Yeah, let's do it. Okay, so this talk is about supercharge your service mesh with EBPF. So my name is Edith Levine. I'm the founder and CEO of SolarIO. I'm Yuval Kohavi. I'm the chief architect at SolarIO. And we're going to teach you a little bit about EBPF service mesh and how they're related together. Before that, I'm just going to say that me and Yuval are both working in SolarIO. Solar is focusing on application network connectivity. And we have a lot of people. We're focusing, our stack is basically focused on Envoy and STO. And therefore, we are working very, very hard with customers and upstream. So we have a lot of DOC member. Some of them are here even today. And we're basically working to make service mesh upstream better for our customers. So that's number one. And we will start. So let's start when we're talking about EBPF. We'll start talking about the Kerner. I know this is something that you're usually not talking about in a service mesh one, but we should. So let's talk about the Linux Kerner one second. And what you can see is that based on this architecture, which honestly, it's a little bit simplified, it's pretty complex. And it's also very mature, right? So I mean, if you think about it, the work that we're doing today and the thing that we're running today in production, most likely it was upstream between 10 to 10 years ago to maybe two years ago. But honestly, that was done way on the back. Way on the back before we started DevOps. And before we started doing evolution, right? And before there were a lot of, you know, we were running everything right now as code and cloud native, but still we're running it on the same operating system that is honestly was built for application that was running 10 years ago. Very, very hard to do innovation in the Kerner. And that's where EBPF is coming into place. So what is EBPF? So EBPF basically started BPF, basically started in, you know, as the opportunity to solve that problem, which is very hard to innovate in the Kerner, and basically started in the TCP dump. And the idea was, can we create a sandbox or some extension or plugin to the Kerner one that will be injected by the user mod to the Kerner one? And basically we'll be able to run there on it when they will want. So what the advantage of it? First of all, it will give you a lot of flexibility. It's have to be safe, right? It's running on Kerner mode. We need to make sure that it's not going to take your operating system down. And it's need to be fast because, you know, we need performance there. So that is extremely important. And as I said, they started by basically putting the BPF in the TCP dumps. Honestly, if you're using TCP dump, you're probably using it every day. That's where it started. But then they said that's pretty cool and pretty unique. What if we will extend that? And that's exactly what EBPF stands for, Extended BPF. What if we will extend that? And basically we'll have this ability of that technology which is kind of like the Sandbeck box, basically being hooked to events in the Kerner. So what you can see here, you can put in user mode, you're basically writing the program, right? And what you can see is that index, you know, on the Kerner itself, when there is an event, you can hook this code that you wrote and basically execute it. And that's exactly what is the idea with EBPF. So the idea is, again, bring innovation to the operator system, bring the ability to give you customization and solve some problems way quicker than upstream. So now Joval will tell you a little bit about why it's relevant to Kubernetes. Yeah, so a quick background to Kubernetes and networking, right? So with Kubernetes, there's obviously the Kube API server. And then on each node, you have the Kublet, essentially the Kubernetes agent. It has a container-random interface. That's what runs your container, essentially Docker, container-denow, there's cryo. And on the networking side, you have what's called the CNI, the container-network interface. And that's the component that implements the Kubernetes networking layer. So Kubernetes networking is pluggable and swappable. There are various implementations for Kubernetes networking. And the CNI is the plugin interface that you need to implement to add network to Kubernetes. So the CNI responsibility is all the communication between pods, IPs, and how they communicate with each other. In addition, there's another component called Kuproxy, whose role is to make sure that pods can talk to Kubernetes services. So services has virtual IPs in the Kubernetes cluster. And these IPs, in order to map back to the pods that back them, this is managed by Kuproxy. Now, originally, Kuproxy was implemented, it was basically a user-mode proxy written and go. Obviously, that wasn't very fast. So then they update the implementation to an IP tables-based implementation. So you can imagine here, each pods have an IP. And if the front end wants to access the backend through a Kube service, the pod one, the front end pod, only access a single IP, and Kuproxy load balances it to all the backend pods, right? So in this case, it'll be two backend pods that Kuproxy needs to worry about. And while we're talking about all of this, the way IP tables work, IP table was originally created for firewalls. And you had very basic things that a firewall needs to do. It wasn't at this scale of Kubernetes with a lot of services, right? And the way IP table is implemented, it's a list of rules, and this list needs to be executed one by one. So the more services you have, the more pods you have, the less it scales, right? Because that list grows linearly and you need to go through those rules one by one to implement, essentially, reach your backend service. Now, the way EBPF solves this is instead of using IP tables, we can use EBPF here to do that mapping between a virtual service IP and backing pod IPs. And as you can see from this graph, we can do it sort of in a constant time. Whereas with IP tables and Kuproxy, it goes linearly higher the more services we have. Now, the project that brings all these EBPF advantages into Kubernetes is called Cilium. And Cilium, if you remember we discussed by the CN9, Kuproxy-Cilium is an implementation for both using EBPF. So Cilium can create for you the networking layer and also replace Kuproxy and uses EBPF to bring this scalability, the security and the networking features using EBPF to Kubernetes. So things like service identity to create network policies, things like performances we just discussed, things like encryption, multi-cluster routing. So just as an illustration, you can see here that with Cilium you can express policies using the pod labels and selectors and making it easier and scalable. And this is another example comparing the rules that would be in IP tables with Kuproxy versus what you can do with EBPF and Cilium and use pod selection. Now, as far as ANVOI is concerned, ANVOI is the key data playing component in the service mesh. ANVOI also can benefit from EBPF advantages. So for example, with EBPF we can short circuit the TCP stack between the application and the sidecar, right? So when your service sends a request, normally IP table is used to reroute the request transparently through ANVOI, but that means that it needs to go through the entire TCP stack for the app, get to the kernel and get back into ANVOI. With Cilium with EBPF we can use a feature called Sockmap to essentially take the data from one socket and put it straight in another socket, short cutting the whole TCP dump and optimizing that. In addition, ANVOI also uses EBPF in its quick implementation. If you're not aware, quick is HTTP 3. It's a new next level protocol. It's a UDP based. There's no kernel implementation yet. So ANVOI uses EBPF to teach the kernel how it should route the quick packets into the ANVOI worker threads. All right, with that, I'll bring it back to you, to talk a little bit about it, Ciel. Yes. So, you know, we're looking at Cilium, right? You just heard about how amazing it is and what we can do with this and how the performance will be better and so on. And you can go to the website and you can see that basically there's some similarity between what it's doing and what service mesh is doing, right? I mean, they're talking about networking here. They're talking about observability and they're talking about security, which is exactly what I took from the STO website. So are they competing? Are they complementary? What's going on there? And that's basically what we wanted to check and look at. And we did, so basically we did this research which is basically STO versus Cilium. And we took basically those three sections and we tried to understand whether it makes sense to use one or does it make sense to use the other and whether this makes sense to collaborate between those two. And that's exactly what we did. So for instance, if you're looking at identity, I'll let you talk about it, talk about it. So when we compare these features, Cilium versus Itzio. So with identity, the Cilium identity is on the L3L4 level. It's based on pod labels, whereas with Itzio, it's cryptographic identity. If you're familiar with SPIF, essentially mutual TLS certificates and the source of the identity is the service account associated with a pod, not the pod labels. As far as network policies, so you can create a Kubernetes network policies with Cilium, again, a L3L4 level. And in addition, Cilium have their Cilium Itzio implementation where they allow you to create L7 policies with Go-based filters. With Itzio, all the policies are implemented using Anvoy without the BPF. You can have Wasm extensions, which gives you a lot of power in expressing your custom policies. And Itzio also support things like external auth and has an Anvoy filter CRD that you can really customize what you need to get out of the Anvoy. As far as encryption, Cilium offers encryption between nodes, whereas Itzio offers MTLS between sidecars. As far as networking in load balancing, again, Cilium mainly is the L3L4 level, so you have pair connection load balancing, where Itzio on the L7 can give you pair request load balancing. As far as resiliency, if you're using the L7 Cilium with Anvoy, you have retries. Itzio exposes more of the Anvoy features, Adler detection retries, fault injection, and with Anvoy filter, you can really customize it and essentially use any Anvoy feature you want. In terms of multicluster, Cilium implements a flat network, a multicluster kind of mesh that joins multiple clusters together. With Itzio, there's various ways to do it. You can use Itzio with a flat network, but Itzio does not implement a flat network because Itzio is not on that level, on the L3 level. But what you can do with Itzio and something that we see a lot that organizations actually prefer to do is using Gress and Egress Gateway to connect clusters together. In terms of observability, Cilium offers Hubble, it sits on the Cilium agent on every node, collects metrics and Itzio, again, Anvoy. With Itzio, you can customize the metrics, Anvoy exposes it again using Wasm. Exislog, with Cilium, you have the L7 Anvoy implementation using Go filters. You can create custom Exislogs per protocol. So if you have your own custom protocol, you can create a Go filter for it and create some Exislogs for that. With Itzio, you can use the Anvoy filter CRD to add Exislogs to your sidecars. Service Graph, Cilium uses Hubble, Itzio uses Keali. They take the metrics, it traces and creates a service graph for you. Cool, thank you. So then the question is, what can we do about it? Because if you know solo, well, you know that we are not just doing a research, we usually act on that, finally. So what did we found and what will we do? So as I said, I mean, I think I will talk about it really quick, but in the nutshells, we have a product GlueMesh, GlueMesh is built for different, now five different extension. We, it's based on Itzio, we have a lot of custom filter for Envoy there and therefore we can do a lot of stuff in the Ingress, in the API Getway, as well as the Service Mesh, Itzio, and we have Devopo Portal and we have an extension with Wasm. And now we have also GraphQL as we announced in the keynote before. So again, I will go about that. But what is interesting here, what do we want to do with it, right? And I will tell you what we decided to do with this. So as you know, as we expand right now, there is layer three, it's still mainly focused on layer three and layer four. This is where it is, they're on the node, this is what they know, it's very local. SDR is more like layer four to layer seven. So what we did, we basically said, look, when someone telling us, right, in our product, in our global API, in the GlueMesh API, I do not want this container to talk to this container, we can do it in SDR, like we're doing it so far, right? Translation loop and putting a CRD. But we can also put it in Scylium and basically create these things, locks into all of those layers. So basically what we decided is, honestly, to ship Scylium with our product, make sure that if it's there, we're discovering it and we're taking advantage of in-thing there. Everything that's related to observability, we can give you way more metrics, more stuff that STO cannot give you. So both of them is amazing. What we're doing with STO today is basically managing, installing, upgrading, life cycle and so on. We do the same thing with Scylium. In terms of networking, honestly, most of the time there, it's make more sense to use layers, seven make more sense to use with STO. So read writers and all this stuff, it's actually make way more sense to use with STO. When we're talking about security and policy, we can leverage again both of them, right? And that's exactly what will happen. So basically when you ask us, I don't know, I want this observability, we will go and translate it to a CRD of STO and if you have there an interesting CRD of Scylium, collect the data, make sure that it's all forced for you, upgrade, install and so on. So that's what we're doing. Hopefully you'll like it. Check it out. And I don't think I even have an end slide. So I think we're done.


