Slam The Scam! – Vlad Faraon

SLAM The SCAM! - VLAD FARAON

Participants:

JP ( Host)

Vlad Faraon ( Co-founder and CEO of Coreto.io)

00:22

JP

Ladies and gentlemen, welcome welcome welcome to this episode Diving Into Crypto. This is JP from AdLunam, Inc. Bringing you everything about Web3. So ladies and gentlemen, before we begin, I'd like to have a few of these announcements going out. Firstly, views expressed by the speaker belong to him and maybe the organization he represents. But also it's not to be considered as financial advice. It is meant for educational purposes only. A little about diving into crypto. This is one of two shows that we host at AdLunam. Our other show is The Future of NFTs, which brings you everything about NFTs. And on this show we bring to you the strategies, the journeys, the insights of thought leaders in the Web3 space.

01:10

JP

So buckle up and get ready for the drive. All right, Vlad, welcome today to this episode of Diving into Crypto. So glad to have you on board.

01:21

Vlad Faraon

Thank you. First of all, thanks for having me. I'm always open into having constructive discussions and I'm all about collaboration into Web3. It's what I love about crypto and what I am attracted by. Looking forward to have a great hour with you guys here and to share from my knowledge, from my experience and whatever that I share, I really hope that can be helpful for everyone that's in here.

01:51

JP

Well, I wouldn't say I've been in crypto for a very long time compared to most of our stalwarts who are out there. However, what I've realized about this industry is that there are so many people willing to share whatever it is that they have for the betterment and the development. And I understand from my team that you are one of these people, you have your own show as well. The company that you represent also does something similar. So very happy to excited to have you here as well.

02:26

Vlad Faraon

Same, yes, exactly. We also have weekly or biweekly spaces in which we want touch different points from Web3, be it DeFi, be it metaverse, NFTs, different use cases. What you have to look into when you look into a project, it's all about education. Because just like you guys are doing with these shows, the point is that the retail investor also has to be somehow educated and be helped so that he will be protected. But in the end, we will not be the ones that will pull the trigger in their place, but we can be those that maybe could guide them. Even from what we will talk today, if only 1% of all the information that is shared is going to help one individual, I will be happy.

03:31

JP

Certainly, and that's what we can hope for. That little bit of information is able to do something to make someone's life better.

03:38

Vlad Faraon

Exactly.

03:40

JP

Okay, so Vlad, I'm curious to know, tell us a little first about yourself, and then I really want to ask you about how you got to Web3. So if you could share with us a little about who you are and what got you here.

03:56

Vlad Faraon

05:26

Vlad Faraon

06:25

Vlad Faraon

07:53

Vlad Faraon

09:03

Vlad Faraon

And my conclusion was that I followed the wrong people. I didn't allocate enough time in my own due diligence. It was hard for me to identify the sources that could be trusted. And so on and so forth. We can talk on this also later on. But that's also the way and the time that we discovered that there really is a need for a place where retail investors can get a source of information that can be backed by facts, by knowledge, and by past performance.

09:48

JP

10:46

JP

And for better or worse, that did put a spotlight on the industry as a whole, right, where you had ICOs happening every week.

10:55

Vlad Faraon

11:44

JP

Yeah, that's that was it. You know, it's almost funny because when you draw correlation with any other industry, that's not something that you can say. You usually spend about 20 years before somebody can call you even a veteran in that space. And even then it's said with, is the person really a veteran, is it not. So yeah, very interesting to see how that arc has played out and the journey that's come in. So, Vlad, I'd like to ask you, though, right. I know that you're working on something that's absolutely phenomenal, and before we get more into it, I have to ask you about community, right. Because I know that's one thing that you're developing and for you it's about being able to share, even if it's 1% of the information available out there. Right. So what for you is a strong community and also how do you see these champions?

12:41

JP

Because you've seen the negative side of people who are veterans and influences, but when you're looking at community and you see champions, what's a strong community and what are some of the traits you find for leaders and champions within that community?

13:00

Vlad Faraon

14:11

Vlad Faraon

And as we are social beings.

