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Who’s Guarding Web3’s Gates?
Recorded: July 8, 2025 Duration: 1:04:03Space Recording
Short Summary
In a dynamic discussion on Web3's future, panelists explored the roles of community, security, and innovative projects, highlighting significant token launches, fundraising successes, and the importance of education in navigating the evolving landscape of decentralized finance.
Full Transcription
Thank you. Thank you. Good morning, good afternoon, good evening, wherever you're at in this crypto world.
My name is Cody and I will be your host for today's episode of Xtalks.
Thanks for tuning in.
We appreciate you as well as our panelists for taking time out of their busy schedule
to join us in this deep discussion we're
going to be having today on whether or not, I guess, who's guarding Web3's gates. So we're
going to be talking about some pretty interesting stuff from security to audits to all that kind of
stuff in between. So in the meantime, while I'm trying to get everybody up on stage, if you wouldn't mind,
please giving this space a share.
We would appreciate it.
It helps us beat the algorithms of X as well as it allows us to get out to a broader audience
as well.
So likewise, if you happen to have any questions while we're going through today's discussion
on the topic or for any of our panelists, feel free to tag them in the threads below.
I'm pretty sure they'd be more than ecstatic to answer your questions.
So bear with me here for just a second as I try to get everybody up on stage,
and then we'll kick this thing off. Thank you. All right, we've got those invites sent out.
So we do have a few stragglers that are coming up here and there.
So bear with me as I try to get them up.
So bear with me as I try to get them up.
But as we are doing so, if you wouldn't mind just going around giving a quick little intro about yourself, we will start with Adam.
How are you, my friend?
Hi. Hi, guys. Yes. Excellent. Good to see you all today.
Looking forward to getting into this so this is adam founder of songjam and we
are building the number go up tooling for x and beyond and uh can't wait to get into this discussion
this is adam founder of songjam and awesome thanks for being here adam okay i think i've got just about everybody up uh let's
move on over to biscuit how are you biscuit you there
maybe sorry i was talking i've not actually unmuted myself you can tell i'm an amateur
of these spaces can't you uh are you guys doing up everyone's good it's a it's really good to be
here so biscuit is a you might have guessed from the pfp uh we're not a utility project we are a
meme project and we're building on the quantum decks on layer one X.
So we're the first meme coin, the joint two projects to launch on quantum decks.
The other being pipe G also up here as well.
And yeah, the world's first multi-chain meme coin.
So it's going to be an interesting topic.
I'm looking forward to getting into it.
Awesome.
Thanks for being here. We appreciate it. Kinto, go for it. Hey, everyone. It's Victor, co-founder of Kinto here. The modular
exchange, we essentially give the ability to have compliant operations to both Stratify and
retail users. And yeah, hopefully today we can get a little bit into the deeps on
how do we protect in kinto and in many other places web3 from the many bad actors around there
100 good to have you uh let's kick it over to maverick
hey guys alex here from maverick we're building a layer one for integrating real world assets with
defy we've built uh sides for the RWA infrastructure.
In terms of the RWA infrastructure, we've built a RWA token standard,
a launchpad for RWAs, primary offerings, three different types of DEXs,
lending, borrowing, and oracles.
Quite a mouthful, but it helped us land a $3 billion tokenization deal
with Multibank Group, which is a massive UAE-based exchange platform,
and Mag, who had previously been with Mantra.
So, exciting times.
Awesome.
Welcome back, as always.
Mr. Consul, how are you, my friend?
I'm all right.
I'm feeling blessed.
I'm Mr. Consul, to all who may not be aware of me
And I lead the community over at Bigger
I'll keep it that brief buddy
Because I want to know who's guarding and gatekeeping Web3
It's a really intriguing topic here
And I can't wait to be controversial because I have strong opinions towards this.
So let me keep my introduction that brief.
Oh, get ready. I'm going to throw some questions your way then.
Let's kick it over to PipeGDAO.
Hey, everyone. We are the PypeGDAO. It's Batsy, aka BatsyRaiMuguti.wallet. I'm the founder,
the boss, the don, the hefe, the captain and commander of the PypeGDAO project. And we
are the world's first interoperable ImpactFi token. So I'm copying biscuits. We're both world first.
As far as we're aware,
so don't sue us if someone beat us to the punch.
And our goal is to launch community-based,
community-led impact funds.
So disintermediating impact funds. So disintermediating, you know, impact finance. So these are like ESG funds,
ESG ETFs, and so on, and replacing them with blockchain based community funds,
targeting impact problems all over the world. Our first impact problem is the European paradox.
And this is essentially where Europe is failing to spin out tech unicorns at the rate that the US is.
And that's primarily from the university sector.
So we launched the PGF Launchpad, which is the first impact fire protocol that we launched.
which is the first Impact Fire protocol that we launched,
and that is aiming to fund five university DSI projects
with their first $2 million worth of capital.
Well, excuse me, €2 million worth of capital.
So these projects include monitoring technology for Parkinson's. It
includes stem cell technology from baby teeth, which can be used to cure things like paralysis,
AI-based solar panels, seismic detection technology as well. All of these things,
if they were brought to market, could make a real world impact.
But the problem is that up to 83% of these university lab projects don't make it to market.
So our moniker is to make university pipe dreams into realities.
Everybody loves pipe dreams.
All right, let's kick it over to over uh what is it over the reality
welcome to the stage hey it's good to see um the familiar faces i didn't think we were going to be
on here so this is carmen and um basically over is uh attempting to build the largest geospatial D-PIN platform.
