Dr. Goldston On Web3

So thank you. Today I'll be talking with Dr. Justin Goldstein, who is a professor at Penn State, and a five time TEDx talker. So why don't you, let's get right into it. Why don't you explain me, how did you get involved with Web App 3? I was teaching at the first off, thanks for having me have root of me. I was teaching an executive MBA program

at the Jack Wells Management Institute. One of the students, he was a director at John Deereff Art, if I recall correctly. He asked me a question. He said, Dr. Goldstein, I read an article where they're saying blockchains going to disrupt us a blockchain industry. Back in those days, I just knew about Bitcoin and things like that because I was in a crypto space. I started going

down the now six year rabbit hole of blockchain. My research of blockchain led to me reaching out to Cornell. So at the time, I think Cornell was the only, was the second university in the US to offer a blockchain. They said, we're working on developing this blockchain program. So we made contributions. And then that research led to those five TED talks on blockchain. And back then,

I was doing my research. There's only like 12 TED talks on blockchain period. 12 TEDx talks or TED talks on blockchain period. Now, every fourth or fifth, one's talking about Web 3 in blockchain. So we've come a long way, but we're still early. And is Web 3 just blockchain? And I think that's the only way to get involved. In cryptocurrency, or is there some other stuff

like AI and et cetera? Yeah. So whenever I define Web 3, you know, I always say, my definition, everybody is going to have a different definition. But my definition is it's the collision course. Shout out to Lincoln Park of, oh, and Jay Z of blockchain, artificial intelligence, the internet of things. And then other people can include AR and VR. I think that they were, I mean,

not only are we still, you know, wait, you know, years away from, from wide adoption of blockchain. I think we're either even further away from the integration of AR and VR and to metaverse. That's just my thoughts, you know, based on what I see in the space. So is the convergence of a number of things. I think you're going to see in further out past past

the, past the AR and VR milestone. I think you're going to see, you know, the inclusion of quantum computing and things. Things like that. Okay. Now, in what way will AI aid in changing the world? So AI in the coming years, AI is going to is going to be included in pretty much everything we do in my opinion. AI is AI and machine learning. Our, our,

in the world. We're impacting our lives now. In many cases, we just don't know it. In many cases, you're used, the, I would say every single viewer is interacting with AI every single day. If you're on social media, you're interacting with your interaction with AI or machine learning in some sugar form. So, so it's going to, it's AI is going to have an even larger impact

on web three. If you're, if you are your viewers are familiar with all your state machine. They're developing what they refer to as non-fudgeable until they have intelligence where they have NFTs. And you're able to take these AI brains and put that brain into, into your, into your NFT. So they have, they have this one project called Fluff's, Fluff World and they're also partnering with they're

partnering with the board eight yacht club. among, among, among other NFT, NFT projects. So now what they're trying to do is with their, with their use cases, they're going to create, you know, crypto bots. They're going to have, you know, non player characters. You're going to have metaverse, you know, metaverse helpers for the like a little better term, metaverse assistance, if you will, because you're going

to be training that NFT, you're going to be training that brain, right? Right. Right. To interact with the metaverse. So one project we're working on now is called sit tech, sit tech down. So we're actually building the university metaverse. We're absolutely. Go ahead. Yeah, I was just, I was just on taking a look at a few videos on, on sit tech and it's really helping expand

my knowledge because no one's really, no one's really well-grounded. And blockchain technology. So that's kind of helping, helping me out a little bit as I further my education. Yeah. So yeah. So if you go to, if you go to sit tech down, if you go to sit tech down on, on YouTube, we provide a number of videos. We actually, we actually work with polka dot to,

to host a number of workshops on, on the protocol and our last two events. We actually, we actually live streamed in the metaverse. So we actually hailed the last two polka dot workshops in the metaverse. Now, credit, I think, I think, I thought polka dot was like a Ponzi scheme. Polka dot. So to give you some history, Dr. Gavin Wood was the, was the, is, is