14:17

Vlad Faraon

We say, I want that too. I want that too. Unfortunately, most of the people that are in crypto are for the idea of speculation and they want big gains. But from that big pot of people, some of them, once they join and they begin to see different protocols, different use cases, and especially now that we see that in the last three, four years, there was a lot of advancement made on the decentralized technology itself. There are those people that begin to see the advantages of what people are aiming to build and then they begin to use that product or they begin to believe in that project or the teams behind them because they relate to that mission. So from my point of view, like in any other place in the world, industry or vertical, whatever you want to call it, you have to weed out the bad player somehow.

15:29

Vlad Faraon

If you are a project, you as a project, you have to identify also within your community who are those believers and who are those that are here only for gains. And you can see them in the way that they communicate between themselves or even with you.

15:47

JP

Right.

15:51

Vlad Faraon

Throughout the years I was fortunate enough to and of course, as being one of the things that I have to do for Coreto itself. I always look for those type of content creators. I don't like the term influencer, but I will use that because in the end it's the term that everybody is familiar with. I look for those type of people that share content without the expectation without any expectation from their following. Only that of being recognized or only that of knowing that through their information they change the life of somebody. Right? Unfortunately there aren't too many. But I believe that within the community there are a lot of people that maybe are not that vocal or maybe that they are shy, maybe they are camera shy and do not want to build a YouTube channel and build a community with that. So they remain anonymous.

16:53

Vlad Faraon

But they still create quality content and brings together a really good number of people that are like minded. For instance, there is one DAO in the Near ecosystem that is focusing on identifying and putting out the scammers. Like, they analyze each project from technical point of view, from teams, from communication, from everything. They go so deep and they point it out. These are red flags, these are green flags. But they don't do it as in, okay, as financial advice, but they do it just because they want to give back and to try to protect the individuals. It's very important, of course, for a project, from my point of view, is to be communicative, to be transparent, to cherish those active members, just like what you guys are building, like with the Proof of Attention. Because those people might be they will put their attention for that project not necessarily because, okay, I can have some gain out of it, but also because by seeing what that project is doing, they will do a more in depth due diligence about it and maybe they will have the conclusion that, hey, I really like this project.

18:32

Vlad Faraon

I think it could be useful for me as an individual. Right now, the members and the community are trying to be divided between those that only follow hype and formal. And you can see in so many degen groups where the only communication is hype hype hype, next will formal to the moon, stuff like that. And there are those communities where discussions are around what the projects are building, exactly what they do, how it will help the crypto as a whole to be adopted and so on and so forth.

19:11

JP

It's interesting that you're working in a space that's contrarian, right? And I'm glad that you are doing this, because even when it comes to investing in stocks, even when it comes to investing in anything, right, there's always that group that looks at fundamentals that are of high value, which are not well known, but they have a strong foundation. And these are the projects that people invest in which bet in many ways against the market, but also at the same time are seen with a longer term perspective that it can really add some value because there's a very strong base to it.

19:57

Vlad Faraon

21:11

Vlad Faraon

Hey, you have found the project. Okay? What is the why? What is the thing that they are building? Well, they are building X because they want to address the issue of Y. And once you see that advantage and you understand that, okay, it's a new protocol, then that means there's a new protocol. It is not boom overnight. It will take time. Look at Hedera, look at Polkadot, look at Near is the classic example.

21:47

JP

They celebrated two years recently, right?

21:49

Vlad Faraon

Yeah, Near, from my point of view, and we also build on Near. From my point of view, Near as a protocol is actually something that they address the desire of making Web3 easy for the normies, because people call them normies. Those people that are not crypto natives, they don't understand how, but they would like to join, they would like NFTs, they would like to participate in events based on NFTs, Ticketing or, I don't know, games and so on. And they focused very much on encouraging the community and the builders to come over to discover their technology and their use cases and they have succeeded that and they are very community orientated.

22:44

JP

True.

22:45

Vlad Faraon

And in the end, that's also something that we are building. Right?

22:51

JP

Right. So, yeah, that's a great partnership right there. I mean, both of you all have the same principles, the same vision and of course moving in the same direction and that's always good signs of strong collaboration.

23:02

Vlad Faraon

Exactly. Like you said, they just did their two years anniversary and their growth through the last year was exponential because they focused exactly on what crypto means and which is building communities, giving the tools for builders and they attracted a lot of developers from Web2 to Web3. And that is also something good.

23:32

JP

That's a huge task to have done that's of course, something very difficult to accomplish. Near is still experiencing success in that region. I understand that. That's a challenge for any protocol to have and they've done a phenomenal job being able to accomplish that. So yeah, hats off to them.

