GETE Network's Jeff joined Block Tides' Twitter Space to discuss the project's goals, challenges, and future plans.
Introduction and Background
Jeff introduced himself, sharing his experience in crypto space since 2016, with roles in risk consultancy, investment management, and venture capital 21:35.
Web3 Industry Cycles
Jeff discussed the Web3 industry cycles, highlighting the growth in technology and finance, and how the industry is tied to macroeconomic conditions and narratives 29:03.
GETE Network and Bitcoin
Jeff explained why GETE Network is focused on building on the Bitcoin network, citing its increasing recognition as a mainstream asset and the potential for extending its functionality 42:25.
Gaming and GETE Network
Jeff discussed the focus on gaming, citing the success of previous gaming projects and the potential for GETE Network to bring new applications to Bitcoin 46:04.
Technical Aspects and Future Plans
Jeff explained the technical aspects of GETE Network, including the use of RHNC and EVM-compatible development environments, and the plans for expanding the community and partnerships 58:09.
Seed Users and Node Establishment
Jeff discussed the importance of seed users in testing and improving the product, and the plans for establishing nodes and expanding the community 1:07:34.
Competition and Disruption
Jeff addressed the question of competition, stating that GETE Network is not focused on disrupting other blockchains, but rather on building on Bitcoin and providing a unique value proposition 1:14:57.
Challenges and Solutions
Jeff discussed the challenges of integrating Bitcoin's network into gaming, citing the need for consensus and the technical difficulties of working with smart contracts 1:19:49.
Tokenomics and Yield Farming
Jeff explained the token's role in the ecosystem, including its use as an incentive mechanism for yield farming and liquidity mining 1:23:11.
Long-term Vision and Adaptation
Jeff shared the long-term vision for GETE Network, stating that the project will adapt to emerging trends in Web3 technologies and follow the growth of Bitcoin 1:25:13.
Final Messages and Conclusion
Jeff concluded the AMA by thanking the community and encouraging them to stay safe and support GETE Network 1:26:38.
Below is the full transcript of the recent Twitter Space, providing detailed insights and discussions from the session:
Myrtle: Hello? Hello, hello. Can you hear me? Hello, hello. I hear you. Yes, there. So sorry for that, for the glitch. But Twitter space is really like this sometimes. So we've also invited basically the community as well. So they are joining now. So welcome, welcome, everyone. So let the people in and share this with the communities that we have. And basically before ending 2024, we have a special guest, which is GETE. Is that right? GETE Network.
Jeff: Yeah, GETE Network.
Myrtle: GETE. Okay. Okay guys. So basically, thank you so much for joining here. I know everyone is busy when it comes to preparing for new year and yeah, let's get it on when it comes to our AMA. So keep people, keep inviting people guys. And basically, we'll be starting now. So, of course, the very most important thing is we can share this Twitter spaces to most of the communities here in the Web3 space. So, first question, by the way, can you please introduce yourself and your industry experience? Jeff, right?
Jeff: That's correct. My name is Jeff. Thank you you Myrtle Anne for the introduction before i get started i just want to say welcome everyone thanks for coming to the live space we are live right now and Happy New Year so we've got something special for you to kick off the new year with I hope everybody had an amazing 2024 and ready to take some time, family with your loved ones, and then have an amazing 2025 as well. So my name is Jeff. I'm American. I studied at George Mason University in the United States. And then in 2009, I moved to China and I studied a master's degree at Fudan University. After that, I worked in risk consultancy before I got started in Crypto. I started working in the digital asset space in 2016, 2017. I've had roles all over the space from small startups to big exchanges, both on the project side and the capital side. I worked as an investment manager at Tron Foundation in Beijing and since leaving them in 2020, the last cycle, I was an investment manager and then partner at Venture Capital Funds. We did quite a bit of investing in Web3, in GameFi, in SocialFi I'm very interested in security as well. And I've been working with GETE Network to help share our vision of the future of Web3 on the Bitcoin network.
