So the recording will be available on the meeting page and also possibly on YouTube or something So that's that's that's all for now, I don't see Richard on the call anymore, maybe he You got kicked out anyway So I'm going to ask Richard who is the Who I've had flesh I had a pleasure of working with on the early days of our three In the architecture working group and Started this organization called lab 577 and Richard can't explain everything About how what what their products are and how it's going to disrupt the financial markets infrastructure Thanks Richard for showing up and I think Richard is going to To do is think Can you hear me vivid yeah, I can hear you and I can see your screen Excellent, well, I'm getting there then let's let's start the ball rolling. We don't have many participants on the call. So What I would ask you to do is if you've got questions do do feel free to throw them out I might not answer them immediately am I park them and come back to them But what I'm interested to do is is walk through the slides relatively rapidly and then turn it over to Q&A We've got a full hour But if the questions try up we can we can definitely hand this over and and close it down and I Normally don't hear the code of conduct being read so so well Normally, it's the antitrust law being lectured to us So it's really nice to hear the code of conduct once in a while So Richard crook I run lab 577 I'll go into a bit more detail of my background and as part of the the slides but what I wanted to do to today was Just as the description on the on the talk spoke of we'll give you a description of the platform Which brings together some of the pieces we've been working on and hopefully give you a more holistic view of the solution where we've got now a number of number of projects number of brands out there All of them are interlocked and they're Wanted to give this as an opportunity to to members Recognize what we're doing and maybe see where that takes us as a journey. Okay. Um Just working through these slides Let's start with the start with the start so Richard crook I stepped out of Royal Bank of Scotland took my team with me. We were running the emerging tech team over there back end of 2018 And in doing so we stood up a company called lab 577 Which sits in the nexus between financial services and emerging technology emerging technology for us our AI Quantum blockchain where the predominantly a large chunk of our time right now is being spent on blockchain Distributed ledger if you will and that comes from a Lot of work we did in the early days my team and I boat cover when we backed ripple into The FX wholesale training desk of RBS. We built a distributed ledger for The five Irish banks and that allowed us to recognize things like the privacy requirement and realize we needed a finance Into my current which will get you to take it to series a We let them grow quarter until about version three I think it was back in a 2017 when many people were watching the Bitcoin price go through the roof and we were watching a financial battle my team and I Recognize the killer feature of accounts and tokens and we could see that they Need here was a best of breed of bringing accounts and tokens out of a theorem and getting that functionality into quarter Which will give us both privacy and the the accounts and token functionalities. We did that back in back in a 2017 Boat cover with it in 2018. We released it Mostly from the legal perspective to rid RBS of its liabilities Into open source There was no desire to make money out of that what we were doing was attempting to Accelerate the quarter community and that's really what cordite as an open source project has been doing and It's been driving new disruptive controversial features into the quarter space and also We have always had an eye on the convergence of both crypto and what we would describe as enterprise blockchain Well, we knew that the mainstream financial space would come together with crypto And we wanted to to be part of that journey So cordite from that perspective is an open source project More than welcome to to dive into the code. There's a fair amount of code right now pretty much anybody in the quarter space Finds themselves using a bit of cordite Usually the network map service is the first place they find themselves using cordite Others have started to use the tokens the accounts one of the pieces that was long forgotten was the First digital mutual or the mutual society where we went to the FCA sat in their sandbox and created a Cooperative a UK cooperative that we call the mutual a digital mutual That has been gaining dust over the last couple of years. It was too early We couldn't get the the type of traction we wanted with it People were still very much in the in the mindset of tokens at the time But we recognize that one of the great use cases of Distributed ledger was in the concept of decentralized finance The idea that you could bring a small group together syndicate And I use the word syndicate because you see syndicates in the insurance space with Lloyds You see syndicates in the lending space under syndicated loans We recognize the strength of using blockchain as a way of pulling together Parties to act as one under a legal structure early this year my team and I had a Opportunity to focus once more on This area and what we did was work to create a new digital currency This is the first digital currency on the quarter public network So for those you're not aware there is a public quarter network anyone can join that you have to pass the sort of basic ML CTF it's run by a non-profit out in out in Holland or Amsterdam and That public quarter network is available for anybody running a quarter node running a quarter app any consortiums business network operators are now starting to come together it from my perspective looks an Internet and the quarter space Exilos of small networks And now the conversation around interoperability Rages as we try and bring these these parties together So what we did was for XTC the digital currency is actually take that digital mutual off the shelf We Built some more functionality into it that would allow it to run and govern any digital currency From our perspective In lab 577 we were simply a consultancy Assisting the cordite society limited cordite society limited is a legal entity in its own right. It's actually Registered with the FCA not in the terms of providing regulatory Services, but actually that's where the register of UK cooperatives exists and under that Regulatory body we find that the cooperative has to operate within a set of rules. So there is actually Mutual and therefore digital currency Is an exchange token I'll go on to that in a little bit more in a second, but the Purpose of this was to first of release first exchange token onto the public quarter network provider supply of a Token that could be used as a digital currency within the public quarter network and Allow others to come and join that cooperative society Driving the adoption of that public quarter network and Allow others to follow our footsteps create their own digital currencies as The projects that are within that public quarter network start to wonder how to Actually make payments and deliver payments over the network Well, other than the pattern they currently doing which is make the payments outside the network and connecting outside into existing ledgers such a quick Walkthrough of cordite and XTC and I'll just pause there before we we step forward Well, any questions around that? I know we could get we could stuck on this for the the rest of the hour, but I'll I'll open it to the floor just then Anyone else questions, please ask Otherwise, I'll you know, I have some but I'll wait for you guys to To come up with questions I See that you are here Craig you probably have questions No questions Okay Good, okay, so obviously the websites, sorry if I've been you've got one. No, it looks like a money is Yeah I have a quick question How is this is Manipalai from swaps up? How is your digital mutuals different from Corda's business network and membership? It's there, you know promoting as a way to create business networks Not dissimilar and I'm really pleased you've you've made that connection. So what we recognized when we bought the five Irish banks together To build a distributed clearinghouse Was because they knew each other and they knew each other quite well They trusted each other and immediately they could create a legal entity that could run a centralized clearinghouse And at that point the conversation around should we use distributed ledger became a little less Useful and we could actually just run the clearinghouse for the database like we've done before and that led us to a conversation said well There's little point using a distributed ledger for a centralized business model. So Actually those business network operators that are standing up Consortiums on the public core network many of them are highly centralized at this time and They're looking for ways to operate that business network very much for the members and between the members and Therefore what we put on the table was a pattern if you wish to use that term a pattern of a legal structure that you could use and actually operate that legal structure on Corda itself, so there's a there's obviously a level of recursion or dogfruiting there which was important So really pleased you you picked up on that from our perspective the digital mutual is an exemplar of how we think you should run a business network on the public core network or or any other consortium or Business network operation doesn't really matter about the technology underneath And that's really what we were showing in the creation of that digital mutual back in 2018 Is it dissimilar to the ones that they have a product for our trade finance And other other areas and in case you didn't know money is Created now, you know, he's worked for a long time on corda and he has Trading platform that not only he looks at the This the payment side Like the XTC token, but also tries to connect it to the Front-to-back Asset trading so this becomes a payment leg Something like this becomes a payment leg for the asset exchange That's a that is a ambitious goal, but Yeah, we definitely will want to catch up later on Richard. I also be in touch with miles So we can we can we can talk about it later on No, absolutely you You're absolutely ahead of us in in many ways With with the platform you've got and the way you're operating it I think well, we all recognize when we look at financial market infrastructure, and if you just cast yourself For the last 25 years the banks have been focused on Their own internal systems and getting to efficiency or single sources of truth inside