know, kind of let's not go beyond the geographies where we're in right now.
But you voted and you supported extending the community.
And it's a wise choice because, actually, unlike a lot of other projects where more users means that spiral and, you know,
kind of high emissions and impact on the token price, blah, blah, blah, what we're building is sustainable.
And the bigger we get, the more sustainable and the more profitable the whole project is becoming and everyone is winning.
You know, just to give you one example, right, you know, quite a lot of move-to-earn projects.
And the way the games or the mechanics work is that you need to buy an NFT at the door.
And then you go through the door with the NFT and you start earning tokens.
And your objective is to earn more than you paid for that ticket at the door.
And what happens is that as people are rushing in, the tokens emissions are going through the roof and, you know,
kind of project can enter death spiral.
In our case, the whole gaming mechanic is completely different.
The NFTs are free.
They will be dynamic, which means that your behavior and the way you behave on the app,
on-chain and in physical world, like your level of physical activity, will impact the way your NFT will look.
So your NFT will become unique in absolutely no time and is likely to become a collectible and interesting item for others
to potentially even wanting to pay for.
And you get it absolutely for free.
And then our game mechanics is actually battling, you battling other people, and you bet sweat and put it in the game,
and the winner takes 80% and 20% is what's called battle fee.
And it's not the money or sweat that goes into our pocket.
No, it goes into a community revenue that you all know we periodically run votes on what to do with,
and they can be allocated as an additional earnings to stakers or what happened multiple times already in the past.
The community voted to burn it, which means that tokens, again, live in the system and increasing token sinks
and, therefore, increasing deflationary nature of our economy.
So the bigger we are, the more engaged we are, the more sustainable the token economics will be in our case.
And I cannot wait to go live in the U.S.
There is a lot of stuff in motion.
There are a lot of conversations, lots of partnerships in works.
I'm not going to go into details, but it is definitively going to be really, really exciting.
And on a personal level, I'm really looking forward to not feeling bad about some of our dear users in the U.S.
being excluded from being able to literally walk into crypto.
Oh, like, I feel like every time you answer a question, I'm just like,
of course, that's another reason why I love sweat economy and everything that you guys have built.
Because on the surface level, if somebody came up to me and said,
hey, what's that Sweatcoin app that you've got?
Like, what's all that about?
I could say, well, I walk and then I earn sweat for walking.
And then I can do all this myriad of things with these tokens.
You know, I can bid for things.
I can redeem them for rewards and prizes.
I can take them to one of, you know, 20 plus exchanges that you mentioned.
And now I can battle them.
And it's like, well, it's actually, it's so much, so much deeper than just, you know, you walk and then you earn.
But speaking of this move to earn sort of ecosystem as a whole, and I know you've touched on it a little bit there.
I remember the crazy days when it was like Steppen was everywhere and you couldn't move to any corner of the Twitter sphere without having that bombarded in your face.
But now that seems, I don't want to say it personally, but I'm going to say it anyway.
And this is not representative of the Nia Foundation legal disclaimer, blah, blah, blah, blah, blah.
This is me personally.
You know, it seems relatively dead, right?
So how have you guys, how have you guys seen things change, I guess, in those 12 months or so?
How engaged are SwagCoin users?
I know you had the largest on-chain governance event in history, so I feel like that answers it.
But what do you think, Oleg, is move to earn on its way out or is it just getting started?
Great question.
And I hear it very regularly because I guess few projects that sort of put move to earn into everyone's mind, especially if you are crypto native, a lot of those projects are struggling.
And if the whole crypto space is in bear market, I mean, the valuation of the whole crypto is less than a trillion dollars.
I mean, it is pretty low and it is very, very, very much a bearish market.
I'm not going to call bottom because, you know what, I am no trader and I'm no macro or micro economist.
But nobody can argue that this is a bull market.
But I cannot be more excited about this.
You know why?
Several things.
First is I've heard an amazing statistic that I'm really, really pleased with.
And the statistic is one Web3 company a minute pivots away from Web3 and goes into AI.