Myrtle: Oh, it's so original. Okay, great. Actually, I'm considering building our own there as well, Jeff, because, you know, it's Bitcoin and we need to basically support the ecosystem. And thank you so much for the great introduction. And it's so nice to actually meet, e-meet you here on our Twitter space. So basically, I'm also an OG, not really an OG. I don't want to say that, you know, but I started out. But they consider us to be an OG. But I started also 2016. So basically, there's no way for you to be able to exchange Bitcoin yet here in the Philippines, it's still face-to-face. As way back, I can still remember right, so yeah it's all happening now it's very accessible and I agree when it comes to working with different kinds of networks and big companies as well the KOL of CoinMarketCap and also I'm one of the official Binance Square creator guys, so yeah, so of course there's a lot of questions that we have prepared for tonight, so when it comes to the two cycles Jeff do you view the Web3 industry and what have you learned from past cycles aside from being burned from your portfolio
Jeff: Okay so first of all likewise I don't call myself an OG because when I started the real OGs were the ones doing only face-to-face. They remember Mount Gox. They remember paper wallets before there were any hardware wallets or soft wallets on your phone. It was real, real early back then. And I was just new, but I guess after seven years, eight years, it feels like a long time. So when I started in crypto, there were maybe 100, 200 projects. It was right at the start of the ICO craze. And I could name you half of them at the time. And that was something that was super fascinating to me, seeing all of these new potential use cases using smart contract technology with Ethereum. Before that, the early cycles were very technical, right? But the real OGs to me were hardcore developers, cryptographers. They were constantly looking for ways to improve Bitcoin's proof of work concept. If you remember back then, there was the block size debate. How do we scale? How do we scale Bitcoin? And then there was debates between the smart contract developers. How do we do? Is it all going to be Ethereum or is it all going to be both? So when I started in 2016, 17, the Ethereum smart contracts greatly expanded the range of potential applications in finance. Back then we called it crypto, but now we have this word crypto finance and the ICO crowdfunding phase of that cycle was a landmark use case. It dramatically changed the way we do crowdfunding and capital formation for financial markets. However, it was still very early. It was still very wild west. It was something that traditional finance people would not get into. It was only visionaries, early adopters, a couple of venture capitalists left their trad-fi jobs, but not very many. It was still a very small, very niche industry. Most recently, the 2020 halving cycle led to the emergence of user-focused Web3 applications. For the first time in areas like DeFi, GameFi, SocialFi and Identity Platform. Now the technology of these new applications was not, I don't want to say it's not innovative, but it was not new in 2020. It was there before. It was just in 2017, 16, 17, it was just ideas. There weren't really any applications that got any meaningful participation. It was still very technical, very difficult to buy crypto and use these tokens and do something with them other than trade them on exchanges. So the previous cycle in 2020, while it was still highly technical, we saw a huge influx of business-minded innovators and user-focused development. A lot of people found the narratives compelling. And we had some real use cases in DeFi. If you remember DeFi smer that kind of kicked off, kicked off that cycle. And by the end of the cycle, there was plenty of Web3, GameFi with Axie was a phenomenon. And capital entered the space like never before. And I remember at the time, you know, every time we have these cycles, we say, okay, this is the time it's mainstream, this is the mainstream. And, you know, it was a narrative driven cycle that was important for combining the technical development talents of blockchain and cryptography with entrepreneurs, with talented and experienced entrepreneurs for the first time targeting everyday users who could experiment with these products. Each of these cycles, we've seen the size of the asset class grow, the nber of projects, developers and users increase by an order of magnitude. So we believe that the Web3 industry is deeply tied to this growth in technology and finance cycles in general, because it was also it wasn't just crypto. It was also kind of everything cycle after after the pandemic last time. And then it ended the same way, too, if you follow the financial market. It just happens that it coincides with Bitcoin's halving cycle. So it's sensitive to both macro economic conditions and these industry specific narratives. Back to you, Myrtle Anne.
Myrtle: Thank you so much. And I can completely relate why, because I also raised funds way back during the Axie hype, along with my partners. So basically, I left the company because I don't want to deal with such drama, but we actually raised around 3.5 million and then the dream and the vision was there, but became winter, you know? So things happen, we have to move on, at least they have block tides still. And basically, we're still here rocking the media and marketing space. And of course, we're excited to basically know more about GETE Network, right? So despite all of the hardship which many really don't understand, because they don't have the right experience, because in order for us to understand them, we have to have the right empathy because you know most of the communities really don't understand what's happening behind the project, so that's the reason why they basically there's no shortcut to be honest when it comes to establishing a company guys. So, for the listeners, if you're really willing, you don't really have to. You need to have a good yeah. You actually need to have a not a fragile heart when you want to start a project you know because you will experience everything to be honest. So let's go to the next question.
Jeff: Okay sure.
Myrtle: So the next question guys by the way we're giving out 100 dollars so for the first how many users Marina so it's 10 users for us to for them to ask questions for you Jeff especially for GETE network and yeah. So the next question that I have, so we can actually prioritize the community. So the second question, hold on. So early on, there's a lot of things happened way back. Speaking of GETE Network, there's a lot of networks already existing in this space. Can you please share your thoughts when it comes to Thaddeus and GETE Network?
