WEBVTT - How To Responsibly Own An NFT w/ Will Lucas 0:00:00.880 --> 0:00:03.000 I mentioned it's a couple of episodes ago, but it 0:00:03.080 --> 0:00:05.680 is important for you to be able to understand this 0:00:05.760 --> 0:00:10.640 episode that you have a good grasp on a term 0:00:10.760 --> 0:00:13.159 I used in a previous episode, which I think was 0:00:13.240 --> 0:00:16.160 like seventeen terms you need to know to find your 0:00:16.200 --> 0:00:18.920 success in n f T s and it is this 0:00:19.000 --> 0:00:23.320 particular term called rug poll. And what a rug poll is. 0:00:23.400 --> 0:00:27.600 It is effectively an n f T scam. It is 0:00:27.680 --> 0:00:32.000 like squid coin. You guys all remember the popular Netflix 0:00:32.000 --> 0:00:35.440 show Squid Games. There was this coin, this token that 0:00:35.560 --> 0:00:39.480 was put out based on that whole theme that when 0:00:39.479 --> 0:00:43.000 a bunch of people invested in that particular token, the 0:00:43.040 --> 0:00:47.400 people who built that project ran off with the money. 0:00:47.440 --> 0:00:53.400 And again, in the world of decentralized cryptocurrency assets and etcetera, 0:00:53.840 --> 0:00:56.880 there's nobody to screen to when you get scammed. If 0:00:56.920 --> 0:01:01.000 you got scammed, you got scammed. Pro her Ownership and 0:01:01.040 --> 0:01:03.320 Care of an n f T. Like I thought that 0:01:03.360 --> 0:01:05.920 title was pretty sweet. So let's talk about this today. 0:01:05.959 --> 0:01:08.560 This episode is gonna be a little bit more technical 0:01:08.840 --> 0:01:12.320 than we're used to when we're having these conversations on 0:01:12.360 --> 0:01:16.039 this particular podcast, and so I thought it was necessary 0:01:16.080 --> 0:01:18.800 to have this conversation because we're talking more and more 0:01:18.840 --> 0:01:21.840 about n f T s and in order to be 0:01:21.880 --> 0:01:23.640 like really good at this, Like it's one thing to 0:01:23.720 --> 0:01:26.080 know the terminology. It's one thing to understand what the 0:01:26.200 --> 0:01:28.200 n f T is, but it is another thing to 0:01:28.360 --> 0:01:32.119 understand how you can get got when you talk about 0:01:32.280 --> 0:01:35.080 n f T s. How to understand the value of 0:01:35.120 --> 0:01:38.760 an n f T And like what does it mean 0:01:38.840 --> 0:01:42.360 to like have a digital asset that is not sitting 0:01:42.440 --> 0:01:45.360 like on a hard drive, like sitting in front of 0:01:45.400 --> 0:01:49.920 you right and so I have like this lacy um 0:01:50.080 --> 0:01:53.160 rugged hard drive. It's like a to tear to terror 0:01:53.200 --> 0:01:55.440 body drive sitting right in front of me right now. 0:01:56.120 --> 0:02:00.280 And this little to terror body drive. You know you've 0:02:00.280 --> 0:02:02.880 seen these. Some of you guys have these little orange 0:02:03.520 --> 0:02:05.560 or they're they're silver drives where they have orange like 0:02:05.840 --> 0:02:09.600 bubble stuff around him. And what we are used to 0:02:10.200 --> 0:02:14.919 is having like a JPEG or like the jpeg like 0:02:14.960 --> 0:02:19.680 an image or a word document or an MP three 0:02:19.720 --> 0:02:23.320 file stored on a drive like this or like a 0:02:23.320 --> 0:02:26.119 little thumb drive or maybe we're a little bit more 0:02:26.120 --> 0:02:29.800 sophisticated and we're used to storing those sorts of files 0:02:29.800 --> 0:02:33.480 on like Google drive or on drop box. So today 0:02:33.520 --> 0:02:38.400 we're gonna talk about storing an n f T, what 0:02:38.440 --> 0:02:41.720 the implications are of how an n f T is stored, 0:02:41.760 --> 0:02:44.480 and why you want to know how an n f 0:02:44.520 --> 0:02:48.240 T is stored? And can you get got We talked 0:02:48.240 --> 0:02:52.519 about this on an episode ago talking about the rug pool. 0:02:52.880 --> 0:02:55.120 We're gonna talk about that today. And so by the 0:02:55.200 --> 0:02:57.320 end of this episode today you will be a little 0:02:57.360 --> 0:03:01.280 bit more equipped to own an NFL team and to 0:03:01.400 --> 0:03:05.760 keep your ENMT safe from the boogeyman. This episode may 0:03:05.919 --> 0:03:09.200 like span several episodes because then it is a real, 0:03:09.560 --> 0:03:13.280 really important conversation. But today we're gonna talk about three things. 