Crypto & DePIN

“I agree — data services for DAOs, that’s the future.” — Greg Osuri, 00:48:56

“I think stable token is going to be very key for adoption, right — not only for Akash but for the Akash ecosystem… the Akash token will be used either as a collateral or either as a burn mechanism to generate these stable assets.” — Greg Osuri, 01:12:48

“I actually got a brilliant idea after listening here… you can create DAOs that will own infrastructure, that purchase infrastructure — actual hardware — using, let’s say you have AKT and you collateralize AKT in a self-paying loan using AKT. So you essentially get free infrastructure that [the DAO] now can own and will be paid off eventually, because [it’s] a loan, and then you’re just making profit running infrastructure.” — Greg Osuri, 00:17:46

“Decentralized finance needs decentralized infrastructure… The notion that you’re using a centralized infrastructure is just horrible… Today we have an uncertain regulatory climate that’s very hostile to anything DeFi and crypto, and the only way to really battle that is to offload liability from the protocol developers to the community — I call it offloading liability from the corporate to the common, because there is no escape from being a corporate: you will get approached, you will get censored, and you will get silenced. And it’s already starting to happen. I think we’re going to see quite a bit of that transition from the corporate to the common.” — Greg Osuri, 00:19:13

“One of the things that stands out about Cosmos is the sovereignty that we get, unlike other shared-state chains. Shared-state chains like Ethereum and Solana are phenomenal for developing rapidly, but once you reach a certain scalability threshold you certainly need that sovereignty that Cosmos provides.” — Greg Osuri, 00:06:57

“All the airdrops and all the fancy APRs are short-term… it’s really the tech and the community around tech… the reason why Akash chose Cosmos in the first place is because we looked at the GitHub and we saw progress… which is what I think is going to be the reason why we’re going to win eventually. Cosmos — we win slowly.” — Greg Osuri, 00:50:43

“Atom is the reserve currency of Cosmos… I’m not a big fan of shared security in general… really for me, liquidity and service discovery is probably one of the biggest things Cosmos Hub can bring to the ecosystem.” — Greg Osuri, 00:04:17

“Cloud computing market is going to be 1.1 trillion by 2027… if you get one percent market share, which is humongous, Akash token becoming the reserve currency for this global cloud economy is a bet that I’m willing to make.” — Greg Osuri, 00:24:58

“This also lets us do amazing things — like we can actually now implement amazing UIs where we can process payments using credit cards… the teams can still operate on the Akash network without having to deal with tokens.” — Greg Osuri, 00:10:39

“The only way to emit the stable coin is by burning AKT. So you burn AKT and you mint the stable coin and vice versa… burning AKT means taking AKT out of supply, which gives AKT value… the more demand for the cloud, the more AKT is burnt.” — Greg Osuri, 00:45:39

“Settlement will move to a stable coin, and when that happens the way you mint the stable coin is by burning AKT… the more usage, the more adoption Akash gets, the more burning of AKT happens.” — Greg Osuri, 00:29:58

“I’m almost certain in my own betting mind… the scaling that we see in terms of our adoption usage now is going to look flat in comparison to what it will be in a year’s time.” — Cheng Wang, 00:49:00

“We want to introduce an AKT stablecoin, but the stablecoin will be extremely limited to only pay for deployments… send functionality would not be enabled, so there is no incentive to hold the stablecoin except to deploy on Akash… we’re not taking shortcuts like Terra or any of the algorithmic stables.” — Greg Osuri, 00:21:58

“We have this enormous, much better user experience for [plotting] Chia on Akash, and cost is about 10 cents compared to 40 cents on the cloud. So it’s very competitive… the amount of AKT spent has doubled in the last seven days.” — Greg Osuri, 00:04:58

“I was one of the first LPs, probably the first LP on Osmosis… I’ve been accumulating Osmo token since the day one, and I haven’t sold a single Osmo token. And I’m very bullish on Osmosis — obviously, for those of you don’t know, [it] runs on Akash.” — Greg Osuri, 00:29:08

“What’s going to prevent a bad actor, let’s say Amazon, to buy up all the tokens and take over Akash Network? … proof of stake systems are inherently communal organisms… a bad actor trying to buy up all the tokens — that’s going to increase the price of the token, thereby further strengthening security… people can fork it and start a new one… the community will always come through before an attack can happen, and there are also preventive circuit breakers — we have like a 21-day unbonding period for that very reason.” — Greg Osuri, 00:24:57

“Proof of stake systems are inherently communal organisms. So there’s a bad actor that’s trying to, number one, buy up all the tokens — that’s going to increase the price of the token, thereby further strengthening security… people can fork it and start a new one… the community will always come through before an attack can happen, and there are also preventive circuit breakers — we have like a [21]-day unbonding period for that very reason.” — Greg Osuri, 00:24:58

