was advertising right and future careers in techthatadvertising was the proxy for howsuccessful your attention-based economywas whether this is you know a websiteor maybe a game um and you know in web 2this type of attention was consolidatedin platforms like Instagram so insteadof going into this is my website.com orwhatever right remember the com era uhwe went into what's your Instagramhandle or what's your Tik Tok handle. Sowe suddenly moved away from being in ourown independent decentralized statusinto some kind of centralizedenvironment and then not recognizingthat our contribution to this actuallyenhanced a larger network effect as awhole which then gave the platforms allthis power and we see this everywherenow in in the web two world. And thenwith web 3 with tokens there isessentially the same type of narrativearound attention except now tokens arethe representation of that attention butin an ownership and capitalisticperspective. So that means that value isdistributed and decentralized butattention can now be owned which wasn'treally possible before because of thetokenization. Uh so which means that youcan translate it as well to the extentthat we saw you know millions andmillions of websites launch some big andmany small we're seeing the same thingwith tokens. It's going to be you knowmillions and millions of websites sotokens actually already millions youknow hundreds of millions of tokenslaunched of which the vast majority willbe small but still meaningful for thebusinesses involved uh and a handful ofthem will be really really large andimportant uh but in a much moredistributed and decentralized way inmuch way that the early days of theinternet internet was and I think we'reall believers that web 3 is just thebetter internet because we can actuallyown it and we have mechanisms in whichwe can um sort of compose build on it ina free way. Um um in a in much the waysame way that open source built thefoundations of the early internet. So Isee it as really going back to the realprinciples of what the what what thesort of free and open internet wassupposed to be. Oh absolutely. You know,as you were saying that, I thought of,you know, you mentioned attention andthen you have network effects, metaplaw, and it seems like historically, I Ithink you alluded to this, you know,there was religious network effects,government, politician network effects,um, celebrity network effects, but nowan average Joe can create networkeffects around themselves, uh, throughpersonal branding and the internet andpossibly create a token, maybetokenizing their business are tokenizingthemselves if that's the future we'reheaded in. Do does that make sense anddo you see that happening where it'smore Yeah. you know more multiaceted onthat front? Yeah, absolutely. Um so letme just quickly sort of um go into sortof a little bit on the topic oftokenization as a whole becauseobviously tokenization can can be manythings right. So you can, you know, thatcan be used for RWAS and you can sort oftokenize real estate or some, I don'tknow, some some some precious art or,you know, that that's that's oneexample, right? Uh, and then if you lookat stable coins, right? I mean, that'sthat's one of the most sort of I guesssort of obvious of RWAs in a way that ittakes a construct that is from thephysical world, right? Um, in this case,a currency like the dollar, and youbasically translate that very directlyinto the digital world with as a stablecoin. Uh but the sort of one that'sreally growing um is this sort ofnetwork asset. And so this is where it'sinteresting because you know technologyhas has a way in which it opens up newparadigms in which you can do things youcouldn't do before right like before weyou know this idea of digital ownershipwas just not possible. Yeah. Becauseactually you know who owned it wasreally the platform but what made itpossible was a database. So, so I thinkwhen you really go down into the veryfundamentals of you know doesn't meaneverybody it's blockchain or whateverthat the whole data paradigm only worksand the construction of the networksonly works because we invented thisthing called the database but thequestion becomes who owns that databaseand so for the longest of times all thedata in a database owned it was owned bya central platform and that wasn'tnecessarily by its intentional design itwas just that there was a limitation ofthat technology and of course businessesnever thought of uh sort of you knowlike when you talk about building adatabase and owning the data that was inthe early in the web one era wasn'treally a construct other than a tool tofacilitate you know the navigation ofthe web. It wasn't really thought of asas it was today where you can basicallysuddenly build these knowledge graphsand create these network effects thatbecome much more powerful. Um andbecause of that technology the sort ofnetwork effects business becamepossible. Now you mentioned Medaf's law.So Medco law is a great example of Iguess the traditional telecom example ofthe network effect which is you knowit's designed that way and and as atheory because of basically thetelephone line right so you know you'reand and you know measuring societies ifI have x number of telephone lines I cankind of measure how many more telephonelines I could grow and what the value ofthat business could be right but it wasvery linear um in a way although theyhad some kind of sort of um sort ofcurve to it it was generally a fairlylinear curve because you there's only somany connections you could make with onesingle phone call between other people,right? Um, but you had this sort of newextension on this one which was, youknow, known as Reed's law. And Reed'slaw is sort of this added version wherethey basically didn't just take Medcastlaw, but they said, "Okay, here'sMedcast law, but actually under this newconstruct with with with the internet,you had the ability to create networkswithin networks that might be evenlarger than the main network itself.like a telephone infrastructure for aphone line can't be bigger like like mymy home like my phone in my homewouldn't be bigger than you know youknow like like a phone network in Idon't know in like a city or somethingit's just it's it's it's directlycorrelated by

(Editor in charge: rust)