foreign
[Music]
manager for the Dow so let the crisis
response effort for the Dow hack and
first parody multi-sake hack from every
angle he is the co-founder of white hat
group and led the creation of token
engineering Commons Griff green is
advisor for polygon ID polygon Hermes
red ID doing good and Stuart for git
coin ens and optimism
Griff yeah right come on
[Applause]
Griff also leads to crypto Focus burning
man camps let's hear for Griff green
yeah people forget I lead burning man
camps too it's uh too much too much yeah
that's my slides oh thank God so hi
thank you for having me I'm going to
talk about something that doesn't get
talked about too much no actually we
talk about this a fair amount in the
theorem space and but I what we don't
what we miss is that it's a huge
opportunity in fact I would argue it's
the biggest opportunity in the web 3
space and no one's talking about it as
an opportunity
to public goods
public goods thank you public goods are
it's a huge industry one of the largest
Industries in the world and it's like
the opportunities are endless no one is
making money in public good space right
now it's led by governments and
non-profits and yet it's a 25 trillion
dollar a year industry as in governments
and non-profits are spending not
investing spending 25 trillion dollars a
year to provide public goods for
societies around the world
this is 25 times the total crypto market
cap being spent
every year
and it's being spent at a loss it's
being spent by governments and
non-profits so this is uh you know
public goods are one of the four types
of economic goods and I'm sure a lot of
people have seen this slide or something
like it before but I want to talk about
it in a little bit of a different way
because in my opinion these are these
are like places where things end up but
it's it's not definitive
so on the left side we have private
goods and Club Goods these are
excludable Goods the cool thing with
excludable Goods is that you can have
business models business models are like
these really cool games that end up
allowing people to score points in very
predictable ways right I see money as
kind of a point system and the way that
we coordinate around money could be
thought of as like a game hence the game
version of this slide deck I kind of
went with that theme so businesses
really succeed at providing excludable
Goods it's the Invisible Hand of the
market these Point systems these
business models these games they allow
for the Invisible Hand to just
coordinate everything effortlessly
because everyone uses profit as a
shelling Point everyone's on the same
game they're all trying to win get the
high score
uh but in the exclu in the
non-excludable side as in half of the
different types of economic Goods uh
there is not this game right the game is
taxes and donations which I would argue
is like sacrifice people have to
sacrifice to provide value in in the
non-excludable side so this is common
pool resources and public goods I just
call them all public goods
non-excludable Goods public goods
so uh for but what's really interesting
about this slide that people don't
really talk about enough is that for
instance fish in a bay it's a common
pool resource but actually in practice
fishing a bay governments actually move
fish in a Bay from being non-excludable
and they make it into a club good they
make it excludable by requiring people
to have a fishing license
so
right now in our normal society because
there's great systems in place to manage
excludable Goods
non-excludable Goods often get
privatized they get EX they become
excludable and we move them over here
because we have such great systems in
place
but what if we could create great
systems that allow for win-wins on this
side of the chart
what if we can actually take things that
are normally excludable
and make them non-excludable what if we
could create abundance for society and
and take care of the less fortunate
Society by creating systems that
actually work
we don't have a choice we need to do
this we're failing at the game the
collective needs game the environment
just general Global coordination is
really shitty like full stop
and if we don't fix it we're in huge
trouble
but we are fixing it it's already
happening actually so many people in web
3 are building a new way to coordinate
on a global level and in win-win systems
they're optimizing the games that are
being played and and creating new games
that actually allow for Innovation and
this is what I'm going to talk about
mostly today I'm going to talk about all
the cool projects in web3 well so I'm
going to highlight a few of the many
awesome projects in web3 that are trying
to get to this solar Punk future that we
all want and I really want to create
this framing that so that you guys can
understand to get to this future we need
to build win-win systems where that
allow the people to coordinate
effortlessly
so where do we start
well governments have a lot of funding
this is not where we start
when governments fail to provide public
goods that are in demand people start
non-profits nonprofits are the seed of
the Revolution when people don't like
what their the services they're getting
they start non-profits and nonprofits
need our help more than more than
governments by far nonprofits are
literally just burning money all the
time everyone who's participating in the
nonprofit system in some way or another
is sacrificing and it's tragic because
they're creating so much value
and you know it's creating a lot of
value because it's a huge industry sure
it's not 25 trillion but I think 500
billion dollars being donated a year
just in the U.S is big enough of an
opportunity for us to make some major
Headway
so the cool thing is this is already
happening you know I feel like in 2016
2017 this stuff was a dream we're like
we're working towards this but we're in
a place where there's so many awesome
projects that are doing it and I kind of
want to create a separation between two
