Ian Richard and David Olsson on LODE.one’s silver backed crypto

0:01I'm Ashen Addison from event chain for investment pitch media and fintech News Network and today on blockchain interviews we have Ian Richard the inventor and David Olsen the technical lead at load one thank you guys so much for being on the show it's a pleasure to have you today I'm looking forward to hearing a little bit about how you guys are revolutionizing the silver in the

0:21blockchain industry uh if you guys would please just uh start out a little bit maybe you Ian uh with you know what is the load one project and you know how spefic specifically are you guys making this revolution sure thanks Ashton for inviting us on the call today we appreciate it um the load project is a collectively organized um community of uh enthusiastic silver um stackers and

0:48uh silver enthusiasts um the project is established essentially uh on a two token system where each token having a unique relationship to the physical silver that's vaulted currently there's approximately 15.79% can uh load it into the system uh take a

1:35digital receipt in the form of a load token which tracks the Silver's life cycle on the internet uh on the blockchain to Infiniti and enables the creation of agx coins which is the silver secured uh money in the system um as the agx tokens work in the in the marketplace um the stack of silver in the vaults in increases and um it's not a magic trick

2:04it does that uh essentially transaction to transaction and as the monetary Mass grows in these vaults the um marginal extra silver uh is paid back or paid out to the load token holders so it's actually not a complicated system it's ambitious and can only be done because the blockchain uh has the capability of tracking assets uh to Infinity that's great thank you Ian so

2:34you know we've had a lot of people in cryptocurrency have been in Precious Metals for a long time um I know many people that are interested in you know the tokenization of these precious metals you know for those people in a nutshell you know what is the benefit besides just holding a silver bar in your hand to holding silver through load is it easier or you don't have to you

2:57know go to the store and get it you know what are the simple benefits of of using using the load system for silver well there's many and the systems it's intended that the system would solve certain inefficiencies that exist in the current silver Marketplace so that's really important to to to to key in on uh the inefficiencies that exist currently with silver is one it's very

3:19heavy uh two uh it can be challenging to store it can cause can can can pose security issues for for families to to hold um secondly it's really hard to spend um to buy a coffee with or to you know um do trade and commerce most people that own silver today they know how to use it um that might have more

3:47challenges teaching their children how to use silver money but essentially the system and and the community um on a whole uh are advocates for holding precious Metals so the system doesn't necessarily remove um the the uh or doesn't urge individuals to put all of their silver to work the system is constructed so that some of

4:14the silver that individuals are currently holding and it's been uh estimated that roughly 500 million ounces of silver currently are sitting in private hands worldwide and some of this silver could go to work on the internet on a system like this and uh be kept track of as it works so putting the silver to work is the intention of the system and solving some of these

4:39inefficiencies uh that currently exist with the silver uh industry uh solving them is is the intention that's great thank you so David you know you guys spoke at the beginning that this is a two token system now I've seen two token systems very briefly in cryptocurrency but I've never seen one that integrates precious metal uh you guys have the load token and you

5:02have the agx coin um can you speak a little bit about how these two coins interact within the system and where's the value in the silver you know being held specifically well the it is very unique system in that um one side of the coin as it were is the load token holders um who have actually created the monetary MK that enables the agx um coin users um

5:25so one group of people are advocates for the use of of uh silver and want to put it to work and get rewarded for building some 16 million grams right now in terms of the mass and the other um group that actually has a need for a stable coin and a stable currency can utilize that silver in a day-to-day fashion from Cars to um to coffees so um they both have

5:49different use cases but they both have a unique relationship to the silver that's great and I foresee stable coins as one of the you know top trends of 2019 so uh it sort of makes sense to have that stability especially uh with the volatility of cryptocurrencies compared to the current volatility of silver so I like where you guys are going with that

6:10now I looked into it a little further and I saw that you guys are minting these coins and running the ecosystem on the CIS coin blockchain now did you guys compare different blockchains and why did you guys end up going with CIS coin at the end of the day uh did we compare blockchain did we do did we blockchain we we spent a lot of time doing a lot of

6:33research talking to a lot of different people um spent a fair amount of time analyzing etherum and erc20 solutions um and then we we were introduced to CIS coin Jag and team and um and found that they had a solution for us that could actually be um used as money in real time and um not only did they have that they had a road map that actually mirrored some of the ambition that we

6:57have put in front of us so um we there providing what I would call a tier one and tier two solution for us to build um Community Solutions on top of so that we can actually service the Mandate for our community effectively well yeah and so we're we feel very confident and we've had a very tight relationship with them they've course corrected with us as we

7:16learn and as the uh as the you know Community evolves and the technology innovates and um in this space it's very important that you actually can have a tight partnership with companies um and organizations that recognize Innovation is is the champion and um we're very happy with where we're at um we're actually in The blockchain Foundry office right now awesome that's great

7:39and I'm glad you guys are happy uh and I know that uh the CIS coin blockchain has really good support so I think you guys are in good hands so uh let's go back to the tokens for a second can you guys talk about the load payout and the value that's derived from token holders as they are in the ecosystem yeah sure um we've been searching for a real world

8:06reference um in technology that could give uh our audience an easy uh way or easy illustration to work with as as far as how the system works um maybe Uber where you have a user and an owner you have an owner of a car that wants to put it to work and Uber system matches you with a a user and the ride happens Airbnb does something similar with real