And our D-PIN initiative is called Map to Earn,
where we allow users to download our app on their smartphones
and they get to scan real-world spaces.
They get to mend 3D data as NFTs, all while earning over tokens.
We also offer an augmented reality builder where creators can create geo-anchored, interactive, augmented reality content.
Because you know that's coming, guys.
That lives over the real world.
We also have a business portal for brands who can launch augmented reality
experiences that are tied to physical coordinates.
And yeah, that's it.
Let's get this show on the road.
I love it.
Thanks for being here.
Diamond, go for it.
Diamond, are you there hello
hi excuse me how y'all doing today um i'm diamonds diamond are you there? Can you hear me?
Can you hear me?
Yeah, we can hear you.
Alright, cool.
Yeah, I think I'm a little slow.
I'm Diamond.
This is Diamond from Diamond's Chain, Diamond's Shadow Movies.
The first media chain that pays you to build.
Essentially, we're built for creators.
You know, designed for contribution.
Powerful purpose.
We want our creators and our users to actually get paid for being content,
for creating content, not just putting stuff on the, on the market. And, you know, nobody knows who they are.
Nobody gets a whiff of how great they are.
Nobody gets a chance to really get it on the ground level of, you know,
awesome successes.
And I think we think that Diamond Shadow movies that the content creator should have a better chance to utilize his or her
money. So essentially, we created a blockchain where we use proof of contribution, which is
real on-chain metrics tied to views, uploads, votes, and
validator uptimes.
We have AI Power Oracles, where essentially by watching YouTube videos from selected content
creators from Twitch or even on-game activity, you will essentially earn tokens on our blockchain.
Essentially, we're working towards making it
where the content creators aren't just earning pennies for their hard work essentially like i
have a master's in film production i'm also certified in pro tools uh content creation
like from a from a different standpoint so i totally like get being in the trenches and
starting from nothing to get to somewhere i I have a film that's on Amazon Prime
and another few guys in my team who are all fashion moguls, fashion published fashion models
and things like that. So we're all valid artists who want to empower the creators in the Web2 space
but introduce them to Web3 blockchain we're also uh part of the
quick note accelerator fund um we were selected along with 200 i mean 26 other applicants
to essentially uh incubate us and accelerate the ideas and uh protocols that we come up with so
you know we're here to build and learn you know actually i mean honestly we we feel like we know nothing in the space even though it might seem like a lot that we have going on and we're here to build and learn, you know, actually, I mean, honestly, we feel like
we know nothing in the space, even though it might seem like a lot that we have going on.
And we're just here just to, you know, to learn and figure out how we can expand the Web3 to
everyone, you know, to make your grandmother be able to understand and to make your kids when
they, you know, when they're in school, like, oh, yeah, crypto, that's normal. You know, I have a
app and it does this and, you this, and simple, nothing scammy
to the point of where we understand how to keep it regulated
without losing our control over it.
But, yeah, that's me, Diamond Shadows.
Check us out.
Peace, y'all.
I love it, mate.
We're all students of crypto here, so there's no – Anybody can claim to be an expert, but let's be honest, we're all still learning.
This stuff changes so rapidly that I don't think anybody can be an expert in it right away.
So I think that's just about...
Oh my gosh, Valana?
Am I saying that right?
Valenia.
Valenia.
Valenia. Okay, cool. Thanks. Sorry, I just
caught the corner of my eye there for a second.
Yeah, no worries. I'm not going to
overextend either. Basically, we're
building a universe of connected experiences
that are being built on Solana, and at the
moment, we are on the early version of
Realms, which is, you know, it's called
Road to Realms.
And it will be a
fantasy world
where you can explore, find, build, craft,
do different stuff and be part of an economy.
So, yeah, we're doing this to improve some things
that we've seen that haven't worked in Web3 Gaming
in the last couple of years.
And we have been hands down building this
with our community and support as well from the different stakeholders
within the Solan ecosystem. So very excited for it. And now you can go ahead and go straight
to the topic. Thanks. Unfortunately, I've got one more. The Pipe Company. Go for it.
Yeah. Hi. Just quickly, we're the Web2 partner for the PipeGDAO. So we are the guys that source the university projects. So we're working with a load of universities actually globally. Our market is huge. And we're currently looking at a sort of 95 billion market in the European region for what we do. We're also a recipient of the European Union Certificate of Excellence for the platform,
which was reviewed by the EIC. We've also got venture capital funds behind us. So we support
the GDAO entirely, and we're one of the protocols within the GDAO group. So really excited just to
listen in, see how you guys are all moving forward and developing. And we love Layer 1X,
See how you guys are all moving forward and developing.
And we love Layer 1X.
Love Biscuit.
Love G-Day.
And we love you.
It's all hugs all the way around this.
Aww.
All right.
So let's get into today's space.
We want to thank everybody that's taken time out of their busy schedules to participate into today's discussion.
And if you're just tuning in, my name is Cody.
I'm with Layer 1X.
I'm the chief engagement officer over there.
So Layer 1X is a fully decentralized Layer 1 blockchain that specializes in true native,
bridgeless interoperability. So with that, let's get into today's discussion. So
who is ultimately responsible for protecting Web3? Is it the users? Is it the layer ones? Is it the
layer twos? Is it the projects? Is it the games? Or is it the individual users? So that's my first question.
I'm throwing it out there.
What do you guys think?
Can you define protecting?