types of uh donate of economic games
that are being played of different
models we'll say of public goods funding
so there's the donation games which are
amazing right we're always going to have
donations donations make people feel
good right and these types of donation
games uh that that are being played in
web 3. the donation games rely on
donations to fund public goods now often
they create incentives for more
donations whether it's social or
straight up Financial uh that the
there's usually some kind of system in
place to optimize the donation system
and make it more fun especially by
giving governance to participants it's
very common
uh the economic games actually skip the
donation side they rely on supply and
demand to put fund public goods this
creates really interesting
entrepreneurial opportunities for
participants in the system and it allows
that invisible hand to actually make
some Headway
and just like donation games they give
governance governance to participate
participants I can't overstate this
enough it's so cool in the web 3 space
you know in the public goods funding
space normally it's very top-down
Capital controlled governments say we're
doing this nonprofits have donors and
the donors say we're doing this this is
what the money is earmarked for but in
web 3 we we build systems that allow it
to be bottom up and where the
participants not just Capital
participants but through reputation
systems and other other systems that we
have there's a plethora like you saw
Council there's so many cool ways to
provide governance for the players that
are playing the game
so let's start with donation games so
one of the landmark donation games that
was started uh what in in the web 3
space are these Grant owls so molec
metacartel metagamma Delta these these
things are a fundamental building block
in I think almost every uh public goods
funding uh piece and I should have put
Dow house on here I want to give like
huge shout out to Dow house like those
guys are on the Forefront of this stuff
innovating all over the place and
there's somebody to watch like one of
the things I want you to pay attention
to is these are the projects that are
going to be leading this new industry
that's emerging and DOW house is
important so the way Grant Dallas work
it's basically a social club you could
say a donation Club where when you put
money into the Dow you get
non-transferable tokens that allow you
to govern the pot of funds and if you
don't like how the Dow is going you kind
of have a money back guarantee you can
Rage Quit get your money back out so
it's a really cool social system that in
the end has collected millions of
dollars for donations in ethereum in
ethereum public good space especially
one of the biggest donation games of
course is quadratic funding quadratic
funding is a really cool system that
emerged out of the radical exchange
Community the radical markets book and
clear fund and get coin have implemented
it of course Bitcoin has raised
somewhere around 70 million dollars for
public goods using this donation game
yeah a round of applause for Bitcoin
those guys man
and I should probably say us because
many of us are GTC holders in the crowd
I see you I see you out there uh so the
get coin Dow has this has been managing
is starting to manage the quadratic
funding system and it's a really
interesting game because uh the the
foundational layer is the public goods
funding team they are able to talk to
Big Wigs in ethereum space that have a
lot of money that want to fund public
goods to get a big matching pool so this
is why it's a donation game for sure I
mean it's clearly a donation game but
there's it doesn't work without a really
large matching pool and the larger the
matching pool the more interesting it is
to donate to these projects
so uh the the governance over this
matching pool actually happens from each
donor so if you donate uh the more each
project can get a share of the matching
funds they get more of a share if
there's more people and more money
donated to the project
uh and of course it's a complicated
equation I'm not going to say but it's
really cool as a participant in the
system because you're like okay if I
donate a dollar they'll get 27 wow
that's 20x 27 percent or sorry 27 x
times my donation that's amazing but if
I donate a hundred dollars then 250
bucks will go to the project so I'm
allocating 250 out of the matching pool
how much do I donate you know and it's
kind of a fun game this is the best part
about all this web 3 stuff it's fun to
play you know donations usually are not
this fun
the next donation game is protocol
funding now it kind of feels like it's
not a donation but uh you know the
protocol funding is really led by
optimism ens polygon Hermes and bit Dao
and basically they're taking a
percentage of the fees that they're
collecting and allocating that to public
goods
now this is uh this is basically like a
web 3B Corp but benefit Corporation in
the states where it's baked into their
mission statement that they're going to
support public goods and optimism has
one of the coolest systems because they
even add this retro public goods funding
piece to it where they can find they can
get non-profits or or people who are
developing open source code to go find
investment knowing that they could get a
grant later if they succeed and it's it
creates an even another system on top of
it it's super cool
foreign
my favorite donation game and I'm a
little biased is uh give backs so give
backs is a pretty simple one whenever
you donate to a verified project on
giveth a hundred percent of the donation
goes to the project and the donors get
up to 75 percent back and give tokens
streamed over time so what's really
crazy about this is if you donate a
hundred dollars then you will get 75
dollars uh in give up to 75 and give
back into your like for donating
part of that will be liquid so you can
sell it you can donate it you can play
the next game that we'll talk about and