And I'm like, great, because last thing that we need is a continuous number of these people who are narrative chasers.
They were in Web3 not because they were solving genuine problems, not because they were passionate about the space and their community and their users, but because it was hot.
It was easy to raise money or they could pull a fast one and do a rug pull or whatever.
I say, you know, go into AI, you know, kind of play there because this cleans the act and cleans the space and leaves Web3 to people who are genuinely passionate about building something that matters.
I think that this is very, very positive result of bear market.
The other thing that I'm excited about, when it's bull market and everything is flying, it's very difficult to understand if what you are doing makes sense, if what you are doing really has users, because everything is flying and everyone is supporting absolutely everything.
And that's not a healthy place to be.
You know, in the long run, that means absolute diddly squat.
What is happening right now that you actually have to work extremely hard on every single element, be it feature, be it thinking about token economic, be it partnership, to make sure that it works and it has real usage and it is well received.
Which means that we are building a lot more solid business and a lot more solid product.
And last but not least is the community because, you know, kind of the numbers of, you know, of active people in the community at the peak of bull run were times higher.
But the people that are around right now that are coming to these AMAs, that are coming to these spaces, that are communicating with me on a regular basis, be it Twitter, be it Discord, be it Telegram.
You know, you know, the passion and their engagement is on a completely different level.
And I really, really prefer to be hanging out with people that are there with you through thick and thin than are there just because everyone else has joined the wave.
So I think that it is extremely exciting and being selfish, we launched in their market, we knew that we launched with the MVP, so minimum viable product, and we needed time to complete some of the absolutely essential and vital pieces in order for us to have an incredible product and incredible token economics that will make a dent.
And we are very close to completing, you know, and putting all of those pieces into place.
Specifically, we're literally, you know, days away from releasing matchmaking on Sweat Hero.
Those that are already in beta, you know, kind of, I'm sure you're waiting this.
So basically, it's a functionality that would not force you to be sending the link to your Sweat Hero game to another person.
Matchmaking to an opponent is going to be happening automatically.
This is getting released to beta testers this week.
And if there are no bugs, no issues, no race conditions, then we will start to roll it out to 100% of users.
This is very, very, very exciting kind of rollout that will change the user experience for everybody.
And of course, for those of you that have been engaged in Sweat Hero and were able to build perfect, sorry, to get perfect score, 100% and many of you were able to do that.
I don't know, guys, how you managed to get your fingers out, but I don't know, some Paganini stuff.
We have built a three-lane game in order to make sure that you are a little bit more engaged and it's not as easy as it was for you to get that 100%.
So that's one thing.
The other thing that is coming and is very close to being finalized is trading, swapping.
You probably see in Twitter, some people are already able to trade and swap tokens backwards, forwards through our integration with Orderly.
And I'm really happy to report that there are very few bugs.
There are some issues around the, you know, kind of engagement, charging, registering on smart contract that the team is weeding out.
But it is looking incredibly promising and we're definitely going to have it live before it is going to, before we're going to launch in the U.S.
Another thing that is extremely exciting for me, given your level of engagement, are the GrowJars.
You know that GrowJars are like our staking product and it was semi-decentralized for nearly a year.
We are launching it to be completely and entirely on smart contract, which means that nobody, absolutely nobody can take away the assets or that sweat that you put into those GrowJars.
It is not going to be that staking mechanism where you effectively give your tokens away to somebody to potentially invest into a risky business and it will result in loss of funds.
In our case, this is not going to happen because we do not want to be doing this risky investment.
And the way we're using the GrowJars is very simply as an engagement tool.
I mean, all of you must have seen supermarkets and supermarkets love to put, you know, this 50 cent, two liter Coca-Cola at the door to make sure that you go in and you end up engaging with other products and trying various different things.
This is the way we see staking.
It's not some kind of funky financial product for us.
It is a way to get you engaged to, you know, kind of to make sure that you are in sweat wallet and you are enjoying all other functionalities in addition to these GrowJars.