Okay, we're back at Oracle Open World. I'm John Furrier, the founder of SiliconANGLE.com. We're inside theCUBE, where we are live in San Francisco, California for Oracle Open World 2011. We are inside theCUBE, our flagship telecast, where we go out to the top most important tech events and bring all the tech action, commentary, insight, opinions, entertainment to you and share that knowledge with the world, extracting the signal from the noise. And I'm joined with my co-host. I'm Dave Vellante of Wikibon.org and John, there certainly has been a lot of entertainment today, hasn't there? Been entertaining, so the morning breaking news was Mark Benioff's keynote was canceled and he had a gorilla marketing keynote called, I'm calling an un-keynote at the St. Regis. We were there covering it live. We got it right in the front row. We live streamed it in tandem to their stream, picture in picture. I got a one-on-one interview with Mark Benioff and Mark Benioff certainly no stranger to Swagger and he was swinging the Swagger big time this morning. Huge, huge turnout at the St. Regis. I mean, there was a revolution coming out for Mark Benioff who's a pioneer in the social area with SAS, with Salesforce.com and obviously the apprentice to Larry over the years now on his own, really, really sticking to Larry in his comments, Dave. So let's listen to Mark Benioff at his un-keynote where he was booted from Oracle Open World and he went out on his own to the streets. Back to Larry. We're gonna come right back to Larry. All right, so tell us about your keynote and why you're excited and you're gonna be not around tomorrow. So you're not doing the closet keynote tomorrow, are you? Yeah, I'm on my way to do a keynote right now actually in Ohio. So I had to recreate my keynote here at the A.V. restaurant at the St. Regis Hotel because Larry canceled my keynote. But we were able to quickly respond and change and we just did a great job. So your Facebook message is obviously home run. Facebook is huge, open source. They're creating real value for their customers with open source, big data, Hadoop, commodity servers.  So like they print the paychecks probably on Oracle, right? They probably do some... They use Oracle's General Edger. Yeah, some basic stuff. It's like running orders. That's right. It's like really adding value to their business. Well, it's not delivering the $100 billion transactions that they're doing for their customers. And the point is that they're not using Exadata mainframes around Facebook. So the question is... They're using the files. So the question I have for you, do you think Facebook would be successful if they were running Oracle systems as their core technology? I don't know how you built Facebook on Exadata. Maybe Larry knows. Mark Benioff, Maverick. Congratulations, you got some major big hones. Thank you very much for finding us. Thank you for being here. Okay, you heard Mark Benioff there, any of you? Okay, so I got Mark on there. So great comment from Mark Benioff. He's here doing the rounds here. And let's see if I can't get the little background shot here. So he's continuing to talk to the crowd here. I see Facebook in my opinion would not be a real big business if Benioff didn't highlight that point in terms of the overall Facebook value proposition. And what he was highlighting is that General Ledger is just a perfunctory function for Facebook and that in no way would Facebook be a huge business if they used Exadata. So I think that's it guys. I'll be right back. I'm gonna walk over now to your place. I'll do some live footage before I walk out. All right, folks, that's John Furrier. He's live at the conference. You saw John had Mark Benioff on. Mark Benioff doing a sting. Give little photos with his hands. He's the bad boy of tech. Mark Benioff, the bad boy of tech. Live commentary from at Furrier. Broadcast live on siliconangle.tv. Covering all the angles. Now Furrier asked Benioff a question. Do you think Facebook runs Exadata? It was obviously tongue in cheek. And Benioff's response was I don't think so. I don't think they'd know how to do that. Maybe Larry knows how to do that. What social needs, obviously, can they bridge that social divide? And to me the social divide is about really being a time-waste around social versus real productivity. I don't think social is there yet. I think the trust and noise problem on social is a big issue. And so we're gonna get back down there and Google will address all this in depth on the cube on siliconangle.tv. All right, guys, see you later. Hi, John Furrier's out. That was John Furrier live from the press conference over at the St. Regis AME restaurant in San Francisco. As you no doubt know by now, Oracle canceled the Mark Benioff keynote this morning. They had a scramble, Salesforce had a scramble, move across the street. Mark Benioff would have spoken to tens of thousands of people this morning, but they moved across the street, spoke to about a hundred people. There was a line outside the restaurant he could not, they could not get in. But the publicity that Salesforce mark, Risen Hopkins that got out of this is huge. We've been covering this live. Many others have, I'm sure as well. Just you can't buy this kind of press, can you? No, absolutely not. And you know the thing that, substantively from his keynote there that struck out to me or that stuck out for me was the Facebook, incorporating the discussion on the open graph which I think would be new since his dream force keynote, right? Because that open graph was just announced a couple of weeks ago. I think it's interesting that he's presenting Salesforce. It's almost like a totally social company now. It's almost in that web 2.0 camp, almost completely divorced from enterprise other than the enterprise benefits of being such a social organization, a socially centric organization. So obviously messaging and positioning hasn't changed much for Salesforce but what has changed is the crowd he's pitching it to. I can't recall a time where he's come into an Oracle open world in the past and had executives from Facebook come on and talk with him. Well as we've seen social media is changing every part of society, politics, business, the economy. You're seeing the Arab Spring catalyzed in many regards by social media and I think it's a recognition that the traditional sales model, Salesforce.com started with CRM, what used to be known as Salesforce automation. Those terms are dead terms, they're old terms. Benyeff has always been an innovator, started the company in the height of the dot com boom and is now transforming and sees the social wave. He basically laid out that the next wave, he's called the next wave beyond mobile, beyond what Steve Jobs created as social with what Mark Zuckerberg is created and he wants to be a part of that. Basically think, Mark, about how sales is done, it's belly to belly, it's on the phone, it's through the reseller channels, Salesforce has automated a lot of that and essentially we're seeing the dawn of the age of social sales and Salesforce is going to be part of that, of course you're right. He's talking about much more than Salesforce automation, he's talking about automating social connections. Right, and that has, as we know from watching the whole web 2.0 social revolution, it's got hooks in PR, it's got hooks in marketing, it's got hooks into sales, community management, I mean just creating a social organization from the ground up out of your company, out of your business as innumerable benefits. Mark, we've been talking all this week about cloud, big data, obviously we cover social a lot, we haven't been talking a lot about social until today. You mentioned Facebook's Open Graph, new announcement a couple weeks ago, talk about what that is and how that relates to the cloud and big data specifically. Well I mean it's, Open Graph is actually a year old, what they did is they've expanded it a little bit in connection with a bunch of other announcements that Facebook announced in Mark Zuckerberg's keynote this year and it's opening up the presentation and changing the way applications will interface with Facebook users. So I'm sure we've all had like sheep thrown at us or been super poked and all these other kind of like weird almost annoying notifications that we get. It's like a denial of service attack with pokes. Yes, exactly. All right. So what they're doing is they're taking a lot of these application notifications and they're deprecating the importance of it. It's not going into your main feed like it used to. We've got almost like a secondary feed. If you notice if you log into Facebook now you've got this little constantly updating thing of what all your friends are doing and all parts of your life. Someone just listened to a song on Spotify. They just moved a chess piece or put down a word and scrabble or whatever it is that they're doing. These little mundane updates, it's still being chronicled and pushed to the users but in a deprecated way that doesn't completely obstruct social interaction and communication through the wall and the activity stream feeds. But it's essentially making a lot more data available. And that's how I guess it ties into the big data theme that we've been talking about here. Some really clever marketing that we saw at the event. NetApp had Billy Bean yesterday. John Furrier in his inimitable style covered that as well. Had Billy Bean on a social cam. Had Tom Georgins. Outstanding marketing. Here's a conference. Everybody's talking about the big data and Hadoop cloud meets big data. NetApp brought in Billy Bean for those of you who don't know he's the general manager of the Oakland A's. Billy Bean was a