Because when it says like guarding web3's gates,
it makes it sound like who's gatekeeping a little bit.
Yep. Who's gatekeeping,
who's guarding, and who's protecting.
So who is protecting us all the way around on the outskirts?
I'll add something to this.
As far as from what I know, there's a company called Forza.
I don't know if you all heard of them.
They essentially, they're built for blockchains um on deployment so essentially if you have a blockchain project
you would contact them and they would deploy on your chain and essentially they would um pay
attention to any sort of uh any sort of fraudulent or scammy sort of transactions going on chain
they would alert you um or like as soon
as it happens and if you have it set to certain protocols they would be able to like reverse
transactions and things like that i think this is how uh some of these blockchains are able to reverse
um you know if they get hacked and they're able to find the money they have something that's on
chain already that um essentially um keeps the users um safe but yeah that's something that's on chain already that essentially keeps the users safe.
But, yeah, that's something that definitely in the security side needs to be a big focus because this is what gets founders arrested and thrown in jail for not taking care of the security, especially if you have any American funds.
Because, you know, U.S. government does not play about their money or their their their society's
money so you got to have that somewhere in a bag or you're kind of labeled is a
third-rate you know sort of organization that's kind of my take on it though I'm
I'm sure it is probably more but that's what I kind of know about is for it to, you know, probably AI. AI has a pretty good, um, a pretty good, um, landscape to build on.
Um, I just think that a lot of AI is focused on web two. They haven't really, um, explored the,
the, the, um, the nuances and, you know, gratifications of,ifications of web three yet so it's kind of feel
like an open open world yeah that's my take on it it's a good take mr. console
or Maverick you guys were starting to say something
yeah I just think you can go ahead awesome thank you thank you when it comes
to like who's well there's a few things here, right?
Like who's on the assault against the Web3 industry and then who's, who's like protecting
And, you know, for the longest time, you know, obviously it was a regulators, right?
The SEC was regulating by enforcement, which was a big FU to the entire industry effectively.
Right.
There was never a guidebook of like, Hey, you could do, if you, as long as you
follow a, you're good.
It was just suing people into oblivion, never giving the right, the right way
of moving forward.
Even do you guys remember Promethean?
We're out of nowhere.
This, like, like it honestly sounded like a government op to be like, Hey, we
did this according to the sec's rules.
And it kind of looks like and under like someone
who like reported to hillary clinton in the back channels just reading off some sort of like chat
gpt playbook but um in any case there's you know that there are regulators for a long time and then
uh obviously i think banks had a large interest in keeping this at bay uh and then it kind of
flipped around to
turning around and wanting to actually custody and offer crypto products and then uh when it
comes to protecting crypto interest that's actually a really a really interesting one i think there's
a lot of like evangelists who made a lot of money in the beginning um in the case of like, if you think about like the early days of Coinbase, I don't know how well we can trust some of the bigger parties in crypto anymore when it comes to the larger, more turning towards institutional products.
But if you look at the actions of certain players in this case the people who used to be
advocating for crypto i feel like they're more advocating for themselves now so who's protecting
crypto now honestly i think it's a free-for-all that's a really good take that's exactly the
route i wanted to go down so thanks for taking this maverick uh mr console you wanted to add anything or i'm
gonna shoot it over to pipe g yeah just to take my good friend's point higher your main source of
protection in web 3 is the community before you even have to raise up your issue legally, that's tedious,
expensive, and in most cases, not necessary. So in my opinion, you need to be asking your friends,
your peers, those in your community about certain things, and they're're gonna offer you feedback and that's gonna essentially be a
protection so i believe that the community essentially in alignment to the theory of the
free markets is protecting users this reflects in nft floor prices let me also take that angle, right? And it also reflects in the token prices of certain projects.
Because if the trade volume isn't really high, it could essentially communicate that the
community is not really enthusiastic, nor do they have much trust in that ecosystem.
So for me, as a community lead here at Bigger,
I think the community is the way forward.
Yeah, I would agree with that.
I think that a community is something that can definitely help protect a project,
protect a chain in a sense, but more so a project.
But yeah, no, I totally agree with that.
Let's go over to PipeG.
So I concur with Mr. Consul on the community part
because there's a very big misconception
that the blockchain and smart contracts are what add value, but they're not.
It's the community that adds the value.
It's the users.
We are the source of the value.
We are the source of the price action.
We are the source of everything.
If it was not for the community and for the users, the blockchain would not be a thing.
So we are the source, for the users, the blockchain would not be a thing.
So we are the source, not the tech, number one.
So yeah, the community are the number one guardians. Number two, I would say the public nature of blockchains themselves, because they are public.
themselves because they are public. So, you know, if there's any scams going on or if there are any
security vulnerabilities, you know, these can be spotted by community, by developers, and people
can build protocols around certain projects without necessarily having to ask their permission,
right? Because it's a public network, you can just query a contract
and you can build a product around it.
I think, you know, I think Layer 1X has a project
which is a smart contract audit tool,
which I think we're going to use as well, right?
And people can just put their contracts on it,
just checks it out and does an audit, which cuts the costs.
But that's the community developers that are creating tooling for that.
But, you know, you still need a public permissionless system
in order for all that to work.
So I think public networks, as opposed to the private blockchains
where you can't see what's going on.
And I'm not saying private blockchains don't ever use,
but private chains are essentially the intranet of Web3.