23:55

Vlad Faraon

Hats off to them. And also, I will be totally transparent on this. They also provided us with support when they saw what we are building. And I don't know if I got to the point where I would tell you what Coreto is. So just a quick short note, we are building a reputation based research platform. So that means that what I said in the beginning, in which we want to help communities and also use the knowledge and opinions of communities to help others? They reach out to us and said, hey guys, I see what we are building. It's really needed for this space, especially for the retail investors and then for projects and content creators. Come over here and see what we are building, see how we do things and if we have any builders as listeners here, they also have a cool grant program and they are focusing on bringing value to communities through what you are building.

25:06

Vlad Faraon

So that's what I liked about them.

25:10

JP

Certainly, okay, so that's certainly something that Near is doing quite well. And that being said, I want to dive a little more into what you brought up about communities, about the system that you have, the reputation based system that you have. But before I go there is something that baffles a lot of us, right? We keep hearing this phrase do your own research, DYOR. And a lot of the times it's easier to say, but for somebody who has to do their own research, they just don't know exactly what it is that they're supposed to do. What I want to ask you is that is there a way that we spell that out for them, right? I mean, these are some of the things that you look for. And also at the end of it, how does something like the DRS system solve that?

26:09

Vlad Faraon

Sure, first of all, when I've joined crypto, these were the first things I've heard and learned. Do your own research. Do you know everybody was telling me, do you know your own research? We are now spoon feeding you and stuff like that. And I was like, okay, where do I go? How do I do my own research? For those that I think you agree that there are people that really don't like to do research. No matter if somebody wants to buy, I don't know, a new PC, they just put some of their own specification. They mean, okay, I have this amount of budget, what can I get for this money? But they don't look in depth to see exactly what does that laptop do in the end. So the same, I think it's also in crypto. I have $500 and I want to invest them in crypto, but what can I buy with it?

27:09

Vlad Faraon

Well, that's answer and that's something that we want to help them with because doing your own research represents the assumption of a decision. So it's very important that your decisions are based at least on a minimum type of research. I say this from opposition of like I told you in the beginning, I was an investor who did not do enough research and due diligence every time. And the feeling of regret and blame are also important. So don't do like me. Like I said before, try to control your emotions. So when you begin this process, look for people, okay, you turn to influencers on crypto Twitter. I admit that the first thing that we all look at is the number of followers. But then you have to also be careful a bit. How real are those numbers of followers? Because we know that also Twitter, Facebook, TikTok, YouTube are full of bots.

28:23

Vlad Faraon

I'm not going to go into that because this would take us a lot of time.

28:29

JP

That's a whole different episode.

28:31

Vlad Faraon

That's a whole different episode. Exactly. So by what we want to do with Coreto as an idea comes from community reward token. It's also Coreto means in Portuguese a band stand in parks. So if you are to make analogy, it's like, okay, put the people that consider themselves musicians, artists in our case, influencers, content creators, traders and so forth on the stage. And based on how you perform the community, the audience will reward you and they will reward you with agrees. They will reward you with clear, they will cheer for you. Okay? They will also come and say, thank you've helped me. I like stuff like that. You know what, I'm going. So that's how we wanted to build this type of platform in which we can give the stage to those people that know that they are worthy of being followed based on a thing that it's called I am not afraid to put my losses as well here.

29:44

Vlad Faraon

I am not afraid to also show the bad investments I've made because we are all human. Nobody wins, only wins. Those signal groups that you see on Telegram posting 98% success rate. Really? A trader with 50% success rate, 55% success rate is a very good trader. Now you're saying you are at 80% 90%. Okay, can you prove that other than just through a picture? So that's why we are developing a decentralized reputation system. The beauty is that we can take this system and apply it on any other Web2 or Web3 platform that is open into adopting such a system. And in that platform where social interactions occur, or it's a place where, for instance, I don't know, on Twitter you would post a signal. Well, we take those KPIs, we put it in our system, we transform those, let's say success or lose win rate into a simple pointing system.