those banks for the next 20 years we have to bring banks together and Improve the interconnects between those banks and many of those interconnects are historic Built in the financial market infrastructure as we tend to call it and that financial market infrastructure has become bloated and high margin over time Because the banks weren't that concerned with the cost base now that the banks are concerned with the cost base They're driving and pushing hard on that market infrastructure, and that's why you're seeing a tremendous amount of Disruption and investment back into the financial market infrastructure So I think what we're showing here is different methods and different mechanisms that can be stood up We're very well aware having been on the on the inside as many of you have that The banks come together they create a piece of financial market infrastructure and then within a number of years it becomes Monopolistic or gains pricing power and they've created themselves a Problem or an issue or challenge that they have to then deal with at a different point in a different life cycle And That that is one end of the spectrum and some of the organizations that that have grown up the Bloomberg's the Reuters And a lot of the stock exchanges are well funded because they have that pricing power at the end of the spectrum many of you well aware of pockets of the financial infrastructure that is it is very underfunded because it is run as a non-profit and It is unable to sustain itself and no one loves it There is no one loves it is because it's under invested in and this challenge in the financial market infrastructure of how do we fund? pieces Continues to rage if we look actually at the public quarter network That's a conversation that has been going on now for two or three years where the public quarter network could become a Business line of our three But actually the members of work extremely hard and the and the Ecosystems work extremely hard to persuade our three not to try and own the public quarter network But because by doing so they will undermine it and they will turn it into yet another Monopolistic financial market infrastructure So that's why you're seeing the public quarter network actually being run by non-profit away from our three And actually our three is in the business of selling quarter enterprise and that Separation is really important for us to be successful with the the the vision of what we are expecting in The disruption that blockchain brings to financial market infrastructure Did that money we can catch up later on and how you could use XTC obviously welcome you into the mutual study Not suggesting this is how you should run The platform you're building just it is a pattern that we have we have shown and and are making obvious Yeah, definitely will catch up later on in you know, but yeah, it's very interesting. I've been following cordite for a while. So Okay, now Is there anyone else who has questions otherwise, I'll ask a couple more anyone else, okay So One thing you said was that this is purely for efficiency gains Do you see other? emerging Use cases or emerging sort of products that would Justify investment in these areas rather than just just looking for efficiencies Absolutely, so many of us came into this space not because of the efficiency gain We came into it because we had an interest in the creation of a digital currency Bitcoin and the innovation that that created We then moved and Spent a lot of time In what we would describe as the enterprise blockchain space, which is an efficiency play as I described it is the removal of the friction between or interbank rather than intro bank What and I will go on to Further slides to answer. I think the conversation around efficiency gains is Well, it's well matured now and actually we're now back to a conversation about top line and revenue And I think that's what takes us into tokenization So it's a really lovely question probably takes me into my next slide if there are any more questions on cordite I'm happy to get into that that top line opportunities and revenue opportunities that we are seeing in the capital market space. I Think you should get get on to that. Although I do have questions about cordite, which I'll ask later I'm always happy to answer questions on cordite. Call it for us is is a place for us to drop out disruptive and controversial features Others are doing the same in the cordite space and we always welcome others who are keen to try things out in an open source fashion where in fact they may not want to do it under their own commercial brands and from our perspective This continues to provide alternative business models to R3 and accelerate adoption For quarter into different of verticals. So that's what cordite is what it offers from our sector It's now very much operating independently of our three and lab 577 and in case now Western RBS Let me let me move on. Sorry. There was a question. No, no, no, go ahead So I think just just this will be Unbelievably preaching to the choir. So just bear with me because hopefully what it does is is just Allow us all to resonate on there on the same page. You will have noticed that I've not mentioned central bank digital currencies until now You'll also notice that lab 577 isn't Involved in central bank digital currencies Just a quick history The Bank of England first went out with this design paper for the UK RTGS in 1989 they went live with it in 1999 They then broke cover with their second-generation design paper in 2019 so it doesn't take much of a mathematician to work out that we're probably on track for a second-generation UK RTGS in So with that kind of multi-decade play I'm not that keen on getting involved in central bank digital currencies. It is a multi-decade play You need a very deep pocket. Definitely need to be a salary employee to get involved in that type of affair What is interesting and the reason I put this graph on the on the Table is I'm not using in this diagram and it is borrowed from I think Todd actually over in the quarter space He was one of his blogs so I'll give him credit What's interesting is if you look at a central bank digital currency, it is a depository receipt trust the custodian It is up on the left-hand side But actually it is a trust the custodian for the banks the commercial banks that use the central bank as A depository receipt of their land receipts or their other values stores the value They then return gain from the Bank of England a depository receipt for the Bank of England's commercial the Bank of England's deposits for you and I Actually that then becomes all those tokens become a payment token. I carry Tokens around in my pocket and we use those around so interestingly The two things I would bring to your attention on this diagram is first of all Different custodians are acting on different timelines So a commercial bank is very quick and very able to create depository receipts could do it tomorrow morning and does it in fact All of the time while the central banks are going to take a multiple decade to get into this situation But when they do that Their token will actually for the most majority of us not be seen as a depository receipt But actually be seen as a payment token and we will use it Between each other as a payment token. So it's fascinating to look at this graph from the other dimensions Specifically different actors are running at different timelines and different actors will see different tokens in different ways So hopefully what I just did there was was open up some thinking For the audience. I recognize that I'm preaching to the choir. Most of you have been over this token type stuff for many years Yeah So there's a reason I wanted to go in there. There's no kind of questions or as long as I've made sense and the crowd is resonating I will I will push forward on to the the purpose of actually bringing that that graph out The reason for that is because you're all well aware that we're seeing what we would call a disruption in the capital market space. One of the reasons we stepped out of RBS Was because we could see a disruption to the capital markets business. The creation of new digital currencies for the purposes of Payments be it ripple or Bitcoin cash or or stellar wasn't that interesting to us the creation of capital the ICO bubble was interesting and That showed some clear benefits Not that I need to go into those you'll have seen those many of you making business cases for Tokenization we're also now starting to see some really good analysis that shows how quickly we think tokenization will take take Traction and and to what scale and I think Push through that and you will now start to see what's going on over in the crypto space I will take you towards uniswap and others where the idea that we can have automated liquidity provision or more importantly the atomic and riskless DVP so One of the questions we've been put to me on the the talk and the context was around payment legs and the Snarly problem of Settlement and payments and actually one of the reasons that we came into this space Many of us joined this space is because payments are done Discreetly through a totally different Fabric or rail Than the actual goods and services that they're being paid for so it doesn't matter if you're settling in the capital markets business for trades Coming in on one side or whether you're in the real economy buying and selling goods wine cocoa doesn't matter The fact is is your payments will be separate legs even though they are actually two parts or two legs of the same atomic Transaction and the goal or vision that we all have is to be able to make Payments on the same fabric or the same rail as the goods and services that are going the other way And that to my mind is is really what you're now starting to see in the crypto space And that will start to appear over on the mainstream finance side Relatively quickly over in 2021 is the idea of atomic or riskless DVP and the idea of automated liquidity provision you don't you don't lock up three billion dollars worth of liquidity in Uniswap pools Without having solved somebody's problem and for my mind anybody that hasn't looked into that space should start looking into that space it is a extremely exciting part of the of the crypto puzzle That's on the on the tokenization side any questions around that There's a whole movement that claims that DeFi will Go towards C5 and where You know where where the twain shall meet and also where it might get taken over by the C5 space Some of these ideas, I mean, you know the The ideas behind things like Uniswap or Make a maker And others so so for us and our view on this is is relatively straightforward Finance is already decentralized you have a large number of banks one of