- il y a 2 jours
The Talk
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00:00Est-ce que vous êtes prêts ?
00:01Ah, Vitalik !
00:03Comment allez-vous ?
00:03Bonjour !
00:04Bonjour !
00:10Vitalik, c'est trop mal que vous n'êtes pas dans la maison.
00:14Nous sommes dans une maison absolument pleine
00:19et il y a des gens qui attendent en dehors
00:22pour écouter à vous et à Sisi.
00:26Vous êtes les premières stars de l'année,
00:30peut-être de l'événement,
00:32mais il y a quelques autres,
00:35et nous allons voir plus tard.
00:37Vous auriez une grande compétition quand vous parlez aux stars.
00:41Nous avons une session incroyable maintenant,
00:45une des plus importantes concernant
00:47non seulement le futur,
00:50mais aussi Web3,
00:52crypto-currencies,
00:54et Sisi,
00:58je dois vous dire,
01:00peut-être que c'est parce que de mon gros hair,
01:02je ne comprends pas à tout ce que vous avez fait.
01:06Vous pouvez nous dire
01:08ce que Binance est allé,
01:11et vous pouvez nous dire aussi
01:14ce que Binance fait,
01:16vraiment,
01:17ce que vous avez dit,
01:19ce que vous avez dit à des gens.
01:20Vous dites la vérité.
01:23Merci d'avoir nous ici,
01:25et merci d'avoir nous.
01:26C'est un grand honneur d'être ici.
01:28Et donc,
01:29Binance,
01:29beaucoup de gens qui connaissent Binance,
01:31c'est un crypto-currency exchange.
01:32C'est un place,
01:34c'est un place,
01:34c'est un place,
01:35c'est un place pour les gens
01:36accesses crypto.
01:37C'est un place pour les gens,
01:39pour les gens,
01:39pour les gens,
01:39pour les gens,
01:40pour les gens,
01:41ou pour les gens.
01:42Aujourd'hui,
01:43Binance est évoluée
01:44de l'exchange.
01:46Nous avons aussi
01:46l'un des plus populaires
01:47de-centrales wallets,
01:49meaning que les gens
01:49peuvent avoir leurs coins,
01:51la Trust Wallet.
01:52Nous avons
01:54CoinMarketCap,
01:55qui est l'un des plus populaires
01:57pour les gens
01:58qui sont déjà disponibles
01:58à avoir des crypto-informations.
02:00Nous avons BNB,
02:01Ch'en,
02:02nous avons un est plus
02:02d'autres choses.
02:05Mais,
02:06notre plus
02:07biggest
02:08c'est d'exchange.
02:10Et,
02:11Can vous tell us
02:11combien de users
02:12vous avez ?
02:13So,
02:14a couple,
02:15a month ago,
02:16nous passons
02:16120 millions
02:17users.
02:18Ce sont l'U.
02:20Donc,
02:21ce sont des millions
02:21de personnes
02:21qui sont
02:21aux coins,
02:22C'est à dire qu'il y a 120 millions d'entre eux, qui sont en trading des currencies, des
02:27crypto-currences.
02:28Oui. Et aussi, pour donner un peu de couleur, un mois et demi, au début de 2021, nous avons seulement
02:3420 millions d'users.
02:36Donc, 100 millions d'users.
02:37Donc, c'est moving très vite.
02:38Oui. Et donc, beaucoup d'users sont encore très active, parce qu'ils sont des nouveaux joiners.
02:44Et je comprends que vous avez une market share qui est environ 2% ?
02:50C'est un peu plus grand.
02:53Donc, par des matrices, nous avons une plateforme, mais depending sur la quantité de calcul, nous ne l'avons pas.
02:59Il y a des différents différents moyens d'interpréter.
03:02Vous ne voulez pas donner un nombre ?
03:04Ou vous ne savez pas comment faire ?
03:06Ou est-ce que c'est si grand que vous ne voulez pas dire ?
03:09Il y a des différents ways de calculer.
03:11Je pense que le blog a 70% de l'année dernière.
03:16Ils ne ont pas donné le nombre, donc je ne sais pas comment ils calculent maintenant.
03:18Dans nosunching des couleurs de calcul, ils calculent 30%, 35%.
03:24Nous incluse un plus de joueurs en la market share calculation.
03:30Et vous avez une idée de la nombre de transaction, le market cap, qu'est-ce que Binance représente ?
03:38Sure. I think in 2021, we traded US$34 trillion equivalent of crypto.
03:45Can you repeat?
03:46Yes. So US$34 trillion equivalent of crypto in 2021.
03:50This year, so far, I think we're about the same.
03:54But as cryptocurrencies are going down,
03:57so you will trade maybe more transactions with lesser value?
04:01So with this high volatility, like yesterday,
04:04I just checked this morning because somebody asked me this morning.