31:00

Vlad Faraon

And then we interpret it and put it like a Web3 resume of your knowledge. And the goal is to become a benchmark of trust and performance for the crypto industry. Another analogy is through the help of our platform and the goal is who are the ones that gain most of a new project that is being launched? Yeah, who are those? They are the institutional investors because projects, when they want to start, they have an idea and they want to start doing something, they also need funds. Of course they will go to this type of institutional investors. But what do institutional investors have? And we as retail investors, don't they have their own team of analysts, right? They have a team of fundamental analysts that they have traders, they have strategists and so on and so forth. And we want Coreto to become the research arm of the retail investor because that's what we want to address the insufficient knowledge and trust within the industry.

32:12

Vlad Faraon

And in plain sight, it's like this let's say you are a trader, you join Coreto as a platform. You start creating your content, whether it's predictions, whether it's fundamental analysis and we take the subjective part of a reputation which is trust, because that's subjective. I can trust you or not. I don't like your eyes, I don't trust you. So we take the way that people interact on a social level by comments, agrees, disagrees, likes and stuff like that, shares, reading time, stuff like that. And then we take the objective part, which is the past performance. Which is data driven. And we take these two, we analyze it and we put it into a simple score to understand so that when I come to your profile on Coreto and I see you have something like 47% trust and 50 reputation performance and trust, then I say, okay.

33:23

Vlad Faraon

Then I can see exactly what he's doing. And with the help of Near, we have integrated a decentralized ID. So you connect the beauty of Near is your wallets are not necessarily a string of characters of numbers that you cannot remember, but just like ENS is doing, you can put it like Vlad.Near. So that's my decentralized ID. And on that, we store everything that you are doing within Coreto. And if you use that ID to connect it to other platform, maybe you're a gamer and you want to take your stats with you in another metaverse game. And we implement the reputation system in those games as well. Then you already start with a reputation as a good gamer. So you can join different communities, you can join different guilds. Right. And, hey, this is who I am. So you take your reputation with you, no matter on which platform you go, as long as that platform also has implemented our system.

34:40

JP

Right. This is quite interesting because I'm looking back, and I'm not going to mention the generation that I'm from, but at one point in my life, I was extremely fascinated by Atari, right. Where they had the joystick. I grew up playing games on Atari. Then went to, of course, Commodore 64. Before that, it was Nintendo and then Sega. And none of these, no matter how great you were, with the exception of having to go to an arcade and leaving your score on that arcade for people to recognize, these initials belong to, like, the top gamer in the room, right?

35:21

Vlad Faraon

Yeah, we see. Oh, JP is the master of pacman.

35:28

JP

Yeah, I'm the original Pacman. Don't tell anybody. But to think about it that way, when you draw that arc across this timeline right? And to be able to, even today, carry your identity across games, that itself is a momentous shift. I'm certain the gaming community is more than just thanking their stars because they invest so much time in a game if the game is going to have a certain life. And once they crack it, of course they're bored with it when they move on to the next one. None of the badges that they have won before count for anything going forward.

36:08

Vlad Faraon

Exactly. Now, imagine you could take that's in the gaming industry, and this is one side, but take this and apply it to a trader, to his trading view profile, to his Coreto profile, to his Twitter profile. Dude, you can check me out. But this is the issue that we are facing now, going about the struggles, right, of Web3 builder. We've talked with a bunch of traders, either some that have a good following also on Twitter, some that are new, and they said, yeah, man, but if I also post trades that maybe I'm not that certain, that means also my losses will be recorded and they are on the blockchain and they are immutable. And I don't know if I would like to do that. And that's when my answer came, then, okay. I do not want you on Coreto because you do not assume your words enough.

37:25

Vlad Faraon

It's what. Happens in bull runs. In bull runs you see that influencers are popping up left and right. They promote, I don't know, five, six, seven projects a week. And again, from my own experience, some of them have no idea what they are promoting. They are receiving the copy from the teams and they just post.

37:52

JP

Let's face it. Also, since we're being honest about it, let's face it also a lot of influencers will get paid either through one way or another to promote project.

38:03

Vlad Faraon

Yeah.

38:05

JP

Let's put it out there, its a fact.

38:10

Vlad Faraon

39:12

Vlad Faraon

Those are your emotions. So first of all, you have to learn to educate yourself a bit. Even I still FOMO in and when I do, I'm like, why did I do it? Oh damn, I still have to work on myself. So we as humans, we constantly have to work on improving ourselves.