Jeff: Okay, great. Thanks. Now, first of all, I'd like to rewind just a little bit and give you a little bit of background for GETE Network and how we decided to continue with this project at this time for this cycle. So, yeah, you're absolutely right. This is startup industry. This is all new technology, new projects. It's something to do when you're young and hungry, because as anyone who's been around for more than one cycle knows there's a very very high chance that something's going to happen out of your control and it's not going to work out and you know you just mentioned that you also had an idea and raised and this is the time of axi infinity i remember it very well that was a that was a a project that was a great a great idea actually in 2017 i had an idea it was like let's's do a Pokemon Go and do some AR, VR stuff and give it a token. Wouldn't that be cool? And then couldn't find anyone, any developers to make it. It was too difficult. It was too technical at the time. So we remember what happened was a lot of people got into Axie and GameFi, something they with and do. There are a lot of gamers and they made a product that was accessible. And it was a game that you could play and you could earn these tokens and then the tokens would go up and up and up as long as people keep playing and it was actually it it generated such a strong community and then the thing is the token it's collateralized in their AXS token to make the blockchain they had the project has to become bigger in order to to scale in order to have the technology to handle it and then they spend all of this time working and then when winter comes the token price goes down and and then you know unless they can continue making new products to keep pace with with with the demand eventually the users leave and part of this is because the token price is down right so that ties into how we want to build something with GETE Network for the Bitcoin network. We want to be a Bitcoin first infrastructure project for the Bitcoin network, specifically tailored to the gaming industry for starters. And that's because of our basic assptions about this new cycle, which I believe has already started. I don't know how long it's going to go. But for those of us that have been around for the last couple cycles, on the one hand, the prices are really high. It seems really, really, really high beyond our wildest dreams, beyond my wildest dreams. At the same time, it was really risky back then. It's never been more legitimate, the crypto industry, the crypto space, and specifically because of Bitcoin. So first of all, we've seen a shift in the global macro environment. 2020 halving took place during the pandemic. And then it was propelled by this loose monetary policy from the United States Federal Reserve, the interest rates went to zero and people needed something to do with this money. And we're in a very different environment right now. The interest rates have been coming down. The interest rates went up after that, right? And that's what caused the winter. And now the interest rates are coming down, but we don't know if they're going to zero again. We don't know if we're going to have the same conditions as 2020 again, because the defining features of our current environment right now are increasing geopolitical uncertainty, slower growth in the economy. Business activity globally is moving from cooperation to competition. I would not say it's all competition or becoming less cooperative, but things are definitely shifting at a macro level. So certain areas, cooperation is increasing, but other areas, competition and segmentation is increasing. So this makes our macro environment more complicated. We have tightened liquidity in many industries, not just our own. And in 2020, the previous cycle, it was really largely narrative driven. So we see this cycle as increasingly macroeconomic policy driven. And I think there's evidence of that in this notable change, which happened earlier this year, which was the approval of Bitcoin and Ethereum ETFs. That basically means that Bitcoin is a legitimate asset for just traditional investors in the United States. It makes it massively easy for them to purchase it. And so, you know, back in the day, people thought that, yeah, this would never happen, right? But now it's going to happen. So the potential TAM, the potential market size for Bitcoin as an asset is larger than anyone ever imagined. Except back in the day, it was like some people say it's going to go to whatever price and everybody in the world will have just a little bit of Bitcoin. That's OK. And people said, you know, that might be a little bit of a dream, a fantasy. But now it's actually it's still far away, but it's actually a possibility. So Bitcoin and Ethereum, these larger assets, are legitimate. They're seen as legitimate alternative assets, not just a niche for crypto native hackers to speculate on. And then also we have these other technological developments like AI, chat GPT, large language models, machine learning. These have been around for some time this technology but now we're seeing recently conser applications like that everybody can use either for free or for a small subscription price so there's new technology and it's interesting to note that Web3 was experimenting with this with nber of projects but especially NFTs with generative AI being used to produce these these projects back in the day. And now it's going mainstream. So there's this potential confluence of mainstream AI tech and Web3 adjacent products, and also this legitimate adoption, mainstream adoption of Bitcoin, at the very least Bitcoin, essentially Ethereum and Solana, as just normal assets that a new generation of investors will hold. And maybe they won't do anything with it, but these are going to be solid, stable assets. Nobody's going to say Bitcoin is going to zero if everybody who owns stocks in the US stock market can invest passively in it. Maybe just a small percent, half a percent, 1% of their portfolio. So we see an opportunity here to mitiGETE that problem, the chicken and egg problem and the token price speculation problem that Axie had. Because if we can do projects that are settled and collateralized on the Bitcoin network and these products are good then why would people want to do anything else right like they would they will want to play play their web 3 games or use SocialFi do NFTs but on Bitcoin which is what we've seen with ordinals so we see a lot of opportunity here generally speaking it used to be that these like smart contracts, NFTs, the kind of transaction speed and settlement that you need to do things like GameFi, it's not possible to do on the Bitcoin network, right? I remember when Litecoin, I mean, sorry, Lightning Network was new and it was very experimental. People were worried about the security risk of introducing this new thing to scale the Bitcoin network. So originally, Bitcoin was never seen as anything other than a proof of work, store value network, or to be used as anything other than a proof of work store value network or to be used as anything other than digital cash. And it was Ethereum and other layer one blockchains that said, we're going to fix that. We're going to have higher TPS. We're going to have lower transaction fees. And there's no need for Bitcoin to do any of that. So recently we've seen developments such as ordinals, related assets like inscriptions and runes coming to the network. And there's a lot less focus on what Bitcoin should be ideologically and who should be the L1 for apps, right? And who is the next Ethereum killer? And there's just more discussion about extending innovations from DeFi and these other ecosystems to the Bitcoin network. So in other words, right now, Bitcoin is an increasingly recognized mainstream asset, but there's been a lot of innovation in this space but Bitcoin is relatively un un unpopulated in terms of defy and these other applications partly because a lot of people who have Bitcoin just thought this is what this is for it's not for this other thing and also partly because it's very difficult to build this on Bitcoin and it's just it's not impossible but it's just much easier to do it on Ethereum and then later solana right you have to make it user friendly you have to make it easier and a better experience for developers as well. So Bitcoin network as an ecosystem, we see it as a little bit far behind in terms of the potential applications that we see as features of other Web3 ecosystems. So future applications such as Web3 enabled AI agents, centralized or decentralized finance products, RWA, real world assets, NFTs, etc. We strongly believe that we're going to see more experimentation on the Bitcoin coins. Never been this accepted and this big before. There's no good reason why it should stay this way forever. And that's our core assption. That's why we see great potential in building GETE Network on the BTC ecosystem. Back to you.