04:06Yesterday we traded 120 billion
04:09Yesterday, which is quite high
04:11On a flat day, it's like 30, 50 billion
04:14The highest day we have so far was like close to 200 billion
04:17So you can imagine, with somebody who is trading so much money
04:21It is...
04:22I will change
04:24Oh
04:26Oh
04:27Please
04:34So you have decided to settle in France
04:37Tell us why
04:38I think France
04:39The main reason is the leadership
04:41I think France has very strong leadership
04:43France wanted to become a startup nation
04:46Five years ago
04:47And I think it's largely achieved that
04:49And we foresee that it continues for at least another five years
04:52So the leadership is very, very strong here
04:55And the French regulators are extremely tough
04:58But they're very, very responsive
05:00So they ask so many questions
05:04Forms after forms after forms
05:06But when we respond, we get a response back very quickly
05:09So the responsiveness of regulators is a key thing
05:13That we think are very important to us
05:15So it's not about the toughness
05:16It's about the responsiveness
05:17So
05:18It's not about the wine
05:21The wine too
05:23Yeah, the wine here is great
05:24The food is great
05:25The city is fantastic
05:27It's just so much history
05:29So much culture
05:30It's just a very lovely city
05:32So yeah
05:33So this is
05:33No, this is my base
05:34I come
05:35I fly back in to get new clothes
05:37And then fly back out
05:40We will move to Vitalik for a moment
05:43And then we will come back
05:44And we will have the conversation all together
05:48Vitalik
05:48I think it's just incredible
05:51Because I don't know if you are really 28
05:56You look like being 18
05:58And you have created one of the most impressive blockchain in the world
06:04And the cryptocurrency
06:06Which is the second largest in the world
06:11And keeping growing
06:12So maybe you can start by telling us
06:16How the idea came to you
06:19To create a cryptocurrency
06:21If I'm speaking to my grandson
06:24I would think that they will
06:27Talk to me about many things
06:28But they will not tell me that they have an idea
06:30Of creating a new money
06:33A new currency
06:34So how this happened
06:36And can you tell us a little bit about your journey
06:39We want to know more about yourself
06:41So when
06:43So I first joined the Bitcoin community back in 2011
06:48And I immediately found it interesting
06:51I immediately started participating in the Bitcoin community more and more
06:55I actually started as a writer for Bitcoin magazine
06:59And I just wrote a lot of articles about the technology, economics, cryptography, politics
07:05And just like all different sides of the Bitcoin ecosystem
07:09And eventually I dropped out of university
07:12And I went on this trip around the world
07:15Talking to different Bitcoin communities
07:18And so I visited some of them in New Hampshire in the US
07:24I went to Spain
07:25I went to Switzerland
07:28Eventually I went to Israel
07:30And then San Francisco
07:32And just many different places
07:34And on this trip
07:36I discovered
07:37Some of the people that were already thinking about this topic
07:41Of how do we take the blockchain technology behind Bitcoin
07:46And how do we make it work for other kinds of applications too
07:50Right
07:51So can we use blockchains to issue assets
07:54To decentralize domain names
07:57To create more open and transparent financial systems
08:02And this long list of applications
08:05And the projects that were trying to do this
08:08The way that they were trying to do it at the time
08:11Was they were basically saying
08:13Here is a list of 10 different applications we want to support
08:17And we're going to build a platform that's like a Swiss Army knife
08:21So that has 10 different types of transactions
08:24One type of transaction for every application
08:26So I realized pretty quickly
08:29That this is a very limited approach
08:32You can support 10 applications
08:34But what happens if someone invents a different application
08:36And so I had this one idea
08:39That instead of having these 10 different types of transactions
08:42For 10 different applications
08:44You would take a programming language
08:46And you would sell a computer code
08:49And they would stick a programming language inside of the API platform
08:52And you would let people write whatever applications they want
08:56And the blockchain would support it
08:58So I had this idea
09:00And at the beginning
09:02I even tried to convince some of the existing projects to adopt it
09:06But they were only interested in doing it after some very long time
09:12They thought, okay, maybe it will take years to get to there
09:15But I thought, okay, fine
09:17I'll just start doing this myself
09:19And so I wrote the white paper
09:20And started reaching out to some friends
09:23And there was a lot of excitement
09:25And the Ethereum project started from there
09:29Are you a tech guy?
09:32Or do you just have the idea?
09:36Do you know how to write code?
09:38Or is it just traveling?
09:41I think so
09:42Tell us a little bit more
09:44We need to know
09:46I don't know
09:47I don't know
09:47I mean, I'm sure
09:47If you go check my GitHub
09:50There's going to be a bunch of people
09:52That will tell me that the code sucks
09:54But I don't know
09:55It runs
09:56I wrote some stuff
10:00Vitaly, can you tell us a little bit about what Ethereum is all about?
