Yuval Rooz

And, you know, what is needed to do that?

And the approach we took was an extremely conservative approach, which was build the technology, test it actually within walled gardens, do not launch a network.

And I'll explain in a second why.

And only after you prove the underlying mechanics of the architecture and kind of like, what does it mean to build decentralized infrastructure that can allow for all types of financial services?

And again, we can talk about what that means.

in more detail, only then we actually start thinking about the coin economics.

How do you launch the network?

So start working on Canton, you know, in full speed around 2016, had the first version of Canton in 2020.

Between 2020 to 2023, it was a lot of different tests of Canton, different throughputs, different use cases.

And it's only in 2023 that we actually launched the network in the U.S.

under Gansler.

We did a fair launch.

And that's maybe just the quick intro to what we've done.

Yeah, and listen, I think hand on heart, it was a pretty hard decision in 2017 not to do an ICO.

It was a really hard decision because it was extremely enticing.

I mean, yes, I mean, you know, but we can talk a lot about maybe Vitalik's post from two days ago, which I actually think is an incredible post in a very positive way, to be clear.

Our view was that we're trying to launch something that will run different types of financial services in 20, 30, 40, 50 years.

And doing the ICO in 2017 seemed to us like a very short term kind of solution to a problem that we were not ready, in our opinion, to kind of tackle.

And as a result of that, we decided not to.

And even in the