39:34

JP

Amen. Amen I am with you 100%. That's the biggest investment you have to make. No matter how long you've been in the industry or no matter what stage of life you are in, an investment in yourself is always a good investment.

39:51

Vlad Faraon

Exactly. And that's what I also tell people that are asking me what are you building? What are you doing? Well, I'm building a platform to help you. But how will you help me? Because I don't see our platform is launched is in alpha stage right now. We are now working on growing our user base to start creating content. Doesn't matter you're an influencer or not or a trader. Maybe you're someone that really he knows to connect the dots, and he knows how to do a small trading analysis, and he's willing to also do a price opinion and open an opinion pool for that, because you might be surprised that doing one call, two calls, ten trading calls, and you see that you kind of get it right. That means maybe you have a good eye interpreting the charts. Then continue doing that and the community will start following you and you can end up finding yourself that you are at a certain point of reputation.

40:55

Vlad Faraon

And now that's what we aim to do on Coreto. We open monetization possibilities for you because you have reached a certain level in which you can prove your knowledge. So that means that if Joe comes along and sees your profile and sees there that, okay, I don't know, maybe you write some trading courses or you also have maybe a private group that you share trades with, checking your background from a performance perspective will give you that sense of trust. Okay, man, I can see with clear data that he knows what he's talking about.

41:37

JP

Exactly. And for better or worse, and I like that you have also both sides of it, right? The side where it says, these are my wins, but also the side that says, this is where I didn't win, but I learned something.

41:50

Vlad Faraon

Yes, exactly. And this is the place. That another thing, you know that what do influencers want most besides money? They want recognition.

42:04

JP

Exactly.

42:05

Vlad Faraon

They want to show off. And that's why there are only a handful that are willing also to post their losses. And this is where you can see how much of a trader really trusts his instincts, as in posting a certain call. Because crypto, let's face it's very volatile. So maybe it's not going to go up as the charts say, it's going to go down because it was manipulated or I don't know. But you have to have the guts and the courage to post that.

42:37

JP

Exactly. And that speaks volumes for integrity. And in an industry like this, integrity is everything. Trust is everything.

42:46

JP

Because you're decentralized, you don't have the opportunity also constantly to go meet people, to look into their eyes, to read their body language. You're nine out of ten talking to somebody at the other end of a phone like we're doing right now, or a computer. And the only instinct that you have is perhaps the sound of their voice. And that may not be enough. Right. But if they are able to be open and show you even where they are vulnerable, that certainly is a measure of trust.

43:14

Vlad Faraon

Exactly. And this can go and it can be like I said, we can apply this system in Web2 platforms as well. The basic, I don't know, Trustpilot, you can see that user did use that product. And the information is stored on a blockchain so it's not centralized so that people or some bad players can manipulate them. You can see on reviewing sites as well. Okay, amazon did a good job by doing that verified buyer. Okay, that's verified in our records. It shows that this guy really bought this. But reviews are still being bought.

44:03

JP

Okay, so moving to the next question that I have, because the flow of this conversation is leading me to ask this question, right? We've spoken about a trust verification system. We've spoken about people that have the integrity to put themselves out there, but there's also going to be the worst case scenario, right, where things do happen and something slips through the cracks. So what are some of the worst situations you've seen or some of the scams that you've seen that may probably have led to developing what you're developing.

44:49

Vlad Faraon

46:13

Vlad Faraon

This is one thing that I have noticed, and we've also spoke before, is that when there is a bear market or crypto Twitter is going silent and everybody's just talking about Bitcoin and how it's going to go up or down or not or I don't know the macroeconomical situation. And that will be my first red flag about the people I follow on Twitter or whatever channel that once the gains are not coming in so easily, like everything, if you put in five projects, four will give you good returns. But if you see that those people that you are following are now silent, that's the first reason to unfollow.

46:57

JP

Okay.

46:59

Vlad Faraon

48:26

Vlad Faraon

So 1Coin was one of the biggest multilevel marketing scam coins, which again addressed the idea of people wanting to get rich quick. So, okay, I buy this token, I refer you, and I refer you, and I refer you and you end up having, I don't know, rewards up to 20 levels down.

48:49

JP

Yeah.