star athlete but never really made it big time in the big leagues. Became a general manager of the A's and really embraced analytics. And the challenge that he had was the Oakland A's have a tiny little payroll they can't compete with the Boston Red Sox and New York Yankees and other major cities on a payroll basis. So he has only one way to compete and that's data. So he used data to find value. He developed with his team new statistics and used those to identify players that were as productive as the 20 million dollar a year types or maybe slightly less productive but cost maybe a million dollars a year and built a competitive franchise and year after year after year the Oakland A's have competed. Number of times they made the playoffs. They just missed getting the World Series a couple of times. And so a phenomenal story there and of course NetApp brings Billy Bean into Oracle Open World, good marketing, signing books. Also subject to the movie Moneyball, right? That's correct. The book was Moneyball and now the movie's coming out. Brad Pitt and Michael Lewis wrote the book. Same guy who wrote The Big Short and Liars Poker. So a fantastic book. If you have not read Moneyball and you like baseball it's a must read for any baseball fan. Okay, we're here live, siliconangle.com and Wikibon's continuous coverage of the Oracle Open World event here at Moscone. The big news today was the salesforce.com conference. Mark Benioff was basically his keynote today was canceled. He had a scramble move across the street. We covered it live. Some other news going on. Cisco, John Chambers had a keynote today. What else is happening, Mark? Well, I mean like the aftermath of the Apple thing. Actually, before we transition off of Benioff I wanted to ask you one question. John asked me while we were chatting back and forth and watching the keynote. How do you think that this is going to impact Larry Ellison? Because we're going to have Larry Ellison's keynote at least partially at the close of the show today. How much of it will be devoted to response to Benioff? How much do you think will continue the circus? I think that there is no question in my mind anyway and we'll see in a couple hours. Larry Ellison is going to have the last word. Of course. That's why Larry goes on at Wednesday. And so I find it hard to believe he, I can almost promise that in some way, shape or form he is going to address the criticisms that were laid on him today. And those criticisms include Oracle is all about the next generation mainframe. In Benioff's mind it's not the next great thing. He said Oracle is the false cloud. Basically depositioning Oracle as a company that is proprietary closed, lock in, undemocratic, et cetera, et cetera, et cetera. And Ellison is absolutely going to respond to that. I don't think he'll mention Benioff by name. He very well may mention Benioff by title as he did last year, but I have no doubt that Ellison will respond. He's one of the best in public speaking environments. He's smart, he's funny, he's clever. And I would expect that he's going to devote a fair amount of time to repositioning Oracle in the minds of the attendees here and those watching outside the show. So how do you think he'll do it? Will he refocus the messaging about Oracle? Will he maybe tie some social or some kind of hipper things into the messaging or will he just kind of reiterate what he said in the opening keynote but in a way that he did last year that kind of answers Benioff's allegations like being false cloud and whatnot? Ellison is one of these unique speakers who has the ability to get his message across which he's going to do. He's going to exa and mega us to death. But he has this unique ability through humor and sarcasm to make a point that puts himself on a pedestal and lowers the other guy. I think that's what he's going to do. He's incredibly clever. He's always done that.  He did it last year with Benioff. He had the last word. He had the audience laughing. It's now famous and he had the upper hand at the end of the day. So I think that's how he's going to do it. John Furrier's in. Phenomenal job. I got a hats off. John Furrier. Good job. It was, no it was fantastic. The Benioff interview was great. John Furrier came in today. Gorillad is way in. There was a line outside the St. Regis restaurant. Of course, John Furrier got in, flashed the Silicon Angle logo and he was in. Oh, come on, come on in, John. He was there, Skyping. We had it covered. It was just fantastic. We're going to bring John Furrier in right now and get his take on that. We were just talking, John, about the event, within the event. What was the vibe like over there? Nice job, by the way. That was my lid sweating like a pig. I was in the front row. So, essentially, you saw the posters, right? So, you know, the Benioff. Benioff, too innovative for Oracle Open World. Essentially, it's the clash of the big egos. Mark Benioff's egos is huge. Larry Ellison. So, you heard from Michael Kringsman, who's a blogger, that apparently the notification that Salesforce got was simply an auto reply responder. One sentence email says, your keynote has been canceled. And then, they couldn't even reply back because it was one of those auto responders. You get an email. So, that set the whole stage. He went off on Twitter. SiliconAngle.com broke the news. Obviously, we had it on Twitter. Benioff then took my tweet, turned it into a live revolution tweet. I said, hey, we're going to come over and stream your meeting. It ended up becoming what I'm calling an un-keynote. Very similar to an unconference. So, and it's basically an un-keynote, a revolution keynote. We didn't want to call it underground keynote. But the vibe was amazing. They had people outside. It was classic textbook guerrilla marketing. I got an umbrella. They got people outside, looked like a political rally, holding up Mark Benioff signs. Salesforce.com. So, the full marketing machine of Salesforce went into action. Essentially, after the canceled keynote, they went in and said, we're going to go make this happen. Line around the corner. I went up there and they're like, sorry, you stand in line. I'm like, well, no, we'd like to just live stream it. And then that was just someone from Hill & Nolton, some PR firm. This guy didn't even know anything about tech. Hill & Nolton. I mean, I've heard of them before. They're apparently a big firm, but classic PR. This guy was clueless. And then I then was like, okay, I'm going to then do a social cam and tweet about it. And then one of the sales was like, no, no, you got to come in the front. Sales still can angle. You got to get up here. So essentially cut the line. Mercury News, Reuters, Wall Street Journal, all there. I'm in the front and we were streaming. You saw the guerrilla streaming, essentially Logitech's Mark. So Mark knows, are we going to do the Logitech's? You guys did a great job. Second 2009. You guys did a great job of carrying the live stream. And it was great. I mean, I thought Larry's rejection of Mark Benioff really came down to the fundamental fact that Benioff was going to upstage Larry and didn't want to have it. Now Larry's going to have the last word at 2.30. We'll be covering that live here, Dave. We'll do in our commentary on that. I can't wait to see the explosiveness from Larry Ellison from this keynote. Essentially Mark, essentially give him the bird, pull down his pants, shine on the moon, as they say in the tech business. So we'll see what Larry does. There's no doubt he's going to have the last word. You're absolutely right. Now he, Benioff apologized to Larry at the start of his talk. Did it come across as sincere? Well, he made a joke about his mother being there. And I just, you know, so his apology was not sincere. The apology was not sincere. He's like, oh, my mother's here. I want to apologize for my mother because she really wanted to see my keynote. And so, and I also want to apologize to Larry Ellison. So, you know, underhanded, you know, dig there. And he made the comment, next slide please. And oh, I have a clicker.  Obviously they worked together. They, you know, Benioff was the apprentice. Larry, the master, way back when in Oracle, you know, the history is, as we know it, is sales, we went out and spun out Salesforce. Mark, a technical guy, a great marketer. I'll see the, but, but the core message was social. Social's changing the world. Social everything. You saw some of my tweets. I was trying to chime in some comments because the audio was down, but, but it was a great message. I felt that he might've blown the opportunity with the gorilla marketing, but he went into too much of sales pitch, the chatter demo, you know, the can keynote stuff. I think if he toned that down, it would have been an absolute home run grand slam. Right now it would give it a home run by itself, but it would have been a grand slam, Dave, if he just like cut out some of the sales BS that was in the chatter demo and, you know, hold on. I agree. I mean, frankly, when, when he went to some of that heavy demos, we can't, we cut back and, and, and summarized. We thought that was of more value to our audience. It was good. It was the Burberry, you know, it's good to get a little flavor for it, but it was, I felt too heavy handed too much. I would have liked to hear, heard more of the vision. It's good to have some proof points, but I thought it was a bit too much. Yeah, I mean, he had a lot of the canned keynote stuff integrated in us. He didn't have a lot of preparation to make it more gorilla, but I would have definitely doubled down on the Haruku message and the fact that developers can boot up apps in, in, in days, not weeks. That was a transformative message. He missed the boat on that. He kind of talked about it. The other thing that was getting a lot of Twitter negative was that there was a lot of Salesforce.com employees and cheerleaders doing the normal social media BS like, oh, we'd love Salesforce and kind of polluting the stream. So that was just some feedback from people on Twitter that I noticed was that it was getting noisy in the Twitter stream mainly because of too many pro Salesforce employees trying to push the Kool-Aid a little bit too much when it was already a home run. I felt that was a little bit underhanded and quite frankly, you know, just poor social media execution on Salesforce. Yeah, one of the comments you made, I mean, I think you were right about the Haruku message. I think that played very well. You made the comment on the, the feed through Skype that, you know, CNBC kind of really sort of an old media story. False media. Yeah, false media. If Oracle's false cloud, CNBC is false media. And Haruku obviously, if company founded in 2007 next-gen application platform and... Well, I mean, I thought there was a disconnect between CNBC as one of their examples.  