0:03:13.320 --> 0:03:17.519 We're gonna talk about the mid two thousand's that will 0:03:17.520 --> 0:03:20.800 make since in a second. We're gonna talk about file coining, 0:03:21.320 --> 0:03:25.640 which is a token, and we're gonna talk about I 0:03:25.840 --> 0:03:29.800 p f S into planetary file system. Those sound like 0:03:30.200 --> 0:03:33.840 way out of here. If you're non technical, don't get scared. 0:03:34.240 --> 0:03:38.560 Don't be scared. Uh, this episode is not meant for like, 0:03:38.920 --> 0:03:41.640 this is not meant for computer scientists. It will make 0:03:41.680 --> 0:03:43.640 sense in the second I promise you if you just 0:03:43.680 --> 0:03:46.800 stick with me. So a lot of you guys are 0:03:46.960 --> 0:03:55.520 more aware or have experience with distributed decentralized file storage 0:03:55.600 --> 0:03:59.160 than you might realize. And so actually before I get 0:03:59.160 --> 0:04:00.960 that far, I kind of jump ahead of myself. And 0:04:01.040 --> 0:04:03.360 so it is important to understand with an n f T, 0:04:03.600 --> 0:04:06.440 what you don't want is an n f T to 0:04:06.520 --> 0:04:11.240 be stored on like blue host or like even a 0:04:11.480 --> 0:04:14.880 WS or drop box, which an n f T could 0:04:14.960 --> 0:04:21.360 be stored on those those file systems, those centralized servers, 0:04:21.400 --> 0:04:25.480 they could be stored there. You don't want that. In 0:04:25.520 --> 0:04:28.839 this episode, you're gonna understand why you don't want that. 0:04:29.160 --> 0:04:36.600 What you want is an immutable, permanent, forever system that 0:04:36.839 --> 0:04:40.839 stores your digital asset and you never have to worry 0:04:40.839 --> 0:04:44.400 about if you're gonna get rug pulled if your thing 0:04:44.600 --> 0:04:48.040 that you paid good money for money that you've earned, 0:04:48.240 --> 0:04:52.440 money that is rightfully yours. You earned this dollar, and 0:04:52.520 --> 0:04:55.200 you spent this dollar on a digital asset. You want 0:04:55.200 --> 0:04:57.200 to be sure that the asset is gonna be there 0:04:57.680 --> 0:05:00.640 forever in the day because it's a part. The value 0:05:00.720 --> 0:05:03.400 of an n f T is like the age of 0:05:03.440 --> 0:05:06.359 the thing, and so it's gonna be really, really, really 0:05:06.440 --> 0:05:11.880 amazingly cool in fifteen years. Let's say, like a Fortnite 0:05:13.080 --> 0:05:16.799 skin was an n f T, and they put out 0:05:16.839 --> 0:05:20.480 a Lebron James or a Spider Man n f T 0:05:21.120 --> 0:05:25.800 as the Fortnite skin in one and I bought it 0:05:25.920 --> 0:05:29.280 in one and there was only ten thousand of them. 0:05:29.320 --> 0:05:31.760 That's all they produced. If you got it, you got it. 0:05:31.800 --> 0:05:35.560 If you didn't, you missed out. And then now the 0:05:35.640 --> 0:05:43.000 year is and I have that Spider Man, that Lebron 0:05:43.120 --> 0:05:47.680 James skin on Fortnite. That's it's still a thing in 0:05:49.160 --> 0:05:53.080 Fortnite is but it's this big, you know, metaverse. And 0:05:53.160 --> 0:05:58.480 I have a skin from back in twe that was produced. 