the best decentralized networks we have is swift and that's operated exceptionally well Over the over the decades, so it's nothing new around decentralized finance DeFi as a movement is Bringing new thinking and new ideas to this space, but in many ways it's bringing old ideas and the irony for us Where in the Bitcoin and crypto space There's been a rapid rise of highly centralized exchanges Binance the Bitmex is and they have sought to build the same Finance market infrastructure highly centralized financial infrastructure. They're building that over in the crypto space. Well at the same time over in the Financial markets, we've just spent the last half a decade trying to use the same technology To dismantle and disintermediate our centralized financial markets infrastructure. So the irony that the technology is being centralized over in the decentralized space and it's Being decentralized in the centralized space. You've seen Hong Kong Singapore and Switzerland now Starting to adjust their regulation as they recognize that they may have over centralized Overcentralized their regulation and forced the creation of centralized financial market infrastructure and thus provided monopolistic or Key risks Single single key risks In there in their infrastructures What we have always pointed out is that these two Sides mainstream finance and crypto are converging You can see crypto and Kraken taking a banking license. You've just seen PayPal Start listing crypto We always use the last line of the the animal farm book The creatures looked from man to pig and pig demand and they could not see the difference It is only a matter of time between these two start converging and you will not notice the difference between the two The reason that we pick you to swap is you to swap is a really interesting way of Discovering price it is certainly novel and we haven't seen that Price discovery action for in the mainstream financial market space for a while And that is why it's interesting. There's also flawed because of course anyone can go into Uniswap and With that type of ML CTF or lack of ML and CFT You're not going to see in that space the creation of Large-scale financial institutions engaging What Uniswap has done is created a starting gun for the creation of financial grade Uniswaps I would suggest that So pushing forward into if there's I'll just push forward into the slides. I think Just give everyone a just just pushing forward into the into the The market trend that we've been focusing on over in lab 577 This is where digital asset said ledger comes to to part of the solution We obviously have learned a lot from cordite and we build on top of cordite We've watched and learned from many of the projects we've been involved in in the quarter space and other technologies And actually in the digital asset said ledger space We're very interested in the high potential of private institutional markets Where the public Markets both retail and institutional are well served after considerable investment over the past decades It's quite considerable investment for those trying to recreate or replat form those public retail and institutional markets That is not a high potential space for the market Where we do see high potential is in the private Securities the unlisted where we do see a liquid and therefore lack of price discovery Can't see the deal flow There were grotes Where in actual fact the cost of an IPO to become a public security Is a barrier to entry especially after the tsunami of regulation had that to the fact that the black magic of Securitisation which used to have a half million dollar price tag to it is now costing $50,000 to create an SPV and operate it and that quantum reduction in the cost of security Securitisation means we've gone from a very small number of issuers in a place like Switzerland 200s in Switzerland. So before there only used to be credits with UBS would do your securitisation now there are Hundreds of of issuers of securities in Switzerland who were able to create private securities in a matter of days With ice since they all look identical to a security issued out by one of the one of the big crowd There is always a push Towards the retail and that what that actually means is a reduction in the ticket size. So one of the Reasons that blockchain technology would just be led to is useful in this space And the reason that ticket sizes are kept large is because you only want to deal with the small number of Investors as you reduce the ticket size, you obviously Dramatically increase the number of investors and to do that you need to have a technology Which allows you to track the asset register and more importantly be able to pay out the coupons the dividends as you go through We're obviously pushing here at a vision, but the firms are plagued by having discrete data silos most private securities live and die Within the bounds of the institution that issued it credit Swiss the UBS JPM organs And one of the things we are keen to do is get outside of those silos and getting to a situation where we are able to issue Securities securitise and issue On alternative assets and make those mainstream in private space and you're we're not the only ones pushing on this space You can very much. Yeah, it's a market trend. I wanted to to share that with yourselves And make sure it Resonates is there any questions around this as a as an obvious market trend? No, okay, then I'll then I'll push on to to discuss it. She had ledger So from our perspective this asset ledger builds on the top of quality first and foremost, it's a two-year technology accelerator That companies are buying I'll go on to some of the some of the clients we've we've picked up they are Taking Dazzle as a white label technology that they can use Obviously it builds on the top of quarter and on top of quarter it provides Tokens assets a surface an API that you can use out of the box and it gives firms coming to the market build Could be a token platform Could be a settlement rail central bank digital currency Provides them a ready-made quarter solution that they can then use out of the box They can either host up themselves or we can run it for them and a lot of companies just keep coming to us to buy dazzle for their own purposes But when you buy dazzle you're also being onboarded to the public quarter network and in doing so you've then got a technology and you are becoming part of a Digital asset liquidity network that allows financial institutions and corporations We only really see legal entities. We don't see natural legal entities legal entities coming onto the public quarter network They are running that node and they were able to operate across that node with accounts with tokens very much the same style of functionality you see with wallets tokens over on the on the Seriums and public blockchain side. You're now getting to see that on a finance grade platform such as quarter Our target market has always been financial institutions where we're very much focused on buy surge and sell side firms obviously on the sell side firms dazzle is being used to offer assurance They're doing asset like digitization They want to build books do a primary issuance and get control over the asset registry They're obviously working with partners such as custodians who ultimately hold on to those tokens and provide the custodian solution and There's certain disruptions going on the market there and then on the other side the buy side Who are then taking mostly brokers in this case are taking dazzle to use it to hold those tokens on behalf of their clients and allow clients portfolios to own and have Alternative assets that have been issued out into the under the dazzle network and last but not least not there yet But we are expecting the secondary venues liquidity venues To come on to this network. We're already starting to see projects in the in the case of things like our checks sdx heading towards the quarter network and we're working closely with them Whether they they join the business network cooperation of dazzle is yet remains to be seen from our objective We're positioning ourselves very much at the heart of that public quarter network As the leading digital asset liquidity network financial institutions. There's got to be questions on this one Richard this is mani again Yes to your dazzle based upon the cordial token API I know the early days of cordite was having its own infrastructure for tokens So We've got obviously cordite predates token SDK We worked very closely with the R3 company to to make the token SDK and what we do with dazzle is make dazzle token SDK compliant The one reason for working with the R3 company was to make sure that we had a an interoperable solution for Tokens in the corner network and that's what token SDK is in the absolutely underneath the covers token SDK is inside dazzle We've got a number though that on the cordite side cordite was specifically targeted at crypto assets and the cordite token Capability actually allows you to do to wrap things like a theorem or ETH. Sorry not ETH Which has a higher level of precision token SDK doesn't have that but from our perspective in dazzle. We're agnostic to which Which ones you use absolutely where we pushed hard for that token SDK standard and therefore we're we're using that inside dazzle Good question. Thank you. I Go ahead Hi, this is Elizabeth Matthew of Securitize. Thank you for this For this discussion a question on dazzle. Is it can you think of it as a collider for corda? Essentially, what so is it is it corda as a service to a prospective Institution that wants to participate in a network or Is it green network? So I do want to just walk through that question again. It's want to make sure I got the question correct Just trying to understand So so I think of these marketplaces with you know digital assets and data as a Product a final product of different institutions deciding to participate in a network and providing You know assets and data and so does does dazzle is dazzle the network operator for such a marketplace or is it the The blockchain as a service tool to enable a participant to join the network the marketplace Yep, great question. So it's just a bit of delineation Obviously, we're operating on top of the public corda network and so the actual Network infrastructure the low-level network infrastructure is the public corda network On top of that, of course, you've got a protocol corda And that's operating as a base level using Horrid turn of operating system if you will but the quarter and dazzle then is operating as a Network business network on top of that that participants can join As legal entities they join the public corda network and then they run the quarter app called dazzle And that then gives them the