Myrtle: Seems like you've completely explained the features why a project actually needs to be in the Bitcoin network, Jeff. Because, you know, it's just like a storytelling, right? Because, well, he was able to actually explain it in a matter of like through experience, you know? So experience is the best, guys, especially for those whom you're actually following, whom you're actually, what do you call this, supporting when it comes to projects. Because, you know they've already experienced what not to do next time and at the same time the wisdom behind that experience, so that's the reason why we have here Jeff, of course creating another one and, of course, building something together when it comes to Bitcoin Network and before, it's not really possible for a project for you to be able to build on Bitcoin Network way back. That's the reason why 2021 2020 there's a lot of investors when it comes to BSC. We all know that all of the tokens what, of course, the disadvantages are basically there's a lot of things happening which you cannot determine for some, especially newbies for the projects that you can invest on without being burned right, so yeah thank you so much Jeff for the complete story and, of course insight and, at the same time, we're learning also from you. So the next question that we have, so of course we have prepared a lot, so for this one could you elaborate on your understanding when it comes to GETE network.
Jeff: Right so and please interrupt me mytle Ann, if I'm talking too much or taking too long.
Myrtle: I tend to talk too much as well. Don't worry. We are the same.
Jeff: We're just hanging out before New Year's here, right? So I explained to you what our assumptions are and why we see potential in building on the Bitcoin network and why we're doing what we're doing. I told you about GETE Newtork. So you got right to it with the next question. GETE Network is the world's first cross-chain gaming platform for Bitcoin, right? Now, how do I explain this? Basically, we need to make technical improvements in order to bring new applications to Bitcoin. And we have to pick something, right? And we want to do gaming because, first of all, we have examples of previous successes. You know, we can't say everything that has failed in GameFi because the tokens are down or the projects didn't work out. We can't really say it's all a failure because it's a startup life, right? Like there were definitely major successes. And I think that the extreme popularity of all the stuff that happened on BSC and all of the funds that raised money and all of the new projects and game development teams that said, hey, we're going to raise money crypto is just like way better to to do this than getting it from even traditional VCs. By the way, they don't know anything about gaming because they don't play games and this is even like Silicon Valley tradifies the tech world.
Myrtle: Well, I completely agree.
Jeff: So gaming is like a specific niche right and and it's dominated by a couple of big investment Actually, the biggest investors are game development companies right.
Myrtle: Exactly, actually just to share with you the one who made League of Legends of Legends, I forgot Tencent actually wants to acquire place war before I didn't mind, yeah, to be honest it's what I love to be honest, but it's a great achievement for me that the branding the concept the game economy that I built is actually acquisitionable is that right, but anyway they got the interest basically
Jeff: It's it's ip stuff at the end of the day gaming is potentially successful because it's ip and it was successful ip right like Star Wars or like you know, Nintendo is not a big gaming company because it makes the best games today in 2024.
Myrtle: Correct. That's the reason why I became an ambassador for League of Legends of Legends, by the way. So there's the storyline and now they actually have Arkane when it comes to movies. You know, it's really the branding, the story behind everything, what makes it different.
Yeah. And this is absolutely what makes it accessible or what makes it interesting to people besides the crypto tech, besides this new technology, besides speculating on token prices, it's actually if there's ever a product that was a good fit for Web3. We personally believe, I certainly believe myself that gaming is there. Now, it might be a while before a mainstream game really makes it, really breaks out and we have something the size of DOTA or League of Legends or something like that.
Myrtle: Oh do you actually play one of the those games that you mentioned
Jeff: Oh, I play League of Legends of legends.
Myrtle: Oh who's your character?
Jeff: I also did investments with them back in Shanghai in 2020.
Myrtle: Nice who's the character, main character that you're using?
Jeff: Oh who am I playing right now. I haven't played for a while, but I used to play Leona.
Myrtle: Oh Leona the rock. It's really so hard to kill Leona to be honest.
Jeff: In the jungle. Yeah , I played support in jungle back in the I'm too old now to be good at games.
Myrtle: No, but we have a kid in heart.
Jeff: It's like something i grew up doing and and so so I've met a lot of people in the industry, lots of talented people. And we're GETE Network. We're the world's first cross-chain gaming platform for blockchain. Our CEO, Thaddeus, is a rare combination of experienced entrepreneur and very technical.
Myrtle: Yes. I haven't really seen any MOBA yet when it comes to successful tries, right? When it comes to the NFT scene and Web3 space, when it comes to MOBA or any type of League of Legends of Legends game? I hope there's one, but it's a big responsibility.
Jeff: There were some good ones last cycles that were made by legitimate, not Web3 first, no crypto experience, just developers who were like, I can make this good game. And then people were really interested and said, hey, we're going to do tokens and NFTs, digital assets for your game. It's going to be it's great you know and it was really it's really a compelling great idea and then of course venture it's it doesn't always play out exactly that way but that doesn't mean that it's wrong or it's never going to happen it might just mean that it's the wrong time.
Myrtle: I believe that you kind of still alive when it comes to projects you can check out YGG because YGG on board like partners. I believe there's one when it comes to MOBA. I forgot the name though. I don't want to promote. I don't want to.
Jeff: Yeah, we can name drop here too, right? It's big in Brazil. There's a couple ones as well there. They're big on esports.
Myrtle: And why not? Why not bridge that to GETE Network, right?
Jeff: Right. Why not bridge that to GETE Network and then that way we don't have to worry about because our team, our, our founders and our developers are very technical guys, right? Who just happened to be passionate about gaming, but we're not game developers. And with, if you're a web three game developer, you also have to really, really, you have to be really good at making the game too, right? It's not enough to have a mediocre game and then, you know, raise money and do tokenized assets for it. And then it's going to be, like it has to be a good game too. So we're going to do what we're good at, which is developing on the Bitcoin network.