Okay, and then number three, Web2 is also a guardian of Web3
because everything we interact with to interact with the blockchain itself
sits on Web2, on the software side in
particular. So even with your MetaMask, right, you know, you still have to, your MetaMask has to
submit a query via JSON, you know, to a smart contract, which also has a JSON script to take
instructions from your Web2 wallet where you're sitting for it to even do anything, right? So without that Web2 integrated, Web2-based technology like JSON
and even Rust, which actually I learned not too long ago,
is actually, you know, Web2 native
and is actually now being used to build Web3 stuff,
you know, Layer 1X is built on built on rust right but rust is used for other
things besides web 3 where solidity that was built specifically for web 3. so i think those
three things again uh community uh public blockchains and web 2 technology
Let's kick it over to Kento.
uh let's kick it over to kinto
Hey guys, so I think the first thing that makes sense is to analyze what are we protecting
us from, right?
And I think there are a couple of different things that we need to care when we look at
Web3.
The first one, of course, are security actors in the sense that we still are using a lot of technology that is in many
occasions too easily hackable and we have seen plenty of exploits both in nodes and in
smart contracts and we come from relatively young technologies that in the end are still widely
unknown by many and we have both developers making mistakes
even after many audits because of the complexity
of that decentralized technology
and the misunderstanding of many of the SACs.
We have had as well exploits at the infrastructure level,
which happens a lot.
Many social hacks as well.
So we have plenty of hackers using social engineering
in order to get information or
to get access from those.
But I believe that in this technology section, and I will later hopefully explain a little
bit, we have done a great deal in order to avoid technology exploits coming to the space.
And I believe right now, even though this is not a disease that we have cured, it's
a disease that has improved considerably.
However, there are other many things in Web3 that are still a risk.
One of them, for instance, is compliance, the source of funds as well.
We, in many occasions, are dealing with funds that we don't know where they come from,
how these sources got to those funds.
And in many occasions, we are raising money without knowing where this money is coming from
or where this money is going to go
once we put it in some of these protocols,
which can be challenging,
especially if we want Tratify to come to the space.
And then, yes, I'm going to say something
a little bit controversial, but it's true.
Many of these kind of Web3 protocols
wouldn't work without the community.
But to be completely fair, we are also defending ourselves from many communities.
One of them, for instance, communities of farmers and crypto influencers that are here only to extract from retail, from its own followers and from the rest of the community.
So we clearly need to put a line in some of these community kind of discourse, right?
Which I completely agree,
you are nothing without your community,
but be very careful because there are also plenty
of bad actors that behave as community
only until the point where they have been able
to extract all the value.
So the reality is that we need to protect ourselves
against many things.
We need to technically protect ourselves and these usually are technical measures. We need
to socially protect ourselves against social engineering, and this comes to education,
knowledge, and be aware of the risks that are out there. And finally, we need to protect the
protocols with fairness, with proper governance to make sure that the community that comes and that gets rewarded is rewarded because they deserve it and not because they
got with the right formula to extract value from the rest of the retail and trade-fi investors.
So yeah, at least three very different topics, three very different categories of bad actors
that can hurt the Web3 ecosystem and three very different strategies to protect ourselves against them that's the show folks no good job i think you hit upon pretty much the top
three for sure uh definitely definitely the things that uh some of the things that maverick brought
up earlier with like regulation and stuff like that uh let's kick it over to biscuit what do you have to say my friend hey hey um i agree with what of a lot of what's been said though to be honest but i'm gonna
i'm gonna go down the route because i like create content i've got a meme coin and i'm gonna go
guardians of web 3 and refer to narrative shapers and i'm talking about like vcs media like influencers as kinto just touched on and these are
the people that decide who gets what mind show and what gets ignored so i'd say these guys these
run the attention and when you're talking about retail dgens uh that are into your meme coins
that are highly speculative quick cryptoo Twitter plays a massive role.
And there's a lot of, as Kinto mentioned,
there's a lot of these guys who are bad actors.
So they come across as community members,
come across as kind of trying to influence people,
doing the right thing.
So Guardians of Web 3,
some instances they might be trying to do good,
but then there's a lot of people out there
that are just trying to get one over on the next person it's a it's a pvp world so i'll
just i'll just throw that in the mix that's a good thing to throw into the mix uh let's go with uh
balana balania i'll get it right by the end of the show don't worry
they'll be calling you v by the end of the show. Don't worry. You will get it. They'll be calling you V by the end of the show.
Yeah, no, I just wanted to follow up on the regulation side of things.
I just arrived a couple weeks ago from an event tour I did in Europe.
And I was able to see how many projects given Mika regulations and all that stuff are trying to find ways around not having users scared of it and actually trying to, you know, do stuff around the travel rule that exists for operations or even, you know, just raising awareness.
I think, like, we need to have more funnels of education for people in general so they know and understand what happens, you know.
I was very impressed, for example, yesterday on the gaming sector,
we saw the news of AVAX moving towards Solana, right?
And, you know, that's a very important thing, you know.
It's one of the most successful games so far in the web-tree gaming sector
that's doing stuff in another chain.
That's not the initial one.
And I think people should be more aware of it.
Everybody on the blockchain sector, what's going on in the side of gaming, right?
Because some people get the idea of, oh, I don't know, some tokens are not performing,
but there are ops being done that will drive and raise awareness in general of what's being built in the gaming sector.
And that's why we are supposed to be a funnel of communication and info to others, you know, and everything starts from education, I believe.
So that's my take.
Yeah.
No, that's a really good take.
I'm going to try to circle back on that.
I made a note on some of the things you just said.
So let's take it.
