LEXIT Founders Series #5: Eric Gu Transcription

This is a transcript from the LEXIT Founders Series

CryptoDisrupt (CD): Hello and welcome to this new LEXIT Founders Series Video. Today we have yet another amazing blockchain entrepreneur, Eric Giu. Blockchain angel investor and founder of Exchange RightBTC,  that is fully operational and fully compliant founded in 2016. Before that Eric founded metaverse.

EG: Thank you very much and hello to everyone. Metaverse is my baby. Metaverse is a public blockchain just like Ethereum, just like Bitshares or EOS. We are an infrastructure layer blockchain, it’s not an application layer.

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Metaverse is a public chain that focuses on asset digitization and identification or digital ID. We also think for all the transactions that need to be done we need oracle and intermediary so we can have smart contracts and decentralized applications on top of our Metaverse blockchain. This is Metaverse.

CD:  Who is also using metaverse and how does it benefit them?

EG: Businesses will use Metaverse to build their decentralized application on top of our infrastructure layer blockchain. So businesses and teams will build applications on top of our Metaverse blockchain, and their users will use our Metaverse blockchain.

CD:  The aim of LEXIT is to create a marketplace for M&A and IP. So it would be like creating an AirBnB where you can sell your company or parts of it, buy a company or IP, and you can find all the experts you need in this process. You have an interesting project in tokenizing intellectual property. Can you tell us how you started working on this?

EG: Intellectual property is very interesting. At the beginning, we thought that blockchain would digitize actual existing physical assets, maybe starting with easy ones, say standardized ones, like gold, silver , stocks, bonds – those are standard assets.

Let’s say one gram of gold is equivalent to another gram of gold, same as silver and crude oil. Those we call standard assets. It would be easy to tokenize them. This brand of token is one gram of gold and vice versa. There are non-standard assets, like paintings. [Two paintings] are not the same.

So those are non-standard assets. Those need to be digitized as well. IP is also a non-standard asset. To me it’s a challenge. It’s interesting to think of digitized intellectual properties.

Let’s say that I have an album of Michael Jackson's early music, and I want to digitize the album.

I will become the intermediary and I am going to hold this album, and I am going to issue one million tokens against this token. The buyer of these tokens will own one million intellectual properties through a process of digitizing this intellectual property.

CD: Is there any way you remove this third party?

EG: Every time people talk of blockchain, they say its decentralized, no intermediary. But in that example I gave you, I myself become that evil intermediary.

So, how to remove the intermediary or the issuer of the token? With smart contracts.

Instead of myself, the owner of the intellectual property issuing token, let’s use smart contracts to issue this token.

And this smart contract can be multiple digital identities, multiple parties and write a programmable version of issuing tokenized intellectual property.

CD: Is it possible Metaverse plays a role in this?

EG: Yes, of course. I didn't mention Metaverse for a reason. When you turn on the TV set you watch all of those commercials, like fancy cars and sports cars, and successful men and pretty women.

But you never see a commercial of highways, am I right? What is Metaverse? Metaverse is really the highway. So what are the fancy cards? The fancy cars are all of the applications on top of this highway. That is why Metaverse is playing an important role, but we are not in a fancy commercial.

CD:  Maybe before we include the interview you can share with us your vision on the future of blockchain?

I think everyone saw the power of the blockchain with namely ICOs. A lot of companies digitize their future goods and services into tokens.

But this is just the tip of the iceberg. This is what I call Asset Digitization Version 1. We will have Version 2 and 3, but even more powerful is later on we are going to digitize all identities. Imagine everyone, every AI, every organization and every sensor will have a digital identity and all the information collected, all the data collected by AI, will become assets and all of them programmable.

This is how blockchain is gonna change the world. It’s gonna be great.

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