Myrtle: Correct. Actually, it's just like in life, guys. So if you know the game, if you are actually a game master, you can actually get through life's game. So it's the similar way when it comes to building games. So be the maker of your own life, by the way, guys, because life is a game. And of course, I always do this when it comes to my live and interviews. I always connect spirituality, personal stuff, and other things that people can relate to. I want to be different, not just because of transactional or any interviews like that. So yeah. Thank you so much. I didn't know that you're actually playing LoL. I use Teemo, by the way and Annie.
Jeff: Oh Teemo.
Myrtle: Mid laner.
Jeff: You're a rat, you're a rat.
Myrtle: The mushrooms right. All right so, go ahead
Jeff: Back to back to GETE Network we we like we want to focus on what we're good at which is building stuff for to extend the functionality of Bitcoin, make it cross-chain, make it better for developers with an EVM-style environment to build different types of applications and then integrate them with Bitcoin. There's a lot behind SocialFi or GameFi or whatever. There's actually a lot of similar stuff that's on the blockchain level, the development level. It's just the products are different. So that's what we're good at. That's what we're focusing on. We have resilience as we've survived several cycles and we're still here.
Myrtle: We have a lot of communities way back when it comes to Brazil. My team knows that, so we focus on Latam as well because we know when it comes to the research of gamers, basically Brazil is number one as well.
Jeff: Yeah, it's the biggest. That's the biggest there.
Myrtle: Correct.
Jeff: So with Thaddeus, our CEO, he also has a great sense of humor. It's hard to find that in a very technical guy. We all are passionate about gaming. And so this compliments it. It's something that we're excited to do.
Myrtle: It's actually great that we've done this AMA and I was surprised actually.
Jeff: Yeah. We want to have, we want to make things better for people and then just trust in the process right.
Myrtle: I remember that token became so hype on Solana network I believe, trust the process guys it actually pumped.
Jeff: Which one?
Myrtle: Trust the process token.
Jeff: Oh okay, yeah you're right there was a token called, that's funny.
Myrtle: Correct so going back by the way since we're talking about Bitcoin network already. Why Bitcoin network? And of course, when it comes to the audience, for them to understand in a simple way, what are the practical applications of these technologies, Jeff?
Jeff: So in word to do across chain, gaming blockchain or basically in how to with this developer tools, that settlements on the Bitcoin base layer so that at the end of the day you don't have a bunch of worthless assets you can have some Bitcoin as well directly and all of the security that comes with Bitcoin. You also have to have fast transaction speeds and low transaction feeds in order to do this we have to have like bus node communities in order to attract good developers we have to have a good UI/UX for developers and we have to get good projects on our blockchain for user adoption. And, you know, the tech that we need to build for things like games and SocialFi applications, we need to have decentralized and trustless transactions across different L1 and L2 chains for starters. Right. Like we're Bitcoin focused. But there's a lot of other bridges for Solana, for example, for Ethereumum for DeFi applications. So we need to bridge these transactions safely and securely across different chains. We have to allow self-custody of BTC so that you can put it in your wallet and then support seamless multi-chain dApp operations. So you don't have to have a different wallet for each application that you play or that you use or different assets. You just have a one-click easy onboarding to a new app if you want to try it out, lowering the barriers to entry. So we think of we think of GETE Network as being, you know, it might be complicated on the back end, but on the front end, it's going to be like an abstraction layer that you can use like adapt. And it's based on something called RHNC. It's rotating hidden node committees to ensure secure transactions of Bitcoin and BTC based assets like ordinals through zero knowledge proofs. So rotating hidden node committees, RHNC, works by dynamically selecting encrypted nodes to perform validation and supervision of these cross-chain transactions. And GETE Network couples this with an EVM and an MEVM compatible development environment for builders. And basically, we want to have everything in place and a sizable community along with a bunch of partnerships, which we're going to be announcing. We already have some, quite a few from our previous experience, but we want to expand and have more and more people building as, as this cycle continues. That way, if our assumptions are correct, we will be well positioned. We'll basically be early to building this.
Myrtle: By the way, only question, by the way, is it only limited for games?
Jeff: We're focusing on games for the moment.
Mrytle: Oh, okay. So basically, you want to focus on one thing.
Jeff: We're focusing on games for the moment. Because we want to focus on one thing, right? We want to develop things specifically for games because we haven't given up on Web3 games.
Myrtle: Okay, okay.
Jeff: If there's going to be something besides meme coins this cycle, it's going to be maybe meme games. I don't know. But it's a real thing.
Myrtle: It's actually a meme exchange already, Jeff, if you've heard about it.
Jeff: As you mentioned, like there are still some gaming projects that are are still around and they're still building and they actually have decent games. It's just no one's paying attention to them.
Myrtle: Exactly.