By the way, quick detail.
I must jump off because, yeah, I had something to, I got a double book in, like, by mistake.
And I have to, yeah, I have to deal with that.
But eventually, in the next phase, i expect you to say valenia property
yeah well i'll work on it don't worry uh thanks for coming adam let's kick it over to you
hi yes i've been loving some of the takes coming in actually when i when i joined this space i was
thinking we were going to be talking about web3's gatekeepers right and i thought we might have been talking about oh i
don't know centralized exchanges and or kols and the cabal but uh actually i think this is a more
interesting topic so and i think we're talking about kols later today anyway so yeah i think
we can save that for then but uh yeah i i guess like, so, I mean, literally, I think there is definitely, I do,
I do kind of resonate with some of what Mr. Console was saying about community. And I think,
but I think it's, it kind of goes down to like, technically, like who is securing the network or
who is secure, who secures the networks, Right. And, you know, so with, with
Bitcoin, for example, that was, that was the miners. Right. And the miners were literally,
I mean, that's, that's where the, the security of, of Bitcoin comes from, which was the very
early community of Bitcoin. Right. I think most of the, many of the early Bitcoiners were also miners.
And then when it comes to Ethereum, it's the stakers, right? We've got this kind of incredible
security guarantee that exists because with Ethereum and with its kind of respective layer
twos, because of the enormous distribution to this community of stakers.
Right.
And I think only 0.04% of transactions have ever been slashed on Ethereum
since it switched over to becoming a proof of stake network.
So that's pretty secure.
Right.
And yeah, so I guess there's different blockchains have got
different kinds of consensus mechanisms, and many of them are different versions of proof of stake,
right? So I think that, I mean, this is like, yeah, this is the way I see it. I mean, this is
literally, this is the infrastructure that the entire kind of blockchain ecosystem is built on. And, you know, the more, the higher, the
broader the distribution is, the more security you have when you're in a blockchain network, right?
And so, yeah, I think, I think Ethereum is probably winning that right now.
And that was partly as a result of them being a proof of work chain for so long that they've built up this value and distribution. But, yeah, I think we can kind of credit a lot of our security on these kinds of staking networks that was all started with a proof of work consensus
mechanism right so i think that's probably my answer to the question and uh yeah as i say i
wasn't i was kind of expecting to be talking about gatekeepers but i i prefer the guards
of the gates so yes, yes. Yeah.
Three for a clickbait.
Don't worry.
Let's see here.
We've got Maverick up next.
Oh, man.
There's so much to say about so many different things that people have said.
I'm mixed on whether the community are the gatekeepers or not.
We've seen that go both ways, really, right? I mean, we've seen the community come the gatekeepers or not. We've seen that go both ways really.
Right.
I mean, we've seen the community come back and save Solana post FTX.
And we've also seen the community abandon chains similar to like what's
going on with bear chain right now.
I would say that,
you know,
like with mantra,
the community didn't pick up and salvage what seems to be a self implosion,
which is very different than what happened to Solana.
And also when it comes to Tia, the community is not there, and Aptos is not there while the VCs dump on all of the users.
So the community is a bit of a mixed bag there on whether or not they are the gatekeepers.
They should be, don't get me wrong.
If you build a community, they will be there to back you.
Like Solana is a brilliant example of a rebuilding
or an actual great rebirth from the community, honestly.
It's an outlier to a, Solana's community is an outlier
to a theory on blockchain ecosystems that I have.
Then I'd like just to jump into, you know, private chains.
They don't work.
If you look at every single institutional private chain,
institutional focus chain,
whether or not they have a publicly traded token or no token at all.
JP Morgan sold off their private chain.
R3 Corda got acquired by Solana because R3 Corda was going in effectively
into bankruptcy.
I mean, they were just,
they were looking for someone to buy them
because there's just nothing happening.
And then if you look at other institutional-focused chains,
their token prices are just absolutely demolished.
In that sense, the community is there to help
because if you have a publicly traded token
that is held by a quote-unquote community,
but there's no community involvement in the economy of the chain
because you're only focused on institutions,
then what's the point?
There's no economy on that chain.
It's just like a dead currency, so to say.
And that's a lot of what I wanted to kind of say on there.
There was one more point that someone was touching upon,
proof of work and proof of stake being the gatekeepers.
I wanted to add to that and circle the KOL thing.
KOLs are definitely gatekeepers in this industry,
the KOLs and the exchanges.
And honestly, the situation right now for projects is egregiousious they're acting egregiously when it comes to
to projects um but without diving into that i think the validators on proof of stake chains
or oracle systems they need to step up and represent the platforms that they validate for
on a more consistent and public-facing basis.
Like, we should be listening to people who run operations
for these decentralized networks or data feeds
or, you know, everything from DAO validators
to L1 validators.
All L2s are effectively centralized anyways.
They're running on a centralized sequence or so, not them.
But then to Oracle systems like Chainlink validators
or Maven satellites on Maverick.
But when it comes to,
like, unfortunately, people tend to be sheep
and we follow the leader type approach
and we all find our own harbinger
or Oracle of information.
And it's just a shame
that those aren't the validators of each ecosystem that are bringing
forward new people to where they are and that I think it really should be because if you're
going to listen to anybody it should be the educated ones not the entertaining ones.