And again, this is all going to be on smart contract.
It is going to be absolutely safe and secure.
And we are definitely going to have this live before we go live in the U.S.
And last but not least is constantly improving, learn and earn.
You know, there were probably already seven or eight different lessons and we're definitely going to be preparing quite a lot more.
And we will be also modifying and simplifying and beautifying our onboarding so new users will end up going to learn and earn quicker, being able to understand the basics of sweat wallet and the benefits of GrowJars, of rewards and the basics of functionality.
So that they spend less time looking around and learning the ropes, but can actually engage pretty much from the first five minutes in the application.
So really, really, really cool roadmap.
And I'm very much looking forward to getting all of this together for our U.S. launch.
I'm just, I'm gobsmacked.
The fact that not only have you folks built something which is used around the world by so many people, but you're doing it and you're retaining that core ethos of decentralization and really leveraging the power of Web3 is remarkable.
And just on the growth jars, I'm extremely envious to anybody who manages to snag some of these prizes.
I've gone through them.
Miami holiday for two.
It's a little bit too hot for me there, but five-star holiday, flights, hotel, and spending money.
We can get the air conditioning room, David.
That's it.
And I'll just stay in the room for the entire time because that's what I've done in Vietnam.
I just, I just can't go out.
I'm too English.
$2,000 Amazon gift cards.
And, you know, there's tons of guys.
Go check it out.
So, just before we segue into the second half, I would love to encourage every single person on here.
If you are not already following Sweat Economy, then shame on you.
Shame, shame, shame, shame, shame, shame.
I am, of course, joking.
But I would love if you could tap on that tweet, which is pinned.
You can check out the news about their launch in the US of A with the red, white, and blue.
And you can give them a follow.
And if you want to learn more, you want to download the app.
It's on the Play Store.
It is on the App Store.
And you can head to their website, which is...
Pulling it up because I've got your link to it.
Sweat Economy.com.
How could I?
I'm going to be such a fool of gossets.
Sweat Economy.com.
How easy.
It's easy to remember and it's easy to type in.
So, move your digital boots over there and check that out.
Or, like, just a quick one before the next question.
Do you remember what the tagline was at Neocon 2022?
I think it was Beyond the High.
Building Beyond the High.
Yes.
Yes.
But I remember your purple wig better than I remember that line.
You know, that really suits you.
Those that haven't seen that, you should go and see on YouTube.
David was remarkably good in that wig.
Too kind, Alex.
Too kind.
I wrangled it off the Sweat Economy.
And I thought it has to go on before we introduce you.
It was brilliant.
And just a quick one because I'll get a slap on the wrist if I don't plug it.
Yeah.
Neocon 2023.
November this year, Lisbon, Portugal.
Hopefully, a little bit less wet than last year.
But if not, we will be fully prepared.
Are you guys heading there?
What are your plans?
Definitely.
I'm very much looking forward.
And I think this year it looks really promising because it's going to be the whole sequence of
ECC, Neocon, Web Summit in sort of quick succession.
And, you know, if there is a place to be in early November, it definitely is Lisbon.
I've already been talking to Neocon Foundation.
And we're certainly going to be on stage.
There will be loads to report.
By then, I'm sure we're going to be live in the US and we're going to have first numbers
to report.
So I'm really, really, really looking forward to seeing all of you guys there.
That's going to be the biggest event for the Nier ecosystem in a year.
Yeah, 100%.
100%.
We've got Nier Airpack this week.
And then November 7th, the 10th, you can head to neocon.org and you can check it out
and you can grab the tickets there.
They're only $99.
But we're not here to talk about NierCon entirely.
We're here to talk about the incredible project that is sweat economy and everything around
But I would love to fold a little bit of Nier into everything, right?
So you mentioned before you did what was the largest airdrop in the entire world ever.
It's like stepping on the moon.
It's the first time for everything and you guys did it.
There was no drop blocks.
There was no drop transactions.
You know, the blockchain didn't stall.