one of the co founders of Ethereum. Gavin Wood led the developments of Ethereum in the early days. So, so Gavin Wood had this vision of interoperability in blockchain. And he went off. To, to, to found parity, as well as the web three foundation where, where polka dot was born out of that. So, so just similar to polka dot. So polka, you have polka dot, which is

a layer zero. And you have cosmos as layer zero. Some people will say, I want to say layer zero. There's, you can leave that up. I'll leave that up to, to, to discussion in the comments. But, but you know, polka dot is a layer zero, which means that they have a relay chain. And every single project that gets added to that relay chain is a layer

one, right? Okay. Now, you can also, you have these layer ones. So let's just use a collar. A collar is one is one of those projects. So now a collar is a layer one. So then other projects can build up top of a collar is a layer two. So similar to optimism, you know, within the Ethereum network. So, so polka dot is creating this true interoperability.

So, so polka dot is creating this, they're creating this cross this, this cross communication where you can actually communicate with other blockchain. So with Bitcoin with Ethereum and things like that. So, so polka dot polka dot. It has the vision. I know, I know a lot of people talk a lot of a lot of junk about Cardano. But I would say that polka dot and Cardano

have more of a strategic vision. You know, they had the long term vision of of blockchain and how and how and how we view it from a from an institutional from an enterprise perspective. You know, I think that you're going to see a lot in my opinion. This is just my thoughts. You're going to see a lot of organizations large organizations working on polka dot just

because of the interoperability. Now you're going to see organizations working on other blockchains as well. But because the interoperability of polka dot. You're going to see that now you also you also have this, you know, you know, you have bridges and things like that. But that's just be for that's just built for. For, you know, bridging crypto currencies and things like that. But in terms of

cross chain communication, what blockchain, what the true vision of blockchain was, I think that polka dot polka dot is is actually building that out now. So, you know, all blockchains aren't aren't aren't created equal and you know, I think. That you know, polka dot and in cosmos are kind of in league at their own. Thank you. Thank you for explaining that. Now I understand you're involved

with the few projects like decentralized finance and decentralized exchange. Can you explain what the difference between those two are. So, so decentralized decentralized finance decentralized. Let me back up. So I would say that decentralized finance is the practice. And I would say that. That decentralized exchange decentralized exchanges are the tools to participate in the D5 practice. So, so we actually we actually wrote so one of

my peers in our from India. We actually wrote the very first academic peer of you journal article on hybrid finance. So hybrid finance is going to be the inclusion of of of centralized finance like banks. And decentralized finance like we see in the crypto space. So, so whenever you're developing solutions like that, that is what's going to bring in these inner pros and organizations. Because similar

to what we seen what we seen in the past with, you know, with blockbuster what we seen in the past, you know, with with these other with these other internet internet organizations. If these banks are going to are going to try to fight with three if they're going to try to fight D5. In my opinion, some of these smaller banks, they're going to go bank, they're

going to fail. Because where else can you get where else can you get where else can you get, you know, 5% on stable coin. The banks can't compete with that, but they're safe for now because it's going to take years for this for that for that wide adoption and that's the key. That's the key for anyone. If you whoever it is going to be anybody and

that's why I love web three right you don't have to have a college degree, you don't have to have money. If you can provide value, let's go Lego, right? That's right. Once, once whoever can create the own ramp or the masses. That's going to be the winner. And that's one thing that I tell a lot of people in that. Just create the tooling create the tooling

for different protocols. So, but the because we're starting to see it now. If you go on a coin market cap, you'll see that you'll see that you'll see the number of the number of the number of crypto currencies. A number is going by the day. Number of exchanges going down by the day. So a number of these organizations are not going to survive this bear market.