Maverick I think that you seriously read my notes because I literally have how do validators and devs build the trust and uh trust and transparency in a community to
be the gatekeeper so good job man seriously we're on the same we're on the same page man
definitely stop aligning with me telepathically i know geez uh let's shoot it over to over the
over the reality
You know what, I don't want to say anything anymore
Because
What a hot topic
All the speakers that already
Contributed their
Their thoughts and insights
What else is there to say
What I wanted to say
Was I was thinking about
Centralized exchanges I, was coming off, coming into this space, thinking about who are the gatekeepers, people or entities keeping, you know, other people from, what's it called? You know what I mean? And I was thinking that even though central exchanges are, to me, are the gatekeepers,
because they're the ones that decide which tokens or projects get listed.
Therefore, they affect adoption.
But on the flip side, and I know this is like lame.
This is a stupid, lame input after what everybody said.
But on the flip side They still
It's weird, central exchanges
They're still needed because
Even though they're centralized
They still perform due diligence
Which is very much needed
No, they don't
No, they don't
I'm sorry, centralizers do not play
They do not do due diligence
We've got pitched from central
Sorry to interrupt you over the reality I just want to play. They do not do due diligence. We've got pitched from Centralized. Sorry to interrupt you over the reality.
I just want to chime in.
They do not do due diligence.
They do what they think will make them money.
They grift from users and from all projects.
After we signed our $3 billion deal,
one of the biggest centralized exchanges came up to us
and literally said,
yo, bro, looks like you're really rich.
Up your listing budget so we can move forward.
And then reneged on a 750k listing offer right and in the meantime they've been like pumping
out mean coin listings left right and center and then trying to get more than set like three
quarters of a million dollars for us for listing they do and by the way their their listings are
down like double digit like close to triple digits wise from listing so like they're they do not do
due diligence it's just like such a triggering moment right there but they do not they're they're
like maverick maverick good one really good one because then you're bringing into the fact that
um the influence that coals have in in this whole Web3 ecosystem,
which I hate.
Kohl's, they trigger me to no end.
But no, I'm glad you brought that up.
I'm not talking about KOLs.
I'm talking about centralized exchanges.
I know, but when you said that they don't do due diligence,
sometimes I wonder who is in their pockets who in their pockets do you know what
i mean oh well i mean look like it's it's it's obviously no surprise yeah most exchanges already
have a network of kols that they tap into yeah and also they every like year or so these exchanges
are flushing out purging their listing teams because they keep
being on the take of bribes to
get projects listed.
Honestly, there's such a room in the market for
a better version of how Hyperliquid
launches tokens
on the exchange. It needs to be up
to a token vote, and any fees
paid goes to token holders of that exchange.
It should not be back alley telegram
channels and yo bro you're rich pay us more 100 i agree and i'm glad you brought that up
now i'm gonna end this but with that said we have in the audience sam stefanina and i've always
wanted to do this i've always wanted to say hey web 3 gaming is inevitable
because he always i know this is totally unrelated but you know he always tweets web
3 gaming is inevitable and the fact that he's in this space i just wanted to do shit i didn't say
that but anyway that's that's my 0.0000E take on this.
What a great topic.
Layer 1X, you need to bring this up again and segment the categories.
This is amazing.
It seems like we have a lot of part twos lately coming up on a lot of our upcoming spaces.
So, yeah, we may have to do it just because of the time.
Let's kick it over to Diamond.
You have your hand up. Hey, yeah, I kind of wanted to
piggyback off of the education, especially that's a big part of security. I mean, the thing is that,
you know, for instance, Web3 is essentially created for us to protect ourselves. I mean,
that's the whole idea of it is that we
have all the tools in Web3 to build our own protection. Web2 was about relying on the
companies to give us protection, which is why they have our data, why they're mining it,
why they're selling it and capitalizing off of it. And one of the catalysts of Web3 is to gain our data and gain our control back of
ourselves, which essentially large companies and the government utilize for themselves.
So I think that the gatekeepers are essentially what we painted them out to be this this the centralized exchange of decentralized decentralized exchanges uh koh
wells um you know bad actors in um in the community you figure like there are dows a
dows is only as good as the community's intelligence on how to how to run it because
you can still be a slow rug pull if everybody is agreeing to silly uh allocations of the treasury
you know and there's nobody checking it because of lack of
education. So, you know, like even with marketing, it should be like a marketing veto included in a
DAO or treasury veto, allowing for people with sharper minds to be able to overlook some of the
protocols and decisions like, nah, that makes totally no sense, you know, because a lot of,
I feel like a lot of the projects,
we come into the space and we kind of totally rely on our community because we think that
they're backing us because they put money in and things like that. But that means nothing
because they put money in, they can still stab us in the back and, you know, be trying to figure
out a way to backdoor protocol or something like that. They just may have bought money so they
could smooth with everybody else who's in there and not look like an outcast. So you have to pay attention to
that. It's still a dog-eat-dog world. But I do believe that the validators in Oracles play a
big part as well, especially Oracles. One of the ideas that we build with our blockchain is Oracle
connecting from Web3, from, say, Twitch, YouTube, IG to, I'm sorry, Web2 to Web3, which essentially gives a visual of, you know, information and data that's transported and things like that.
But it relies on validation. It relies on Oracles. And we can use Chainlink.
There's other companies and things like that, but we chose to build our own because obviously we have the capabilities to and the abilities to do it are out there. So
I think that a lot of the gatekeeping and the keys to it rely on ourselves as founders,
as community members, even protocols that build on chain or parts of the chain. Like, you know, some of them like like I forgot who the guy who was just speaking, but said like a lot of these companies or protocols come out back door.