“We predicted that in a bear market the costs are going to be an issue, especially for validators trying to scaffold, and Akash providing a cost-efficient solution that’s self-sovereign is a very attractive value proposition… really excited to see a majority penetration in a blockchain for the first time by a decentralized cloud.” — Greg Osuri, 00:04:19

“The one chain fits all is not a solution — we saw that with Ethereum, and other chains that are trying to have the shared state model are not scaling as they were expected, like Solana or Avalanche… there’s consensus that bridges are very insecure and interoperability is the way to go, like the IBC style.” — Greg Osuri, 00:24:22

“I think the next one to two years of a bear market is going to be tremendous progress with a lot of these problems, and that’s going to be exciting. I mean, we see the next bull cycle is just going to be a whole different mode when you see all these problems solved.” — Greg Osuri, 00:25:03

“A Juno user can deploy onto Akash without even realizing they’re deploying Akash. And that sort of usability is something that we have never experienced, be it in the centralized world or in the decentralized world.” — Greg Osuri, 00:33:31

“Even with current inflation, at 400 AKT, staking will get you a free server every month… we’re starting to see this interesting economics where you can get free compute just by staking Akash.” — Greg Osuri, 00:37:50

“I think the future is inter-chain. The idea of the inter-chain future is: instead of your protocol building everything you need, you can borrow, or you can use other protocols for what they specialize in, while you can focus on your application, your community. So this is gonna be a pattern we’re gonna see.” — Greg Osuri, 00:59:14

“One model we looked at seriously was a burn-mint model like Helium… the big challenge is reconciliation during a downturn. If you want to burn AKT you have to have enough AKT left so you can re-mint the stable. We’re trying to solve that problem — it’s not an easy problem to solve, no one has done that really well; of course UST collapsed because of that.” — Greg Osuri, 00:00:42

“The settlement could be just pegged to a currency of choice… the tenant could basically say I’m going to pay ten US dollars per month for this deployment and I’m going to use AKT to transact… and the rate is determined using a weighted average from validators — using validators as oracles.” — Greg Osuri, 00:01:24

“This is going to get solved, it’s not [just] a matter of time — if these things are solved, Cosmos would be like, number, way beyond Ethereum. I have no doubt. So it’s a great time to be in Cosmos.” — Greg Osuri, 00:47:09

“Osmosis tweeted out saying it’s one URL talking to 50 chains, and that’s something that really tells you the power of IBC. It’s very obvious that the interchain experience is going to be owned by Cosmos.” — Greg Osuri, 00:17:20

“You can see a future where Akash, Helium and Solana working in tandem to deliver the user experience on a mobile device that has never been done before… for this to happen we need to have IBC enabled on Helium and Solana… you can see in a year’s time all these protocols delivering these amazing use cases that haven’t been thought about before.” — Greg Osuri, 00:01:23

“Tokens don’t last forever and tokens usually need a cap, or else you end up in a Terra-like situation… it’s really good to see strong product market fit signaling before the incentives kick in, because that’ll allow us to grow faster and grow quickly.” — Greg Osuri, 00:09:18

“It’s very important for us to decouple finance from Web3 technologies and showcase these technologies like Akash and like storage technologies… and infrastructure technologies such as libp2p and whatnot.” — Greg Osuri, 00:13:36

“There’s no single party that makes money — everybody makes money… the value accrual comes to tokens, so more people use, the tokens [gain value]. Overclock Labs has tokens and all of us have tokens… and there’s another proposal for a take income — a percentage of the hosting fee to be paid to token holders for staking, similar to how Ethereum’s staking works.” — Unknown, 00:00:00

“If you remember my thesis… during a bear market we get less noise and more signal, so real fundamentals are showing up… bull markets will come back. The question is what do we do during this bear market — we have a great opportunity to capture the mind share… the tourist class leave during this crash… the tourists left, the permanent stood, and those people need to recognize the importance of the decentralized compute.” — Greg Osuri, 00:10:47

“We’re going to see insecure bridges — the bridges have to burn… bridges are insecure, we’ve been talking about [it] a long time, and I think that’s where IBC is going to take the center stage when bridges are going to fail… yes, we’re going to see some exploits before we can see success.” — Greg Osuri, 00:34:20

“This is a classic example of a closed source system failing over open source system… Voyagers and the Celsiuses are essentially banks — they took the deposits and invested in heavily risky assets with leverage… people are going to realize the importance of open source systems and the importance of DeFi. I think DeFi is going to get very, very strong… I’m super bullish… DeFi withstood without regulation… we need regulation to protect people from these quasi-banks and not from DeFi.” — Greg Osuri, 00:37:11