0:05:59.440 --> 0:06:02.799 That's that's probably gonna have some value because there's no more. 0:06:03.240 --> 0:06:05.600 You can't go back in times and say I have 0:06:05.640 --> 0:06:09.599 a Lebron James skin on Fortnite and fake it. Because 0:06:09.720 --> 0:06:13.400 the blockchain is immutable, you can't change it. You can't 0:06:13.440 --> 0:06:18.239 fake it their provenance. There is a chain of custody 0:06:18.279 --> 0:06:21.480 of this particular n f T, of this particular skin 0:06:21.960 --> 0:06:25.560 that can you anybody, anybody in the world can go 0:06:25.720 --> 0:06:30.040 and see this forty plus character address that says where 0:06:30.040 --> 0:06:33.200 this n f T came from. Every n f T 0:06:33.480 --> 0:06:37.200 has an address on the block chain that anybody can 0:06:37.279 --> 0:06:40.880 look at and see the record of the chain of 0:06:40.960 --> 0:06:46.280 custody and tell that it was a legitimate Fortnite created 0:06:46.560 --> 0:06:52.279 Spider Man skin. Everybody can see it. I can't fake it. 0:06:52.440 --> 0:06:56.640 So it's important to remember that there is an n 0:06:56.680 --> 0:06:59.880 f T is like a line of code that rev 0:07:00.080 --> 0:07:04.080 for inces an asset. And so if you've ever saved 0:07:04.160 --> 0:07:06.440 a jpeg, let's say you took a picture on your 0:07:06.600 --> 0:07:10.239 your phone. I have an iPhone UM whatever the newest 0:07:10.240 --> 0:07:12.440 one is is the max I have that. It was 0:07:12.520 --> 0:07:14.720 like a thirteen fourteen fifteen. I don't even know with 0:07:14.920 --> 0:07:17.800 whatever the big the newest iPhone is. I have this iPhone. 0:07:17.920 --> 0:07:21.160 I'll take a picture. I air dropped this picture to 0:07:21.680 --> 0:07:25.960 the desktop of my MacBook Pro. It's gonna give me 0:07:26.400 --> 0:07:29.040 if I write click on it, I can get info 0:07:29.320 --> 0:07:31.360 and it'll tell me a whole bunch of stuff about 0:07:31.360 --> 0:07:34.920 that picture. It'll say where the picture was taken, which 0:07:35.000 --> 0:07:39.120 kind of camera the picture was taken with, where the 0:07:39.160 --> 0:07:42.560 picture was taken, It'll tell me the name of the 0:07:42.640 --> 0:07:45.960 file that is actually the picture. So let's say it's 0:07:46.080 --> 0:07:50.360 I m G nine zero nine one dot jpeg or 0:07:50.400 --> 0:07:53.640 whatever your photo gives you. You don't really pick that, 0:07:53.680 --> 0:07:56.800 it just gives it to you. All of those things 0:07:56.840 --> 0:07:59.880 are called metadata, and so within n f T, the 0:08:00.080 --> 0:08:03.360 n f T is the smart contract. It is all 0:08:03.400 --> 0:08:06.840 the things that point to that specific set of metadata 0:08:07.200 --> 0:08:10.160 and the rules associated with it. So we can also 0:08:10.240 --> 0:08:13.400 add in of evan just the things we just talked about, 0:08:13.680 --> 0:08:16.200 the where the photo, this, where the photo was taking, 0:08:16.560 --> 0:08:20.360 the file name of that photo, the camera settings that 0:08:20.440 --> 0:08:25.080 photo had. It also associates who owns this thing. So 0:08:25.160 --> 0:08:28.760 there's a chain of custody. So from the beginning of 0:08:28.800 --> 0:08:32.000 it being minted to the present day owner, there will 0:08:32.040 --> 0:08:36.160 be a record of provenance, a chain of custody which 0:08:36.200 --> 0:08:40.160 says these are the journeys, these are the travails this 0:08:40.240 --> 0:08:43.000 particular n f T has taken it. It was owned 0:08:43.000 --> 0:08:44.880 by this person, it was owned by that person, It 0:08:44.960 --> 0:08:47.640 was on by this person, It was sold on these dates, 0:08:47.840 --> 0:08:50.240 and it is currently owned by this person who bought 0:08:50.280 --> 0:08:53.520 it on this particular date. All right, So I'm way 0:08:53.520 --> 0:08:55.800 off topic because this is so fun for me, because 0:08:56.280 --> 0:08:58.000 I could do this all day. So this is so 0:08:58.080 --> 0:09:00.280 fun for me. So let's talk about the the mid 0:09:00.280 --> 0:09:04.040 two thousands, as I promised we would. If you remember, 0:09:04.080 --> 0:09:07.000 if you are in an eighties baby, your nineties, baby, 0:09:07.040 --> 0:09:11.080 you will remember bit torrent. So bit torn is where 0:09:11.160 --> 0:09:16.040 I probably stole seven oh two's album, you know, or 0:09:16.080 --> 0:09:21.120 I probably