Jeff: So this stuff is here and we're we're we're Bitcoin first and gaming first, but there's no reason that in the future this technology won't be applied to other stuff right, but it's better to specialize, so yes, to answer your question we're focusing on games
Myrtle: Okay so actually i have another question so of course you as the head of market and business what are your plans and i'm curious why named Thaddeus
Jeff: Oh so thaddeus already has a strong foundation with his he's been around for several cycles and he was really early to building on Bitcoin. Right. So if you remember last cycle, it was like first DeFi on on Ethereumum and then and then Solana and BSC Binance Chain really took off. And then there were all these NFTs and stuff like that. So while everybody was focused on Solana and BSC and NFTs and GameFi and stuff like this, Thaddeus was working to build more stuff on Bitcoin and he was very early to ordinals last year which for those of you who are not familiar with ordinals, I'm not a big ordinals guy personally myself but think of it as NFT or NFT like technology for Bitcoin and and this is a core foundation of our project right if if there's not a proven use case that this can be done then it's going to be really hard to build on Bitcoin because how can you have settlements? You know, you need low minting costs, low transaction costs, fast transaction speeds for this thing. And the transaction speeds we can do with the L2, right? But if you can't do board and rolls, then you can't do what we do. So Thaddeus was working on that. He's a forward thinker, right? And then we all have a dedicated community of seed users and a network of other resources and partnerships and people that we know from our time in the space. And the problems that we need to address are problems that everybody that's building in the space needs to address, right? Decentralized, multi-chain self-custody of Bitcoin and any new asset that is minted on the Bitcoin ecosystem. We need oracles for the accurate pricing of these derivative assets like descriptions and runes we need this infrastructure we need to have low minting costs right it's expensive to send a Bitcoin and you can't you can't be doing NFTs on Bitcoin all the time the network would become slow the transactions would be expenses so we need we need to extract this we have to have in a have defy like project products that integrate all of these things together so that it can be smooth and easy and fast to trade things like runes and descriptions on a DEX, like for Uniswap or like any of these other decentralized exchanges. And then, you know, we need native stable coins for Bitcoin if we want to do GameFi or DeFi, right? We need liquidity and it can't always be volatile Bitcoin. Stable assets as well. And then, of course, like we need this security and performance for these layer twos, right? And especially I think if AI for Web3 kicks off this year, it's like one of the major barriers between the adoption of AI and instantly replacing all of these tasks in like the banking industry or this industry is like you can't use chat GPT because it's in the cloud and it's not secure, right? For anything very sensitive, especially financial information, you can't just trust it to an AI. You need to have, or somebody else's AI, you need to build your own AI.
Myrtle: Correct.
Jeff: So it all has to be very secure. And we need to build these tools so that people can be confident. Right that if they're building an AI tool, it's not hacked, or we're not going to have a leak. Security first for any cross-chain bridging.
Myrtle: So, of course, I know that you're not into competition. I just heard. Me too. Okay. So because, you know, when it comes to people, everyone is unique, especially in projects as well, guys. So, I would like to know the difference because one of the biggest players when it comes to Games Network is the client that I have for four years already. So, it's Gala. What makes a difference when it comes to getting up? I want to know.
Jeff: I mean, I don't, I remember Gala Network. I don't have like a competitive like a one sentence thing for you right there because we don't want to pigeon ourselves. So it's like we're the Gala Network Bitcoin. But I think I remember Gala Network was more that time. It was more interesting. The concept of DAO, the concept of DAO and the concept of building all of these things to manage a community which is built on this decentralized asset and these products that are that are that are using it Gala network. So we're going to be more technical. We're not really going to position ourselves as a DAO or like a gaming gamer DAO. This kind of thing, we just want to focus on the tech just want to keep keep making step-by-step incremental improvements for the tech.
Myrtle: Thank you so much for handling that question. I just want to make things fun you know. Because very, what do you call this? So people can actually know what we're talking about at the same time, can see the difference between both companies, not in a competitive way that they need to actually fund someone, right? So, of course, the technical aspects of things. And at the same time, when it comes to the seed users that you have, because Gala also has these nodes. So what expectations do you have when it comes to existing seed users and pre-established nodes already?
Jeff: Okay, well, for seed users, we're not, let's see, how do I put this? For seed users, we need people to test things out and let us know how to make it better. I think that's the point of seed users. To try things, see what works, see what doesn't work. My focus is on expanding GETE Networks' presence in key markets globally right like in Europe and the US and the Middle East, as well as greater Asia. I lived in China for more than a decade, but like as you said, we're not trying to be too competitive just yet if I can, if I can put it that way, because also this is what we need seed users for we don't know what where they are going to come from and where it's going to be most successful and how we can better tailor our products to that location that geography that community through this type of product or the these kind of games you know because there's different ones too. It's not like there's just a thing then and then every game. Web3 is going to be on it. There's going to be different ones. It's really like the exact opposite of what's happening in the world right now, like trade wars and things like that and not being able to travel from the pandemic. It's like really you can just hop over to another chain and another game project with your wallet with one click and, but we can't do everything all at once. Right, we have to start small, so we need seed users to help us test the product, see what tells us what what what works what doesn't and work with us together and this is something that happens not just in crypto and Web3 but in traditional tech.
Myrtle: Of course. Traditional businesses also. Is this like you? Making, for example, you've actually cooked something and you want to open a restaurant. So you don't just want to open something, you need to do a things test guys. So basically that's what Jeff is actually saying when it comes to the seed users like beta testers and then we have alpha testers and then beta testers. So if you're a gamer, if you're really inside the gaming industry as a whole or as an avid enthusiast, you'll understand what we mean. For example, the alpha testers and then the beta testers. And then before really launching the game itself, we have that faith, you know, because we cannot launch a faulty game at the same time. I know because you know I've been through this Jeff that's why I can really relate and it's bringing me so much memories you know. It's so funny. I really love that startup actually, so it's one of my babies, so that's the reason why it's very dear to me. So, of course , do you have any encouragement for those striving to succeed in Web3 or life?