They on Telegram TG and there's no vetting of them.
You know, it's like there's no way to find out if they're real.
And I mean, granted, you know, every chain wants to create revenue.
wants to create revenue so they may look at it as like you know the more revenue the better
So they may look at it like, you know, the more revenue, the better.
but it does kind of spook your your community because it's like you know did you notice this
company that's doing you know doing stuff but then also making your your chain private where
you have to go through a whole bunch of checks and balances to get on makes it also unattractive
because now it's like oh i have to do all of this what makes you so great that i have to do all that
most people lose interest in 30 seconds and if you can't keep them off of that longer than that,
you've lost them essentially.
And they won't come back for another six months.
So it makes sense to try to give them a doorway
that they can fall into and then, you know,
give them the shock value, you know,
the something that they can be like,
wow, I've never expected this to be in this ecosystem
or something like that, you know.
But I definitely believe that education is one of the highest like that, you know, but I definitely believe that education
is one of the highest things because, you know, with education, you can build,
you can build staking contracts, you can build validator nodes, you can build,
you know, all sorts of things that are out there, you know, there, but there, you know,
there essentially is no one gatekeeper out there. It all relies on the community in a sort of way of, I say, the builder community, more or less, is, you know, where your strongest portion of your community usually is, because they essentially get it from a standpoint of being able to, you know, build on your chain and essentially, you know, bring to the chain more value in terms of validity and understanding how you're going to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able to be able of being able to, you know, build on your chain and essentially, you
know, bring to the chain more value in terms of validity and understanding how things work. Like
chains that have a lot of eggheads on it. And I love that term because I'm one too. But, you know,
they really essentially bring value to their chain. You know, essentially, like I watch chains
that start in testnet and where the builders in the community is a part of the testnet.
And they're like talking code in the back in the TV rooms that has a strong base. So then once they get to to to mainnet, you've got 50, 50 projects built on your chain.
And, you know, with that idea of understanding how to manage, you know, how to deal with them in a secure way where you're not losing track of them,
with them in a secure way where you're not losing track of them, but also having like
a protocol set up that gives them an incentive to stay and fly, you know, fly right.
You know, that's my take on it.
I do definitely agree that education is something that's a big part.
If you don't know what you're talking about, you can't build anything and you can't tell
anybody how to run or, you know, keep their set or organization secure. It's just more just,
you know, just fluff. But yeah, that's my, that's my, that's my take on it.
Yeah, for sure. Definitely education is the route to go. We just have a few minutes left. So
we've got three people each. So just try to keep it to about two, two and a half minutes each.
to about two, two and a half minutes each.
Go for it, Pipe G.
Go for it, PipeG.
Hi, sorry, I was just in the middle of something.
So the pipe company left and they wanted to,
you know, Rob had to scoot off,
but he wanted me to add a point
in terms of guardianship as opposed to gatekeeping.
So crypto-friendly jurisdictions,
where a lot of our projects are actually legally registered,
if they are legally registered,
also help to protect the community
and help to protect builders from unfriendly jurisdictions.
So we have a, whatriendly regulation, you know, unfriendly jurisdiction.
So we have a, what's it called, a jurisdictional arbitrage strategy where we're basically registering different protocols
in different jurisdictions that are friendly to what we're doing.
So a lot of these crypto, a lot of projects that have a token
are registered in the British Virgin Islands or registered in Panama,
for example, where you don't need a virtual assets license to form a crypto foundation or crypto company.
And so, you know, you'll find a lot of the projects actually registered in such jurisdictions.
And of course, you have UAE for other things as well, where we're planning to register our launchpad and so on. So definitely jurisdictions or regulatory arbitrage is a key thing.
But in terms of gatekeepers, as opposed to guardians,
I'd also say crypto launchpads are a big gatekeeper in terms of fundraising.
So there's the VC side, but crypto launch pads are essentially a VC without necessarily
taking an equity piece.
They do take some of your token and they do take a cut of what you raise.
So a lot of projects that don't get launch pad approvals, they struggle to raise capital
to kind of to continue to build on.
They're like brokers in that regard.
Yeah, yeah, yeah, yeah.
They're like brokers, but they essentially perform the same function or similar function,
which is a fundraising function, right?
So if you've been approved by a launchpad, you're more likely to be approved by a VC
because of all the due diligence
or so-called due diligence as well.
So if there was a blockchain-based launchpad,
a smart contract-based launchpad,
maybe like Gstarter that we're building
where the community decides,
then, yeah, I think that could be...
Then that would be more of a guardianship role
as opposed to gatekeeping role.
So that's my last two sats.
Now, great, great points.
Quinto, go for it.
All right.
This is going to be extremely hard because so many topics have appeared.
It's funny because half of the speakers understood one topic for the guarding world.
Half of the other half understood something else.
And now I'm going to try to cover both topics in two and a half minutes.
So, yeah, let me take some air here.
I'll give you three.
Number one, how do we protect ourselves from that technical aspect that I mentioned at the beginning?
We have covered some of the possibilities.
some of the possibilities.
Decentralization continues to be the key.
Decentralization continues to be the key.
Being a stage one, being able to decentralize,
being able to have proper validators
and a large community of nodes properly maintained
and properly decentralized continues to be key,
avoiding those technical attacks.
Then on the social aspect,
on the social engineering point that we have covered,
the reality is that education matters a lot,
but let's face as well a part of blame on the social engineering point that we have covered. The reality is that education matters a lot, but let's face as well a part of blame
on the developers here.