10:04We understand it is a blockchain
10:09Specific
10:11You will tell us if you are more compatible
10:17With the climate change
10:23And the new environment rules
10:26Than other blockchains
10:27And Ethereum
10:30Why and what is making Ethereum different from Bitcoin?
10:37Sure
10:38So to start with the last question
10:41So what is the difference between Bitcoin and Ethereum?
10:45Bitcoin is a blockchain that supports one application
10:49Which is being decentralized money
10:51So medium of exchange and store of value
10:54And focusing much more on the store of value side
10:56I think recently
10:57Ethereum is meant more as a general purpose blockchain
11:01So it is a blockchain that's designed to support a wide range of applications
11:06So you can build open and decentralized financial systems on top of it
11:13You can use it to build what we call DAOs
11:16Decentralized Autonomous Organizations
11:18So like organizations, companies, group communities
11:23Groups of people working together
11:25And using the blockchain to manage things like their memberships and their assets
11:30You can have a decentralized alternative to things like the domain name system
11:38So like replace a lot of the infrastructure that runs the internet today
11:42With more decentralized alternatives
11:44So basically just create more of these kind of open and transparent alternatives
11:51To just many parts of the internet as it exists today
11:55Instead of just focusing on one thing
11:57So that is how the Ethereum vision started
12:01The two big things that we in Ethereum are working on today
12:06One is proof of stake
12:08And the other is scalability
12:10So proof of stake is a consensus algorithm
12:14It is a way that allows all of the computers in the Ethereum network
12:19To agree on like what transactions people send
12:23Who did what, who did what in what order
12:26Like who has how many coins
12:29And like all of these things that a blockchain needs to have consensus on
12:33So Bitcoin and Ethereum today
12:36Both use a different mechanism for this called proof of work
12:40And proof of work was the earliest one
12:43It's simple, it works
12:45But it has this weakness that proof of work requires consuming a large amount of electricity
12:51And a large amount of resources on creating computer hardware
12:57So there's people who spend billions of dollars on creating specialized computers
13:02That are optimized just for this one task of participating in the Bitcoin network
13:08And they just consume large amounts of electricity
13:11So it's a very expensive, very wasteful system in many ways
13:16So proof of stake is this alternative direction
13:20That people have been thinking about
13:22I think since about 2012
13:24But it can be much cheaper
13:28It can be more secure
13:30It has all of these like really nice properties
13:32And Ethereum is currently in the process of fully moving over to proof of stake
13:37So the Ethereum proof of stake chain actually already exists
13:42It's called the beacon chain
13:43It's existed for one and a half years
13:45The last step of the process is shutting down the proof of work chain
13:50And moving over all of the existing Ethereum applications through the proof of stake chain
13:55So this is the process
13:57This is something that's called the merge
13:59So everyone in the Ethereum community is very excited about the merge
14:03We have done a lot of testing
14:07One of the main Ethereum test networks called Robson
14:12Already switched to the merge
14:13Already did the merge
14:15So we already have a proof of stake on
14:17A switch to proof of stake on a test network
14:20And it's expected that in a few months
14:23The Ethereum main network will also switch
14:25So that's one
14:26The other big one is scalability
14:28So a lot of people are concerned about blockchains
14:32Including Bitcoin, including Ethereum, including others
14:34Having high transaction fees
14:36So you need to spend a large amount of money
14:39To send a transaction on the network
14:41And this makes things difficult
14:43Especially for non-financial applications
14:46Like if you want to send someone $10,000
14:49Then paying $8 for a transaction is okay
14:51But if all you want to do is create a profile
14:56On a decentralized social media network
14:58Then $8 is already going to be too expensive for most people
15:02So trying to increase the scalability
15:05And to try to reduce the fees
15:08Make the blockchain less expensive
15:10And there's a lot of teams
15:13That are working on different approaches
15:15That's solving this problem too
15:19CZ, you have understood what's going on
15:22Barely, barely
15:26The first question to you
15:29Is to react to what Vitalik has said
15:32And maybe to tell us
15:33From your point of view
15:36And without creating any problem
15:38Between the two of you
15:39Can you tell us
15:42If Ethereum is as voracious
15:45As Bitcoin when it comes to energy
15:48And can you react to what Vitalik has said
15:54I think that
15:55Yeah, Ethereum is definitely more energy efficient
15:57And it's a different type of blockchain
16:02It's a more general purpose
16:05Turning complete language blockchain
16:06So Vitalik is a genius in creating that
16:11And now, can you react on the merge
16:14And the new ideas which are developed
16:18I think, yeah
16:20So basically, Ethereum Vitalik now has to
16:24They have a very difficult job to do
16:26They have to evolve this blockchain
16:28While carrying backward compatibility
16:30There's many, many developers using that blockchain
16:32So the work is very difficult
16:34And I think
16:36But I do have very strong confidence
16:38That the Ethereum team
16:39Under the leadership of Vitalik
16:40Will get that done
16:42Previously, I did doubt Vitalik
16:44Before Ethereum was launched
16:47Vitalik came to my house in Tokyo
16:49This is in 2015
16:51I told him
16:52That's too big of a bite to chew
16:53And so I didn't buy Ethereum
16:55And then, of course
16:56A few months later
16:58They launched the mainnet
16:58So
17:02I thought the problem was very difficult
17:04But I think the problem now
17:05Is very difficult
17:05But I think that Vitalik and his team
17:07Has the capability to crack it
17:11Vitalik, there are a lot of people
17:13Who believed
17:16And I'm part of them
17:18That currency has to be created by government
17:22They have to be guaranteed by the state bank
17:28And they have to be grounded on real economy
17:34And this is something
17:37Which we have been taught in schools for years
17:40And suddenly
17:41There are currencies which are appearing
17:44Which are based on algorithm
17:51And there is one of the consequences that we see
17:56Is huge speculation
17:57Huge volatility
17:59And my question is
18:01How can you address the issue of volatility
18:04And how can we make sure
18:07That this currency
18:09Has a real value over time?