“We feel like it’s risky to do a second token, so we’re going to keep AKT but we’re going to implement stable mechanism using dynamic pricing. So that big change is coming very soon — I would expect at least in the next three to four months.” — Greg Osuri, 00:50:03

“The take income could be considered as a security… we’re waiting for a little more clarity from regulators… The technical feature is not that complicated — it’s taking a percentage of hosting fees and giving back to stakers, it’s not a complicated piece of software to implement — but from a regulation standpoint it’s very unclear.” — Unknown, 00:00:42

“A big thing — my bet would be privacy tech. I think next 18 months to two years we’re going to have heavy regulatory hammer throwing down on crypto. I think this is going to be the test of time. I think privacy tech will be the battleground… usable privacy… my bet is privacy-driven every other area — privacy-driven DAOs… I can see deployments being private… money markets being private.” — Greg Osuri, 00:46:41

“I’m particularly of a camp where I think it’s important for protocols to save incentives for growth and not incentivize product market fit, because then you lose the core sort of like weapon that you have in the journey to product market fit, which is data.” — Greg Osuri, 00:56:05

“I also think USDC will be KYC’d within the next two years. I think we’re going to see two clear paths in crypto: one, the KYC’d, heavily regulated side of things and a whole ecosystem on top of that… and then you have this super private, super anonymized crypto world that’s going to remain on this side. I think there’s going to be two cryptos in the next year to two — it’s my take.” — Greg Osuri, 00:47:23

“If the TVL is higher than market cap, that means theoretically someone can purchase all the tokens and gain a majority share on a blockchain and attack, and basically transfer all the tokens using this majority voting power… it’s only secure as much as its market cap, as much as the tokens are locked up.” — Unknown, 00:02:07

“I feel a little safer with Akash because we don’t have third-party smart contract execution risk, we don’t secure any assets on chain, we are not a DeFi protocol. Akash really at the end of the day, it’s just a coordination protocol — it coordinates a tenant to a provider to transfer assets, so it’s a lot safer in terms of security profile.” — Unknown, 00:03:35

“The assets are not actually secured by the bridge, but rather the bridge or the relayer just puts packets across. It doesn’t secure any of the assets — the security of the asset depends on the security of the blockchain that either sends the asset or receives the asset.” — Unknown, 00:00:00

“We saw Defund Finance said they’re airdropping to AKT holders [and] stakers… highly suggest you stake your AKT if you have them lying around… I think we’re going to see quite a bit of these airdrops for infrastructure projects.” — Greg Osuri, 00:05:00

“We could improve on the Nakamoto coefficiency. I’d like to see a lot more smaller providers get a bigger share. There’s a huge gap between the top validator, which is Overclock Labs — I think they have like 15 million AKT delegated to them, that’s a lot… and the smaller guy has about 77,000 AKT. So I encourage people to go delegate to smaller [validators].” — Unknown, 00:02:55

“We’re going to see a lot of proof of stake move this way as well… as we keep building through the bear market we’re going to see a ton of protocols that are going to use Akash as a launch partner and are banned in the web two.” — Greg Osuri, 00:15:18

“Akash is still like 95 percent cheaper than your traditional cloud. With current distribution of like 50 providers or so, it’s very very distributed across the globe, and with provider incentives that we’re working on, we’re going to expect at least 1000 to 1500 providers very soon.” — Greg Osuri, 00:42:22

“It’s very important to stay focused on achieving a strong product market fit before incentivizing adoption, because if you incentivize pre-product market fit, the data you’re going to get back is ruined… your incentives will eventually die, and once that happens you’re not going to be able to be in a position to sustain this growth.” — Greg Osuri, 00:52:27

“You’re not bringing fiat into the protocol — protocols cannot support fiat payments. The only way to use Akash deployment platform is to use AKT. Anything we do on top of AKT, even a multi-currency settlement mechanism, the stable settlement we’re talking about — even that really roots down to using AKT… AKT is the core native currency of Akash network.” — Unknown, 00:02:53

“We made a lot of bets with a lot of really good tech: we made a bet on Cosmos really early, we made a bet on proof of stake very early, and we made a bet on Kubernetes really, really early. So all these bets are starting to show [fruition] and we start to see results.” — Greg Osuri, 00:32:14

“You’re seeing quite a lot of platforms today that incentivize early behaviors before product market fit. Product market fit is a long and slow road — it’s really something that has no shortcuts… if you incentivize pre-product market fit, the data you’re going to get back is ruined… your incentives will eventually die, and once that happens you’re not going to be able to sustain growth.” — Unknown, 00:00:42