stole an album by Donnell Jones, or like 0:09:21.640 --> 0:09:25.760 you know, I don't know the Chronic two thousand one. 0:09:26.400 --> 0:09:28.880 It was something like that, isn't is. It was a 0:09:29.000 --> 0:09:32.880 software that you could download in in order to like 0:09:33.000 --> 0:09:36.000 steal the album that you wanted, you had to download 0:09:36.240 --> 0:09:39.760 this piece of software called bit torn and from all 0:09:39.760 --> 0:09:43.280 over the world called cedars. There were these people who 0:09:43.360 --> 0:09:48.040 had the album on their computer and you could download 0:09:48.080 --> 0:09:53.160 it for free. It was effectively like a pirrating piece 0:09:53.160 --> 0:09:55.880 of software where you could download movies, you can download 0:09:57.160 --> 0:10:00.240 you know, music, you can download files, et cetera. Center 0:10:00.760 --> 0:10:05.040 And so we were bootlegging using bit torrent. And so 0:10:05.120 --> 0:10:08.360 there are two sides of the coin on bit torrent. 0:10:08.440 --> 0:10:12.079 There were the cedars. They were the people who had pieces, 0:10:12.679 --> 0:10:16.440 you know, these were files, these were you know, if 0:10:16.480 --> 0:10:18.960 if you were a part of the Cedar network, the 0:10:19.080 --> 0:10:23.840 swarm of bit torrent users, you were a person who 0:10:23.960 --> 0:10:27.360 had the album on your computer that was connected to 0:10:27.440 --> 0:10:32.920 this bit torrent system and you were sharing inside of 0:10:33.000 --> 0:10:37.760 the bit torrent network that particular file with anybody else 0:10:37.800 --> 0:10:40.120 who joined the swarm, and so if I was a 0:10:40.160 --> 0:10:43.960 person who just joined the swarm and I wanted the 0:10:44.040 --> 0:10:48.080 seven oh two album, I could join and plug in 0:10:48.200 --> 0:10:51.400 and say, Okay, all of you sedters, I'm a leacher, 0:10:51.880 --> 0:10:56.040 give me the seven oh two album. And so I 0:10:56.040 --> 0:10:59.840 would wait until all of the files from all these 0:11:00.120 --> 0:11:04.200 ten thousand computers in the world gave me all the files, 0:11:04.480 --> 0:11:07.360 all the pieces of the files that I needed in 0:11:07.520 --> 0:11:10.120 order to when it was fully downloaded, I can listen 0:11:10.200 --> 0:11:13.360 to the album. And if I did not turn off 0:11:13.960 --> 0:11:17.920 bit Torrent after the whole file was downloaded, after I 0:11:17.960 --> 0:11:21.640 got all twelve fourteen MP three's which made up the album, 0:11:21.760 --> 0:11:23.600 I don't even know because I don't know how many 0:11:23.600 --> 0:11:26.760 songs on the album, but they were all MP three's individually. 0:11:27.240 --> 0:11:30.720 If I did not turn it off, I automatically became 0:11:30.880 --> 0:11:34.520 a seater instead of a leacher. A leacher pulls the 0:11:34.559 --> 0:11:37.720 file down. A seeder is somebody who's part of the 0:11:37.800 --> 0:11:40.480 network that gives the file to other people who are 0:11:40.600 --> 0:11:45.679 trying to get it, and so the blockchain effectively works 0:11:45.720 --> 0:11:48.440 this same way. There are people out there in the 0:11:48.480 --> 0:11:54.480 world who are on what is called a decentralized storage network. 0:11:54.920 --> 0:11:59.040 And this is a network that has you know, in 0:11:59.520 --> 0:12:02.040 number of users. And I'm I told you this was 0:12:02.080 --> 0:12:05.839 like it's gonna dip into the water of computer scientists. 