Education matters, but we cannot expect every user
to be an absolute mind-blowing expert.
And this comes to UX.
If you are able to have a proper user experience,
understanding what they are doing, what they are signing,
simplifying what the user sees and does on your platform.
It's on you, not on them.
And yes, education matters.
Education is, again, bad actors that are going to try to take control
of your assets by different means.
But the reality is that education does not solve
or does not propute developers to create proper user experiences.
And the reality is that a lot of the education that is missing
is missing because we are not offering our users
a proper way to execute operations
when they are working with us.
So the reality is that social engineering comes to education,
yes, but also to user experience.
And we need to bridge the education that
is needed with better user experiences,
making sure that users know what they are signing
at all points in time.
Once that they sign, however,
how do you make sure that they are doing
what they need to be doing
or that they are doing what they intended to do?
We have applications today on Web3.
Kinto uses plenty of them,
but one of them, for instance,
that I recommend looking into is Venn,
V-E-N-N,
and of course, some things like,
they used to be called IronBlocks.
Maybe you are familiar with them,
but they are essentially a firewall for transactions.
And if you believe, or the application believes
that the user is trying to start a type of transaction
that is not intended, they will revert it
or they will essentially let the user know
or double confirm before that's something
that they may regret.
The other aspect of it is not only checking the transaction before they happen,
like very night on blocks, but also after they happen.
And this is very interesting.
Hypernative is a great example of this, using AI and Rhystix to analyze every single block
and every single contract deployed on a network.
Is this contract a malicious intent?
Who deployed it? Are they targeting addresses that are weird on that contract? There is a lot
that we can do to know that something is fishy before or after those transactions happen. So
take a look at then, take a look at hyper native. The other aspect that we mentioned before is the bad actors, right? Making sure that that governance is properly done. Here, Kinto has become kind of an expert because we have longer um kind of compensate or recompensate the hype
we actually compensate for usage we compensate for loyalty we compensate for understanding
but the reality is that airdropping to everyone for everything has kind of become obsolete because
these farmers have become experts in farming the type of activities. So make sure that you compensate the real community members
because that real community is the one that make it work.
Finally, on centralized exchanges, right?
Kind of, as I agree, gatekeepers on excellence,
I agree, terrible research and outrageous fees, right?
Absolutely outrageous fees that come into that
and that they become essentially, absolutely, in the end, extractors of value of those communities and not necessarily
a money laundering scheme for VCs. Essentially, the money laundering, the money comes from the
VCs just to go to outrageous exchanges fees and the rent go for the lawyers. Very needed, but
outrageous fees as well as you go on part of that. But the reality is that centralized exchanges have become a gatekeeper of this community and a security risk.
They are honeypots of your data.
They are, most of them, non-custodial.
So you have a bunch of assets and a bunch of data in the same place, an extreme honeypot for hackers to come and attack.
to come and attack and definitely a gatekeeper for many use cases on Web3.
And definitely a gatekeeper for many use cases on Web3.
One of the cases that it's clear is the launchpad, centralized launchpads specifically.
So definitely something to defend against when you look onto those.
I'm going to end with a shield.
If you want to see a network that has proper validation, proper decentralization,
and is able to revert transactions at an old level, look at Kinto.
If you want to see user experience applied to knowing exactly what you're signing before,
during, and after, come take a look at Kinto.
If you want to take a look at governance and rewards doing properly, come take a look at Kinto.
And finally, if you want to see an alternative to a change and that centralized cancer, come
and get to know as well the decentralized change concept, this modular change that we are trying to create at Kinto.
We don't claim to do everything right.
But one thing is that I'm sure we are not repeating the same mistakes that we have gone over for the last hour.
Thank you again, Layer 1, for the opportunity.
And thank you to all the speakers for the fantastic topics raised.
Maverick, you had your hand up.
Do you want to take a sec or do you want to yield?
It's hard to follow that up.
Yep, I agree.
I agree.
Yeah, can you hear me?
No, hard to follow that up from Quinto.
It's very well put.
I do have
to say you know when it comes to like you would say powered by arbitron there's a big problem with
you know centralized and custodial l2s so you know i think we are you and i talked about this
a long time ago we gotta we gotta follow up on on how you guys have done that differently um so
maybe we should hop into each other's dms and jump on a call but yeah i mean uh honestly just follow up all the speakers here i kind of do have a bit of a hard
stop so i gotta go as well but uh you know welcome to follow maverick we should be launching before
the end of the year with a bunch of tokenized assets that provide yield directly to your
wallets and um you know uh layer 1x always. You know, can't wait to be on again soon.
Likewise, likewise.
Thanks to all of our panelists for participating in today's discussion.
It looks like we're going to have to have a part two of this.
So be on the lookout for that as well.
And thanks to all of our listeners that are tuning in today and listening to this in the future.
We appreciate you guys. We couldn't do
these spaces without you. Definitely, definitely get these guys to follow. They have got some
pretty good projects cooking. So, you know, when it comes to gatekeepers, just remember we are all
here in Web3 for some rhyme or reason that brought us over here. And a lot of it has to do with having control, ownership,
you know, those kind of things, decentralization.
So just make sure that you guys do your part
to be the gatekeepers of Web3 to protect us
so that no other Web2 influence
or any other type of outside thing can manipulate what we're trying to build
here so with that being said we will catch you on the next episode of x talks next week and every
week on tuesday at 10 a.m eastern standard time we'll catch you guys later have a good one bye
catch you later, guys.