But if you create the tooling for multiple platforms. You're going to you're going to you're going to have sustainability within this web three space because it's going to come up. It's going to come back. But nobody knows how long this winner is going to be. It always does. It always does. And I have a philosophy like if you can't beat them join them. So that's exactly

what the bank's going to do. Right off the rip or later on down the road. And we see we're seeing that with NFTs. We see we see Budwarser. We're seeing Budwarser come into the NFT game. You see you see Pepsi, the Pepsi like drop coming into the NFT game. Tiff and he's I think they raised like 12 million or something like that. And 20 minutes something

crazy. But no, I forgot. It was it was in the millions. It might be over a hundred million. I don't know. But they raised that they raised they raised millions put that way. They raised millions and 20 minutes to take crypto pucks and create a physical pendant. You know, so you're going to see you're going to see a lot of this a lot of this digital

conversion with these with these organizations. So if you're if you're if you look back with with the data. You know, they partnered up with you. G money, a punks and and a board apes. So if you got that NFT, you burnt the first NFT and you're able to get physical, you know, physical a jump suit, right. Now once you burnt once you burned that NFT. Then

you placed your order for that jumpsuit. But then they gave you another NFT to the next phase. But you don't know what it is, right. Then they air drop us another NFT. Right. So you know, I think that's what I'm going to do. So so organizations organizations are are getting into this space. Now you're seeing it. You're seeing H&M building building in the in the in

the central land. You're seeing a bunch of organizations develop in headquarters and in a lot of these in a lot of these metaverses and things like that. So. In speaking with the in speaking with the web to organizations. They're trying to figure it out. They're trying to figure it out. And there's a lot of stuff going on behind the scenes that a lot of people are

going to go about. They just please do it too. They act like they talk down about it until they actually get into it. They do. So like last last year, last year at the at a at a at a fest. You know, you had you had organizations such as Sony. Don't know how I got in there. But you know, they had you have you had people

such as Sony asking questions. You know, to to eight holders and things like that. So you know, money talks money talks and. I mean, you see you seen where where the board apes got club. And there's is is working with a 16 Z, you know, some I have no problem with it, but other people. Other people say I don't say or saying that, you know, the

projects such as board extra selling out. I don't agree. I don't I don't agree with that. But, you know, you're going to have you're going to have, you know, differing opinions and this web three space and this decentralized and this decentralized space and going back to that. You know, there's been there's been some people that that have black balled me because I say we need regulation.

We need regulation because it's getting too crazy. Yeah, here exactly people. Yeah, people are going to are finding loop holes and getting getting out of hand and doing things that are just mind boggling. But yeah, we got got a little way from financial banking. I'm a little bit concerned about people in third world countries. And how how can we educate them about decentralized banking and trading.

That's one of the reasons why we started to tick. We want to democritize education. And I have I'm close with I'm close with professors from from my my other business partner. He went to grad school at MIT. So, you know, he has connections with MIT. I'm actually I'm actually working with University of Southern California on developing a master's. A developing a course in a master's program.

So, you know, I've been speaking with a number of professors from, you know, those schools from obvious. And I said, look. I said, yeah, I said, yes, you might make, you know, those six figures teaching. Yes, you're you're world renowned, right. I said, but you can take that same exact. That content you teach it Princeton, you teach it Harvard, right. And you can come into the

metaverse. You can teach to thousands of people in third world countries. And you can make three times five times what you make within higher education at that at the top, you know, when some of the top universities in the world. You know, so, so, so the metaverse in web three is going to provide these these people in these countries with the education. They would they would

never, ever, ever, ever be able to receive. Now, another thing is. They have the tools are out there, you know, YouTube, YouTube, in my opinion, especially in the web free space, you know, YouTube is the is the greatest tool right now because. You know, maybe in the educator, if I want to, if I want to write a general peer reviewed academic journal article in the age

journal. It takes a year, it takes a year to get reviewed, it takes, it takes time to do edits, it takes time to to get feedback. So, that account that that hybrid finance article, they accommodate the announcement last, accommodate announcement last June, something like that, right. We wrote the article in July. It only got published in March. Close to a year, took a year to get

one article published. So if you do that in the web three space in the blockchain space as quickly as it moves by the time that article comes out. It's absolutely it's old. Yeah. You know, I was just thinking that and within within the within the web three space, you know, within the higher education space, we do have, we do have some journals that are that we

