Illia Polosukhin

And so this ownership, the simplest case is money, right?

Let's say we're only going to create a hundred coins and now we know where each coin or even fraction of a coin, who it belongs on this identity.

The other option is obviously what's called non-fungible tokens, NFTs.

Those are just... Who owns this item.

Who owns this item, this piece of data, right?

So this is super useful for micropayments because if I can send from me to Corey, we just update this decentralized database, everybody knows the rules, everybody can verify it, and everybody agrees on this.

And so Corey doesn't need to wait for banks to agree on things, don't need to wait for whatever.

Yeah, we can just do it.

We don't need to talk to anyone else.

So that's really kind of the, you know, kind of core of blockchain.

And then on top of this, you have this idea of programmability, right?

So you not just have money, you actually have so-called smart contracts or really just a program that runs on this distributed verifiable database where, you know, it can be arbitrary program.

The simplest case is like, again, recording some information ownership, but it can be, you know, anything.

You can have a game, you can have anything on this.

And so what Nearing is specifically focused on is how to make this truly scalable.

So like Google level scalable, you know, billions of users continue being, you know, fraction of a cent per transaction and then make it really easy.

Like we have, you know, almost 50 million monthly active users.

Most of them don't know they're using Nearing.

Meaning like this should be behind the scenes on a background, not in your face, you know, figure out what this number, you know, scary numbers mean.

And so that's kind of what we started.