18:13Sure
18:14That's a question for both of you
18:17I'll take a crack at it first
18:18And my answer is usually shorter
18:21I think today
18:25Previously
18:25There's many things that governments do
18:27Previously
18:28Most of us were probably going to be slaves
18:29And that was the norm
18:31But I don't think we should be slaves
18:34Today
18:34I think there's another way to view government entities
18:38Governments should be public service providers
18:40We call public servants
18:41So as public servants
18:44Or any organization in the world
18:46They should have income
18:47And they should have expenses
18:48And they should be providing the service
18:50That they should provide
18:52Governments have two types of income today
18:53One is tax income
18:55The other one is printing money
18:57I don't think we need two
18:58Most organizations should only have the income
19:02Where they provide a service
19:03To charge a fee
19:04So tax is okay
19:05I think in my opinion
19:06Because you know
19:07We need public services
19:08But why don't we need both types
19:10And how much interference
19:13How much control
19:14Should government have on economies
19:16And are governments the best at it
19:19Some governments are good
19:21Some are not good
19:22Not all governments are equal
19:24The bad government can really screw the populations
19:26Can really screw the people's finances
19:30What happens when the government does it badly
19:32The government gets either a revolution
19:34Or gets toppled
19:35And then that currency disappears
19:37So throughout history
19:39We've seen many fiat currencies disappear
19:41The oldest currency today
19:43The euros is only about 50 years old
19:45The oldest currency today
19:47Is the British pound
19:48Which is only 330 years old
19:50So just because it's created by the government
19:54The government itself may not be stable
19:56If you look at a century horizon
19:58Or decade horizon
20:00So nothing is completely stable
20:03Will free economy cost more volatility
20:06Probably yes
20:07But is it good or bad
20:08I'm not sure
20:09Some volatility is good
20:11We should let the things that should fail
20:13Fail
20:14And so that it creates
20:15It leaves opportunities for other people to grow
20:17So there's some interesting concepts
20:21I don't think there's any right or wrongs
20:23But I think the view that everything should be controlled by the government
20:28The money should be issued by the government
20:29The government should have the right to quantitative ease
20:32As much as they want
20:34In the process making their populations poor
20:36The government should have the ability to push the economy into hyperinflation
20:41All of those things
20:43I'm not sure how much power the government should have
20:45I think it's a discussion
20:48We as a civilization
20:50Is learning this process
20:51So we're always learning
20:53So I don't hold a black and white view
20:57I'm not saying total anarchism
20:59Total libertarianism
21:00I think we do need some rules in the government
21:02In the society
21:03For our society to work
21:05But by and large
21:07We need to test those limits
21:09We need to explore
21:11If there's new things
21:12Or better ways to do things
21:13So that's kind of my view
21:16Vitalik, you want to react?