48:50

Vlad Faraon

So that's hard to keep track of a more recent one, Squid Game. This is something that I think people should know because those that don't should really look on Google exactly how it worked. But in short, it's from my point of view the exact definition of a rug pool. And we see now in bear market as well, there are projects that are being launched with low liquidity. So they rely on people buying, buying. So those that join really early, they buy buy buy saying oh, I'm so early. It's only 10k market cap. There are only 200 holders. And at a certain point you want to sell and you will see that you will not be able to do that.

49:53

JP

Right.

49:54

Vlad Faraon

Because what did the hackers do? They put into the code, a malicious code that says nobody can sell, they can only buy, and only this address can sell. And that's what they did. The price went up. Everybody was looking at that chart and seeing only green candles and we're like, whoa, nobody's selling. Well, I have to get on this. That's FOMO, that's fear of missing out. And that's how unfortunately, I saw it also being promoted by different people that I thought they do a bit of due diligence about this project. But I am a retail investor. I don't know to analyze code. How can I protect myself? Well, that's how. Again, like I said before, when you look into the content that is being created by people on Twitter, look carefully on the type of content. If that content is only with retweets and shares of giveaways and stuff like that, then that's no knowledge.

50:58

Vlad Faraon

But instead, if you see that the content is also made of fundamental analysis of different projects and say, okay, I've looked into this project, these are the red flags, these are the green flags, this is my opinion. You take that information, you pass it through your own filters and see if you push that buy button or not. How we try to fight this with Coreto? Well, if you as a content creator or trader or influencer, whatever, when you start on Coreto, you have to know you will start from zero with zero. And those are people that will say, oh, I don't want to start over. Well, if you are really true about what you are doing, then you will be open to do that. But as you create content and you build your awareness, you build up your following, you build up your reputation, then that's a certain fact that those people that are on Coreto and that have a certain degree of reputation score.

52:00

Vlad Faraon

Then you can know for a fact that they know what they are talking about and you can check their past performance on the blockchain.

52:07

JP

Right.

52:08

Vlad Faraon

Yeah, that's how we save that.

52:13

JP

That's quite something. Glad at the end of the day, you have to be willing to put in that effort to be able to verify and validate what you're saying is true and that you're true to what you believe, you're true to what you're doing and eventually that's exactly why people will listen to you, right?

52:33

Vlad Faraon

Exactly. And let's be clear, and I hope that you guys listening are open to this. Nobody will be able to do in your place nobody will be able to take the decision in your place whether to buy or not a digital asset or an NFT or any other thing. So you must allocate yourself. You must put in some work of doing research, of understanding at least the bare minimum of fundamental about the project. If it's a meme coin, then you must go and be sure that if you put in $100, you will be okay for losing that. That phrase of I kept hearing that when I joined crypto never put in more than you are willing to lose.

53:33

JP

Exactly.

53:33

Vlad Faraon

That's so true. And yet there are so many that don't stick to that. So there is no easy way. There is no easy way around it. That's why we want to even Coreto. It's not a soundproof tool. Even our system is not a soundproof tool. But it's a tool that can help you in your due diligence process, whether it's on projects, because they will also have their own scores based on how they perform as a project. Do they keep up with their milestones deliveries, do they communicate nicely, how the community interacts with their content and so on and so forth.

54:17

JP

That makes sense. I think that given that it is a system being built, we're going to have to keep inventing and reinventing how eventually we can get to as close to near perfect as possible. Right? I mean, it's just a human condition.

54:34

Vlad Faraon

Exactly. And also we have to accept our losses, but we have to learn from them. We constantly say reputation is king. Reputation is king whether it's online or in the real life. And how do you build it? By being true to your word. By not having the idea of, okay, I will talk to you only because I know I will have something to gain out of you. No, talk with somebody, share and the universe will give back to you in some way.

55:12

JP

Exactly. And multiple. So, Vlad, I know that we're coming to the close of the show, so I have to ask you this question because I found it very interesting with that statement. When it comes to Coreto, it's called staking of the opinion pool. Right? So, staking of opinion pool. What is it and how does that work?

55:38

Vlad Faraon

Yeah, it's one of the main features, the first feature that we've launched, and it's available in the platform right now, and it is Addressable to Traders. What we've talked before, I have an opinion. It was pretty simple. I have an opinion about a certain asset going up or down.

56:01

JP

Right.