I think that's something that everybody in the ecosystem, whether you're a super smart
developer who sits open until early hours in the morning building protocol or you're
a marketer or you just like to join the Twitter spaces, you should be proud of it.
If you're a part of the Nier ecosystem, 100%, and the people over at Sweat Economy, the
Sweat Economy ecosystem, the Sweat Economy community should be proud of it as well.
But as you well know, Oleg, we have transitioned from just that layer one blockchain in all its
brilliance to the blockchain operating system.
So if I could pick your brains a little bit, I guess, about the wider sentiment of Web3 and
about the open web, especially about the boss as well.
So what are you personally and, I guess, what is the Sweat Economy most excited about when
it comes to the boss and the open web?
Yeah.
Now, I had a recent conversation with Ilya, the founder of Nier.
And as a founder to founder, I said, look, I think that there is a massive respect goes
to you guys because you are taking very bold and very innovative steps that, you know, kind
of not many chains and not many projects can undertake.
And that deserves a massive amount of respect.
The boss itself and, you know, kind of the way I understand it is, you know, kind of layer
ones are distributed backends.
Boss is aiming to distribute every part of the chain, not just backend, but front end as
well.
And we know that it is quite important for censorship resistance because, you know, kind of some
countries, because they cannot do anything about smart contracts, what they do, they attack
and try to block the, you know, the front ends that give users access to those smart contracts.
And in the world of open web and boss, you effectively, you know, decentralize running of these front
ends and it is becoming increasingly difficult to block and remove these products, these websites,
these services from the internet.
We cannot, because we are mobile application, we cannot use boss out of the box.
However, from boss thinking came out some amazing pieces of work and amazing pieces of functionality
that make near and even better onboarding chain into web three.
So the way I think of near and again, you know, kind of, this is not, of course, an official
position, but that is largely the reason why we are a sweat economy building on near.
Is if you want to move millions, tens of millions, hundreds of millions of people from web two
into web three, what you need is a chain that makes for a very easy onboarding that doesn't
require you to say 24 words, write them somewhere in a piece of paper, then tear it into two hearts,
put it into different safes and different locations and all of that, you know, malarkey that, frankly,
most people really don't want to engage with.
They want to have something simple yet secure.
So really good onboarding.
Second, very, very high throughput and lower transaction costs, because let's face it,
next hundred million people that will come into web three, they're not going to be whales,
they're not going to come with $100,000.
It's just not possible.
Whales are already in.
And if we are thinking about bringing that next billion people, proverbial next billion
people that some people are already sick and tired of talking about, which I think is a mistake,
but it's a side note, you know, they're not going to come with huge balances.
And that means transactions have to be extremely cheap.
And the third thing that is extremely important is the team and the ecosystem and the community
that is also aligned around goals and objectives and is really focused on bringing this sort
of next billion people on.
And Nier wins against every other project on all of those.
And the reason why I'm mentioning this point here is because BOSS is actually helping with
this narrative and is moving Nier forward on each of those.
Let's talk about onboarding.
As part of a BOSS project, there is a fast auth piece of functionality that is being developed.
If you haven't heard about it, it's absolutely incredible.
Very, very simple.
Instead of effectively getting an email with a hidden secret phrase or passphrase in it.
And if somebody, God forbid, takes, you know, kind of or gets a copy of that email, basically
they have control over your wallet.
What fast auth requires is you simply having control over an email address.
And you wouldn't need in the future to save that activation email that you have to do right
now.
All you will need to do is basically just get another email.
And if you need to recover your wallet, if you have access to that email address, you
would miraculously be able to recover your wallet.
And I think it's a very, very important piece of functionality for Web2 users who need simplicity, who
need, you know, all of those friction points removed from kind of from their life.
The other thing that is extremely exciting about BOSS and some of the functionalities that
are coming through, you probably haven't heard of one click connect.
And I'm the guy that is drumming it, you know, kind of when you go into the world of blockchain,
you know, kind of you go like, oh, my God, this, you know, this DEX is here and this NFT collection is
there and this liquidity mining, you know, and the service is there.