21:18You have probably your own answer
21:21Yeah, I mean
21:22I think like first of all
21:23The economy is becoming more virtual
21:26With or without crypto
21:28Right, like I remember 10 years ago
21:30There was this fun statistic
21:31That privatejet.com
21:33Like the domain name
21:34Was sold for an amount of money
21:37That's more than the cost of a private jet
21:39And I think that's only kind of
21:43The first example of
21:45Many more things like that
21:47That we have seen
21:48And that we are going to see
21:50Right, I think
21:50As our society enters the information age
21:54The most important things
21:56Are going to be digital in some way
21:58And that's going to create a society
22:01And an economy that looks weird
22:04Right, and I think
22:05Like that's not a property of crypto
22:08So I think that's just a property
22:10Of this stage of technological progress
22:12In general
22:12No matter what form it takes
22:15So I
22:16And I think part of that
22:18Definitely is that
22:19We are seeing that
22:20This kind of
22:21This function of
22:23Kind of creating
22:24These basic
22:27Institutions
22:27That our society
22:30And our economy
22:31Runs on
22:32Like they're not going to be
22:33Only geographically
22:34Limited to countries
22:36And governments anymore
22:36Right
22:37I do think that governments
22:38Continue to play an important role
22:40But at the same time
22:42You know we're also
22:43Going to see
22:44Many of these kinds of
22:46Ecosystems
22:47That represent
22:48You know
22:50Digital communities
22:51That represent
22:52Sort of diverse
22:52And different groups
22:54Of people from around the world
22:55And I think there is a
22:57Healthy balance
22:58That can be made
22:58Between both of those
22:59Kinds of systems
23:00And you know
23:01Like I
23:02Like I don't think
23:03That I don't expect
23:04Cryptocurrencies to
23:05Completely take over the world
23:07But I think they definitely
23:08Have an
23:08Important role to play
23:10In creating
23:11A
23:13Creating an alternative
23:14And especially
23:16I think
23:16Having an alternative
23:17Is even more important
23:19Not just for people
23:20In kind of wealthy countries
23:22Where the
23:22Existing kind of services
23:24Tend to be stable
23:25But also in many
23:26Other parts of the world
23:27Where there just
23:28Isn't a good
23:30Fiat currency
23:31That people can
23:32Trust
23:33And not
23:34Just destroy
23:35Their savings
23:36Over the next 10 years
23:37And I think
23:38In cryptocurrency
23:39Like it's
23:39Cryptocurrencies also
23:41Right
23:41They're not a finished product
23:42Like we are seeing
23:43New ones
23:43We are seeing better ones
23:44And
23:45I think we have seen
23:46A lot of innovation
23:47Recently
23:48In trying to create
23:49Cryptocurrencies
23:49That have
23:50Less volatility
23:52That can be
23:53Better as media
23:54Of exchange
23:54So it's an evolving space
23:57If I translate
23:58What both of you
23:59Have told me
24:00You are telling us
24:03That
24:05You are telling us
24:06Two things
24:07One
24:07Currencies are
24:09Far too important
24:10To let them
24:12In the hand
24:12Of government
24:13And second
24:14You don't trust
24:16Enough government
24:17And you prefer
24:18That the private sector
24:19Is creating
24:21Cryptocurrencies
24:21Alongside
24:22The other money
24:24I don't want
24:24To create a problem
24:25Between you
24:26I see that you are
24:27A little bit
24:28Unleady
24:29Now
24:31There is no police
24:32Behind
24:33So you
24:33You can be
24:35Sure that you
24:36Will not be
24:37Taken to
24:39A camp
24:40Or anything
24:40Of the like
24:41You are in France
24:42It's okay
24:43So I think
24:44Basically
24:44We want to
24:45Increase the level
24:46Of freedom
24:46Without sacrificing
24:48Security
24:49Ease of use
24:50And even compliance
24:51Etc
24:52So
24:53Anytime
24:53In human history
24:55When we are able
24:55To increase
24:56The freedom
24:56Of something
24:57Without sacrificing
24:58Other aspects
24:59Our civilization
25:00Advances
25:00So if you think
25:01About slavery
25:02Freedom of press
25:04Freedom of education