56:02

Vlad Faraon

If you guys are familiar with the trading view ideas section where you just post ideas, well, here we want to take that opinion. We'll give you a place where you can chart how you see the asset going. Just like you open a trade on an exchange entry point, stop loss, take profit and stuff like that, and you just hit post. The most important part here, and this is where the social interaction comes in, if you are knowledgeable, and you can also explain in plain terms your opinion about how that asset is going to move, you will have to win because people will understand and will want to follow you. Because just seeing a chart with prices going up or Bobo thinks, is the price going down or like that's not enough. It's not going to help me as a user. So I have an opinion going for a particular trade, and I post that opinion and to give weight to it, I will also pledge and put your money where your mouth is.

57:15

Vlad Faraon

You use our token to give weight to your opinion, and you just post it there. Another user comes and sees your opinion. If he agrees and says, okay, dude, I can understand what you see here. Yeah, I also believe it's going to go up. I pledge to you, and I join your tribe, let's say. But then another one comes and says, no, man, I believe it's going to go way higher than you say, or I believe it's going to go in the opposite direction, then I'm opening, I'm challenging you. And now we have an opinion pool. So we have the same asset with the same entry price, because we both start from the same point, but maybe I'm a more aggressive trader or you are a more conservative one. We set an expiration time, and when that time comes, the market is the judge who has the biggest ROI between these opinions that were created over there, and you as a trader have your own following, maybe ten, five people that pledge to your own opinions.

58:22

Vlad Faraon

I also have my 10-20 people. And the rewards that are being into that pool, it's not in a system of the loser loses all and the winner takes all. It's just a reallocation of funds based on the ROI each opinion had.

58:42

JP

Right.

58:42

Vlad Faraon

So it's not meant as a degenerate play of doing predictions. Again, it's being thought as an educational tool that it also helps you to win and monetize on your knowledge in a place. And also based on how many people pledged to your opinion, how many people believed in what you wrote over there, that is going to give you a weight in the trust score that opinion gives you, and based on how big your ROI is, that is going to give a weight in the performance score that you are getting. So you as a trader can grow really fast and can prove really fast that these are my winnings, these are my losses. So that's how the staking of opinion pool. So we take your opinions, we stake them in a pool. People join each side. It's like a trading competition, but with an educational purpose.

59:50

JP

Fantastic. Okay, this is certainly something to check out. So those of you that are in the room, you know exactly where to head over the next two days to go and check out the wonderful action that's happening. I'm certainly excited about this Vlad, and I'm really glad that you built that.

Vlad Faraon

Awesome. I'm waiting for you. We also have a referral program right now that we've launched recently. And also, it's not the referral system in which I just invite you. No, we will work together. I have referred you, and I will help you do some tasks because those tasks will also give me some points and we both learn out of this interaction.

JP

Okay, that's certainly interesting. I am going to check that out for sure. I'm putting that out there. I'm certainly going to check that out either later today or early tomorrow morning. But I have to ask you this because we are out of time, but there's two things that I really want to do. One is to get a question in from the audience. I see that one has already been there. It's sent to us. For those of you that want to ask questions at this point, please send in your question. Send in your question to AdLunam, Inc. Or you can send it directly to the speaker, and we can have that answered for you. But, Vlad, my last question before I take the audience question is this what is your personal philosophy that you would like to share with the audience here today?

Vlad Faraon

This drives me back to actually to my childhood. And I'll be transparent here as well. I was raised in a family that well, let's say that we didn't have everything that we needed. And my parents were constantly reminding me that life is a beep. Life will always hit you. It's hard to do things. We are limited. You cannot do that. You cannot do this. I was constrained exactly by the people that should have lifted me up. And at a certain point, I have met the right individuals that helped me to learn about self education, to learn about life exactly and opportunities and stuff like that. And one of the most things that I am also very honored and blessed, and I don't know how much to thank the universe is that I have got to have my partner, that she's also my partner in life.

Vlad Faraon

So that's my wife, she's crazy, but in a positive way because she always pushes us as a team and me as well, to the limit and talking and constantly working on improving myself as an individual. So getting to the point where I try to stick as much as possible to these dogmas, let's call them, I am a believer in karma. So that means that what goes around comes around one way or another. And that's a certain fact. Doesn't matter if you're a religious guy, doesn't matter which type of a religion you have, but it's certain that they all have a common goal, common thing to it, which is do good and good will come to you. Okay. Another one is don't take advantage of people for your own interest. It's good whenever you find someone that you can sense that you can get some value out of that conversation, do it and try to get as much value, but not only for your personal gain, but try to give somehow back either to that individual or to others based on what you have learned.