the other part is stream to you over
time until like 2026. so if the give
token goes up because it's a volatile
currency you could even get more money
than you donated which is crazy you know
this is the kind of stuff that can only
happen in web3
give power it's really important for the
giveth roadmap it just we're in a phased
rollout for the launch and it just
launched the first part the staking and
locking piece uh two weeks ago major
shout out to Lauren loose who runs that
piece of it runs the economy
uh give give power is really important
to giveth in this in in the Evolve like
to evolve non-profits to the end goal uh
one of the big mission of giveth is to
take non-profits meet them where they
are and eventually help them create
their own economic game so that they can
be basically an impact now
and give power will be the first
opportunity that many of these projects
have to make a win-win offer to their
donors so let's say you're a project
someone just donates 100 bucks to you
you know that they just got give tokens
right so you go and you tell them hey
with give power you can stake your give
tokens behind my project you earn a sick
APR and I get benefits on the platform
so specifically they'll the project will
get higher up on the on the ranking list
you know where uh where they come up so
they'll come up faster from to be seen
by more people and they will also get
more give backs for their donors so
you're basically would give power the
give token holders are voting they don't
even know they're voting they're just
supporting they're just staking behind
their favorite projects but they're
voting for how give backs are
distributed so it's kind of a cool
economic game tied with with a donation
game
and the but the coolest thing is this
psychological shift that projects have
to get to make when they say Hey you can
earn a yield while supporting me as
opposed to you can sacrifice while
supporting me
so
the really my favorite part of the web 3
public goods funding stream though is
the economic games in the donation games
donations are always part of it which
means there's a little bit of sacrifice
injected into the system that makes it
really hard to have that invisible hand
making magic but in economic games it's
win-win all the way
and this happens through issuance so
ethereum and Bitcoin and all the
blockchains are in my opinion public
infrastructure like in a city the water
or or electrical infrastructure yes you
have to pay a bill you have to pay a
water bill electrical bill or you have
to pay transaction fees on to use the
blockchain but the infrastructure itself
is the access to the tooling is a public
good that's why this infrastructure is
usually funded by governments
well with blockchains it's funded by
issuance and that's the key for these
economic games issuance is sent to
people who are providing good work right
so in ethereum it's the miners and that
are now the stakers uh blockchain
Bitcoin it's the miners but there were
some really cool innovations that many
people have forgotten about or never
heard of in 2013-2014 that actually use
this to do direct public goods funding Z
cash actually supports uh cryptographic
research this is without this protocol
it would I doubt we'd have Roll-Ups
today
and uh and it's just the block reward
and then name coin Prime coin curecoin
these are these bottom threes they're
crazy like no very few people actually
even follow these projects but their
runaway economic games Prime coin to
minor block and Prime coin you have to
find a new prime number people are
mining blocks every day every minute
there's a new prime number found by
Prime coin and I doubt most of this room
has never even heard of it but it's a
runaway economic machine and no one has
is no one's donating no one's paying
taxes people are just getting the block
reward for finding finding prime numbers
namecoin was actually the first Fork of
Bitcoin and it's kind of like ens does
anyone have a DOT bit domain
No Hands okay cool
you can is infrastructure that exists
even though no one's using it it's
amazing and curecoin's folding proteins
for cancer research one block at a time
it's so cool
they're using issuance and and the but
it's in the digital space what's
exciting is this move towards bringing
it to meet space so like pambala
subsidizes communities like Bitcoin
subsidized security they're using
issuance to actually support Community
groups to to meet and share ideas
and uh rainbow rolls in public nouns
this is the nft style it's not all
fungible tokens playing games rainbow
rolls uh sold like 900 nfts and funded
get coin matching rounds helped to help
support some giveth projects and also
wiped away seven million dollars of
medical debt from random Americans that
they that they were able to buy up their
medical debt incredible project
no one donated
people bought nfts they could sell
there's upside public nouns it just
started two weeks ago Again by the Dow
House crew uh it's kind of like a
molecdo but instead of the shares being
non-transferable it's an nft that's
worth one vote in governing the treasury
right and the intention is to spend it
on public goods so it's super cool and
it's it's basically I'm looked out and
instead of Rage quitting and getting
less you could actually potentially sell
your nft for more than you paid for it
token engineering Commons is another
amazing economic game
this is in partnership with the common
stack this is the first Commons the
common stack ever launched
it's really cool it uses a bonding curve
which
um I don't know how many people have
heard of bonding curves oh my God this
is a smart crew so for the ones that
didn't raise their hands a bonding curve
especially a token bonding curve is a
very simple smart contract that when you
send it money it mints a token and if
you and it holds that money in the
contract and if you send the token back
it will release the collateral and burn
the token this will win a Nobel prize in