25:05Freedom of information
25:06So anytime
25:07We increase
25:08The freedom
25:08We push
25:09The civilization
25:10Forward
25:10And today
25:11I'm not saying
25:13That government
25:13Should not be
25:14Involved
25:14In currencies
25:14Etc
25:15I think
25:15They should be
25:16But how much
25:17Involvement
25:18Can private
25:19Enterprises
25:20Have some
25:20Involvement
25:21As well
25:21Or not
25:22Does it have
25:23To be black
25:23And white
25:24So can we
25:25Move that
25:26Spectrum a little
25:27Bit
25:27So we're
25:28Exploring those
25:29Options
25:30Vitalik
25:31You have an
25:31Answer to that
25:34Yeah
25:34I think
25:35As I've said
25:36Before
25:36I don't think
25:37It's about
25:38Crypto and digital
25:39Stuff replacing
25:40Governments
25:41I think
25:41It's about
25:41Crypto and digital
25:42Stuff and
25:43Governments
25:43Like I think
25:44You know
25:45As the
25:48The
25:49Like basically
25:50You know
25:51In the
25:51Like in the
25:5321st century
25:54You know
25:54We're moving
25:55From a world
25:56Where the rules
25:57Are mostly
25:57Kind of laws
25:58Of physics
25:59That were set
26:00By you know
26:01Some kind
26:02Of god in the sky
26:03In nature
26:0313.7 billion
26:04Years ago
26:05Into a world
26:06Where we're living
26:07More and more
26:08Inside of structures
26:09That are being created
26:10And maintained
26:11By other humans
26:12And I think
26:14Governments have an
26:14Important role
26:15In shaping that world
26:16And I also think
26:17That these
26:19Different kinds
26:19Of non-governmental
26:21And international
26:23Structures have an
26:24Important role
26:24In shaping that world
26:25As well
26:26To be honest
26:27I believe that
26:29Creating
26:29Alternatives
26:31Is a very good
26:31Thing
26:31And I believe
26:33Also that
26:34The world
26:35Has changed
26:35So dramatically
26:36In the last
26:3720 years
26:38That it's good
26:39To shake up
26:41A little bit
26:41The system
26:42So on that front
26:44I'm completely
26:45Aligned with you
26:46Cici
26:47You have created
26:48A
26:49A blockchain
26:50Which is BNB
26:52How different
26:54It is
26:54From
26:55The blockchain
26:56Of
26:58Vitalik
26:59And the other
27:00Ones
27:00Is it a competition
27:02That you are
27:03Opening
27:03I don't think
27:05It's a competition
27:05At all
27:06But it is
27:07Quite similar
27:08We took
27:09Ethereum
27:09Copy the protocol
27:11No
27:12Actually
27:12I didn't
27:13I didn't do that
27:13Our team
27:14Did that
27:14We sponsored
27:15Them
27:15We supported
27:16Them
27:17We took
27:18Ethereum
27:20And made it
27:21More scalable
27:22And made it
27:22POS
27:23So the two
27:24Things that
27:24Vitalik was
27:25Mentioning before
27:27But
27:28The two blockchains
27:29Are different
27:30Even today
27:31So today
27:32We see a lot
27:33Of high value
27:34Items being traded
27:35On the
27:35Ethereum blockchain
27:36Whereas
27:37The retail
27:38Items
27:39The items
27:39That are really
27:39Really cheap
27:40The items
27:40That are like
27:41$10
27:42People don't
27:42Want to pay
27:43Our $10 fee
27:43So people
27:44We see a lot
27:45More of those
27:46Smaller transactions
27:47On the BNB chain
27:49I actually don't
27:49Know how much
27:50Source code
27:50Those guys took
27:51But I think
27:52They made
27:53The protocol
27:54Compatible
27:54In terms of
27:55The smart
27:55Contract design
27:56It's
27:57Solidity
27:57Compatible
27:59So but
27:59Today
28:00I don't view
28:00That as competition
28:01We support
28:02We still
28:02Support
28:03Ethereum
28:03Very very heavily
28:05And
28:05Binance
28:06Of multiple
28:06Products
28:07In the ecosystem
28:08That may or may not
28:09Have competitions
28:10What people call
28:11Competitions
28:11With other products
28:12But
28:12Any one of our products
28:14Will support
28:15The entire ecosystem
28:16So on the
28:17Binance exchange
28:18We support
28:19Ethereum
28:20Ethereum tokens
28:20Very very heavily
28:21We also support
28:22BNB chain
28:23On the wallet
28:24We support
28:25Ethereum obviously
28:26On the BNB chain
28:28We work with
28:29Multiple centralized exchanges