CNBC isn't really the poster child of social and any kind of new anything, the cube of anything. Here, what we're doing is the future. Certainly not CNBC. The cube is more future than CNBC. You heard it here first in 2011, when we bypassed them in a few years, Dave. No, but seriously, one of the employees of Salesforce, Kevin Marks, his Twitter handle is K Marks.  And said, oh no, no, that's not the message. And he's got a good point, although a little bit too heavy-handed to try to jam the Kool-Aid down my throat. But his point was, it wasn't a disconnect. Salesforce is trying to show that they're transforming CNBC to be new media. Okay, I buy that. I give him that. I'm not going to argue with that. I think that's- Yeah, and maybe CNBC, you know, like ESPN, is going to- But I'm not sure that's keynote worthy, personally. I don't think that would have been keynote worthy. A different message would have been highlight a developer who's knocked it out of the park and proof points around new examples of disruption, new examples of innovation, like what we see, what NetApp did yesterday with Moneyball. I mean, I thought that was really a clever example of taking something current and showing an example of big data. I didn't see that. I saw a lot of canned things. Again, the Heruco thing was positive, so. Yeah, I mean, the big updraft was the fact that the keynote got canceled. I mean, I think that Benioff said it today in the Wall Street Journal, or so the Wall Street Journal article said it is, they should thank them for canceling the keynote because you can't buy publicity like this. That's interesting, you're saying your guess that you had on, what's his name? Michael Krinsman. Michael Krinsman. He's saying about the email now. That conflicts with the report in the Wall Street Journal today that said essentially, and Benioff sort of confirmed this, that they moved, he said they moved his speech from 10.15 on Wednesday to six o'clock. He said six a.m. Thursday. I had read it was eight a.m., whatever. It doesn't really matter. You know, maybe Oracle doesn't want to give up the million dollars that they paid for the keynote, which has been reported as what they paid, so they move them onto, oh no, next day we're having a scheduling change. All that is all underhanded, and reported after the fact. I'm sure what happened was when this story started going viral, they had to look at angle.com, broke it, Clint Finley broke the story, and then picked up by all things D and everybody else, because it was on Twitter. When it got out of control, Oracle then issued a statement, oh no, no, we didn't cancel it, we just have to make the change of plan. So they made up an excuse. Because of overwhelming attendance, they said. The classic messaging. Yeah, I mean, so it was basically FU, Larry basically came down and said he's out. Essentially what happened folks is Mark Benioff was kicked out of the Oracle party, and that's just the way it is. And he was kicked out for basically retweeting and posting on Facebook, Kristen Nicole Story, and saying Larry set the bar really low.  I think they shouldn't have canceled them, but then again, you don't want to be upstaged. Larry Ellison does not want to be upstaged by Mark Benioff in any way, so clearly they'll either give the million dollars back, or even more of a diss to Salesforce is to take the million, screw up their keynote, and then put them out on Thursday morning. John, he said Oracle Open World is all about the next generation mainframe computer. It's not, in his opinion, the next great thing. He wants to get away from proprietary hardware and software and move into the cloud. He's not here to sell more computers.  I thought that was good messaging. Oh, it's great. You can smoke that peace pipe all day long. It's great messaging. But the reality is that there are some serious issues with social infrastructure that they're promoting, and that is the following. Social media, as we know it, is a time waster in most people's eyes, not a productivity gain. They're pushing the productivity gain. It might be a little bit too early, we'll see. I like the message. I think that's a good one. The other one is there's a lot of noise and a lot of trust issues on social media. I just don't see the enterprises rolling in and using social media to the point of making a killer productivity tool. Today, I think there's a lot of things that need to be developed, as I pointed out on Twitter. In my opinion, the algorithms and the relevance side of it really needs to be developed, and that's clearly going to be the case. So that's kind of my opinion. I think Salesforce is really early on this, as they say, wicked early in Massachusetts, and so it's good.  The other thing that I thought was compelling in his message was the Facebook positioning. Obviously they're putting the whole like button out there, which I think is a little bit over the top, but it makes the point. It resonates with the 800 million people who use Facebook, but his point is, Facebook's value proposition to their users and their revenue and their impact to society has nothing to do with Oracle, meaning Oracle runs General Ledger, and that is basically tech code for, they run irrelevant plumbing. Okay, they do accounting, that's important system, and it's like plumbing in a building. Yeah, it moves the water back and forth, but it's critical, but no one really thinks about it. You just pay for it, it's a utility done. It's not really innovative game changer. Well, but remember, it reminds me of your conversation with Dave Hitz, a NetApp founder and former CTO, and now just evangelist or whatever he does now. He does a lot of things, but he talked about plumbing, storage is plumbing, and you said cold, clear water, when the plumbing breaks, there's a problem, and the reason I'm bringing that up is, the dirty little secret is that Salesforce uses proprietary software to run its business. Okay, they don't talk about that that much. And they're a customer of Oracle's. We know that, we're in the valley, you were plugged in, right? We know what's going on there, but I guess the point is, so what? The new growth, the new jobs, the new innovation is not around running payroll, running finance and intro. Well, I think in the keynote from Benioff, or his un-keynote, was the fact that he showed that Heroku demo. I thought that of all the canned demos, that was the most powerful. The music was great, as Alex Williams on Twitter said, it's like Vikings going down the street, right, bro, and the music was good, but the message was good, literally. We want to get stuff up in days, application development, and that really is the reality of business. And I think that, as one of the things that I see happening that aligns with that message, is the real-time business, we talk about analytics, is going to be on the application side too. I think developers are going to have to be more real-time than ever before in the coming years, and that is going to be what Heroku points to, and that I don't want to do a lot of specking, I want just apps up and running. So that message was absolutely what they should have focused on more, and they really didn't. John, Benioff put up a chart showing the progression of all the great leaders, Ken Olson in the mini computer, and Bill Gates in PCs, and Sergey and Larry in Cloud, and then Jobs with Mobile, and then he put Zuckerberg up there with Facebook as the next big wave. What did you think of that? I think it's totally true. I mean, Facebook's undeniably force, huge growth. Zuckerberg, honestly, is who he is, and he's a young kid, and he's growing up and managing that company in the way he sees fit, which I love. I love the fact that he's still CEO of the company and has not given up control. You know how I feel about that, Dave? I feel founders should be in control of their companies all the way until they step down, and I think they should have the right to drive the ship into the iceberg or not, or if it's growing, stay and grow with the company until they feel they should step down. So I like how Zuckerberg is still the CEO, but absolutely the force of social graphs, open graph, the CIO talking is a real force. Obviously we rely on traffic from social channels and SiliconANGLE, Hibon, and theCUBE, so we cannot deny the fact that this is the future. I mean, there's no debate. That's the future. People are doing more social than they are actual old school search. Well, I'm just saying the trend is to move more towards social than old school search.