JP

Right.

Vlad Faraon

And for the times when things don't go as I planned and don't go as we want to go, there is another one that say something like, it's going to be okay, everything is going to be okay. The universe somehow will find the means to send me the messages that we are okay. If right now you are not okay, then that means it's not the end. It's something like everything is going to be okay in the end. So if right now the place where you are at it's not in order, then that means that it's not the end. You still have some fuel in it. You have to do that extra mile. You have to get out of your comfort zone. And there is another one that I remember now, is always surround yourself with people that can bring you value. You are the sum of the like I like the name of the guy that said this, but you are the sum of the five most closest persons around you.

Vlad Faraon

If they are bad individuals, you are a bad individual as well.

JP

So I agree. You certainly we certainly become the sum of those that you know, that those that are around us. So thank you, Vlad, thank you for sharing that, all three points, as a matter of fact. Thank you for sharing that philosophy with us.

Vlad Faraon

My pleasure.

JP

Awesome. I have to ask you, we did have one question before we close the show, and this is from the audience. And the person asked the question is that I think that you touched upon it, but maybe if you can elaborate on that a bit more, is that when you have a system that is designed to have you safe? I'm trying to find the question trust and security are the most important things. Right. How does Coreto guarantee safety or security to whatever level of course?

Vlad Faraon

What we can guarantee? Well, I would say, like the politician said, there's nothing guaranteed in life. From my point of view, the only people that are responsible for your own security is yourself. So you have to be careful. The good part is that we on Coreto, we do not endorse project A, B or individual A, B, D because their reputation is the one that will speak for themselves.

JP

Right.

Vlad Faraon

So the way that we try to keep people safe is by putting in our leaderboard, let's say, those people that proved that know what they are talking about, those projects that stick to their commitment in terms of deliverables. Deliverables. So in a way with Coreto is just an extra tool for you to try to be safe for you to take when you think you could trust a certain opinion or not. We provide the decentralized and the immutability properties of the blockchain to help us give you a solution and answer to the question, is this guy trustworthy? Does this guy know what he's talking about?

JP

Right.

Vlad Faraon

So in a sense, I think that helps in terms of security, certainly.

JP

Okay. Yes. And it does. Right? Because you have people validating that at least up to and when you have a community that's built like you have that's focused on trust, that's focused on what are the fundamentals, what is the truth, that lies go by the facts, don't go by the hype. You know that you have a safer system around you. Yeah, fantastic.

Vlad Faraon

Exactly. And we know that we still consider we are still in an early stage. The ecosystem that we are planning on building is more than what you see when you go now on Coreto, which looks like another social platform. But there are going to be a marketplace based on the reputation of creators. Right. By marketplace, I'm not talking about NFTs, I'm talking about things that will help us in our investment game. Let's say courses, services, products of crypto products, and they will also be assessed by the people that actually used them. So it's also for projects. It's going to be a place where they will be able to grow their audience and attract new partnerships and find influencers. We were talking in the beginning, find those people that are worth being hired.

Vlad Faraon

Let's say, hey dude, this is my project, this is what I'm doing. Do your objective opinion. I am open also for a negative one or a positive one. I think that's what every project team must be aware, that no one is perfect. We all have flaws. And even with our projects, when we receive questions from the community that we don't have the answer to, we say, I don't have that answer. But together with my team, we will find answer. And the solution for the issue that you are showing us.

JP

Correct. Okay. And I think, yes, that really does put it in perspective. Vlad, thank you so much for being on the show. And to everybody that was inside the room, when you listen back to the space, please remember that there are people out there who are willing to help you to share even that 1% of knowledge that can help you change your life. So, ladies and gentlemen, thank you so much for being here on the show today. Tune in next week at the same time, same place as we bring you everything that's happening about in Web3. Once again, Vlad and the team at Coreto.io. Thank you so much for being here.

Vlad Faraon

Thank you for having us. It was amazing time.

JP

Awesome. All right, everyone, have a good day. Cheers.

Vlad Faraon

Have a good one. Bye bye.

‘

JP

Cheers.