28:31Trying to list
28:31In different places
28:32So it's a multi
28:33To multi
28:34Network relationship
28:35I don't think
28:35It's a pure competition
28:36We just say
28:37Look
28:38Let's encourage
28:38As many
28:39Innovation as possible
28:40There's some
28:41Copying here and there
28:42But let's encourage
28:44That
28:44And let's see
28:44How the industry
28:45Develops
28:46Vitalik may have
28:47A different opinion
28:47I don't know
28:48So we are entering
28:52In a new world
28:53With Web3
28:53And Web3 is based
28:57Mainly on blockchain
28:59NFTs
29:01Metaverse
29:02So you are
29:05Both of you
29:06At the forefront
29:07Of Web3
29:09First can you define
29:11What could be the role
29:13Of Binance
29:16And Ethereum
29:18In the world
29:19Of Web3
29:22Okay I'll take a crack
29:24First
29:24I think Ethereum
29:25Pioneered the
29:26NFE token
29:27The ERC
29:30Which
29:31714
29:32721
29:33741
29:34Yeah
29:34Thank you
29:35And then
29:35Ethereum also
29:36Pioneered the
29:36ERC20 design
29:38So Ethereum
29:39Pioneered
29:39Prototyped
29:40All of these
29:41Concepts
29:41And actually
29:42Built all of
29:42These concepts
29:43So Ethereum
29:44Is a true
29:45Like Vitalik
29:46Is a true genius
29:47And they're
29:47The ones
29:49Pushing the
29:50Innovation front
29:51Very heavily
29:51I view Binance's
29:53Role
29:54Is more
29:54The application
29:55Side
29:55We walk
29:56Like
29:57Throughout my
29:58Career
29:58I've always
29:59Looked at
29:59How to take
30:00A very good
30:01Concept
30:01And give it
30:02To hundreds
30:03Of millions
30:03Of people
30:03Hopefully
30:04Or maybe
30:04Billions of
30:05People
30:05That requires
30:06Scaling
30:07So Binance
30:08Is a centralized
30:09Exchange
30:09Has a couple
30:10Of hundred
30:10Well
30:11120 million
30:12Users today
30:13Decentralized
30:14World
30:14Is a little
30:14Smaller
30:15But we're
30:16Always looking
30:17My view
30:17Is always
30:18How do we
30:19Multiply
30:19This at scale
30:20So that's
30:21Kind of
30:21My view
30:22But Vitalik
30:22Can also
30:23Give his
30:24Views
30:24Which might
30:24Be different
30:27Vitalik
30:28Yeah
30:29And so
30:29Like the
30:30Way that
30:30I look
30:31At
30:31Web3
30:32In general
30:32Is that
30:33It's basically
30:34A collection
30:35Of efforts
30:36To try
30:36To create
30:37A better
30:38Internet
30:39That uses
30:39Blockchains
30:41As your
30:41Knowledge proofs
30:42Other kinds
30:42Of newer
30:43Technologies
30:43To try
30:44To solve
30:45Some of
30:46The problems
30:46Around
30:47Like centralization
30:48Privacy
30:49Security
30:49That people
30:51Are concerned
30:52About in
30:53Web2
30:53And I
30:56Think
30:56Many
30:56Different
30:57Technologies
30:58And many
30:58Different
30:59Projects
30:59Have an
31:00Important
31:01Role to
31:01Play in
31:01That
31:02So I
31:02Think a
31:03Lot of
31:03The Web3
31:04Ideas
31:04Definitely
31:05Absolutely
31:06Require a
31:07Blockchain
31:07In some
31:07Form
31:08If people
31:09Are interested
31:09In the
31:09Topic
31:10Of a
31:10Few days
31:10Ago
31:11I
31:11Published
31:11A piece
31:12On my
31:13Blog
31:13Vitalik.ca
31:15Where I
31:15Just kind
31:15Of go
31:15Through
31:16Some
31:17Like
31:17Different
31:18Some of
31:19The
31:19Non-financial
31:20Applications
31:21Where in
31:21Like some
31:22Specific
31:23Places
31:23Where I
31:23Think
31:24Blogchains
31:24Make sense
31:25There as
31:25Well
31:25So it's
31:27Not just
31:27About
31:27Finance
31:28It's
31:28Also
31:28About
31:28Identity
31:30Just
31:30Creating
31:31Better
31:31Forms
31:32Of
31:32Internet
31:33Applications
31:34In
31:34General
31:34And
31:35Improving
31:36On
31:36Privacy
31:37And
31:37So
31:37Forth
31:37I
31:38Think
31:38I
31:39I
31:39Mean
31:39The
31:39Valuable
31:39Thing
31:40That
31:40Binance
31:41Provides
31:41I
31:41Think
31:41Is
31:42Just
31:42Being
31:42A
31:42Gateway
31:43Like
31:43You
31:44Know
31:44When
31:44You
31:45Visit
31:45Like
31:46When I
31:46Visited
31:46Argentina
31:47At
31:47The
31:47End
31:47Of
31:47Last
31:48Year
31:48Right
31:48And
31:48I
31:48Talked
31:50To
31:50A lot
31:50Of
31:50People
31:50Just
31:51Regular
31:51Users