The down pleasant will have Shokwan Davis in goal, Suley Makala that versatile player in the back line. Fitzroy Cummings, Jamoy Tope, Odeon Maury, Kimoni Bailey, Ramon Howell, Marlon Allen, Romeo Guthrie. De Maria Phillips, raise number 10 in these parts and Devonte Campbell, the outstanding winger, the lock picker, Supreme, the defense puller-in-chief. We'll play on the flanks for Theodore Tapper Whitmore. Yeah, and any team coming here to play my present, the likes of Devonte Campbell and Kimoni Bailey, Kimoni Bailey are two players that they're gonna have to deal with and nullify as best as possible. For Waterhouse, Kimar Foster in goal, Nikoi Christian, formerly of Dunbeholywell, formerly of so many teams, Andre Fletcher, Kenley Deacon, Elvis Wilson, Danada Thomas, Navarda Blair, Andre Smith, Keithe Simpson, the veteran, Germaine Morgan, and Damian Bins of a coach, Marcel Gayle. Well, you keep an eye on the left and right back here because their hands are gonna be full because I just mentioned Kimoni Bailey and Devonte Campbell or they'll be thorough. Full-time highlights now and ball fired in first time. Danada Thomas bringing out the acrobatics off target. Campbell into Marlon Allen, nifty footwork from the former Arnett Guardsman, maneuvering the ball this way and that. And he's shot just high with him off balance. Then Elvis Wilson, strode from the back line to drive that forward. Campbell's corner, cleared, topi with the header back and Suley Makala with the flick. That didn't find the target. Howell, Makala's cross, none of them don't present forwards gambled. And then this back hitter from Guthrie to the path of Chong. Get it on the shot, didn't catch it cleanly. Christian fall into the path of Thomas who brought it down and he went for the shot. Morgan couldn't get on the end of it. Another pass to Thomas in space and he shanks it because the ball bubbled and hit his shin as he went to shoot. They call it Christian again, the architect. Devonte Campbell changing passes with James. Campbell plays it to the back stick. We are married with the flying header. It was difficult for him because there was a man in his line of sight on the post. And then this big moment, James, the Trinidadian, runs by Keeter Simpson, goes down. Keeter Simpson stretching into the tackle. Referee says penalty. The Oath House boys say no. The Mount Pleasant fans happy. They felt this was the moment for their team to go one-nil up, but as I said, a conference between referee and assistant and the Lexi Perry changes his mind. This is the best angle of the incident. No contact made by Keeter Simpson on Nathaniel James. We continue. Javain Brand came off the bench, shot from distance, turned away by Chacwon Davis. And the Lexi Perry saw about 95 minutes in. Waterhouse, there were 18 shots, nine apiece, one on target for Waterhouse. There were 26 for all, 16 committed by Mount Pleasant. Six yellow cards, three apiece. And the Mount Pleasant had 62% possession. Our man of the match is Kenley Deacon. And he is with Dwight Jeremiah. Deacon, aka Rackers, had a good game today. Had the likes of Kimani Campbell to deal with. And sometimes they would switch around with Bailey coming across. Tough game for you. How did you manage to deal with them today? It was a tough one, you know. It was a very tough one as, you know, we'll come up against a team that is undefeated from the competition and start, which we go three game loses. I wasn't in the squad. I was having some family issues. I was overseas. Coming late, I put in work. And I had work pays off my first game. I mean, the man of the match could have gone to the back line itself. How easy was your job working with Wilson and Simpson? It was all communication. A lot of talking was there, honestly. Katie Sims, Elvis, and the left back. There was a lot of talking. Midfielders spoke to us. It was good. It was communication. Give us a good game. You feel very good with this point. Yes. OK, good work from you, Arrakhas, and all the best going forward. Thank you very much. You have it. Deacon, A.K. Arrakhas here, the man of the match in the performance. And we'll talk with the two coaches from Waterhouse and Mount Pleasant. It was a game that didn't produce.


People who are dreading Thanksgiving, you're saying it's an opportunity to get together. You're saying the president is using mind control. So finally, the first step. You say this is a cult. What's the first step to deprogramming? Cult has been popping up more and more. Thinking back to two weeks ago on this program, Anthony Scaramucci talked about his claim that Trump supporters are in a cult. Well, it appears that CNN and the DNC have settled on their narrative going forward, and that's going to be to attack their opposition as a cult. Which is really weird, because back when Obama was president, it was pretty common for right-leaning media to describe Obama and his supporters as a cult. So I just thought I'd show you guys this. While I was doing research for this video, I searched for Obama cult, and it seemed to just sort of break Google. You search for Obama, it's fine. Search for Obama cult, you get results, but then they just disappear. Like you see it pop up real quick there. And so I tried the same thing on Firefox and got the same result. Search for Obama, it's fine. Search for Obama cult, and it breaks it. I wonder if images works. Okay, so images works. Just like the search results. So I don't know what it means, just thought I'd share that with you. Not only were the media slavishly dedicated to Barack Obama, with some so-called journalists even bowing to him, but we even had creepy little kids singing religious hymns about Obama. And Hollywood starts pledging themselves to Obama, as if he were a holy figure or, yes, a cult leader. I pledge to be a servant to our president and all mankind, because together we can, together we are, and together we will be to change that we seek. Give an honor to God and our Lord and Savior for Barack Obama.  Because of Obama, I'm inspired to be the next lawyer. Because of Obama, I'm inspired to be the next out of mode technician. Because of Obama, I'm inspired to be the next ship. What the- The media also regularly portrayed Obama as if he were a holy figure, constantly photographing him in ways that you might see Jesus portrayed in paintings. Some media was even comparing Obama to an actual God, and they were randomly mocked for it on right-leaning media. Not just parochial, we're not just chauvinistic, we're not just provincial, we stand for something. I mean, in a way Obama standing above the country, above the world, he's sort of God, he's gonna bring- Which brings us to the present time, where Trump definitely does have dedicated support, but without all the drooling adoration from the media.  It's almost like CNN fills the need to get back at Republicans for calling them a cult. Very professional, very journalism-ing. None of them are mental health experts. Stephen Hassen is. Oh, great! Brian Stelter has brought on a mental health expert. What are his credentials? Where's his data? Who knows? All we know is that he's coming on the national airways to diagnose millions of people he doesn't know as cultists and the only other political party in this country as a cult. I'm pretty sure no credible professional mental health expert would ever do that. Seeing as how, according to the APA Ethics Code, Section 9, quote, offering a diagnosis based solely on a record review raises special considerations and unique challenges with a great ethical significance. Needless to say, this hack doesn't even have a record of review to meet the standards for deciding if a diagnosis should even be made. This guy and others that Brian Stelter brings on to smear half the country are operating outside the standards and ethics of actual mental health experts. So I define a destructive cult as an authoritarian pyramid-structured group with someone at the top who claims to have total power and total wisdom that uses deception and control of behavior, information, thoughts and emotions to make people loyal and dependent and obedient followers. Wow, did he just describe Democrats and their media? No, seriously, everything he just said there could easily be applied to the previous administration, the left and the media. Quickly, let's just go down the list of what he described. An authoritarian pyramid-structured group with someone at the top who claims total power and wisdom. Sounds a lot like intersectionality, feminism and left-wing ideology in general. And we all know that the left has the victim Olympics with black trans women at the top and straight white males at the bottom. Anyone who stands up to this belief system is set upon as a heretic and removed from society if possible. Look at how they treat Greta Thunberg, even comparing her to religious holy figures and dedicating themselves to her. Huh, that seems really familiar. Deception, control of behavior, information, thoughts and emotion to make people loyal and dependent. The media and the Democrats regularly use these tactics to control people's behavior in regards to topics like climate change, accepting trans people as the sex they're pretending to be, and other issues surrounding that group like men and women's locker rooms, men and women's sports. And saying undeniable facts like men can't be women can get you fired or ostracized from society altogether. We'll get right back to this media meltdown, but first let me take a quick moment to thank this episode's sponsor, patrioticlegacy.com. Patrioticlegacy.com was nice enough to send me over one of these units so I could give you an honest review. I love this tactical flashlight. It's got everything you would ever need. Six overall lighting functions, escape features like the window hammer and the seatbelt cutter, solar charging so you don't need batteries, a power bank for charging your phone and other devices, and a removable compass with access to a personal safety alarm. Patrioticlegacy supports veterans and YouTubers like yours truly. So head on over there and make sure to use the promo code DRONE20 to get 20% off your purchase. Thank you. So for me the issue of between an ethical, healthy cult where you're free to think and free to leave versus a destructive cult, I'm referring to Trump's organization and followership as a destructive cult. At first I really wondered what he was getting at here. There's good cults? I've never heard of a good cult, have you? But then I remembered their prime directive. It's different when we do it. This guy knows that many saw the Obama administration and his supporters as very cult-like. So he's throwing that out to excuse it as different when they do it. Their cults are good while the alleged cults of their political opposition are destructive. First step, if you say this is a cult, what's the first step of deprogramming? What's the first step of deprogramming? Did he just say deprogramming? Another word for that might be reeducation. Sounds really cult-like based on your own standards. For the people who are dreading Thanksgiving, you're saying it's an opportunity to get together. The first step with anyone who's a true believer is contact with people that are outside the bubble. Cult leaders want to isolate their people.  Brian Stelter's main narrative is not to watch Fox News because it's conspiracy theories and right-wing propaganda. In other words, appealing to the person's true self, their authentic self, that wants to be a good person that believes in America and democracy. He's literally doing what he just said is cult-like behavior.  And whoever is opposite of you, a cultist. That's all I have for you today, folks. Please like, share, and subscribe. I'm gonna be out of town for Thanksgiving, so I'm not sure if I'm gonna be publishing any videos the rest of the week. I might experiment with some cell phone videos or something like that, but I'm not 100% sure. Just keep an eye open for it. If you want to support this channel, you can find all the links in the description and the pinned comment. Thank you.