0:12:06.520 --> 0:12:08.199 But I'm gonna stay out of it. I'm not gonna 0:12:08.360 --> 0:12:11.120 put my whole foot in. Let's say there is you know, 0:12:11.240 --> 0:12:14.040 a hundred or a thousand, or ten thousand or a 0:12:14.080 --> 0:12:17.440 million computers out there in the world ran by people 0:12:17.880 --> 0:12:21.960 who want to contribute to the blockchain. They will say, okay, 0:12:22.080 --> 0:12:26.480 we want to be a part of this decentralized storage network, 0:12:26.840 --> 0:12:30.880 which means that remember I told you about the little 0:12:30.960 --> 0:12:34.000 USB thumb drive, little stick that I brought with me. 0:12:34.520 --> 0:12:36.720 I plugged into the back of your computer, and I 0:12:36.760 --> 0:12:39.760 took a dock that was on that little thumb drive 0:12:39.760 --> 0:12:45.600 and I put it onto your computer. That decentralized file 0:12:45.679 --> 0:12:49.959 network is the opposite of that, because on that network, 0:12:50.000 --> 0:12:54.199 I have to file the entire dock, the entire word 0:12:54.280 --> 0:12:59.720 doc on my thumb drive. But on the decentralized file network, 0:13:00.160 --> 0:13:04.480 in this respect we're gonna talk about file coin, the 0:13:04.720 --> 0:13:10.400 entire dock is stored on a thousand computers in the world, 0:13:10.400 --> 0:13:14.360 ten thousand computers in the world. A hundred thousand computers 0:13:14.400 --> 0:13:17.880 in the world, all who make up a piece of 0:13:17.960 --> 0:13:22.040 the blockchain. They are all using their computational power to 0:13:22.200 --> 0:13:26.800 both host and store this document. So this same file, 0:13:27.480 --> 0:13:32.760 this one word document, is broken into pieces, a million, 0:13:32.800 --> 0:13:36.720 a thousand, a hundred pieces and stored on all of 0:13:36.760 --> 0:13:40.000 these computers. And in order for me to get one 0:13:40.120 --> 0:13:44.840 complete download of that word document, all of these devices 0:13:45.240 --> 0:13:47.800 have to give me their piece that they are storing. 0:13:48.679 --> 0:13:52.880 So if I google decentralized storage, this is the response 0:13:52.920 --> 0:13:54.360 that I get. I don't know what you get, but 0:13:54.400 --> 0:13:57.640 this is what I get. It's it says the centralized 0:13:57.720 --> 0:14:02.400 storage is defined as control old by several local offices 0:14:02.520 --> 0:14:08.400 or authorities rather than by one single one. And so again, 0:14:08.480 --> 0:14:11.520 that Lacy drive, the one that I love. I love 0:14:11.559 --> 0:14:14.400 my Lacey drives to terror bytes. I can drop it 0:14:14.440 --> 0:14:18.440 in this generally okay solid state, but I take that 0:14:18.520 --> 0:14:22.560 Lacey drive. If I lose that Lacey drive, my document, 0:14:22.640 --> 0:14:25.960 my jpeg, my MP three is gone, is out of here. 0:14:26.360 --> 0:14:29.920 But if it's on a decentralized server, it's on a 0:14:30.000 --> 0:14:34.880 decentralized storage network, It's still out there in the world 0:14:34.920 --> 0:14:38.200 because it's not just stored on one local authority. It's 0:14:38.240 --> 0:14:43.000 not just stored on one single drive. It's so it's 0:14:43.040 --> 0:14:47.240 stored on a hundred a thousand, ten thousand drives around 0:14:47.280 --> 0:14:50.240 the world. So if you're gonna own it n f T, 0:14:50.680 --> 0:14:55.200 what you want is your asset, your digital asset, to 0:14:55.440 --> 0:14:59.480 not be stored on somebody's Lacey drive, to not be 0:14:59.640 --> 0:15:03.320 stored on somebody's server in their basement, to not be 0:15:03.520 --> 0:15:08.520 stored on somebody's blue host or or a WUS account. 0:15:08.960 --> 0:15:12.880 Because if it's stored on their a w S account, 0:15:13.560 --> 0:15:16.440 let's say they don't pay the bill to a WS, 0:15:17.040 --> 0:15:19.480 guess what happens to your n f T. Because your 0:15:19.560 --> 0:15:25.040 n f T, again is just a reference to a 0:15:25.080 --> 0:15:29.920 particular file, but the file has to be stored somewhere. Somewhere. 0:15:30.320 --> 0:15:33.160 In the n f T smart contract, there is a 0:15:33.200 --> 0:15:37.160 reference to a file name that says something like I 0:15:37.320 --> 0:15:39.920 m G nine O nine to to do one to 0:15:40.640 --> 0:15:46.000 dot jpeg. But let's say where's the j peg store. 