ability to operate tokens on the corda network We do not see ourselves as the network We are building a liquidity network. We'd like to think of ourselves as the leading one What we do have and this is the confusion and I absolutely love the question What we are doing obviously is white labelling dazzle and selling that to others You'll have seen in the press that if no have broken cover on their partnership with us they're using dazzle underneath the covers and companies are very we're very comfortable with with With clients taking dazzle as a technology base and using it to build their own private network if they wish to away from the public corda network away from the dazzle network and Using the dazzle technology and to build it and the reason for that is because we know that over time This would drive interoperability Because at some point they will want to come back and want to interconnect And from our perspective from a lab 577 perspective, we're simply I could only use the term hedging our bets on the basis that We are building a Digital asset liquidity network which something like token eyes can join And token eyes can join and use it to issue tokens onto the public corda network You would do on the Ethereum network when you deploy a contract And you can come on to that network as a single entity or you can come to me and actually asked to White label dazzle and you can Build that into the bottom of token eyes and go and build your own proprietary platform your own network Your only private network and that very much depends on what jurisdiction you're operating in what clients you're trying to operate with And what type of business you're trying to build said no size fits all One size does not fit all and therefore we've come to market on both sides once as a white label technology technology accelerator and secondly as a network which you can join And you can operate dazzle as a node. Sorry, your legal entity can operate dazzle as a node and join in that network. Does that make sense? Did I answer that? Yeah, yeah, thank you. A quick question followed question You know when in the Ethereum you always have a like a you know in general blockchain You have a world state at any point of time. If I'm an issuer, I would know exactly who holds it on how much Corda being a private Privacy oriented network How do you bring that world state to the issuer? so the Interesting thing on dazzle is as you're up to point out quarter nodes are peer-to-peer. They don't have a global addressable space to work to and in actual fact The reason for that architectural decision was so that you could have privacy between the transactions Dazzle has underneath the covers One of the pieces of functionality that we built into dazzle is an asset register So the issuer of a token is able to track where the token is so each token as it moves As it is transferred from one node to the next one account to the next Across the network does actually call home. It's need to style home it to call home style functionality as we call it And so the asset register in real time is updated as the token transfers so unlike the bitcoins and theorems where you are simply updating the Pointer to who owns I the the private key the public key denotes who owns who is part of this asset register as a token is transferred from one node to another across the network In in the quarter network public order network So the issuer who is holding the asset register has a real-time updated View of the the data, but only the two parties the buyer and the seller and the asset register The issuer of the token have that knowledge. No one else in the network does So which means that if I transfer to money and money wants to Transfer to let's say Elizabeth That means that money is transferred to Elizabeth is now backed by this asset register because She really does not know whether I Whether I transferred to money and money is the actual owner of those tokens the only way to know that is to go back to the phone home to the asset register and then look at the account and Then of course she has to have her own account and then money will transfer Money will transfer money or assets to her Is that and the reason? That's correct. And so they the reason for doing that was because most jurisdictions There is a requirement for an asset registry And you need to know where those tokens are at any one point in time and therefore the issuer of those tokens The bid let's be a bond as a good example when a bond is issued the asset register or the issuer of that needs to retain that asset registry At all times and that's exactly why that functionality was built and there's another good reason for doing it And that's because when we come to pay the coupon or dividend depending on the instrument type We actually need to be able to deliver the payment of the coupon and we do that exactly the same way as we would do where the coupon is actually a cash token it has a settlement instruction Inside it and when you receive a cash token Actually what you're receiving is a promise we note from a paying agent or a bank Who has issued those cash tokens? Having received that coupon if you apply an iBan into it The payment can then be settled Usually off ledger. We don't usually tend to settle it on ledger What we do is it fires a payment instruction out from the back of that Issuer of that cash token and the settlement is made. So what I just did there was walk through the asset registry Which obviously follows the secondary trading and keeps track of where the tokens are owned and the jurisdiction requirement for that and then actually One of the reasons for keeping an asset registry is that you know who to pay coupons to and with the coupons What we talked through there was a basic cash Token which is effectively a promise we note which allows institutions to send cash tokens around the Network and at any point in time settle them back to the bank that issued them or the paying agent if that makes sense Yeah, definitely. I mean, you know, this is the problem of the cap table and being able to Look at the beneficial owners at any point in time And then of course taking action based on that for various purposes for paying dividends for paying coupons for Paying back the bond, you know as the bond as the bond matures all that stuff, but this means that the The issuer is a silent or maybe not even a silent partner in every bilateral transaction Is that right? So that is correct and actually fact if you brought onto the ledger An asset that was off ledger Let's say you're trying to You would use something like a custodian And what we're doing here is not changing many of the models business models that are out there If you wish to represent a share On the network, you're either doing that as an issuing firm And actually the asset register would be held by custodian and in many cases Deuptively you're required that the custodian with a custodian license owns that the issuance of those shares into the issuance of those funds instruments and and looks after that asset registry so there's a there's a number of actors in this space and Depending on who's issuing the tokens depends on what the token represents So custodians could walk into this space very easily and start representing tokenizing Assets that they hold and they're custodian On to the network and at any point in time holding an asset registry So that would be in my book a digital repository A digital report and a depository receipt so a GDR and ADR So is that a as a blistering now become centralized So it's that point you you're right in terms of the asset registry is owned and centralized in that issuing entity so either the issuing entity that issued the piece or the custodian that's then issuing onto the network is Running that asset registry and and absolutely from our perspective. We weren't changing We're not trying to change It into a descent decentralized asset registry What we are trying to do is use the decentralized ledger To keep track of the secondary trading and the secondary ownership of those and therefore making it much easier to track the asset registry So will the issuer also have other responsibilities for example if the transfer is to somebody who is not Was not KYC or AML or has some other Limits on ownership like you know, for example sometimes the cap cap tables have limits on ownership Of certain assets by a single entity so those kind of actions, are they part of the smart contracts themselves or are they actually done by active intervention by the issuer by the People who are in charge of the asset registry So in terms of the I Will answer the former the Fact that you have a JVM in there and that the Asset types are highly configurable and more importantly you can add Add the jazzle code base into your own cord app means that you can then build any more complex Product types or asset types as you wish to so we would obviously recommend That if that's the case that you wish to constrain the asset type in in whichever way you want that's exactly where the smart contract Capability comes into play. You're creating an asset type that has some limitations and the asset should Should itself Enforce those constraints so that Parties can't own a certain percentage or whatever the constraint is now how you do that in practice Is very much how you code that into the cord up Well, that's that mean for example in the example that I cited about that you know money is transferring to Elizabeth and I have You know I'm transferring something to money and he's transferring to Elizabeth now Elizabeth also has Assets coming in from other sources so their cap table Would only be visible if you can have access to the Total asset registry anyway, I don't want to go into the details of this because it's already 11 o'clock and We have spent a very interesting hour Talking about all this stuff and I think you know, we'll engage offline Through the capital market sig and I thank you Richard Not at all. So as I've been, thank you very much for your time. Thank you very much for the criticism to come on Say for some of you, this will be old. You've heard my voice before on a number of occasions for others This is the first time you've heard from me. I Have just walked through a rapid pace a huge level of material that we wouldn't normally ram into this this hour. It's just knowing the specialist group and the members of the specialist group I'm well aware that you you're pretty much up to speed on the top of the curve Therefore I could rattle through it in speed. We covered off cordite and the release of XTC I would absolutely Love to start a conversation with any of you around How XTC could help your firms? How cordite could help your firms and obviously from the point of view of dazzle Great to another many miles already pulling to you, but is it over the token I said if you're interested Very happy to have a conversation with you about how dazzle can help you from the quarter side We are we're very open and dazzle is there to serve so very open to conversations Definitely. Definitely will follow Thank you. No other no other questions. It sounds different Yes, yes, I'm on yeah, we are going to You know terminate the this meeting and we'll Talk later And you'll have the recording of this available and we can expand on this stuff Thank you. What's what's the best way to reach you? Is there an email or Yeah, richard rc at lab 577.io There we go Anyway, I can put you in touch with him Thanks, what I'll do is I'll share the I'll share the I'll share the pack I'll share the pack with the rest of the group and and we'll look forward to to chatting to you on the on the other side Sounds great. Thank you. Appreciate it Two minutes. Thanks very much. Thank you. Thanks. Thank you. Thank you