The biggest problem is that even if all of these things are on the same chain, when you want to engage
with them, you have to connect your wallet and connecting your wallet is quite cumbersome
procedure.
And especially if you're in public and especially if you're on your mobile, which is increasingly
happening, this can take up to seven clicks to do that.
So even though dApps are building on the same chain, for the user to move from one dApp to
another is extremely difficult.
So Nier, as part of BOSS and with the help of KeePom team, have built this thing called
One Click Connect, which basically means that you can come onto any dApp on Nier and if you
click on Connect Wallet, then it will log you in and connect your wallet just with one click.
It is absolutely incredible, which means that you will be able to move from, for example,
from Sweat Economy to Ref Finance to Orderly to any other dApp that is building on Nier literally
with one click.
And you wouldn't need to have your secret phrase constantly handy so that you can connect
wallet to another dApp and only then discover how it works.
So onboarding is better and easier.
The functionality of allowing users to really learn about ecosystem is easier with BOSS.
And also in my last conversations with India, I'm learning about some really, really exciting
developments on the protocol level that are going to make it even more efficient and faster
than it is right now.
So I'm really, really bullish about sort of looking into the future.
By the way, and I know that it's a plug for a completely different business, there is a
decent, sorry, decent, there is a recent launch on Nier.
And if you go into DabRadar, you will see that there is a project called Kai Ching that is
beating us even on DabRadar.
And they're building on Nier.
I'm really, really excited that Nier continues to attract projects that are taking millions
of people from Web2 and bringing them into Web3 and continues to solidify this position
of being an on-chain or on-ramp chain for Web3.
You know what, I couldn't have put it better myself.
And I think, or like, you might know it better than I know it.
And it's my job to know it.
Yes, there's absolutely, there's so many incredible things coming out of the Nier ecosystem right
now.
Sweat Economy is, of course, a part of it.
Cosmos, who are the team behind Kai Ching, are part of it.
Kipom are part of it.
And, of course, the community is a part of it as well, right?
Like, the people who turn up every single day and they stand on the street corner and
they scream why Nier is the place to build and why the blockchain operating system is the
solution for so many issues in Web3.
And not just Web3, but Web2 as well.
Ilya did a wonderful talk on this at ConsenSys and ETH Denver, which you can find on the Nier
YouTube channels.
I mean, it's just been an incredible year, you know, despite everything that's going
on around us.
And I'm sure that the next 12 months will be just as, if not more, incredible as well.
And I'm sure it will knock us out of the park again.
But with that in mind, Oleg, I have a couple more questions for you before we get to my favorite
question of all time.
What do you see happening, I guess, in the Nier ecosystem and the wider world of blockchain
and Web3 that the community should know about?
Have you got any predictions for us?
Have you got a crystal ball?
Or are there any problems that you see that still need to be addressed?
Yeah, well, you know, I'm going to talk big picture, but I'm going to blow my trumpet, you
know, and that would because I'm, of course, biased, right?
But the main message that I give to everybody is kind of raise your head and do realize that
we are extremely early.
There might be old farts like me around that remember early, late 90s, early 2000s of the
internet.
The analogy that I give is Web3 right now is about 1996 of the internet.
Why do I know this for sure?
For two reasons.
First, everyone is chasing weird and wonderful metrics like TVL that is by and large,
absolutely meaningless for most of the projects because total value locked is not how most
projects on in Web3 are making money because, well, when you lock something, it doesn't work.
When you lock something, it doesn't move.
When it locks something, it doesn't generate any transactions, any value.
And when layer ones are comparing themselves on TVL, I just laugh.
The only thing that matters is active users and active transactions.
And internet in 1996 had a whole plethora of weird and wonderful metrics that people were
chasing.
By 2001, 2002, 2003, there was only one left, active users.
And this is when we started getting Google's, Facebook's, and other behemoths of the internet
and attention economy being built because they really started focusing on users and huge number
of active users as opposed to something that in the long run had absolutely no meaning.