0:15:46.080 --> 0:15:49.120 It has to be stored somewhere. So what you want 0:15:49.360 --> 0:15:51.640 is your n f T to be stored somewhere where 0:15:51.760 --> 0:15:55.480 Billy is not hosting this thing on his own and 0:15:55.560 --> 0:15:57.720 if he forgets to pay the bill it goes away. 0:15:57.760 --> 0:16:02.000 What you want is for a hundred people or thousand people, 0:16:02.200 --> 0:16:06.480 ten thousand people to all have copies and they all 0:16:06.840 --> 0:16:09.720 you know, it's it's very unlikely that ten thousand, a 0:16:09.800 --> 0:16:13.280 hundred thousand everybody's computer is gonna go down, but it's 0:16:13.880 --> 0:16:19.400 a lot more likely if one person in Wisconsin, their 0:16:19.440 --> 0:16:21.360 computer may go down, and then your n f T 0:16:21.600 --> 0:16:24.160 is gone. That's why it's so important to do your 0:16:24.160 --> 0:16:27.200 research and find out who's behind the building of this 0:16:27.240 --> 0:16:31.560 particular n f T project. And so let's talk about 0:16:31.760 --> 0:16:36.640 two of the most common UM platforms. I don't even 0:16:36.680 --> 0:16:40.160 want to call platforms. Let's call them decentralized platforms that 0:16:40.400 --> 0:16:43.760 n f T s gets stored on. And these things 0:16:43.800 --> 0:16:47.520 have value in and of themselves. And so file coin 0:16:47.840 --> 0:16:50.920 is one. There are others UM and I'm only gonna 0:16:50.920 --> 0:16:54.840 talk about two on today's episode. But file coin it 0:16:54.920 --> 0:17:00.760 describes itself as a decentralized storage network to store humanity's 0:17:00.880 --> 0:17:05.160 most important information, your n f T. If you spent 0:17:05.280 --> 0:17:08.400 a dollar on it, it's important to you. So what 0:17:08.480 --> 0:17:10.920 you want is for that n f T to never 0:17:11.000 --> 0:17:15.159 go away. You know, God forbid, somebody sticks a huge 0:17:15.400 --> 0:17:20.320 magnet next to my Lacey drive, which disappears all the 0:17:20.400 --> 0:17:25.280 files that are on my Lacey drive. With with file coin, 0:17:25.800 --> 0:17:28.000 it's kind of like the same thing. There is no 0:17:28.160 --> 0:17:32.080 magnet that exists, well unless like a sonic boom, there 0:17:32.200 --> 0:17:34.879 is no magnet that exists that can just go wipe 0:17:34.920 --> 0:17:40.160 out the record of my n f T from all 0:17:40.240 --> 0:17:44.000 the computers in the world that are story is so 0:17:44.240 --> 0:17:49.280 with file coin, it is a decentralized storage network. It's 0:17:49.440 --> 0:17:53.480 data UM in this case, your data that is stored 0:17:53.640 --> 0:17:58.040 on multiple computers or servers which are hosted you know, 0:17:58.160 --> 0:18:03.360 like by people like or companies that participate in the blockchain. 0:18:03.840 --> 0:18:07.000 So these are people all over the world who participate 0:18:07.320 --> 0:18:12.440 in the activity of storing you know, a copy, a record, 0:18:12.600 --> 0:18:16.800 a piece of your particular digital asset, and they get 0:18:16.800 --> 0:18:19.320 paid to do so. And so I'm only going to 0:18:19.440 --> 0:18:22.639 dig into this for like a really really really brief moment, 0:18:22.640 --> 0:18:25.280 because this is not the episodes go into how foul 0:18:25.280 --> 0:18:30.200 coin um participants are incentivized, but just to give you 0:18:30.520 --> 0:18:34.600 a really really quick taste, foul coin works because there 0:18:34.640 --> 0:18:37.280 are people around the world who want to own, who 0:18:37.320 --> 0:18:41.120 want to earn i should say, cryptocurrency, and in this 0:18:41.240 --> 0:18:44.440 particular case, f I L like file coin, the file 0:18:44.480 --> 0:18:47.520 coin token, and so if I want to earn that 0:18:47.600 --> 0:18:51.479 particular token or you know, alternatively, you know, you can 0:18:51.520 --> 0:18:54.480 think of like a bitcoin or an ethereum or light 0:18:54.520 --> 0:18:57.880 coin or a doge coin or et cetera. In this 0:18:57.920 --> 0:19:00.200 particular case, I earned the f I L A the 0:19:00.680 --> 0:19:06.320 file coin token