Myrtle: Well, I don't know if I have anything to add to what you all already said, but I think you did. I really liked your cooking analogy.
Myrtle: I love to make things simple for everyone.
Jeff: I think I'm a good cook, but it is really like if I want to open a restaurant, what do other people think? Maybe I like it.
Myrtle: Exactly. But of course, what you think about yourself is very important first before you actually take other other people's opinions. So yeah.
Jeff: So for the old for the for the younger people here, I'm a little older but for the younger people here I think it was a lot harder to say you know the last couple cycles certainly in 2016-2017 it was a lot harder to say yeah just just get into crypto It's going to be around forever. It was still really experimental. I think I'm more confident than I ever have been in saying, yes, this technology is going to be around for some time, at least Bitcoin is. I don't know about the thousands of other assets and thousands of other potential use cases, but there's definitely still going to be people building new stuff on it. So don't give up. Don't get discouraged if it doesn't work out don't rely on the some token going to the moon to like you know for your life but like yeah other than that it's this is this is how business works too this is how tech startups work tradfi as well there's no there's no shortcut. You know just staying consistent, be disciplined find something that you enjoy doing if you like doing it. If you like Web3 if you like games, do something in this space. But make sure you get out of it with some skills as well. And then that should serve you well, right? No matter what the market conditions are.
Myrtle: Exactly. It's just like me also, guys. For example, I love talking. That's the reason why I made live AMAs way back pandemic. And I agree with you, Jeff, that we both love talking, right? So I completely agree. When it comes to Ikigai, find what makes you happy every day, guys. And let's proceed, by the way, in choosing five questions. So the first question that I actually chose, what industries does GETE Network aim to disrupt or innovate by CryptoKulets, FDoc, DollarFDoC. So that's the first question. And you can answer that now, Jeff, about it.
Jeff: Oh, what are we going to disrupt? Well, I think that it's not going to be like we directly disrupt.
Myrtle: I love that answer.
Jeff: The gaming industry or the other Solana or BSC. It's like we see that there might be something, we might see this phenomenon that these other competitive projects or these other blockchains or these other things, they disrupt themselves because there will only be one Bitcoin. I think that there was a time in the last 10 years when there was a question, right? Is this going to be the Bitcoin or is it going to be Bitcoin Cash or is it going to ever be the hard fork, the block size wars, right? But now we have one Bitcoin. This one Bitcoin is going mainstream. This one Bitcoin is legit. And if you think like, I like Ethereumuem, I like Solana. People say that Solana is going to replace Ethereumum. Look, if Solana can do everything that Ethereum does and better, and Solana can replace Ethereum and take all of that activity and all of those applications for itself or Binance chain or whatever, like another blockchain, can always come along and disrupt that and take that away.
Myrtle: Correct.
Jeff: So I think the alternatives to Bitcoin might, it's not that we're disrupting them. It's that they might be disrupted by someone else or they might disrupt themselves on their own. And then at the end of the day, people will just say, you know, like, I want I want the Bitcoin, right? Like I have the same product and and I can use GETE Network to play with these play these games or play with these dApps through my Bitcoin wallet. I think that's a compelling.
Myrtle: It's actually a whole paradigm shift when it comes to your answers, just like in religion, you don't actually have to make sense when it comes to supporting which or which, so it's just like supporting companies guys find what resonates when it comes to what makes you happy and at the same time as long as you believe that you're not doing anything wrong and you're not hurting anyone you're good to go, so the second question that I have so gaming sector is extremely competitive and many platforms had to work very hard to reach their current user numbers, like user acquisitions, so how will GETE Network team compete? No let's change that Carl, okay team with existing gaming platforms and what extras it will offer to the current gamers from the existing platforms from Carl.
Jeff: Oh well, I kind of like the first question, which is, you know Bitcoin, I think that personally, for me, that's a big one. Because I think Bitcoin is a really it's such a good asset. It might not be it might seem very expensive or seem very slow to use it. It's just such a strong asset. I might be too bullish on Bitcoin. I don't know.
Myrtle: Are you happy with the current uptrends?
Jeff: I think that it's for the first time I feel like yeah, this is not just an experiment, it's not going to go to zero ever and that's like it made me extra bullish on Bitcoin right, whereas like we can have Ethereum and Ethereum 2 and then Solana and other ones. See we can always be another one those, but because of the cryptographic principles and the game theoretic, foundations of Bitcoin like it's just the biggest one, so there will never be a more secure network and it will never and because it's the most secure there will never be a bigger network.
Myrtle: Oh. Nice, so going to the next question. By the way, it's very important to address this because you know I'm a gamer myself. You're a gamer yourself, so how can you actually solve it, like giving more extra or benefits to the current gamers on the existing platforms already?
Jeff: Oh well, as a gamer myself really it's all about the user experience like first of all if you're a game developer you need to make the game fun there's a kind of a special sauce in this and we are not comp that's why we're doing cross-chain you know Bitcoin development stuff. We want to make it make it available for everyone right so that you have we can scale right? If you one game, you need to make this game good and you only have a limited amount of time you can do, but if we make you know the best cross-chain platform and development and development suite for the game developers, then we can scale. We can have 10 games 100 games, 200 games.