“On-chain incentives are coming, and once that happens we’re going to see a new era for Akash. But we’re not going to open them up until we absolutely are very confident in our product market [fit]… it’s a very slow and painful process, but once this process is complete the fruits are going to be worth the effort.” — Unknown, 00:02:05

“We believe a base layer in web3 is under assault… we all know the kind of censorship attacks that are on crypto right now… there’s really no purely decentralized RPC infrastructure… we believe strongly that we need a super easy to use, fully self-sovereign and fully open RPC infrastructure.” — Greg Osuri, 00:36:35

“2027.” — Greg Osuri, 00:18:31

“AKT needs to have higher value in order for the blockchain to be secure. Without security there’s no functionality… the price of AKT is a direct function of the security and the functioning of the system, not as an investment asset.” — Greg Osuri, 00:36:54

“There’s also stats that 39 [percent] of Solana nodes are running out of… Amazon… well 69 [percent] of Ethereum nodes are running on the big cloud… it’s not that Amazon [is] good or bad, it’s just the fact that there’s such heavy concentration — it is a potential point of failure.” — Greg Osuri, 00:13:33

“The real challenge is really engaging with enterprise customers in a fully non-custodial way. In a non-custodial system you do not have the observability infrastructure, you do not have the engagement infrastructure… you don’t have notifications, for example — how do you really engage a user without an email? There’s just a lack of traditional on-ramp, off-ramp, notifications infrastructure to engage with the typical enterprise customer… most of the churn comes from this lack of web3-native infrastructure.” — Greg Osuri, 00:07:13

“Right now we have about 20% penetration in Cosmos, tracking to about 80% penetration in next 12 months. We’ve seen several use cases, [from] Department of Defense to drug design — so we have a wide variety of users right now using Akash.” — Greg Osuri, 00:03:41

“Walmart recently announced that they’re going to open 10,000 new data centers… because they want edge capability… ideally they should be able to sell web services [on] Akash.” — Greg Osuri, 00:09:15

“With interchain accounts, a DAO on Juno can own a deployment directly on Akash, and now you don’t need a human being in the middle… as long as there’s a human being, that human being becomes a weak link in the entire decentralization stack.” — Greg Osuri, 00:04:26

“I talked to several large Fortune 50 companies — all of them actually having dedicated web3 teams or are planning to have a dedicated web3 team. I think this bear market is going to be great for us overall, because it’s a lot less noise and a lot of the tourists left and it’s serious builders that have strong convictions stick, because there’s no more money.” — Greg Osuri, 00:38:41

“I think people are getting — this next bull run is going to be mainstream adoption, and we started to see that come about very quickly.” — Greg Osuri, 00:40:46

“The current plan is to enable a USDC payment on top of Akash that’ll convert to AKT and settle in AKT… if you are paying in anything that’s non-AKT currency you pay the tax, and the tax will be used to buy AKT off market and burn that AKT… we’re proposing about 20% tax… it improves user experience and at the same time it increases AKT value through burning.” — Greg Osuri, 00:42:09

“In theory it’s possible; in practicality you’re going to see a disruption — it’s going to be several days if not weeks levels of disruption with degraded services. The real question you should be asking is: is that the future we want, a disrupted blockchain?” — Greg Osuri, 00:02:52

“There’s so much demand for these chips that I can see a DAO funding these chips and building data centers and amortizing them within like six to eight months.” — Greg Osuri, 00:40:57

“The next phase of Akash adoption… if I were to attribute, I think the next bull run will be — the enterprise adoption will be one of the big catalysts for the next bull run.” — Greg Osuri, 00:56:48

“The node hosting is coming with a bang. I think the IP addresses will complete the solution we need… and GPUs are next — so if you have any GPU-style, proof-of-work-style workloads, I think that’s going to be supported as well very, very soon. So we’ll have a complete, full-fledged node hosting solution.” — Greg Osuri, 00:11:35

“We have other really big enterprises — I can’t discuss who they are because we’re in an NDA — but in the next six to 12 months you’ll be able to see these big enterprises actually giving us demand.” — Greg Osuri, 00:40:34

“With Cosmos IBC showing that yes, you can have a highly interoperable, high performance network that’s very very secure… we have hundreds of chains now that are interoperating on the IBC standard from Cosmos, that’s taking a center stage… I would keep an eye out for Cosmos and interoperability as a trend.” — Greg Osuri, 00:29:26

“Instead of Overclock Labs financing the development of Akash Network, I think it should be the chain and the token holders that finance the development and evolution of the network. That’s how we truly build a decentralized network that’s not reliant on a single company.” — Greg Osuri, 00:53:13