for participating in the activity of storing 0:19:06.720 --> 0:19:12.040 your digital asset. And so it's ap peer to peer network, 0:19:12.480 --> 0:19:14.400 you know, so if I drop out of the network, 0:19:14.440 --> 0:19:17.000 there's still you know, thousands of other computers in the 0:19:17.000 --> 0:19:20.399 world who are storing that particularly digital asset. And so 0:19:21.240 --> 0:19:25.720 using file coin, I pay to store my files on 0:19:25.920 --> 0:19:30.119 that network. And if I'm storing other people's files on 0:19:30.480 --> 0:19:35.080 my particular portion of the whole chain, I'm getting paid 0:19:35.119 --> 0:19:38.480 to do so. So there are incentives involved. And so 0:19:38.520 --> 0:19:41.840 I'm gonna say this particular part and probably the most 0:19:41.880 --> 0:19:44.600 basic terms I can think of it. And you know, 0:19:44.880 --> 0:19:47.439 people who are like super you know, excellent at this 0:19:47.640 --> 0:19:50.000 will say, what you missed a part, But this is 0:19:50.000 --> 0:19:53.040 like the most basic way I can explain it. Let's 0:19:53.040 --> 0:19:56.960 say you bought a computer that has two terabytes worth 0:19:57.080 --> 0:19:59.480 of storage on it, but you only work in an 0:19:59.520 --> 0:20:03.119 office and your documents are like eight kb, eight killer 0:20:03.119 --> 0:20:05.920 bytes per document, and you've got a hundred of them. 0:20:06.280 --> 0:20:11.160 So now you have eight hundred kilobytes worth of computer space. 0:20:11.480 --> 0:20:16.960 You know, computer computational power used to store information. But 0:20:17.119 --> 0:20:21.399 your computers to terabytes big, you like, your storage capacity 0:20:21.480 --> 0:20:26.679 is to terabytes, right, you're not using any of that. Basically, 0:20:26.680 --> 0:20:29.080 you don't even scratch it in the surface of what 0:20:29.240 --> 0:20:32.120 you could store on that computer, what you could do 0:20:33.080 --> 0:20:35.840 because you have all this wasted space. It's just like 0:20:35.840 --> 0:20:38.800 like Airbnb and like Uber in a way. In this 0:20:38.840 --> 0:20:40.800 way this makes it in a second, I'll give it 0:20:40.840 --> 0:20:44.400 more directly in a second. But let's say you've got 0:20:44.400 --> 0:20:47.600 all these terabytes, You've got all these gigabytes that are 0:20:47.680 --> 0:20:52.280 free on your computer that you're not using. It's wasted space. Effectively, 0:20:53.040 --> 0:20:57.160 you could put those that that wasted space up on 0:20:57.200 --> 0:21:00.639 the file coin network and say, you know, instead of 0:21:00.680 --> 0:21:03.680 just having all these extra terror bytes sitting here taking 0:21:03.720 --> 0:21:06.399 up space on my device, I'm gonna put them use 0:21:06.480 --> 0:21:11.119 and I'm gonna allow other people to nap in my 0:21:11.119 --> 0:21:15.840 my hard drive. It's just like Airbnb and Uber in 0:21:15.920 --> 0:21:19.280 that way, you have this extra bedroom in your house. 0:21:19.480 --> 0:21:22.280 It's the garage, the room above the garage. You've got 0:21:22.280 --> 0:21:26.359 this basement that you were not monetizing, but you've got 0:21:26.760 --> 0:21:29.840 you know, three bedrooms and two people lived there, and 0:21:29.880 --> 0:21:32.800 you've got this extra room that you're saying, Yo, like, 0:21:32.880 --> 0:21:35.960 if if I could, you know, house somebody for the night, 0:21:36.000 --> 0:21:39.160 I can make a hundred dollars. So instead of letting 0:21:39.160 --> 0:21:41.440 that room just sit there and chill, let me put 0:21:41.480 --> 0:21:44.240 it up on Airbnb and let me get people to 0:21:44.280 --> 0:21:46.240 come sleep in this room. I don't know them, but 0:21:46.280 --> 0:21:49.480 it's you know good. I mean, Airbnb has terms of conditions, 0:21:49.520 --> 0:21:53.280 so I want to trust Airbnb to you know, like 0:21:53.400 --> 0:21:57.600 moderate who's coming in my bedroom? So I'm off on attention. 