Illia Polosukhin

There's domain registers.

There's like a lot of centralization on internet.

And so blockchain is actually self-verifiable where you can, you know, if this is identity, you can verify it as indeed exists.

And then it also has the, like, because it has kind of this uniqueness of,

So something that, again, with data on internet, you cannot guarantee that this exists in one copy.

You can kind of have this on blockchain where you know this thing belongs to this identity, right?

So you have self-refined identity, now you can attach

ownership.

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.