We are just on the brink of it and not everybody understands and realizes the importance of active users.
But it's happening and I'm drumming, you know, kind of this drum and I'm telling everyone that pretty
much the only metric that matters.
There is another reason why I believe that we are in 1996 of the internet, which is we still do not
have a ubiquitous product that everyone wants, like email for the internet.
You know, we have a lot of weird and wonderful, beautiful third derivative of a 15 something,
you know, kind of funky financial products.
But we don't have something that absolutely every single person in the world can and wants
to use.
And here I'm blowing my own trumpet because I actually feel that, you know, kind of sweat
economy and what we are building has probably one of the highest appeals in terms of universality.
If you have legs, this is a project that you should not miss and you should engage with.
We're not going to make you rich like some of the projects that promised, you know, kind of
I'm talking about immediately right now.
We're not going to pay you $100 to go for a short walk.
This is not possible.
However, we are going to get you healthier, more active, and certainly better off.
And I don't know how this whole sort of economic situation is going to be unfolding over long
term, but we're certainly making sure that the value of sweat is increasing in steps.
Marginal cost of production when it goes up, typically the price follows.
But you know what?
There is a lot of stuff that, you know, kind of we don't know yet.
If we are in 1996 of the internet, that means that we have huge, almost infinite potential
to grow.
And let me give you just one tiny example that shows you the magnitude where I think we all
need to be looking collectively and the, you know, the example is going to be attention
economy.
About 200 years ago, we, humanity have discovered that attention is valuable.
And for the last 200 years, we've been building attention economy, which by some estimates is
$7 trillion in size.
So all Googles, Facebooks, and everything advertising based is sitting in there.
Like all the big tech is, you know, not all of it, but, you know, by and large is attention
economy.
And the reason why it took us 200 years is because we couldn't tokenize attention.
We had to build highly complicated processes of tracking attention, attracting attention,
charging for attention.
And we believe that physical activity is very similar to attention.
In a sense, it is valuable to you, like attention is valuable to you.
Every single act of knowing something new, engaging with someone starts with paying attention.
Physical activity is making you better physically.
It improves your mental health.
It extends your life expectancy.
By the same token, it is also valuable to others.
Attention is very valuable to a company that tries to sell you something.
Attention is very valuable to your professor and teacher who tries to teach you something.
Attention is very valuable to so many different entities.
And that's why we have $7 trillion industry out there.
Physical activity is very similar.
It is very valuable to your family, to your healthcare provider, to your insurer, to your
employer, and ultimately to the country that you're living in because you're going to live
longer.
You're going to generate more taxes.
It's, if not anything else, it is a good business for absolutely everybody.
And if attention has generated an industry of $7 trillion, why physical activity can create movement economy that is on par or even bigger than that?
And if attention is seven times bigger than the whole crypto, and sweat is just one of those tokens that in, you know, kind of 300s position in CMC, and we are aiming and we will get there, we will build movement economy that will be comparable in size to an attention economy.
Can you imagine what potential the whole crypto industry has?
So look around, just see that the whole thing is in the infancy in 10, 15 years time, people will be looking back and they will be looking at the beginnings of big industries, big companies, and very, very big stories.
So we are still at the very beginning.
Last thing that I wanted to mention, and you know, kind of, this is, I think, very useful narrative when you will be doing your research into the plethora of different tokens and projects out there.
Fundamentally, and again, this is, in my humble opinion, there are three big narratives that I see at play in Web3 that make sense.
When I say make sense, when I say make sense, it means they're simple and easy and can be explained with one sentence.
Narrative one, digital gold or inflation protection asset, and this is Bitcoin.
It's the first, it's the biggest, it has the most attention.
The supply is capped at 21 million.
And because of that, you know, kind of, all the fluctuations and money printing that is happening in the fiat world immediately has an effect on its price.
So inflation protection alternative to gold is the first narrative.
The second narrative that is very simple is layer ones or infrastructure.