Welcome to another girl top video. I think I'm going to name this wine spill. Wine spill? Oh, that is cute. Today we have another special guest of the Semeny. And guys, I know we're all in matching clothes. Yeah. Guess whose idea it was? Thank you for dressing up. Yeah, isn't it so cute? Cute. Can we stand up a little bit? And show them the bottom too. Okay, so we asked you guys for questions and you guys submitted them in. So we're going to drink some wine, have some snacks and answer some questions. Please do the honor. Who wants the first four? This is the best sound. Okay, ready? Everything's gonna be okay. Do you know what I mean? I feel like chest sound means like everything's gonna be okay. So we have some Korean snacks. This, you dip it in the sauce. Oh, good. It's like ketchup and mayo, right? What is in my flavors? So good. It's supposed to be sesame ramen. And then you guys can enjoy your talkies. Yes, yes. You have kinder chocolate and some more chocolate snacks. And go crack one. Yay. Alright, let's cheers first. Cheers. There's also water. Shall we get started? That's a good name. That is cute. Did you subscribe yourself? Yes. I've been waiting to come on here. I have no idea. I have a lot to show around here. It was like the beginning of this year. Sorry, guys. We'll try to make it more regular. So I guess we'll start with an easy question and something that a lot of people have been curious about, which is how did we meet our subscribers who have been here since a long time ago, like no already, but for our new subscribers, how do we meet? Well, you guys met first. So... Well, I was introduced to Suvi through Alex. Alex and I were promoting around the same time in 2016 and as soon as we met... Yes, because it was during the rain promotions and as soon as we met, we fly because we are both from New York and it's hard to meet people from New York and this industry. So we exchanged numbers right away. We kept in touch and he was like, hey, I want to introduce you to my cool girlfriends who are also from the States. And I was like, okay, and I went out one day and that's when I met you. We lived in the same neighborhood area too. I think that's when we went even closer. He's like, what are you doing? I'm like, okay, let's go to cafe.  I don't need to find cafe. I mean, if we try to find one, she's like, no, I already lived there. Or she's like, I found this. This is the honest truth. So we know. Yeah, we try and there's like, once in a year, she'll be like, okay. And that day, you feel so good. And you're like, yes, Ashley accepted my invitation. I'm sorry, we'll go to your places for all. No, it's okay. I'm too. And then I still remember when I first met her, she was in this long Adidas perfect jacket that came like all the way down to her ankles because we didn't need on a really cold winter day.  Great memory. Oh, she does. We did only with certain things, but the other things I have bad memory. And then we met at a birthday party. Yes. Morning. Yeah, we're just not gone. We're not there anymore. I'm so sad. My first impression of, I remember your first impression. She was just like in pigtails and like a skirt. Korean Britney Spears mode. Oh, and then later as I got to know her, I was like, oh, she's really cool, right? And then as I got to know her more and got to know people around her, my first impression of Ashley was so scary. And I was like, mine wasn't. Yes, it helped. The Britney Spears outfit helped. It made me look less intimidating as usual. Yeah, Ashley was a little intense. Really? A little bit. I never had that vibe from you, so. She's like this gentle soul. Yeah, she's like the most gentle soul. Like such a strawberry. Yeah, yeah. Speaking of how we first met, what is your best memory of us? Ooh. Dude, just go back and watch Joan Day 365. No, seriously. You have so many memories of that. I mean, I can think of like our first trip ever, just the three of us. It was to Damyang. We got a little lost. You broke your camera. You broke my camera. Oh, I also remember when we went to that gallery, that museum. And remember we had to hitchhike back? Oh, yeah. Actually, that is one of the best. That's a memory. That is the memory. I think it was Yang Zhu. Yeah, Yang Zhu. Yeah. We went to the train station. That was very dangerous of what we did. That was the last resort. Yeah. So that place was like in the middle of nowhere, so it's really hard to get to without a car. Even the bus, we had to wait a long time, right? And by the time we left the museum, the buses were gone. And they said we had to wait like an hour.  The cabs weren't even coming. So we saw a mom and her son come out of the museum and we followed them to the parking lot, which sounds so creepy, you know? And we were like, what are we saying to her? I said, what are you saying? I said, what are you saying? We asked her to drop us off at the nearest subway station. And the crazy thing is, she actually lived here, I mean. Yeah. Oh my God. Perfect. Oh yeah, that is definitely top five. Yeah, that's top five. We got lucky. I also really enjoyed our first Jeju trip with the Ako-Ko lake, the Mio-Depan. That was really fun. We danced on the hallway, and that was like a moment that we had. My time. My time. The days. Yeah, pre-commit days. I think my favorite moment was when we were just about getting close to each other and then Ashley made us walk. Like this one day, we were walking like constantly. I don't know what neighborhood it was. I think it was Hong-dong. You know, it's hard for me to like think of a moment where she made us walk because she makes me walk faster than I do. No, she's like, guys! Which one? Like, there were so many. Yeah, there were so many. And she advised me, she's like, it's like five minutes. And I'm like, oh, we really got here. I'll get you water. So I'm like, I got her. I'm getting tipsy. Okay. What? What? The whole water is that. That's mine. This is yours. Thank you. Do you guys have plans on traveling anywhere together? Where? Oh my gosh. I wish. After COVID. I remember when Joe came back from like Spain and stuff, and like we watched him walk. Yeah. So you were just like, Joe, like take us there. We want to do Europe with you guys. Yeah. And then you know, it would be different because she went to the Philippines with me before. Yeah. And then she knows that I'm always like, okay, where do we go? Like, I'm always like, like, okay, what do we do? Like, where do we go?  But then when I'm abroad, it's like, it's, she saw the 100% screens. You didn't just step foot out the airport. She's like, the gate's over here. And she's just like, where do I go? Just see that stuff. Yeah. But when my friend is from the states visit Korea, I am that person, but because I know you guys are like way better.  But then when I'm abroad, it like, comes. And so like, I know for a fact that it would be like, Excel sheet. Oh, yeah. Airbnb, like, you know. Do they know that about you? That like the Excel sheets and stuff? Yeah, I told them. Oh, really? Yeah.  It's like Excel sheet. There's that added glass, what the trip is going to look like day to day, what each hour is going to look like. The finance, who paid for what? Because it's way easier than like splitting the bill. And so, yeah. I think we'll be good at traveling together because it's not like, we just like staying at like a movie hotel. We like to go look around and see the instruments. So I think we'll be okay. Yeah.  Oh, yeah. I'm going to go to LA with you guys. Yeah. I'm going to go to Vegas. I don't want to go to LA, right? I don't want to go to Vegas. I don't want to go to Vegas. I'm going to go to Vegas. I'm going to go to one of them. I'm going to go to the whole party. The whole party is just girls. Look, not just girls. They're already like controlling. Yeah, they're actually calm down. We literally drink with every meal. Like, mimosas, like, I love. It seems so chaotic. Dude, there was a time, college, where I would go like every weekend. Oh. I was like, that girl. Oh, my God. I guess I really want to meet that girl. The college girl. Yeah, you guys got the crazy young girl. This is toned down.  How do you take care of your down there area after getting sugar and slash wax? Example, like ingrown hairs. Oh, okay. We've all had experience getting sugar or waxing. Right. I mean, our place that we went to, she gave us like a scrub to use. Yeah. Because you have to make sure that like after five days you get waxing. You use the scrub like once or twice a week. Yeah. And also apply lotion. Because if it's dry, it's going to get. Yeah. And the toner spray. The toner spray. The toner spray. Cooling toner spray. And there's also, there's a mask. Yeah, the mask sheet mask for down there. Oh, my God. Yeah, first time when she was putting that on me, I was like, what is this? She's like, oh, it's a sheet mask for down there. I was like, there's a sheet mask for down there. Like why? Yeah. But um, yeah, it feels nice. It's the best part. Yeah, it's very cooling. But not all salons do that. Yeah. Yeah. That's true. My person, she takes care of all the ingrown with the tweezers. Oh, yeah. It hurts so much. You know, I don't think the tweezers hurt. I think because sugaring hurts so much. At that point. That's true. Like I'm sorry. Whenever she was like, I have to take an ingrown hair, I was like, no, please. I'm like, no. Just leave it. I'll just lift the ingrown hairs. I want to try laser though, because that's what's like kind of in and career. It hurts. It hurts. That's what she told us. But I don't know. They might have new machines and new technology that's less painful. So you can try it. No, let's not. No, let's not. You've got a thumb though. Yeah. But I can't go through that again. Yeah. And that's with numbing cream. But that only numbs the outer part. But laser penetrates like deep in there. So you know how I can't go through that. That is sensitive down there too. Yeah, so sensitive. And guys, if you're going to go waxing, like avoid it a week before or after your period. Oh yeah. Because it's going to be painful. You've got to avoid those times. That's facts. How do you take care of your armpits? Oh. Like on my laser. Oh, okay. Me too. I don't have hair though. I don't have hair. Wow, she's so wet. It's like my mom. But once in a while I get like one or two and I just pluck them out. Wait, so should I take it slow? Should I drink some water? Yes, drink some water. Water coughs. Literally every weekend. Water. Water. We always tell Jo, Jo, drink water. I should like drink water now. And then Suvi would be like, me? She would put it right in front of me. I'm like, okay. Okay, I think this would be a fun one.  