RECAP - Aus DeFi Sydney Meetup - 22nd March 2023
0:00 - 9:05 - Introduction and updates
Co-founder, Mark emphasises that blockchain is for everyone, regardless of their background. He then gives updates on various activities of the Aus DeFi Association, such as their social media followers, which had been slow due to the bear market but were starting to pick up again. He also talks about the Web3 Innovation Center and the community desks that are available for people to work together in Sydney, Melbourne, and Adelaide.
He then mentions the token mapping consultation, which was a collaborative effort of the community to find common themes and differences in responses to questions related to government regulations in the crypto space. He also mentions the RBA cbdc project, which the association is part of and is testing how cbdc's can be used in the construction industry.
Mark talks about the use of nfts in the real world, giving an example of a restaurant in Circular Quay that is using nfts as token-gated memberships with exclusive perks such as exclusive events with government ministers and industry leaders.
Mark concludes by thanking the sponsors for their support, highlighting the community's involvement, and encouraging participation from those interested in contributing or being a guest. He also invites Arturo and Nick to discuss CBDCs, which the video does not cover.
9:05 - 41:33 - NotCentralised discussion on CBDCs, fractional reserve banking and more
Nick and Arturo briefly discuss central bank digital currencies (CBDCs), focusing on the Australian context. They differentiate between retail and wholesale CBDCs, with the former being more overtly controlling and the latter being held only by institutional counterparts or banks. They also mention that there are different iterations of CBDCs globally and that one size does not fit all. The advantages of CBDCs include security, reliability, and a stable money supply. They also briefly touch on some of the challenges and implications of CBDCs, such as privacy concerns and interest-earning limitations.
The conversation touches on the potential risks of a retail CBDC, which could lead to people holding their money in their own wallets instead of a bank, causing a bank run. The risks of adding extra contracts to the infrastructure and the concept of fractional reserve banking are also discussed. The balance sheet of a bank and the CT1 common Equity tier one ratio, which measures the layer of first loss capital that regulators look at when assessing a bank's risk, are explained.
They finish up by discussing the importance of fractional reserve banking in the economy and the role of credit creation in driving growth. They also touch on the limitations of risk calculations and the difficulty in quantifying risk. The discussion then moves on to CBDCs and the potential benefits of blockchain technology, particularly in terms of transparency and real-time monitoring of the economy. The speaker emphasises the need for engagement and input in shaping the future of CBDCs.
41:33 - 54:02 - Niko from Hedera on Regenerative Finance
Niko from Hedera is discussing regenerative finance and how Hedera can help with carbon credits. Refi stands for regenerative finance, where regenerative finance means working to increase the amount of natural resources in the planet, by creating carbon credits as a vehicle to finance regenerative projects. To overcome bad behavior and bad systems and ensure transparency in carbon credits, blockchain technology can be used to enable decentralised peer-to-peer transactions. By using blockchain, carbon credits can be made auditable, reliable, and transparent, leading to accountability for companies. In addition, open sourcing can accelerate the transition towards regenerative finance by enabling collaboration, which is crucial in the web3 community. Hedera is an enterprise-friendly layer one and the lowest-emitting carbon chain, making it well-suited for high-volume enterprise use cases that require low carbon emissions.
54:02 - 1:08:19 - Ash van der Spuy and building in the bear market
Ash, co-founder of JubiDAO, talks about the use of AI tools in the tech industry, including chat GPT and co-pilot. They mention the potential societal implications of these tools, as these could potentially replace jobs that require writing code or generating content. Ash also discusses their experience working in South Africa and notes the differences in innovation between the more developed South African market and the rest of Africa. They also praised the Aus DeFi community here for thriving despite the bear market and thanks all those involved in keeping the community going. Overall, Ash's talk provides insights into the use of AI in the tech industry and the potential consequences it could have on society.
1:08:19 - 1:21:28 - Deborah from Blisspot on wellness in the web3 space
Deb from Blisspot spoke about consciousness and the map of consciousness developed by Dr. David R Hawkins. She explained that emotions can be attributed to a scale of consciousness, ranging from the emotions that we find difficult at the bottom to love, joy, peace, and enlightenment at the top. Most of humanity is currently in the orange part of the emotional scale due to stress being the world's leading cause of disability. People find it challenging to move from the state of consciousness where they are relating to their thoughts and emotions to a state of wonder, which is where they can tap into super consciousness. To do this, people need to master their unconscious and use their super conscious to give feedback and directions to their unconscious. Deb discussed Blisspot, a web 3 social network that empowers and rewards people for elevating their businesses, particularly NFT projects and DAOs. Blisspot recently partnered with Aus DeFi NFT Heroes (read more here https://tinyurl.com/AusDeFi-NFT-Heroes), and people who buy an NFT hero will gain access to Blisspot as well.
1:21:28 - Finish - Final Updates and Outro
Mark concludes the presentation by thanking the audience and the sponsors for their attendance and support. He mentions that the recording of the presentation will be available and encourages people to contribute to the blockchain and digital assets space in different ways. He quickly goes through the remaining slides, including a government task force, monthly events, and the correlation between traditional finance and crypto. He invites questions from the audience before ending the presentation and suggesting that attendees continue networking at the pub. Finally, he thanks Chris, Nick, and the sponsors for their support and mentions some attendees who have come from far and wide.