It's computers that secure your assets online.
Like, you need electricity to run a computer.
By the same token, you need ETH, NIR, MATIC, AVAX, SOL in order to run these computers that ensure that assets that you control are yours.
And without these tokens, without these assets, you cannot run these computers.
Very simple, very clear, you know, kind of very hard to argue.
And the third narrative that is a lot bigger in size and probably will break down in the future into separate pieces is tokenization.
The most basic example of tokenization is USDT and USDC stable coins.
What do they do?
They simply flip fiat into a token, making it more liquid, easier to transfer, more censorship resistance, et cetera, et cetera.
It's marginal improvement over fiat because this asset already exists, albeit not in a very efficient system that not many of us would like.
But it is just an optimization of what already exists.
There is a lot of innovation happening in turning other assets into digital assets like, you know, treasury bills, like, you know, a lot of attempts to tokenize securities and shares and fractionalized shares.
But where I think digitalization really starts to work and we are starting to create whole new industries is when we are creating an asset that does not exist yet.
And here I'm, again, I'm going to blow my own trumpet, but physical activity has value.
When I say this phrase, everyone nods.
But when I ask how valuable it is, how much is it worth?
Everyone sort of shies away and kind of goes, can you rephrase the question?
No, we should not rephrase the question.
We should actually drive for getting a clear answer.
And if it is valuable, then it means it's an asset.
And blockchain, and NIR specifically, now allows us to turn your physical activity into a tradable asset that does not exist outside of blockchain and allows us to power the exchanges between you and your family, you and your doctor, you and your insurer, you and your country, you and your employer, all of those different interactions that create value.
We can build this movement economy a lot faster and not spend 200 years like we spend on attention, but spend 20 years to get it to the same level.
So tokenization and creating assets out of something that everyone knows and believes and realizes will be an asset, but is not an asset yet.
This is where blockchain and Web3 is coming into its own.
And I would love to see more projects like that, because then the space is just going to be absolutely phenomenally exploding with innovation and will definitely be far bigger than the existing purely $1 trillion.
Oleg, every single time you drop a wisdom bomb like that, I'm taking it back, because it's nothing less than an honor for myself that I get to work in the same ecosystem as you, as the team at Sweat Economy, and as every single person listening to this Twitter space right now.
Because, as Oleg said, this is 1995, right?
This is the late 90s of the world of Web3.
And just think of the differences between the internet then and the internet today.
We will all look back at this time and say, hey, wasn't that obvious, right?
Wasn't Oleg right when it came to tokenizing movement?
And the wider range of tokenizations that are available, it will be so obvious we'll be kicking ourselves.
But not the ones listening today won't be, because you guys are already ahead of the curve, and you are as much a visionary as Oleg is as well.
So I would like to say a huge thank you to every single person who has joined our Twitter space today.
I'm just going to drop some facts and some shills really, really quickly before we get on to my favorite question that I love to ask every single speaker that we have on these Twitter spaces.
So September 12th, and correct me if I get anything wrong, by the way, Oleg, September 12th, the Sweat Wallet is going live in not just the United States, but the Bahamas, Barbaros, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda.
And, of course, the home of Mac and cheese, the home of liberty, the home of freedom that is the U.S. of air.
Neocon is coming up November 7th to 10th.
Don't miss it.
Step into the open web with us.
Neocon.org for tickets.
I can see that we had a lot of questions under the thread announcing this AMA today.
Unfortunately, I don't think we'll have time to get through them.
But Sweat Economy does have, like I mentioned earlier, an incredible community.
If you head to SweatEconomy.com, you can join their Discord, join their Telegram, and follow them on Twitter.
So do yourself a favor.
Stay ahead of that curve and go ahead and do that.
Now, before we end it, Oleg, I would just like to pass the mic over to you.
And this is my final question, my favorite one, for three or four minutes, five minutes, as long as you want, where you can talk about absolutely anything you want.
It doesn't have to be Sweat Economy.
It doesn't have to be crypto.