Let's end. One, two, three. Matt. Who? What? They're going to say Matt. No, I thought about it too. Okay, Matt. This is so funny. Hold up. Okay, so I know Matt seems a little more dependable because he's so muscular and fit. And you know, he's tall. I feel like, you know, he can go out and hunt stuff for us to survive here. But at the end of the day, Matthew's kind of like emotional too. I feel like Daniel, since he's level headed and he's way more chill and laid back, mentally he will keep us in check.   Prime with me. Kind of promo 13 heavy eyes like I kept. In these situations, you got to be strong, like mentally, right? But you also have to be strong physically. I'm not saying that Peniel is not strong physically. Peniel's strong too. Yeah, yeah, yeah. Okay, so I'm kind of cheating. The good thing about Matthew is that you know how he likes working on stuff for everything that he does on the island? He's gonna be like, this is working out. I would leave that island open. I would leave the island with a six pack. If you would train us, you'd be like, actually you'd have to be fit in order for us to swim. I have a feeling that people are going to re-make this and tap them and they're gonna watch it. Yeah, it's okay. We love you. But then, BM is very motivational too. So I feel like every day we wake up he's gonna say another inspirational code to be like, we got to get there another day. Yeah. Yeah. With BM, you'll be able to get out of the island. With Peniel.   We are very Peniel. The reason is meant to be like... Oh my god. Oh my god. Speaking of Matthew. Speaking of Matthew? Could you ever date a regular person? Not IG famous, no large followers, not popular? Yeah. I think I always prefer dating though. Yeah. Non-celebrity. I mean, it doesn't matter. It's just their occupation. Next question. It really is. Literally, people make a big deal out of it. It's not... If anything, dating celebrities is more painful. It just gets in their head. Honestly, yeah. Dating celebrities is probably the worst. I think that's the worst experience of dating celebrities or people who are in the field rather than not. Yeah. And whatever image they have on the public, it's so different from who they are. Yeah, she's still going on. Yeah. I think we're not everyone like that, but some people are. Right. See that recent... What is that recent thing? Like, who's that idol that just got caught from like... Oh. There's like that... Like, I was so shocked by that. That could happen. Okay, why are you kidding me?  I would not care. I've met so many idols. They do that. Yeah. You didn't go to the... Like... What? Yeah. You didn't go to the club. She did go to the club. Yeah. I went to clubs in general when I was promoting. Yeah. But you did? Yeah. That's not in your contact ear. She's nuts now. Oh, wow. Bad girls. Please, mom, don't watch this. The money and skills to do anything at all. What business would you be in together or solo? Oh. I don't think I would do a business with them. No, I'm just saying. They said don't do business with your friends. Right. Yeah, it's true. Yeah. No, for sure. I'll probably do something. I agree with you too. My own butt. I'm sure they'll help. Yeah, I'll post. Just kidding. I'm getting out here. I'll post it. I think he would be really good at making a brand because I feel like Joe would be really good at the marketing, social part of it. And then you would be really good at finding locations and stuff. Shoot the stuff. Shoot and stuff. Or like a vibe. She'll be the one drawing all the stuff. Yeah, I think so. She's really talented. Like design and stuff. Yeah. I'll have a good sense of style. Yeah. I feel like you might be okay. You would want to do a clothing brand. Yeah, clothing brand. I want to do a cafe. Cafe. Business. Yeah. How we talk about business. I never thought about this. Really? I never... This is the first time I'm getting this question asked. I want to know, maybe a hotel? Like if that wasn't like... Oh, they got it. They got it. You know what? Yes, I have a hotel that has branches all over the world. And I'll just fly to all these different countries. Well, I can do that with cafes. Yeah. Okay, you do the hotel. I'll do the cafe inside the hotel. And then we'll have... You'll have a shot. You'll have a shot. Yes. It might not happen. I need a degree for that. Like I don't have an MBA in business. I don't have a hotel. I didn't study hotel management. Like skipping steps here. This is just like, you know, what if... Yeah. Imagine. Oh my God. It was nice to think about that. Yeah. Three seconds. Okay. Push our dreams in. Three seconds. All right, next question. Okay, back to reality. How do you deal with insecurities with your body, face, skin, et cetera? Okay. I'll go first. Okay. My biggest insecurity was acne. Like I had it for like a couple of years. And so there would be moments where I can't leave, like even to the grocery store without... Like I didn't even want to be on the same elevator with strangers with my face like that. And whenever I saw people, I can't look at them in the eye. So like, I remember I would always walk her on... I would look on the ground. On the ground. On the ground. She's telling me off. I was so insecure about my skin. But I mean, over the years, it took time for me to like understand my skin. And then I was able to find a routine. But I mean, honestly, like I just dealt with it by trying to find solutions. Like finding the products, going to clinics and whatnot. So I know what that feels like. But over time, it will be okay. Future Joan will tell that Joan with lots of like the pizza face Joan that everything is going to be okay. Like just, you know, like stop stressing out about it because stress will cause more acne. Yeah. Because last week I went to the skincare clinic and my old Joan name was like, there's nothing to pop. And I was like, find something to pop with. Yeah. Because usually it means like clean. But then you will find something. But she was like, there's nothing to pop. And I was like, are you sure? Like look again. And she was like, there's nothing to pop. Look again. Because it was like my first time after like going to the same clinic for over like, I've counted how many times I've been to the clinic. It's like over 200 times. Because I just like started going like every week. Like especially with COVID, like you have to be more careful with like your skin and whatnot. But yeah, I was so shocked. I was like, wow, like when I look at my old pictures, it's going to be okay. Yeah. So people facing acne, like who has acne, it's going to take time.  Like just, yeah. That was my biggest thing. I know. We all probably have different things.  I feel like it's because like a lot of people, like when they see me, they're like, Oh my God, you're so skinny. Yeah. I just take their bones. But I mean, I feel like at one point, even if you guys have got like a lot of my pictures, like I had it insured out, but like bigger clothes because I didn't want like them, like people thinking I'm like super skinny. I think as of now, I've come to just like accept that it's just me. You know, I've always been like this. So for me, I think that was probably the biggest insecurity. Yeah. Yeah. A lot of people like skinny shame too. Yeah. Yeah. Because I, you know, like, I think a lot of people like don't understand that because like, well, like being skinny is good. But like, I feel like the commentary, everybody tells you that. Like, oh my God, like have you been eating? Like, do you eat?  It kind of like gets to you mentally sometimes. Yeah. I would say like, stay off of Instagram. Instagram. Yeah. My Instagram is, let me show you guys my explore page. Oh, it's all basketball players. Whoa. Before you right now, basketball. Wow. So for me, I don't find insecurity. Like maybe I wish I was a better basketball player, but I just post. A lot of color. I just post, comment, and then look at my explore page. And then that's why I enjoy going on Instagram. Because before I go to sleep, I would watch like all these highlights. Yeah. But no, I know what you mean by that. And I do agree with you. We live in this like, world where Instagram is kind of taking over our lives. Like I would go to the pool in Seoul and everyone's on the phone. Everyone is taking pictures. I'm like, for what though? And so every time I do book hotels, I understand that if you have to work, get your photos, whatnot. But if you're constantly just doing that for four hours, like I can't get, I don't understand that. So whenever I check in, it's like first hour, take all your photos, and then after that, enjoy. Like you have to live in the moment to fully kind of like love yourself more and then you'll be less insecure. But yeah, Instagram is dangerous. Something I realized when I was in Jeju, so when I went to Jeju this past month, I went to the beach. And usually like in Korea, I would feel self-conscious about like being in a bikini. But then I was like, okay, I'm here to have fun. I'm here to swim in the ocean. I'm here to get a tan. So before I took off my clothes, I felt very insecure. And I was like, oh my god, what if people see my cellulite? And what if people see my fat? And no, no, I do have. But I was like, what do I do? Do I just go in with my clothes?  Just f**k it. And then I just took everything off and I just ran into the water. It took like one second for me to be like, okay, I don't care. Let me just do it. I was like, no, I still felt scared about it. Let me just do it. And once I did that, I felt so liberated. And I just like had so much fun. I didn't care about if somebody was behind me seeing my butt or like my thighs. Then after that, I was like, oh wow, this is nice. And you'll never see them again. Exactly.  