refer to as open access. They don't have to pay walls where you know, the university libraries have to pay all these subscription fees and things like that. You know, you provide you provide this knowledge to everybody, right. So that's along with web three right decentralization and the democratization. So. Are we also we also wrote. We also wrote the first academic journal article in a metaverse. You

can find that on my link on my LinkedIn page. It took me a year to write it because everything was changing by the time I was getting close to being done, right. Yeah. But because it was open access. It didn't take a year like these other, you know, these other, you know, traditional journals. So. You're seeing some you're seeing some of the younger some of the

younger researchers, some of younger professors are primarily looking to publish an open access because they're providing that knowledge to everybody, especially within web three. It takes so long to get something, you know, get something published. So does sitek help with real time learning and. Does it does it. How do I say. Keep people from getting confused like what they learn like two weeks ago and from

changing from it being now. What do you mean by that. Like so like it's it's progressively mooney we're learning in real time right. So like say if sitek. You know, if you're going to have a video out like two or two or two six months ago for example and there's something changed. How do we keep how do we keep in real time from learning. Oh, absolutely.

I'm saying. I'll see what you're saying. You have to. You have to continue to it's like the blockchains space, the web three space. It's almost like social media. It's almost like it's almost like a YouTube channel like bankless, you know, bankless is going on you know five days a week in some cases, right. Because they have to. They have to keep up with the market, you

know, BitBoy crypto. There's also there's also an interview on BitBoy crypto on the YouTube. I'm gonna sit take page. Shout out to BitBoy. But. You have to you have to have that mindset so that everyone is staying abreast and abreast with all the news, you know, I always tell people I got a PhD but I'm learning every single day. You have to learn every single day.

You can't you can't you can't step away for two days. Right. So. That current education is going to be something that is even with artificial intelligence, you know, you're going to have to keep abreast with it and that's something that. The only way. To give the people what they need is to democratize it and make it available for everybody everybody learns for free and we're actually

we're introducing a learn a learn and earn model. We're paying you learn. Like kind of like what Coinbase does. Exactly. So like what Coinbase, Bonnet. So all these people do to to to for air drops for for to get approval, you know, to to to to to to trade certain certain things and things like that. Yes, learn another model. I mean, it's out there. It's nothing

different, but it's kind of like. It's almost like in real time at scale. Now Ken. Go ahead. Well, Ken Grace students learn this grade school students learn how to block training like get it early junk by the time to get to college. I'd be like, all right. I'm ready to go. Let's do this. I have like my my seats planted. I'm time to spread my roots

spread my flowers. So on. So so Georgia, Georgia United States, that Georgia United States. They actually passed a bill where they're introducing financial literacy and they're teaching their teaching. They're teaching, you know, grades. I think high school, the teaching high school students about crypto and Bitcoin and things like that. So so you're starting to see. So. Some states that are adopting it, but with with another

partnership we have with TCG world, so the TG world is on is on Bonnet smart chain and never did a partnership. The CEO, he said, I know your focus on on higher education, he said, but I want to make it inclusive that the elementary school and middle schools as well. So within the TCG world, we're going to have we're going to have elementary middle school high

school. So we're going to have a college within the T. C. G world, right. So. So yeah, if you go to T. C. G. dot world and you go to the map, you'll see how large the the university, the university plot is, but you have to do it, but the most important thing is when you talk about the metaverse. These hot scores are going to be

teaching us. Think about it. They've been playing in roadblocks and Minecraft for fun for years. Most of them. The most important thing is, we talk about the metaverse. These hot scores are going to be teaching us. Think about it. They've been playing in roadblocks and Minecraft for fun for years. Most of them. That's all I know. Right. They don't play games. They play Minecraft and roadblocks.

Right. So, so the main one of the main people in almost a tech project. He's a command geek. Shout out to command geek. He's got something like 300,000 followers on YouTube. All he does is build in Minecraft. Right. Right. And my business partner, my, once I tell my business partner, he said, Justin, he said, so you're telling me you're going to have a 17 year old.