0:21:58.080 --> 0:22:01.400 But so it works effectively to say. Way, so you've 0:22:01.440 --> 0:22:04.240 got all these extra terra bytes, all these extra gigabytes 0:22:04.280 --> 0:22:07.359 on your device, and you're saying, instead of letting those 0:22:07.400 --> 0:22:10.639 things sit idly, all that space sit idly, let me 0:22:10.680 --> 0:22:12.800 put it up and allow other people who don't have 0:22:12.880 --> 0:22:16.480 space or who need space on the blockchain to use 0:22:16.520 --> 0:22:21.680 space on my device. So file coin is a coin 0:22:21.760 --> 0:22:25.280 that you can invest in if if you believe that 0:22:25.359 --> 0:22:31.199 the future of storage of digital assets looks like decentralized 0:22:31.840 --> 0:22:36.320 UM means to do so you can invest in technology 0:22:36.359 --> 0:22:38.600 like file coin, and there are others. I want to 0:22:38.640 --> 0:22:41.399 be clear, there are others that you can invest in 0:22:41.480 --> 0:22:43.399 that says, you know what, I'm going to pick a winner. 0:22:43.440 --> 0:22:47.840 I'm gonna pick a success story in the arena of 0:22:48.800 --> 0:22:52.720 decentralized storage, and file coin is one of them, one 0:22:52.760 --> 0:22:57.520 of the top two. The other is the Interplanetary File 0:22:57.600 --> 0:23:01.520 System I p f S and and honestly, for me, 0:23:01.680 --> 0:23:05.879 like if if an n f T is not hosted, 0:23:06.280 --> 0:23:09.520 served up on either of these two, like if it's 0:23:09.560 --> 0:23:14.760 not served up on a decentralized platform, I'm not buying it. 0:23:14.880 --> 0:23:17.880 I'm not buying n f t s that are not 0:23:18.160 --> 0:23:22.720 stored on some sort of decentralized platform not doing it 0:23:23.160 --> 0:23:26.320 because they could go away. You get RUG pulled. You 0:23:26.400 --> 0:23:29.119 can get RUG pulled, I'm not saying you will, but 0:23:29.240 --> 0:23:31.719 you can't get RUG pulled a whole lot more likely 0:23:31.760 --> 0:23:34.560 because there's an n f T, there's a digital asset 0:23:34.640 --> 0:23:38.760 being stored on a device, a piece of hardware that 0:23:38.840 --> 0:23:41.720 could go away at any time. That's just not smart. 0:23:42.720 --> 0:23:45.320 And so I'm doing my best to not get like 0:23:45.440 --> 0:23:48.200 super super duper deep in the weeds here and get 0:23:48.240 --> 0:23:52.400 like super technical. But these services are also like complimentary, 0:23:52.520 --> 0:23:55.560 so like foul coin, you know, is not mutually exclusive. 0:23:55.640 --> 0:23:57.399 You have to use just one of them, like foul 0:23:57.440 --> 0:24:00.640 coin is like for more like long term like let's 0:24:00.680 --> 0:24:03.159 say you have a folder of like your financials for 0:24:03.160 --> 0:24:05.520 like the past two or three years, like you might 0:24:05.560 --> 0:24:07.840 want to store those and like a foul coin. But 0:24:07.880 --> 0:24:10.520 if you've got a digital asset, like in a piece 0:24:10.560 --> 0:24:12.640 of art that you want to be able to move 0:24:12.680 --> 0:24:15.920 and transact quickly quickly, you might want to store that 0:24:16.000 --> 0:24:18.239 on something like the I p f S, which you 0:24:18.280 --> 0:24:22.760 know is designed for you know speed, for quick retrieval 0:24:22.880 --> 0:24:26.240 and for like for getting it out there. This distribution. 0:24:26.400 --> 0:24:29.040 It's not it's not stored like file corn like like 0:24:29.200 --> 0:24:34.240 foul coin is for storage, I p FS is for distribution. 0:24:34.640 --> 0:24:37.920 Let's get it out there into the world. So it's 0:24:38.000 --> 0:24:41.560 important when you go to purchase in n f T 0:24:41.800 --> 0:24:44.080 or you're going to mint inn n f T, you 0:24:44.240 --> 0:24:48.320 know how where where that n f T is stored, 0:24:48.400 --> 0:24:50.560 and how you're going to store that n f T. 0:24:50.800 --> 0:24:53.920 And the most important, you know, the most long term 0:24:54.119 --> 0:24:59.920