economics I promise you this Simon De La
rubier Bancorp they created something
that has never been seen before this is
a one-sided market and it solves a
liquidity issue for Mark for small
market cap tokens like paintball is
super cool right I said it before but
when when they issued when they issued
uh their token it had no value at first
and eventually
uniswap found its way to uniswap and it
created a value but it still has very
low liquidity with a token bonding curve
uh economy it doesn't have that issue it
starts out with infinite liquidity
because uh issuance is dependent on
demand which is super cool
and it uses fees throughout the system
uh when people are issuing or minting or
burning tokens a percentage of the fees
go to the common pool and also at launch
a percentage of the launch goes to the
bootstrap that common pool really
interesting system that we that we at
giveth really hope to learn from and
apply to our end game which is gurbs so
curves
curves are actually bonding curves
backed by giveth by give tokens and
they're kind of the The Sweet Spot at
the end of the rainbow the treasure at
the end of the rainbow for every
non-profit who comes on to giveth
if uh if so first of course you're a
non-profit someone donates to you the
donor gets give tokens right now with
give power
people are locking Capital they're
locking give tokens behind a project
there's Capital being locked behind each
project that's that that's participating
and give power
with that locked up Capital we can
launch a bonding curve
and the bonding of course like you know
there's a lot of cultural stuff that
goes into this and talk working with the
common stack to launch more Commons and
to understand the the different
reputation systems and the other kind of
looking at uh projects like Council and
how do we govern these systems so it's
not just Capital it's not just the
bonding curve that creates governance
tokens but there's other governance
involved this is the we're we're sorry
I'm ranting but long story short we're
still in the research phase on how to
launch these impact dowels with bonding
curves but once we figure that out once
we work with the common stack to
actually understand the best ways of
doing these things and making it easy
for nonprofits any non-profit could
launch its own impact out through the
giveth system
the coolest thing about everything that
I'm talking about is that none of these
things are in silos web3 is so amazing
for its configurability for its
everything can kind of plug into each
other everything I mentioned is public
goods Legos like the public nouns Dow
could actually donate ethereum on giveth
and support get coin grants
incentivizing lots of Grants on git coin
to get funding through extra donations
and then once and then they'll get give
backs they'll get more give tokens that
they could further donate to other
projects or they could stake and give
power or one day they could use to
invest in an impact Al using a girv
public goods Legos is where the real
benefits here this is where this 20 this
is why web3 is going to save the world
you know because we can plug in all
these ideas into each other and build a
new industry that never existed
so I'm sure a lot of you are Builders a
lot of you have like an impact project
that you want to see uh have have an
impact become an impact Dow and maybe
some of you are just you know hey I'm
passive supporter of these projects and
would like some upside well
I've I founded a lot of projects in the
space I want to highlight three of them
that maybe could part could help
everyone get involved more in the public
good space
so first is General magic uh probably
many of you have never heard of General
magic it's been running around for well
over a year and it's a service dial that
actually has helped many organizations
panvala giveth token engineering Commons
common stack and countless others and
like ens we just built the ens swag shop
which is super cool so if you if you are
looking to if you're building in this
space and you need some support you
don't have a good designer or you even
just want to offload a full project or
you just want a swag shop or you want to
integrate praise a reputation system you
can reach out to us at General magic
we'll help you uh we are we give insane
rates in the crypto space because this
is you know kind of an all has an
altruistic swing to it even though it is
a for-profit company
uh so it's I would say it's about half
the market rate so definitely reach out
to us and we can support you in building
the next public goods Lego for me to
talk about
uh I and I have a huge announcement from
the common stack actually launching a
new service where we want to help you
launch the commons so we're supporting
we've launched the token engineering
Commons uh we helped the token
engineering comments launched I should
say and we're working with Grassroots
economics to support them in their
launch and now we actually have the
bandwidth to support a few more comments
so if you want a bonding curve you have
an impact project and you're like yeah
let's let's do this thing I want to
learn about collaborative economics I
want to design from the bottom up with
my community Mission Vision Values
parameterize the the economy like you
guys the the community would do it
themselves instead of us reach out and
let's work together on that
and of course giveth giveth has a token
and this token is going to be the
lifeblood of a new industry and it's a
really easy passive way to get involved
if you want to become part of the giveth
Dao and support this account this uh
emerging economy uh definitely talk to
me and I can help you out I can help you
out with it basically any if you're
working in the public good space I want
to talk to you I want to work together
this is there is no competition in
public goods how can you compete when
you're creating abundance for society
right
all right thank you so much I'll be
right outside and we can chat