Teaching 35 year old executives about how to build a metaverse. I said, the developers, I said the developers that are talking about this stuff can't touch these kids in building. They can't come close. Right. So, you know, these kids. That kid that kid, because he's a 18 year old and switched. And I think he graduated. I think he graduated this past semester. He's probably has so

many projects during the bull run in the metaverse. I said, he's probably going to show up show up to his freshman year in college in the Lambo. There's kids out there that know how to work an iPhone better than their own parents. Yeah. I mean, you have, you have these young kids. You have these young kids writing scripts and roadblocks. It's nice. Yeah. You know, and

so we also, we also have another. We have another project that we partnered with called Black unicorns down in Florida, where, where from. Actually, that's probably right now. Port Charlotte. Okay. Got you. Got you. Yeah. So she's down in, she's down in Tampa. And so she's been, she's been educating high school students on artificial intelligence for years. You know, so she's going to bring in that

knowledge into into, you know, the metaverse and educate, you know, middle school and high school students on, on artificial intelligence. But one thing that we're trying to get some research on is. Can these kids, can these students, I should say, these students begin to use these these headsets. You know, these be our headsets, you know, so because I think that there's there was one study that

came out, you know, years ago where, you know, it might, it might have an impact on, you know, development and things like that. So we're waiting, we're waiting to get some more definitive research to. We're waiting to get some more of our headsets and things like that to middle school and high school students and I'm interested school students. All right. So we're coming to an end

now. You have. First of all, thank you for spending time. I know you're busy. Any last words that you want to share before we close. The biggest thing for the audience says is that. Every single role in the web to space in the R real space is going to come to the web three is going to come to the metaverse right now. With NFTs. Again, I

participate in NFTs and things like that, but we have yet to see the true use case for NFTs. I think NFTs are going to disrupt the legal sector. I think it's going to disrupt the real estate, the real estate industry. I think it's going to disrupt supply supply chain. It's going to disrupt the medical industry. You know, so. Whatever you're doing within the web to space

in your day job, you know, see how that can be transferable within within the web. Three space, you know, I think that now more than ever, people see people see the importance of marketing. You know, people see the importance of social media. I didn't touch Twitter until until I started messing messing in crypto. Last year, I don't like social media, right. But. Without social media without

marketing, the project won't survive in my opinion, you know, and big fan of Grant Cardone. Grant Cardone said, I'm no, I'm not, I'm not, he said, I am, I am no work. I talk to the best real estate developer or the best the rest best real estate guy, he said about the best marketer. Right. So, so that's one of the biggest things that I've learned in

this space is that, you know, marketing is going to be very important. And also, you know, the transparency is going to be important in the web through space and community is going to be very important now now. The only way that the decentralized meta vertical is going to sustain is if we do it together because fate meta, meta is coming out with some good stuff. I'm

not, I'm not a fan of sensualization, but they're metaverse and they're and they're and then things that they're doing. It's pretty good. Pretty good. Now, the metaverse is a little bit, little bit of the people in the metaverse are a little bit vulgar and I'm not a fan of that, but that's where that's where the web three space, space is going to mitigate that risk because

these protocols are introducing introducing slashing. So if you do any kind of nefarious acts, if you have any, you know, any, you know, discriminatory comments or something in the metaverse. Somebody can bring that to the council. They can vote on it. And then that person that person can actually get their token slash they can get their tokens taken away. You know, so I'm a fan of

that. Some people say, well, that's centralization. Well, if you don't have, if you don't have some, some, you know, things in place. It's going to be, it's going to be the wall, West like we have now. And you see how that's working out for us. Right. You need to have, you need to have long order. You need to have a government. Yes. And that's even if

it's decentralized governance. You need to have some kind of governance structure. Yeah. That's good way to keep society rolling. Well, listen, man. I appreciate you. And I wish you the best with your endeavors. Good luck this weekend and have a great, I hope to see you in the future. All right. Thanks a lot. Thanks, man. Thank you. Yeah. See you. Thank you for tuning in the

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