31:52And
31:52People
31:53People
31:53In
31:53Coffee
31:54Shops
31:54That
31:54Just
31:54Happens
31:55To
31:55Accept
31:55If
31:56They
31:57A lot
31:57Of
31:57Them
31:57They
31:58Just
31:58Have
31:58Binance
31:58Accounts
31:59And
31:59Like
31:59That
31:59Just
32:00Is
32:00Their
32:00Gateway
32:01For
32:01Getting
32:02Assets
32:02And
32:02Interacting
32:03With
32:03The
32:03World
32:04So
32:04I
32:04Think
32:04That
32:06Those
32:07Kinds
32:07Of
32:07Gateways
32:08Always
32:08Have
32:09An
32:09Important
32:10Function
32:10To
32:10Play
32:11One
32:12Of
32:12The
32:12Greatest
32:13Advantage
32:14Of
32:15Web3
32:16Is
32:17That
32:17It
32:17Will
32:17Be
32:18A
32:18Formidable
32:18Tool
32:19For
32:20The
32:20Decentralized
32:21Economy
32:22And
32:23Everything
32:23Which
32:23Is
32:24Currently
32:24Centralized
32:25May
32:26Explode
32:26Tomorrow
32:27So
32:28What
32:29Is
32:29Your
32:29View
32:29Of
32:30The
32:30Future
32:31Of
32:31Decentralized
32:32Economy
32:32And
32:33They
32:33Have
32:34The
32:34Same
32:34Question
32:35To
32:35Vitalik
32:36Sure
32:37So
32:37My
32:37View
32:38Is
32:38Web2
32:39Really
32:39Decentralized
32:40Information
32:40So
32:41With
32:41The
32:42Internet
32:42Function
32:43Is
32:43Really
32:43A
32:43Better
32:44Way
32:44To
32:44Transfer
32:44Information
32:45And
32:45That
32:45Has
32:46Completely
32:46Changed
32:46The
32:46Way
32:47We
32:47Live
32:47We
32:47Interact
32:48We
32:49Communicate
32:49Etc
32:49Web3
32:51In
32:51My
32:51View
32:51Is
32:51Going
32:51To
32:52Change
32:52The
32:52Way
32:52We
32:52Transact
32:53Value
32:53So
32:54It's
32:55Going
32:55To
32:55Change
32:55How
32:56We
32:56Invest
32:56How
32:57We
32:57Raise
32:57Money
32:57How
32:58We
32:58Do
32:58Transactions
32:59How
32:59We
32:59Do
33:00Business
33:00Globally
33:01Business
33:02Is
33:02Going
33:02To
33:02Be
33:02Much
33:03More
33:03Global
33:04Without
33:05Borders
33:05And
33:06Much
33:06More
33:07Decentralized
33:08But
33:08At
33:08The
33:09Same
33:09Time
33:09Also
33:09More
33:10Global
33:10Right
33:10So
33:12Different
33:12There
33:13Will
33:13Be
33:13More
33:13Participants
33:14In
33:14The
33:14Ecosystem
33:15We
33:15Will
33:16See
33:16Much
33:17More
33:17Startups
33:18Now
33:18Raising
33:19Money
33:19For
33:19Startups
33:19Using
33:20Blockchains
33:20Much
33:21Easier
33:21Than
33:21Before
33:22So
33:22With
33:23I
33:24Think
33:24This
33:24Is
33:24More
33:25Fundamental
33:26Changes
33:26On
33:26How
33:26We
33:27Do
33:27Business
33:27Is
33:27How
33:28We
33:28Structure
33:28Business
33:28Models
33:30Vitalik
33:30What
33:31Do
33:31You
33:31Think
33:35You
33:36Know
33:36I
33:36Think
33:36Yeah
33:37And
33:37I
33:37Think
33:37Like
33:38To
33:39Me
33:39Finance
33:40Is
33:40Definitely
33:41A
33:41Big
33:41Part
33:41Of
33:41It
33:41But
33:42Also
33:42I
33:42Do
33:43Think
33:43That
33:43There
33:44Are
33:44Things
33:45That
33:45Can
33:45Be
33:45Improved
33:46In
33:46The
33:46Internet
33:47In
33:48Terms
33:48Of
33:48Things
33:49Like
33:49Reducing
33:50The
33:50Level
33:51Of
33:51You
33:51Infringments
33:52Of
33:52Privacy
33:53The
33:53Level
33:53Of
33:53Centralization
33:54The
33:54Level
33:54Of
33:54All
33:55These
33:55Other
33:55Issues
33:56In
33:56The
33:56Internet
33:57That
33:57Go
33:58Beyond
33:58Finance
33:58As
33:59Well
33:59And
34:00I
34:00Think
34:00The
34:01Blockchain
34:01Space
34:02Has
34:02A
34:02Lot
34:03To
34:03Contribute
34:04In
34:04Those
34:04Are
34:04As
34:04Well
34:06Vitalik
34:06CZ
34:07You
34:08Are
34:08Shaping
34:09The
34:09Future
34:10You
34:11Are
34:11Really
34:12Not
34:12Only
34:13Pioneering
34:13The
34:14Future
34:15But
34:15Shaping
34:16It
34:16And
34:17I
34:17Think
34:17That
34:17You
34:19Will
34:19Be
34:19The
34:20People
34:20Will
34:21Shape
34:21The
34:21Way
34:22We
34:22Will
34:22Be
34:24Buying
34:24Working
34:25And
34:26Shopping
34:27I
34:27Would
34:27Like
34:28To
34:28Thank
34:28You
34:28Very
34:29Warmly
34:29A
34:30Rose
34:30Of
34:30Applaus
34:31To
34:31Our
34:31Friends
34:33Thank
34:34Thank
34:34Thank
34:34You
34:35Thank
34:35You
34:35So
34:35Much
34:36Thank
34:36You
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