Like if you people don't care that much as much as you think. But I feel like back in Seoul, it takes a little bit more courage. And I'm still working on it. But as long as you're trying, it's fine. I think you're your biggest enemy. Yeah. You're your biggest critique. Oh wait, actually you're not drinking. Is it because you're hosting? I'm like about to finish this. Yeah. Would you guys rather want a five-year-old Ashley or five-year-old Jones or five-year-old Subin or five-year-old Subin? Oh, I know what I want. I want five Jones. Oh yeah, I want five Jones. Oh, one five-year-old. One five-year-old each and then I want five Jones. Five Jones can take care of one five-year-old Ashley and one five-year-old Subin. Yeah, yeah, yeah, yeah. Even three Jones can take care of. Oh hey, you know, I think you are making it. Yeah. You just want one five-year-old Ashley too. Yeah. Oh, I find Ashley's too much. Because I know. Why? You did a one five-year-old. Five Jones will make hotels. Like I know that. Dude, I love crazy Jones. And it's just enough. One is enough. Yeah, one of us is enough. Yeah. Yeah. No, no, no. We came to an agreement so it's all over. I was like, oh my gosh, I wish there was like another me so that she can take care of emails and she could take care of the filming and she could edit. Like do you not think about it? I always think of that. I never thought of that. Oh yeah, right? Yeah, like I want to be at like three places. Oh really? A traveling Ashley radio actually. Yeah. Yeah. So good. The next question is who do you think will get married first? Shall we point? One, two, three. In person.  You're such a good hubby to me.   Why Ontario? Like I feel like if you have a child, you'll be so good to the child. Like I always tell you this. You'll be great. You too. You're just younger than us. But by the time she gets married, you'll probably get married at the same age she is. So maybe. Yeah, I feel like you guys are both like just very motherly loving and that you have that trait. Claire, Mary's hair is going to be on me. It's like interrogation process. Like, you know, it's like come, come. I'm going to give you an interview. It's going to be like five Jones coming your way. Five Jones is one. Like I will come at you, bro. But why did you point at yourself? Because these days, you know how I go through faces. Like I've been going through a phase of like I'm going to live my life. I'm going to get married. I'm just going to do mean do whatever I want. But then now I'm at a phase where I'm like, I want to get married. Yeah. Like I don't know. I don't know about marriage in particular, but I've been watching so many YouTube videos of like on like how to be a good parent. Like a parenting one on one. Is that what your YouTube's on? No. You're out of them. Yeah. And I've been watching videos of like experiments on little kids, like how little kids behave when they were abandoned by their parents or like if they grew up in a loving family. And I've just been watching a bunch of those videos. I don't know why, but maybe something like inside of me that really wants like to be a mom or something. But then I don't know, it's not going to happen anytime soon. Yeah. I think one day, but then there might be another phase where I'm like, No. I'm going to do it. But I feel like when I first met you and like the first couple of years we were friends, I always like knew you're going to get married and you're going to have kids. Like I think that just kind of, kind of you have that energy of just like loving people and taking care of people. And so for me, I was like, this girl is going to get married like as soon as her contract is over. Like I literally thought that. Yeah, she's going to get married. But I think it's just like if you meet the right person and like the timing wise, I feel like you're ready for it. Yeah. I mean also like not everyone is ready for it. I have friends who are married and having like kids and they still don't feel ready and stuff. But I think like whatever happens, I feel like you will handle that situation so well. Like whatever comes at you, you'll do it. Like I know you will. Yeah. Aw, but it's so hard to raise another human being. I don't know if I could do it. I feel like you started thinking that after you became friends with me. No, I'm not. I think it's before when we were kids. It's okay because we'll be really good at each other. I'll be caring for you. You will be like, I'm going to be the best Imua. Yeah, me too.  Like I love you. So don't worry about that. We'll be taking care of a baby. We're going to take care of a big job for your baby all the time. Yeah. Because I love babysitting and I love babies. I really don't think I can have a child, but I know for a fact you will. And you'll have support systems. Yeah, dude. You have us. You're fine. I'm going to have it while we're still young. So you guys have enough energy to take care of the baby. I love her baby. Yeah. Yeah. Yeah. Okay, I feel more relieved now. It was my first time hearing this after a while. Like, you know what I'm saying? You're hearing it first. Yeah. What is something you want to do or achieve before reaching 30 years old? That's like five months from now. I was going to say oh, I still have it. But then I was going to say for you guys. That's like. Don't like. I'm ages just a number. I still feel super young. I feel like my body is definitely like. Aging. Aging. I still don't have hangovers. But then like sometimes when I drink, I'm always like, oh, like this might be like what a hangover is. Like I'm like, oh, yeah. You think you're actually getting hangovers. Yeah. That's why you are not drinking right now. But also my period. Like we're talking. My period has been crazy. Like when I was in high school, I never understood why like girls would skip school for period. You just like didn't just want not want to go to school. That was like a genuine concern.  But then now I'm like, if this is what they felt at the age of 16, like I would never go to school because it was so painful. And I think this started to happen at the age of 29. Like I've never had cramps. And so I think like now I feel like I have headaches. And so I think ages, my body is aging. But my mindset is not. Yeah. All right, guys. I would just like wanting like just like dance or something. Like a club. A club. That's what you want to do before you retire. You want to go to a club and dance. You're young, you know. No. When we go clubbing, they will be dancing. I'll be at the bar. She'll be drinking. I feel like, all right, give me everything. I would like to go on like one last trip. Do we never go to a club together? No, we did. For our birthday, we did. I might sound like an alcohol, but like I can just consume a lot. I might sound like an alcohol? Alcoholic? Okay. Sorry. She is an alcohol. I am an alcohol. No, I have one. I'm doing a license. You guys don't have a license. Yeah. Oh yeah. Well, it's impossible. I can't get a license. Why? Why? You can't. You have five months. What are you talking about? Okay. Let's really answer this question. Starting with you because you have more time. Yeah. Lucky. And then you have more time than three days later. Yeah. Three more days than you. Cool. Actually, you are 6'9". 6'9". 6'9". 6'9". 6'9". He says 6'9". 6'9". What? What? We are 6'9". 6'9". Oh yeah. No, we are 6'9". Yeah. I remember you guys.  I would want to be like good way.  You know? Like a sushi omakase. Yeah. Like first class flight to like a really crazy like five star hotel. You know? Like going all out. Yeah. That would be like a really big accomplishment for me to just like see her like happy like that. Yeah. But you know she's still happy without you doing that, right? You just seeing her daughter. Why is she coming out? You know? I'm very excited. She already said baby. Yeah. You're so cute. Yeah. I've been saving a lot of money and not buying shoes and stuff. Yeah. You need to wear sneakers. Yeah. You already got enough. Yeah.  Yeah. Dude, it's hard for us because we literally were 20 or 30 in a few months. Oh my gosh. Maybe our subscribers don't know that. Thank you. What would you want to accomplish at the age of 35? Ooh. Ooh. That is incredible. Housing prices are insane. You know what's crazy? We used to talk about like hey like where should we go? Let's meet. Like have you been seeing any cute cat face? Now we're like guys. That's changed a little bit over time. Oh my gosh. Our friendship has aged. Like what? Yeah. Especially if I'm not going to get married and have kids. Like I don't want to live in Seoul. So it could be outside of Seoul which will make buying a house a little easier. Yeah. But that's what I would like to have. Yeah. True. How about you?   So like I've been trying to, I've been saving a lot of money and then you know it just takes time. Saving is hard. Yeah. Every year you know like housing goes up so it's like tough and tough. Like housing prices goes up. You have to pay your taxes. You know it's just like it's just like an ongoing circle. Yeah. It's tough for people who are Americans living in Korea because we have to pay for both. Like I pay for both taxes and so it's just like I get owned in the month of like April, May, June. It's okay. I'm down for it. She's drinking a lot. Yeah. More than usual. Yeah. Because wine is actually not my, but this is a good beer type of gadget. Yeah. I like it. I love two bottles. I underestimated you guys. I love two hours of bottle and two hours of cake. How could you underestimate me? Yeah. That is keep on right there. One bottle is like daily. Every meal. I'm starting high school soon and I'm nervous. Any advice? Okay. You could go first. Me? Why me? Me. It happened most recently for you. For you. For the back for us. You know you graduated high school with me though? 2009. Yeah. 2010.  My 92s. 92s. Yeah. For me when I would only go from school like Hagon Academy, like school academy and like church, school academy church. That was literally my routine. So I would say like just have fun like you know like make a lot of memories with your friends. I know like it's really hard because in high school you're pressured to just like do all your studies you know going to college and stuff but I feel like sometimes when I look back at like my high school memories I don't have like a lot of like high school memories in my opinion. So I would say like just do that. But I think it's like normal like to piggyback off of her. I feel like it's normal for like our neighbor because we like lived in like the suburbs. I like lived in the suburbs and so that was a very routine for me. My tip for high school students would be like to join as much as like fun extracurricular activities as you can because when you apply for schools it's not just about grades.  