Okay, we are live. So thank you everybody for joining this hyper ledger meetup today. We are gonna be talking about digital assets in a multipolar world. First, I'd like to introduce the new host of the hyper ledger New York City meetup. This is a meetup being hosted by the hyper ledger New York City group. It has recently has a new organizer who has a lot of plans for the group. So if you're interested in hearing about that, I did wanna give Jamil Sheik a chance to speak a little bit about who he is and what his plans are for the group and then he'll introduce Vipin and we'll kick off the discussion. So thank you. So Jamil, welcome. Thank you for attending today. All right, thank you for having me here. First of all, thank you to the Linux Foundation, Hyperledger Foundation for giving me the opportunity to run the hyper ledger NYC community. Some of you may already know me. I run a blockchain NYC community, which I've been running since 2017. And part of my plans are to really bring some of the firepower that we accumulated in the blockchain NYC community into the hyper ledger NYC community and start to kick off and do some in person events. Maybe this year, but definitely a Q1 next year. If you have access to a venue or like to be involved in planning or supporting an event, please reach out to me or David our biggest hurdle is that if we do an event we typically get 80, 90 people, 100 people. And so we need to find a venue space that's appropriate for that. I think the hyper ledger community is long overdue for an in person event where we can all just reconnect, catch up on what's happening in the hyper ledger space. Clearly there's been a lot of developments recently across all of the product lines in the entire portfolio. Lots of interesting new people have come in, lots of interesting new changes. And hopefully I can get everybody in New York City that's interested in hyper ledger to come together and reconnect. So I look forward to doing that. So I'm not really going to take much more time. I want to introduce our speaker. So Glipin, a dear friend of mine, I've known for several years, one of the brightest minds in the space. I've been quite humble about it. I'm really looking forward to his presentation today. And I'm just going to read off his bio if you don't really know him. He's somebody you should get to know, Adam on LinkedIn. So Vipin founded DLT.NYC, a consulting practice at the intersection of DLT financial markets, technology, standardization, tokenization and regulation. Vipin is a Forbes contributor on the topic of digital assets. I read his articles religiously or due to check out his articles, he writes fairly extensively. Vipin's expertise includes technology and building capacity through technology to enable policy and governance implementation. Vipin is active in the hyper ledger as chair of the financial market CIG that is a special interest group and the identity working group. And I really look forward to working and partnering with Vipin on some of the CIG stuff he's doing and hyper ledger NYC. Beyond that, Vipin is technical. He's not just on the business side. He understands the business side of financial markets but also is it a full stack engineer being in the space and doing development for over 40 years and is leading different work streams at ITU and Stanford and has the masters in operation research from the Indian Institute of Technology. So with that, Vipin, I'm gonna transfer it over to you. Thank you for taking the time to be with us today. The show is yours. Thanks everybody for joining and in a minute, I'm going to turn off my video so that you're not distracted. The presentation is the main focus of this and I hope you can hear me properly. I had some problems with the mic but I think if you do have problems, let me know and I'll try to do what I can. Beautiful, Mr. Khoaja. So without waiting too much, I'm gonna turn off my video and I'm gonna go right into the presentation. So this is a very aspirational presentation that I came up with because of all the different activities happening in the world all around in terms of digital assets. There has been a lot of interest in digital assets as the community around cryptocurrency and other, basically the crypto world is experiencing some level of problems. And this is also things are maturing in the world. Can you turn off your mic, Jeff Babich, please? Because there is an interference. Thank you. Yeah, so what I'm going to do is, Jimmy has already introduced me but my main focus was on software in the beginning but now I'm looking at it from a holistic or a systems point of view. And now in this presentation, I go even beyond that into a whole world view. Obviously this is very ambitious presentation but I mean, I'm only going to come up short because the amount of time, the number of initiatives out there and everything that's happening in this space. Now, one of the things that I'd like to highlight is the interoperability team in the policy and governance working group in the digital currency global initiative. But remember that all the different teams, all the different functions have to come together to create a solution that is basically going to be public infrastructure or in this case, a global infrastructure that is going to be implemented in multiple places but has to come together to create a global market to create resilience during war, during pandemics, during all kinds of events that are upon us like climate change. So this, I mean, I know that many people do not believe in the same degree to any of these things but these are the realities of the world. We may have to focus on one or the other separately. But anyway, the roadmap is very simple. There's an introduction, there's some things about digital assets and then the multiple polls, what I call the multiple polls and then how do you bridge the polls and then project managing digital assets in infrastructure. Well, basically it's dam digital asset management. So project managing in the sense of creating a solution and having it's taking it to the final. I think some people have trouble seeing the slides. Could you just confirm that you're sharing them properly? Some people have trouble but does anybody see them or? I don't see the slides anymore. Oh really? Yeah, I'm not seeing them either. Okay, so I'll try to go back to the sharing. Yeah, try to share it again, please. Yes, I'm trying to share again. What about now? There it is, yep, look good. Hopefully everybody else can see it. Sorry about that because I think I went into presentation mode, it somehow got cut off. Yeah, I think we're good. Love the colors. Can you, can you? Okay, so colors are very simple. Colors are, I follow the Vibgior, violet, indigo, blue, green. I removed yellow and I just have orange and then red for Q and A. So most of the slides will have on top what part it is in. So that's my roadmap with the colors. Digital assets, anything that has value is created, stored and exchanged digitally. It's a very simple explanation and obviously people know that people, you know, this is not everybody agrees on this. So in the beginning there was a, the additional is the concept of ownership and actions that can be taken by the owner and the delegate. So the initial list is kind of lame, meaning they were the, what was considered digital assets in the beginning, photos, documents, videos. Mostly it is data or media or various types of email accounts and so on. But as we know with the rise of cryptocurrency, crypto assets, we have this new list which include deposit tokens and tokenized real world assets and tokenized financial assets and central bank digital currencies, of course. I like to show the slide in the beginning of the presentation usually because this illustrates a fable, a tale from probably from ancient India. It is called the, what's that? I can't, anyway, you can see the slides I hope. So this is an ancient story which talks about five blind or six blind men from birth who were asked by a king to look at an elephant and come up with an interpretation. So obviously each blind person felt a different part of the elephant and they all came up with different interpretations. So that is, one says the elephant is like a hose, the elephant is like a fan, the elephant is like a wall. Elephant is like a pillar and elephant is like a brush.  So it's our job. I mean, in that story, there are two variations. One is the elephant is, you know, they come to blows because they say each one has his own perspective, interpretation. The other one is they all sort of talk to each other and come up with the understanding of what an elephant could be like based on putting their perspectives together. And I think that that is a key thing in our business because everybody comes at it with a certain interpretation, a certain perspective. Now, I'm gonna go quickly into the size of the digital capital markets.  As you can see, there are four interpretations of what is the estimated market cap of global bonds from 129.8 trillion dollars to 305 trillion dollars. These are all based on different interpretations like the blind men and the global domestic equities are about 108.23 trillion dollars.  All that is needed to know is that these are tremendously huge numbers. And right now, some of it is digitized but they are all in trapped in silos or within certain islands. And this is the commodities market and the number below it is the, you know, like 15 trillion dollars is the manufactured goods, those kind of numbers we are talking about huge. It's in billions and it's from 2022. So all of these markets are currently incompletely or very badly digitized. Some people say, you know, we don't need digitized money because commercial bank money is already digitized. But it happens to be trapped inside the bank silo if you're with Citibank, you are in the Citibank silo and it's a liability of Citibank. The other one is the numbers on global wealth. Again, these numbers are huge. Mostly the global debt figure should be interesting to us because it's bonds, global real estate which also contribute to bonds. And, you know, these are enormous, enormous figures. Cryptocurrencies are only 244 billion dollars but this was in 2020. So this morning I looked at the coin market cap and it's 1.34 trillion dollars. But these are market caps, not necessarily the trading volumes, not necessarily what's happening. So if you take a look at the one specific market, the bond market, which is the largest market, well, you saw that the derivative market is huge but the bond market is enormous. So it's divided into colors based on where it is, meaning Asia, North America, Europe, rest of the world, Australia and so on. But I think these are not real numbers because the size of the Indian market, for example, is 1.3 trillion dollars. But I know for a fact that that is much more than that and it's not visible. So this is another problem in this whole exercise that there is lack of visibility into the size of the markets. This is another view of the markets through a window known as the new, you know, for trying to figure out how efficient the market is. In the end, there is only one rule, which is the transaction costs. And institutions here are not just regular institutions, but rules of the game, as they say. And so governance is what matters. And it is, you know, the old theory was an endpoint theory which means that the development stops at markets. But we are seeing structures that are far beyond regular markets, which is why we have this view that with decreasing transaction costs and increasing rule of law, that we will have lesser and lesser transaction costs. The DAOs, for example, do not completely regulated. So they're probably, this is probably more of a future state in which those automatic market makers, those decentralized exchanges, those program-based trading, and all of that will be regulated or at least legalized and then create these, create, you know, efficiencies by decreasing transaction costs and increasing the rule of law. This is the other side of the equation, which is the payment, payments, which are, when you trade something, you have to be able to make payments. And this is from McKinsey and they claim, of course, projecting a trend line that they are claiming that this will go up to, you know, 38% of banking revenues by 2027. It also, of course, divides the world into Asia, Pacific, North America. So what I'm saying is the payment leg, which this is showing, I