Meet ‘The Finternet’ (Breakpoint 2024)

Real Vision: Finance & Investing

Real Vision

Business, Business News, News, Investing

4.2 • 1K Ratings

🗓️ 4 November 2024

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

*SPONSORED CONTENT* Did you miss out on Breakpoint 2024? In partnership with Solana, Real Vision is releasing the best talks from Breakpoint 2024. Here, Siddharth Shetty introduces ‘the Finternet.’ Breakpoint is the annual gathering of the worldwide Solana community, hosted by the Solana Foundation. Breakpoint 2024 was held Sept. 20-21 in Singapore. For more information, go to https://solana.com/breakpoint. DISCLAIMER The content herein is provided for educational, informational, and entertainment purposes only, and does not constitute an offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction, nor should not be relied upon as advice to buy, sell or hold any of the foregoing. This content is intended to be general in nature and is not specific to you, the user, or anyone else. You should not make any decision, financial, investment, trading, or otherwise, based on any of the information presented without undertaking independent due diligence and consultation with a professional advisor. Solana Foundation Foundation and its agents, advisors, council members, officers, and employees (the “Foundation Parties”) make no representation or warranties, expressed or implied, as to the accuracy of the information herein and expressly disclaims any and all liability that may be based on such information or any errors or omissions therein. The Foundation Parties shall have no liability whatsoever, under contract, tort, trust, or otherwise, to any person arising from or related to the content or any use of the information contained herein by you or any of your representatives. All opinions expressed herein are the speakers’ own personal opinions and do not reflect the opinions of any entities. 🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com About Real Vision™: We arm you with the knowledge, the tools, and the network to succeed in your financial journey. Elevate your brand with Real Vision. Connect with us at [email protected] to explore advertising possibilities. 🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3Y4t5Pw Connect with Real Vision™ Online: Twitter: https://rvtv.io/twitter Instagram: https://rvtv.io/instagram Web: 🔥 https://rvtv.io/3Y4t5Pw Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hey, everyone. As you know, Salana is one of the ecosystems I'm the most interested in. I've been
0:07.2	incredibly bullish. I love to see the vibrancy of what is happening in the space.
0:12.1	Unfortunately, I couldn't make Breakpoint this year, but the stories have been amazing.
0:17.5	I heard the talks are incredible, and we're really proud of Real Vision to give you
0:22.0	talks from Salana Breakpoint, 2024 in Singapore. I really hope you enjoy them. It's truly an honor to be with all of you today, and I'm really grateful I have a chance to share the Finternet with this audience.
0:46.7	Let me dial back a bit and talk a bit about the journey and why are we talking to people building on, you know, blockchains and a lot of this infrastructure?
0:55.8	Over the last decade and a half, we've been building identity systems that are used by
1:01.4	1.5 billion people across the world, 1.4 billion in India. And really, it was a journey of
1:07.9	giving people agency over their digital identity, giving them an attestation
1:12.7	back. We then architected a payments protocol called the Unified Payment Interface, which was a way
1:18.4	to transact value from one store to any other that is used 500 million times a day by 500 million
1:25.5	people. And then we built a data sharing system.
1:28.3	You know, again, much of what the crypto ecosystem talks about as giving control of data back to individuals,
1:35.3	and that has over 2 billion financial accounts live.
1:38.3	None of this uses a blockchain, but very quickly over the last three, four years, what we realized is we were building highly purpose-specific infrastructure.
1:48.8	And when you build purpose-specific infrastructure within the financial system, it did one thing and did it really well.
1:55.3	But when we wanted to extend it to a larger universe of developers, larger universe of entrepreneurs, different types of asset classes, different countries.
2:05.6	This is where it became really, really difficult.
2:08.6	You had very high transaction costs.
2:11.6	These were siloed systems.
2:13.6	It was difficult to achieve interoperability.
2:16.6	It was difficult to have composability between different asset classes.
	...

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