Myrtle: Yes, with the possibility of AI.
Jeff: Yeah and and then and then AI is just like an a whole order of magnitude greater, right?
Myrtle: Correct.
Jeff: So that's why we're focusing on this on GETE Network, as it is right now, it's a picks and shovels its infrastructure. You know there's if there's 10,000 GameFi projects right how are you going to pick the right one, but if we have 10,000 GameFi projects on GETE Network then maybe we'll be okay.
Myrtle: Okay thank you so much for answering that. I love this next question from Abigail B Sign, so what challenges have you faced while integrating Bitcoin's network Bitcoin's chain into gaming and how did you overcome them and can you share a sneak peek of the upcoming games or features launching in the coming years and GETE Network.
Jeff: Okay. Well , I mean, Well, I mean, the biggest thing is making it work correctly without breaking, right? It's like this is why Ethereum and Solana and BSC are so much more popular is because Bitcoin by its very nature, you need consensus to change the code. And it's not friendly to smart contracts. It's not friendly to secondary derivative assets like Orbit. It's like very technical to do this. So figuring out how to do that and then how to abstract it and make it easier so that people who don't know anything about development on Bitcoin or how to work around this stuff, they just want to make a GameFi project or something. Figuring out how to translate it for them, I think, is one of the main challenges. And then, as for things that are coming soon, I mean, you can take a guess because our CEO, Thaddeus, was really early to Ordinal. So we've been thinking about how to use ordinals.
Myrtle: I actually saw runes as well way back.
Jeff: And runes yeah, so think of the coolest things that you remember from the last cycle and then think of what could be done with ordinals runes. It's not like radically different from some of the things that were happening on the other chains last cycle, but I have a feeling like you know it I could be wrong we could be wrong and it doesn't work out with you know and this is the top and then Bitcoin goes to zero. But I'm I'm like I'm pretty I'm more confident than ever before that that's not going to happen and we're going to have the next few years that are going to be really great for developers and and this is going to be kind of like another world. Right, you know games are better than real life in many ways you know and crypto is better than traditional finance.
Myrtle: What I actually saw the current problem is basically the distribution of games as well way back 2021 of course it's one of the current problems that most of us are basically solving right solving, right? So the distribution of games, how to market it, and how to basically making it seamless, not to brag that you're actually a Web3, because you don't need to do that, right? So that's what I realized, that you don't need to actually say that you're Web3 just to brag that you're Web3. So we need to actually solve that when it comes to the mindsets of the community, for them to understand that why not blend the fusion of both worlds by solving these current issues. So thank you so much Jeff, by the way and this one is a very important question, so going to tokenomics and all and, of course, how do you plan to address the growing demand for yield farming and liquidity mining opportunities and what role will the token play in your ecosystem.
Jeff: Oh so the token is an incentive mechanism and we're gonna have have yield farming and all that but basically you're gonna use the token and that's gonna be like so so that you can hold your Bitcoin you use it from your Bitcoin wallet and then don't have to you don't have to that's your entry point into any of the other assets right so it's like a multi-chain thing it's basically otherwise you have to go on the exchange you have to go on the exchange. You have to go on the exchange and you have to trade this asset for that asset. And then you have to connect your app to the app. So you have our token. And then any of the GameFi projects on our GETE Network, you'll be able to use directly. On one hand, it's a utility feature. It's a convenience for the users. And then, on the other hand, you're going to be accumulating this token through your usage. So we have that incentive mechanism as well that's like yield farming and then, so we're gonna have you can see the tokenomics in our in our white paper. We're not we're not making any announcements today of partnerships but we've got a lot of a lot of them in the pipeline that we're excited to share just can't yet we're saving that for 2025.
Myrtle: Oh Jinx it. So when it comes to the last question, of course, I will choose, of course, the future plans. This one is from SpongeBob. Of course, we are all looking for long-term projects we can invest in. It's the reality. And this is not a financial advice, Twitter space guys. And of course, investing in cryptocurrency holds substantial risk. May we know what is the long-term vision for GETE Official ecosystem and how will you adapt to emerging trends in Web3 technologies?
Jeff: Oh, I mean, where Bitcoin goes, we go. And we are building stuff for Web3 Bitcoin. So it's not financial advice. Just saying Bitcoin has never been more mainstream than it is today. It's never been less of an experiment.that can just, it will always be something for us to work on, to solve, transition to. It's like, I guess that's the best way I can put it. You know, if Bitcoin's here to stay, then we're here to stay. And that's one of those. That was one of those issues from the previous time that is different now, I think.
Myrtle: Correct. And cryptocurrencies basically are the main thing, guys, for the next 20 years or millennia. What's your sign by the way zodiac, Jeff?
Jeff: Me? Gemini.
Myrtle: That's what I'm betting on because it's just like my father. We really love to talk and I'm a Gemini rising, so thank you so much Jeff. By the way and what's your last message for the community?
Jeff: Stay safe out there fam and have a Happy New Year.
Myrtle: And Happy New Year guys, and thank you so much for joining, for your time. Thank you for supporting GETE Network. Don't forget to follow them, their socials, and of course, Jeff and other team members. And of course, if you can contribute, if they're actually hiring, go ahead and apply, guys. There's a lot of opportunities in Web3 if you only seek it yourself. All right. Thank you so much, guys. And you have an awesome new year ahead. Bye-bye.
Jeff: Thanks for coming. Happy New Year.
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