It doesn't have to be Web3.
It can be, but it doesn't have to be.
You can tell us your favorite type of green tea.
You can tell us what makes you sleep at night.
You can tell us your favorite exercise routine.
You can talk about books, dogs, cats, brothers, sisters, family, friends, absolutely anything you want to talk about.
The mic is yours.
We want to know the man behind the Twitter space.
Take it away.
Wow.
That's a hard one.
You know what?
I'm going to come back to really something that gives me so much fun and joy every day, which is this space, Web3, is in such early days.
There are no playbooks, there are no rules, there are no roads, only directions.
And this is extremely exciting because in 15, 20 years' time, when people will be studying the history of this industry,
they will be looking at certain projects and certain initiatives and infrastructure developments.
And what I would like to talk about are those big narratives that I think I've already so broadly covered,
which actually makes me feel that we are so early because if the only things that we have right now are digital gold,
asset securing computers, and tokenization, and this is it, I think that we need a lot more innovation.
And what my passion is and what I'm starting to, you know, kind of spend a bit more time on gradually
is to talk to founders and people who are interested in bringing in new ideas and really experimenting,
not with some third derivative of whatever, you know, kind of funky financial products
that are going to be very, very hard for Next Billion to adopt,
but something that Next Billion people would really, really be keen to engage with.
So, if you have those ideas, if you really want to build for the next billion people, please do reach out.
Please also reach out to Nier team and participate in their hackathons.
For example, in Nier AIPAC, we are going to trial for the first time a DeFi for the next billion people.
Because if you look at DeFi, you know, a lot of it is really built for first world traders.
So, for people who already made millions in traditional finance,
and they're starting to play with all of these funky products in DeFi.
But if you have one, two, three dollars to, you know, kind of on your balance,
can you engage with DeFi if transaction on Ethereum costs eight dollars?
Hell no.
Where would you build next, you know, oh, sorry, DeFi product for the next billion people?
On Nier.
What would be that product?
Nobody knows.
You know why?
Because you can't build a DeFi product for the next billion people on any other chain other than Nier.
And that's, you know, kind of, that's the thing that kind of, you know, kind of keeps me up.
Because I really do feel that we're in such early stages of innovation.
Nier's throughput and low transaction costs unlocks a lot of potential.
And all we need right now is to attract right talent, right founders who are keen to really bring big innovation.
Not something that's already built on Ethereum, because, well, you know what?
It can, if it's built on Ethereum and it works there, it can stay there.
But Nier can actually give birth to projects that cannot exist on Ethereum,
that cannot appeal to the next billion people.
So that's the thing that I'll leave you with.
Think big, think really ambitious, because we're early and we can really, really set the rules of engagement right now.
In five years' time, the rules will be there and everyone will be going through the same rut.
We can set and we can create the whole industry right now together.
I could not agree with you that, if you missed it, was a call to action for potential founders, builders, developers, marketers, idea people, artists, designers,
anybody who wants to be involved in what I love to call the decentralized revolution to do so.
And you can absolutely reach out to the sweat economy community.
You can reach out to the Nier Foundation.
Certainly reach out to Nier Horizon, who connect founders and builders together and do so much more.
But on that note, until next time, Oleg, and I'm looking very, very, very forward to seeing you this week over in Vietnam.
Is there anything else you'd like to add?
No, I'm really looking forward to seeing you in person and to have some Vietnamese food.
And those based in the U.S., guys, if you happen to be in Austin on the 12th of September, do pop down.
We're going to be a termissionless.
I'm going to be on stage.
I'm going to be talking about similar topics that we've covered today.
And I would absolutely love to say hi and, you know, can answer any questions.
Apologies that we couldn't, you know, take questions from the attendees right now.
But Oleg underscore femme on Twitter.
Find me, tweet to me, DM to me.
I'd be more than happy to engage.
Got to run, guys.
David, I will see you very soon.
Thank you all so much.
See you soon.
I'm going to play you guys out 10 seconds.
Star Spangled Banner.
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