It's not just about grades. It's really about like what extracurricular activities you did what you ran for what how much hours of community service you did and again like I don't know how high schoolers like or y'all these days but personally for me that's what kept me busy in high school. It wasn't just studying because studying is just like do your homework, you take your tests and it's like it's done and then maybe you go to SAT, I don't know. But just try to have fun like you said. Have fun and extracurricular activities might show what you're really good at at the same time. So like find what you would really want to do. Right. And so just like kind of see what your school offers and join whatever you can and have fun with it. Because you know everyone thinks that high school is like so stressful but I'll tell you now it's more stressful now. Now. Literally. Literally. Yeah. That's why. It's just like you know it makes it we make it seem like it's like more fun and easy but trust me it's like a lot harder when you're an adult. And so once you like you can use youth as a cheat code to just do whatever like have fun and join whatever you can. So you can do a lot of things. Yeah. Like you might be an awesome tennis player. You might not know yet. You know? Like I don't know. Like I just keep thinking about this. Like if I joined the sport like. Yeah. Like I'm like. Maybe. Maybe. Okay. Basketball. I like watching it. So sometimes I think about like if I joined a more competitive sport in high school I feel like my life might have been a little different. Because I was a really fast runner. Bet you didn't know that. I was like. If they watched our previous swine tops they would know. Oh yeah. We can talk about that. Well Bet you didn't know I was a fast runner. You were an awesome star. Okay. She a runner and she a check star. Wait what was your mile time. Oh well but I heard your mile time got a little.... Yeah my math is pretty high. Yeah. I'm not even gonna go there. I was like 7.30. Yeah like, if I was under eight. But I think like. But that's like for us. It's like really fast. Yeah. In our body now. 7 minutes is a lot. Cause you....you were super fast. I was pretty fast. 7 minutes is pretty fast though Since you are the ultimate student of our high school life I think Ashley experienced high school though Although it's different, we're suburbs She was in New York There are subways in New York We didn't have subways No, but I was in Queens, New York, not Manhattan, New York But you knew how to get to Manhattan Yeah, but it took an hour and a half We didn't go to LA when we were in high school Well, in high school, going to the city, aka Manhattan, was on special occasions Like on someone's birthday or something So it was very rare High school... Honestly, I spent a lot of my time during high school outside of school I didn't really have close friends in school, maybe like one or two I always felt like I just didn't fit in with my grade students I had friends a year below me, like 92s But I didn't really have any close friends my year So when I went to school, I always felt like I didn't belong But now that I look back and maybe because I didn't try hard enough to make friends I was just close off of it Yeah, I was just like, you know, I'm gonna just go to school until like 2pm I'm gonna leave, I'm gonna go to Dan's school And hang out with my other friends Yeah, so I don't really have much memories from high school Except just, like, pajama day I'm sorry, I was so random I'm sorry We have that too, I forgot If anything, I enjoyed my junior high school more I feel like in high school, everything's so clicky And you know, it's hard to kind of figure out who your friends are You're basically just friends because you guys see each other every day But I feel like friends goes beyond that, you know But I hope your high school experiences are the same Yeah, same Okay, so Joan and I answered this before, but we want to hear your story So since you're new here, we want to hear your story So what's like your worst and best dating experience? It's time to spill the wine Oh man Why do you think I'm gonna get some more chips? Why do you think I'm gonna dump it after? Dating experience would be probably dating an idol For too long With idols, I know like a lot of people are like, oh my god They have like crushes of irons and stuff But like, they seek a lot of attention They get a lot of attention from people Right And I think at one point Everybody, when you're an idol, there's just so much people interested in you And I remember it would be really hard to kind of get in contact with this person Even though we were in a so-and-so, like some relationship And I just remember being really stressed out Because I was like, oh, I thought that we kind of clicked and stuff But to that person, it could just be like Another perfect point, you know? Good girl I'm gonna do the food What are the pros and cons of dating an idol? Is there a pro? Do you think of a pro? I think the pros was schedules Like it's very hectic, right? I mean, idols will have different schedules And I feel like understanding that is going to be a lot Final question How do we conquer burnout from ways to deal with burnout? I just stop everything I just don't do anything Whatever is burning me out I'm sure it's work-related I just stop And I spend time away from work Meeting friends, going out And I try not to think about it And then there will come a time when I'm like, I'm gonna do it again So I just rely on that I just don't think about it I don't do it I had a really hard time with this Because even during burnout I would force myself to film, edit a video, and upload But I think recently Within the past couple of months I started to just kind of let go And I used to never do that Because personally for me When I just started YouTube I didn't understand when YouTubers would be like I'll be honest I really do understand why they would not upload Because it's not a big deal But honestly, it's a lot of time A lot of effort A lot of work That goes into uploading one episode Each of you guys will probably understand that Because filming takes time Thinking of an idea takes time Editing and getting that up And responding to those comments It all takes time And so this year I think I've been trying really hard To slow down a little bit And even though it's like one video a week It doesn't compare to the 10 videos I uploaded A week Which it doesn't exceed It really doesn't But like Last week I didn't upload a video Because it was level 4 locked down I didn't leave the house I just didn't want to upload Before it would kill me But now I'm just like I'm just gonna take the time to focus on my mental health And like I was totally okay with it And I think you sometimes need that Like I feel like the inconsistency of my channel Has like finally started to show on this On my channel And like I hate it But also at the same time Like you really need to take the time off It's not just for YouTubers It's for everyone out there Like before it would kill me And I would be like so depressed And like punching myself for it But like now I'm just like You know what? Like I needed to not upload Cause one video a week is actually a lot of work It's tough Yeah But I did 10 at one point in my life And I'm like you know At one point that was okay Like I was able to do it But right now I'm not capable I think we always talk about Joan Like the Joan at Joan's day Yeah We always were like She was crazy We were like we don't understand Yeah And like I really didn't have like a proper break afterwards And I'll be honest Like I say like I'm gonna take a break But I'm constantly thinking about work I'm constantly thinking about how I'm gonna come back I'm constantly thinking about Like what I should do next You know? And so like until I don't do any of that That will be my proper break You know? I don't know Like yeah I'm glad we were doing that though Cause we need a break like Yeah Everyone needs a break Everyone does need a break though I know But I'm glad to hear that you weren't like all like Being yourself up or not uploading a week Yeah Cause the J and me would be like What are you doing? Not like a year ago Joan Yeah Or even like four months ago I would not understand like Why aren't you uploading a week Like you know but now I'm just kind of like used to Like also the pandemic really slowed me down Like I hate to use it as a mixed use But then because I'm not going out To film as much anymore Like I'm literally home Like everyone's like Okay you're literally home But why are you in Jeju You're literally home Why are you in Busan But I'm like I'm literally just going for that moment And coming back It's just like It just seems like on social media I'm constantly like You know Doing something and just like Taking pictures of like things But I don't know You're doing great Yeah you're doing great Thanks guys I know you know what True fans are always like You need to take a break Everyone's like Everyone's like You need to just stop Don't even think about it Yeah thanks guys For me I think At first What kind of like Starts a burnout It's kind of like It could be by yourself too But it could be also like Comparing yourself to other people's work Ethic And I feel like everybody Has a different way of working But you know There's no right or wrong But I feel like The way you kind of Might burn yourself out Is trying to follow In like other people's paces Or like what is right Because there usually is no right or wrong But I feel like Sometimes you're just like Oh this is like Kind of like The general or the norm And I feel like It really kind of took me A while to break out of it Also I do think that Like with personal problems Or like family problems It would also Definitely like change I think that with me Like Throughout the pandemic Obviously like Things have slowed down But like Throughout the pandemic I dealt with a lot of personal stuff too Having enough time to actually Rest Heal Because I feel like Burnouts The reason why you keep getting burnt out Is because You're not Fooling like Charging yourself It's just kind of like Like mini charge And then like You go back at it And stuff But I mean I think Everybody has a different way Of like So Alright guys Thank you so much For watching this video Please subscribe to Joan And it's to Mimi's channel Follow them on Instagram And show them some support And love Thank you guys For being a part of this Thank you for having us Yes Now we're going to go Take some selfies We'll talk Let us know in the comments What you guys Would like for us To talk about again In the future And thank you so much For watching We'll see you guys Next time Alright We have one more To take We have selfies You guys Guys What's going on? It's been 3 hours It's been 3 hours It's really close It's really close Yeah, it is We did it We did We did