8:36world assets and real estate takes your private home makes it available to an audience finds you a qualified user um makes sure that everybody gets paid and keeps track of uh essentially keeps track of your inventory and turns your property into a income stream um I suppose the other way to look look at it is um in law essentially you uh if you've ever used a valet

9:08service and you take your car to the to your favorite restaurant and you drop it off and hand the keys to the valet your expectation is that he's going to take care of your car that he's going to park it in a secure place and then you're going to get it back in the same condition or even better maybe they'll wash it and it comes back to you in better condition so we've been searching

9:30in for a way to illustrate what the system is those three examples would be sort of hybrids of what this is we're taking physical assets and putting them to work making sure that they're secured and vaulted and um insured and that the users respect the the use of these assets and are willing to use them in their daily life and return the rewards back or the payouts back to the owner of

9:57the silver that's why there's two tokens you've got an owner and you have a user and the two of them come together to create or construct a monetary system which restores silver uh to as money which has been a dream of this community for a very long long time H that's very interesting and I like the analogy to the valet um but you know what I'm curious about is you

10:22know as this is a blockchain project you know is this fully decentralized or how does the business Economics work of the holders and and uh the the token holders and like is it are you is the corporation you know you know using their authority to dish out or how does the decentralization work good question that's a good question we both looked at each other

10:48um you'll be the first to hear this we've been keeping um some of the legal framework very very quiet uh in the community essentially uh in law when you have an asset and you are willing to um allow another person to do uh to use your asset in law in common law that is called bailment uh like the valet you allow them to take your car and put it in the

11:16garage you also allow them to wash it sometimes mistakes happen and maybe you get a scratch on your car that you didn't expect but the expectation is that essentially your asset's going to come back to you not necessarily in the same form but it's coming back the system is constructed around a service providers Network because there doesn't really need to be in a

11:38corporation or a big corporate entity to to accomplish these things besides the community is is looking for an ecosystem and it's not really possible to supply all of the interests uh that the community might be seeking so um the U Back to the the owner of the silver that's in law called the bayor bailment is a is a foundational law that that that uh Leasing and

12:07renting uh contracts have been constructed on top of so it's over 200 years old so it's very old law you can as the bayor allow the baile which is the user or the agx coin um to have a service provider uh uh assisting you to accomplish the objectives for instance the valet doesn't own the Parkade necessarily where your car is

12:35going they made an arrangement with the parking owner parking lot owner they've also made an arrangement possibly with the person that washes your car while it's in the valet and they've made an arrangement with the insurance company which insures them for taking care of your car while it's in the parade so there's all sorts of levels of service that needs to um go along with providing

13:00this um all comprising service which completes the bailment arrangement um so again you're the first to hear this so I don't want to sort of uh make things too complicated but essentially um the owner of the silver is working with um the user of the silver and the service providers collectively in an alliance to

13:27accomplish uh the Fulfillment of the ARR Arrangement so there is no Corporation there are only service providers and right now there are 33 service providers in the in the first tier of the community and we expect that that will grow when uh say for instance uh exchanges get involved or uh ATM networks get involved or POS providers get involved or uh you know the the

13:55blockchain migrates uh with the help of the blockchain found guys and we bring in more service providers and we have payment gateways and things like that all plugging in it's much better to have a service providers Alliance than it is to have one individual Corporation You couldn't possibly accomplish all of this in an ecosystem with one court and it also

14:17curiously harmonizes with the blockchain itself and in the technology base of being decentralized and distrib it allows for certain people to move in and out of the ecosystem and meanwhile the the community can still function so it is very project in that regard and uh from a technologist point of view it's very interesting how it does harmonize with the tech that we chosen that's

14:39great well U I'm looking forward to reading a little bit more into that because it sounds like a very interesting layout that you guys have so I just have one last pressing question you know I'm curious about the silver itself I know you guys mentioned how much uh you guys had at the beginning but um you know is the amount of silver audited you know is there a picture of

14:59video of the silver and are you guys planning on getting more silver well there's actually going to be five audits uh in the series of audits that the first audit is when the silver is checked in to the system and it's get counted double signing approach double signing approach and then the um vaulting companies they they do their own internal audit uh every quarter and

15:28uh count the silver and then Bureau Veritas which is a world leading uh precious metals auditing company they're presently doing an audit of the seven vaults right now um they do an audit and then the expectation is is that uh the community would be invited uh from time to time to inspect um the vaults and send up the photographic evidence uh that the physical silver is actually

15:56there touch the silver touch the silver and you know they they will take a basically take a key that they earn through some sort of awarding system and they will go visit the Vault count it and load up the photos that's great well I'm looking forward to seeing those pictures and those audits as well so that's good to hear um so you know thank you so much we're pretty much out of

16:19time uh in David um David what's the best way to for other people to get involved into the load one project and learn more the best place to start is at load. one um we have an active telegram Community but you can find all the starting points to participating contributing to the project and uh I'm being an advocate for the project at load. one L1 awesome thank you guys uh I'm looking

16:44forward to following up and uh hearing more about you guys' decentralized processes and seeing the silver and all the best to you guys in 2019 and I'll talk to you guys next time thank you Ash thank you Ash Cheers Cheers