think it's going to be, if the payment leg becomes more efficient and less interactive, and less intermediated, then this trend line will be not true in 2027, maybe, but we have to look at what's going to happen five, 10 years in the future. So in order to make digital assets part of, you know, in order to create true digital assets, you need tokenization, then we talked about payment systems and linking them are usually programs. And of course, we hear all the different ways in which this can be done as payment versus payment, DVP, you know, everything atomic. But I think the revolution is going to come when you can make a deferred net settlement payments because the compression, that is a compression in the sense, let's say that if there are two players in the market and they carry on 100 trades after netting with multiple other participants, that becomes about two or three trades. So that efficiency has to be realized through some automatic means. There are some, there is some work going on in there, but most of the today's digital asset players only talk about DVP and PVP and, you know, atomic payments. Credit has to enter the picture, which is what normally happens. That means nobody buys anything with their own cash. So credit has to be expressible on the chain as far as possible so that you can have both the transaction, the payment and the asset leg on either the same chain or a chain that can be reached through bridges and various other mechanisms. You have seen this many times as the stack of DeFi stack, which again is another way of looking at the architecture of DeFi, another blind man's view of the architecture of DeFi. In all the cases, the base is a blockchain of some sort, but you don't need a blockchain as we have seen from experiments in the digital asset space, especially in several countries that have adopted some kind of distributed database, maybe with cryptographic backing, but blockchain is not absolutely essential, but something like a blockchain, meaning, can you create ordering? Is it immutable? Is it visible to everybody? Is it replicable? Can everybody use it as a source of truth? So if you can replicate those qualities in something else, then of course you don't need a blockchain. And on top of that will be the tokens and on top of that would be smart contracts and lost, but definitely not the least link in there is the way to interact with this whole stack, which would be wallets and APIs. And this is a new look at it, meaning you can have instead of just having those four layers, you have an audit and control layer, which we'll come to with various token standards that have been proposed. And you can see that some of this reporting and control, control being the most important and reporting also includes at this point with some kind of monitoring. So those are important tools to integrate into DeFi if it has to be adopted by regulated exchanges. This is just another view of inputs and outputs of trade processing, which is how digital assets would be traded using regular trading processes, order orders being translated into trades backed by reference data, market data, all the main players in the data space, for example, Chainlink is also working with regulated enterprises, not just in the public blockchain space. So slowly things are turning around for from a 1.34 trillion cryptocurrency market to a global market for bonds, $300 odd trillion dollars global market for equities, 200 and 80 plus and various numbers that are multiples of what's happening in the cryptocurrency space. So there is a lot of inefficiencies that have to be worked out in these various digital assets transformation of the regular instruments to digital assets. This is also a vision of the FMI that is needed to FMI and ancillary systems that are needed. Many of those systems will become more simplified by the addition of digital assets into a global ledger or a ledger that is spread out among a group of participants. Obviously, this is not going to be a single global ledger for the whole world, it's not going to work. So we are seeing the development of these processes of these infrastructure in multiple localities, multiple poles, which we go into soon enough. So it has to be possible to do similar things in a real world asset or a token as a digital representation of a real world asset. Well, in this case, it is not the only way that a token works. Maybe you can say that it's also a digital representation of value that is not linked to a real world asset, but real world assets like houses, like commodities can also be tokenized. But in this case, you have the pre-issuance issuance, primary trading, settlement, secondary trading, and expiring, which is reflected, for example, in the ERC-20 standards, maybe not one to one, but it's definitely reflected. So now I turn to the various groupings under which these developments are taking place, the multi poles, the global banks, global institutions, global conglomerates. When I say global conglomerates, what I mean is big companies like global companies like Apple or IBM or people like that. And private and public blockchains, nation states and groupings of nation states. Why do I have some of them in bold? Because I'm focusing more on those. First of all, one hour is not enough to go through the details of activities happening in all of these different spheres. So I just thought I'd pick a few. And when I say the global banks, they have the current problems on the left, which is the regulatory KYC, asset to stuff, the reliance on intermediaries, expensive infrastructure, and so on. City has, for example, City has 1.365 trillion in customer deposits. JPMorgan has this similar about one more trillion dollars. So they both independently came up with this concept of a deposit token. JPMorgan has been working on it for a while. So in this section, I'm going to talk about the actual projects that are happening in these different kind of poles, the global banks. But all of these deposit tokens are essentially trapped inside a single bank. For example, the city token can only be used within the city ecosystem. It can definitely be used for doing FX, that meaning I can make a payment from New York to somebody in Tokyo. And in JPMorgan also, which uses, I think, the ONIX system, which is a development from Quorum, and of course it is a variant of Ethereum itself. So the aims are to improve KYC, improve transaction costs, and also come up with new products because of the emergent nature of some of these technologies, I mean, of these effects. Global institutions, I'm only taking two here, the World Bank, IBRD, International Bank for Reconstruction and Development. Their outstanding bonds are about $257 billion. The issue about $45 to $55 billion per year. IMF is more on the capacity building track, and they are crucial in socializing or kind of trying to advise countries how to manage their monetary system. Usually they have a very vested in, well, I wouldn't say vested, but there is a Washington consensus and market-driven technologies are, I mean, market-driven ideas are what drives IMF. But in terms of the IBRD, which is actually a bank, they can raise money with low fees. They have a very high credit rating, but they do have a reliance on intermediaries, inefficient Swiss systems, even though they are sort of quasi-sovereign in the sense their members back their bonds. So currently there is a project which is issuing, I think about 100 million euros in sustainability bonds for IBRD was announced just a week and a half ago. The details were announced, and this is integrated into the financial market infrastructure, Euroclear settlement systems, which we saw earlier. So any transformation in the digital assets space as to come with changes in the financial market infrastructure, they have to be integrated. The important thing here is to see that they integrate also the DNNs, which are basically a representation of the euro on chain. So you can do DVPs on the Euroclear infrastructure. And Euroclear is building out the infrastructure. Euroclear is a huge financial market infrastructure player. And in the IMF functions, the improving transparency part will come with, with any kind of a share in the infrastructure. With any kind of a shared ledger with proofs that can be easily gathered. So the nation states, now we turn to the other sort of division, another look at it from a blind man perspective. This is the first one, of course, preserve USD as the sovereign currency of the world, which is a U.S. aim. The other countries in the world want to $D rise. They're also trying to create alternatives to swift payment systems because they have found that with the dollar trade, as well as with the payment systems, that certain countries like the U.S. can essentially censor other countries. We are not going to go into the politics of whether that is appropriate or not. But people are obviously want to create their own resilient systems that they cannot be, they cannot be stopped. So it's an ideology and culture driven situation with some leapfrogging built, built into the system. And they are also building up non-USD reserves, mostly in gold. Last year was the highest amount of gold bought by the central banks. Then the other question, of course, is whether to create a CBDC or not. Then there are regional and global networks being set up like Belt and Road, like G20 with India creating a network with Saudi Arabia or with UAE and with MAS, with Singapore. So all of these last bits like war, pandemic, and geopolitics are both splintering as well as converging, forcing the countries to converge. So this is the whole thesis of this presentation which is that these two forces are simultaneously in play. And the only way to get around this is to have, of course, everybody is going to build their own, but the last bit is all about exactly how to project manage such projects. I cannot go into too much of technical detail in any of these because I would be just spending the whole time on talking about one project. So I go country by country. I think only one or two countries, I look at China and India mostly. China is going into a cashless society. They want an alternative to private payment systems. There is reduced cash use. They are a manufacturing powerhouse, but they are facing real problems. Of course, they are central planners, so they can easily say, oh, let's have a CBDC called ECNY. Then there is the Belt and Road Initiative through which the ECNY can travel abroad through the Blockchain Service Network. So they do have a project to take the ECNY or the Blockchain Service Network outside China into other countries, mostly on the Belt and Road Initiative. But the Belt and Road is interesting because it's not just the old Silk Road, but now it unites countries across continents. But China has also been in problems because of the credit management has been a problem for China. And they are working with IMF to manage that. India, of course, everybody talks about the India stack, which is a bunch of national infrastructure projects that have been in production for a while. And it includes ADAR, the Digital Identity System. Of course, people complain about the problems with ADAR, but it has had a tremendous effect on stopping leakage and paying people directly and collecting taxes at source. So these are all the IMF, usual IMF recommendations to be able to be more efficient in collecting taxes and in improving the breadth of your distribution network for benefits. I mean, this whole system, the India stack, is now being exported, again, like I said, after the G20 to other countries. And the India stack includes UPI, the Universal Payment Initiative or Infrastructure, I'm not sure, but it also contains other things like walls and personal walls for documents that you can use to share. One of the big caveats with that was that India has already got some problems with its well-connected conglomerates that are basically politically boosted big organizations and the policies that favor certain groups in the sense that there is a religious component to that. And India is also resource constrained because it imports a huge amount of oil. So natural alliances have formed between Saudi Arabia, Russia, India and China because of the energy trade. And I think the trade is moving into Reminbi or into Rubles or Indian Rupees, which is a major move, if you think about it. And all of these countries have, including Saudi Arabia, have a CBDC project. So what happens when these CBDCs come into the system? Anyway, I have some examples of interoperability in limited areas like in the Middle East, North Africa region, which is, excuse me, Saudi Arabia and the Central Bank of UAE. Now they have had Chinese into the picture. In technical terms, they create a CBDC that is outside the currencies, also a CBDC called Abair, that is outside the Central Bank digital, I mean, Central Bank currencies, Fiat currencies of Saudi Arabia and UAE. It uses a hypoallergic fabric and it's got channels for privacy, et cetera. Added China to the experiment. Mariana is a similar project that was done by BIS with the Bank de France, Monetary Authority of Singapore and Swiss National Bank. So they all have different currencies and the FX is implemented as an automatic market maker using principles from DeFi. In FX, the volume is something like $7 trillion a day. This is, again, more about the project that we talked about, about the bonds. And this integrates the bond issuance with the CBDC, you know. So they prove that post-trade operations could be conducted on the blockchain with the CBDC. So these are ways in which we can have token standards, interoperability standards, ISO 2022 for payments, LEI for identity and the common domain model to manage life cycle of any digital asset. So unless we have some form of these, then it would be difficult for us to have interoperability between these different poles where whether they are nations or nations state groupings. We now talk about token templates, which is basically a way to create a token template using a simple formula and then from there to functional spec with unifying the views of technical folks, business analysts and business people. Now the way to get around the blindness is to have a way to talk to each other about the same thing. So the functional spec and the token template are interlinked and it creates this pathway. This is an example of a formula that is used in TDF. So is it a fungible or non-fungible token? What is the behavior? What are the different behavior groups and what is the property set? This is a way of assembling certain basic Legos into a full-fledged token that you can define.  This, of course, is the effort from Ethereum to come up with the tracks, the token for regulated exchanges. What does all this mean? I mean, must be ERC-20 compatible. It means that you have to implement that interface of minting, burning, and so on. But in ERC-20, I think it is not there. So there is a lot of effort to extend the ERC-20 token. If you go to open Zeppelin, you will see that a lot of samples that extend the ERC-20 is available. And it needs an on-chain identity system. Any rule or compliance required by the regulator has to be within this token, must have a recovery system. All of these highlighted items are anathema to most Bitcoin maximalists or decentralized maximalists. Now we come to project management of this stuff. There are a few principles here that these are obviously going to be national or global infrastructure projects in any enterprise. 95% of them are subject to cost overruns of time and money. So the only way to deal with them is to have these principles, meaning think slow, act fast, all these different principles that you actually put into practice during your project. So I'm going to just focus on a couple, but you get the idea. There has to be methodology behind implementing huge projects. It cannot be pushed by individuals saying, oh, I want to leave a legacy. I want it done tomorrow. I want it done yesterday and so on. It is unrealistic. So for the technical folks, this is very important. In a flow chart, you proceed from left to right. But in this case, you have to look at the goal. Why are you doing this project and ask your users? These are all simple things, but people are mostly left to omission. Thinking slow and acting fast. Thinking slow does not mean just planning, planning, planning. It also means building prototypes and testing. For example, the BIS, cross-border payments, project a bear, all of these are ways in which the prototype is built and tested. Iterate over the different prototypes. This is taken from a very interesting book that has come out this year, how to get big things done. We better listen to people like the project managers of big projects if we want these enormous projects to succeed. Some principles here and then use modular components. Usually open source, like I said, open Zeppelin, patterns and standards and build small and assemble. This is from, adoption is basically a long game. Rapid improvements take place in technology, but to get the product out takes countless experiments, measurement and actually trying out things. Failure is basically teaches us. I hope I have not gone across all these different areas without turning off your attention. Even if I manage to communicate 20% of what I set out to do, I will be glad. Thank you for listening. If you have any questions, I'll be glad to take them. Jameel had a drop, but I'm happy to help. Thank you for that. If people do have questions, feel free to type in the Zoom chat, use the raise hand feature, come off mute. Any questions people have, please feel free. I guess somebody did put something in the chat, but I don't. If somebody earlier said would be helpful to speak out the meaning of these acronyms, there are so many. Thanks. I tried to do that, but it's difficult because the scope is enormous and hopefully I compressed it enough and provided a vision about the future, meaning we are going to get more and more digital assets which are tradable on a financial market infrastructure and it is going to be interesting to watch the space. Everybody, if you look at the publications from the consultants, McKinsey, reports of resources that we should read to get up to date on macroeconomics and future trends. Usually with BIS, they have a whole bunch of papers. World Bank also has, I mean, more than the World Bank, it is the IMF than the World Economic Forum. BIS is a Bank of International Settlements, which is known as the central bank of central banks. That is where all the central bank has come together to talk about not just monetary policy, but actually about what exactly should be done in terms of technical and other implementations. I don't know if you are seeing the chat, but some other questions have come in. For example, how does XRP fit into this? Well, XRP was part of the HKEX Hong Kong exchange. I think it was part of a payment rail there. IMF and the other one that I mentioned is the BIS, and also the I said something about the IBRD, the International Bank for Reconstruction and Development. I think we are at time, and you can always ask me questions. I will be sharing my presentation with David. If you send me the presentation, I can e-mail it to everybody. If you need to go, that is fine, although you can have the room for longer if you want to address any other questions that have come in. What other questions? Are you seeing this chat? I can read them if it is helpful. What are the reports or resources we should read to get up to date on the macroeconomics and future trends? Yes, I had mentioned... Hold on a second. Let me just stop my share so that I can turn on my... Okay. Yeah, I did mention what you should read to get up. It depends on the depth you want to go to in terms of macroeconomics and future trends. Future trends is always a problem, right? I mean, the only way we can know the future trends is to look at the number of articles being published on a particular topic. There are... Yeah, somebody has posted some sub-stack links. I do read Adam Tuze, who's an economic historian, who teaches at Columbia and is very prominent and he's also on sub-stack. But I can't pay $5 for every person, $5 a month for every sub-stack writer who could be useful. I mean, they all talk about different things. So it seems like the world is splitting into two different systems. Will the BRICS and Allied Nations not be integrated? I think it is a question of what exactly the context is. In other words, they want the BRICS and others do want a system where they're not completely sensorable, right? In other words, they should be able to trade without geopolitical pressures being put on them. So on the one hand, yes, they are dividing not just into two, maybe into three or four or five, depending on the context. But my take is that they all need to come together for certain purposes, and they better think about that before they start breaking away.  That's probably a bad idea. Anything else? This is, of course, the third real question whether everybody would embrace VTC, ETH, or fight them and promote centralized CBDC. Well, the point is that both will exist. There may be some regulation of VTC and ETH, especially if they want to be traded on public markets, or at least of the companies that stand as intermediaries, like Coinbase or some exchanges. And they haven't proven to be robust enough to support a global payment system. In fact, Bitcoin, I would say, has strayed from that path and has become a den of hardlers. Satoshi, if he did come back, or if she did come back, then he or she will see that it has strayed a lot from the initial Bitcoin paper. Any truth in XRP being used as a major currency in the USA here in the near future with the US government? Well, XRP is going to definitely be part of the ecosystem, but major? I don't know. As long as there is no control of issuance, which is what their biggest problem was with XRP, US is an exception only because I think US, it says many countries are doing the work of setting up a reliable regulatory framework. The US is an exception, thoughts. Unfortunately, in the US, we are used to, let's say, improvisation. Because that seems to be the order of the day. There is no, for example, there is no digital identity system. Instead, they use the social security number as a proxy. So that creates so many problems, right? And there is a culture war about CBDCs. Everybody thinks CBDC is a way to bring in government control. And I see many of these people posting on LinkedIn. Had they looked at what LinkedIn actually does with whatever data they are putting out on LinkedIn, LinkedIn monetizes that data, collects that data, and obviously is going to hold on to it for a very long time. So it's not just the governments that we have to be wary of. Commercial banks, will it make the commercial banks obsolete? Commercial banks are the main source of money in any country, right? Because they are, you know, this question is, do you think US commercial banks are opposing the move to CBDCs? Because it would make commercial banks obsolete. So without credit creation, which is the proper, you know, role of commercial banks and commercial banks create 80 to 90% of the money in today's system. I don't see how going to CBDCs will remove commercial banks from the system. Maybe, you know, there will be limits on how much you can hold in your, how much CBDC you can hold. Otherwise, it would be so easy to have a bank run right into your CBDC wallet.  Unless there's another mechanism for creating credit. And I don't see that mechanism coming up in any of these experiments. So I think it's a, you know, abundant information on that project come point to one CBDC project. Well, actually there is, but it is project Hamilton in the US and it's an open source project. It says, can you point to one CBDC project that will further our understanding of how blockchain technologies used. One there is where there is abundant information on that project. So project Hamilton is what I would suggest, but project Hamilton is hamstrung by the fact that it's in, it's in the US. And there doesn't, you know, there doesn't seem to be any CBDC project in play in the US. The other ways in which you can look at it is by looking at projects like BESU, which are open source, which are being used in multiple CBDC projects, and you can see how it is being used in these CBDC projects. I guess that is the last question that, you know, was there so I will try to close the session and thank you everyone for coming and attending. Great. Thank you. Thanks to everyone. And as we said, I will send the link to the recording and the link to the slides once I get them to everybody who registered. So, and if you have any additional questions, certainly hoping to continue the discussion. So thanks everyone. Thanks a lot. And you, David, thank you. Of course, happy to help. Yeah, thanks everyone.