Internet of Digital Currencies : Identity-based MetaMUI blockchain — The ultimate solution for CBDCs

Hi everyone, I'm Giovanni. Welcome to another Cointelegraph AMA show. Today I have the pleasure to be joined by Fantom Seoku Yun, founder and CEO of Sovereign Wallet and Cesar Bashir Brahim, CSO of Sovereign Wallet. Today we're going to Talk about the MetaMUI identity based blockchain developed by Sovereign Wallet Network, SWN Global and the University of Southern California. How are you doing guys today?

Good. Thank you very much for hosting, Amy. It's wonderful to be here.

Thank you so much. Great to be here.

A pleasure. A pleasure. So before we start with the questions, I would like to address our audience. So this is an interactive show, guys, so don't hesitate to ask the questions come to your mind about this very interesting project. Write them down in the chat and I will ask them directly to our guests. And also, don't forget to like and subscribe the video. Okay, let's get started with your project, guys. So you claim to have redesigned blockchain technology, creating the first fourth generation blockchain. So what's so innovative about this metamui blockchain Phantom, you want to start?

Thank you. Metamui provide the answers to two dilemmas in the blockchain design and CBDC design. Blockchain design trilemma is popularized by the Vitaly Butarin of Ethereum foundation, saying that decentralization, scalability and security cannot be achieved at the same time. To solve this trilemma, we need to understand the very fundamental nature of the blockchain itself. Many believe that blockchain is decentralized, but actually it is not. Of course, everybody knows that blockchain is structurally decentralized, but if you look at the different angle, from an operational point of view, it is very centralized and serialized in the blockchain, every node is one single virtual node and it can only process the transaction one by one. This means if someone is buying a copy in one store, other people in another store have to wait for their transaction to be finished and then they can buy coffee in order. This is the fundamental design problem of blockchain. Metamui is the first blockchain to come up with an architecture that can process a transaction in parallel and independently. This means if we add more and more nodes to process the transaction, we can achieve almost unlimited scalability. Along this line of thinking, metamui achieved a true peer to peer data cache mechanism. Blockchain didn't eliminate the middleman, on the contrary, it introduced multiple middlemen and it requires the consensus to transfer the cash. By achieving direct peer to peer payment, without requiring the consensus or reference to the database in the central server, metamui can achieve the fastest transfer of fund on among all other payment solutions, achieving more than 1 million transactions per second. Metamui also solved a 3 lemma in the CBDC design saying that identity privacy and programmability cannot be achieved at the same time. Metamui is a self sovereign identity based meta blockchain. As you know, self sovereign identity is the identity mechanism that can achieve the highest degree of privacy protection. Therefore metamui achieved an identity based mechanism for legal compliance and while at the same time achieving a high degree of privacy protection. Unlike many other blockchains where transaction data is open to the public, metamui performs zero knowledge encryption of transaction data for financial privacy protection. With the help of decentralized operation of chain calls, we were able to implement a decentralized machine learning algorithm to learn about users data while not requiring all the financial big data to be gathered and stored in a single central location.

Okay, thanks Phantom. That was a great introduction to your project. It sounds very interesting to me to hear that you have singled out a solution for this blockchain trilemma and it's also very interesting for people to know that blockchain has still some rooms to improve as a technology. Also you mentioned the fact that you mentioned the very important problem of scalability which it seems that in your project was solved and you seem to provide any very interesting solution for that issue. I think we already have some questions from our audience here. It's Koa Dan who is asking what is the expected growth of metamui in the future. I guess this is a pretty broad question, but maybe Cesar wants to reply to that one.

You're mute.

So in fact it's broad really a question. But we can highlight that the company had a future plan and we can answer this question when we speak about the different partnership of the company and the future. Extensive. But for now what we can see that the technology is gaining more and more insight from different potential partners and from different institutions around the world. And we are hoping for bright future for the company.

For sure. And also we're going to talk about it a bit later. So future prospects, future developments. Stay tuned. Stay with us. And Cesar is going to tell us everything about how the project is going to evolve in the next months. Also I think we we can talk now about your team. Your team. Because every successful project has a very strong team behind that it can count on. So people are very interested in knowing who is behind a specific project in order to bet on its success. So could you introduce the core team members of metamui? They seem to be quite experienced people. So can you get us some examples of who is working on your project? Probably Cesar wants to reply to that one.

Okay, so the company has two founders. Fantom is here. Phantom is a graduate from the University of Southern California and he is one of the top security IT security experts in Korea. His products are now widely used with many global corporations as well as the governments around the world. So the running mate of Mr. Fantom is Dr. Francis Kim and she is also graduated from the University of Southern California and she also had a large experience on working with the big corporation in Korea and abroad. When it comes to myself, I'm an expert in innovation and also an ecosystem builder. So I also have broad experience from the Nordics, from Europe and in the Middle east also I had some experience. So when it comes to our team, we have today we can say that the company is present in almost six countries. The headquarters in Singapore, offices in Korea, Uzbekistan, Estonia, Sweden and a developer team of more than 20 engineer in blockchain are based in India. We are on the process of recruiting and acquiring more more talented. The team is growing too fast and and we are expecting to be reaching a wider development team. I would like also to mention that the results of of that MITAMUI is the results also of joining partnership in research with the University of Southern California Viterbuy School of Engineering and sovereign wallet company. So the research partnership started in 2018 but it back to almost 20 years because phantom is a graduate of the University of Southern California. His back then supervisor was one of the main the main pillars in the digital payments Professor Clifford Neumann. And this is what led to the redesign of Blockchain and the development of metamu.

Thank you Cesar. So yeah, if anyone has other questions regarding the component of the Sovereign Wallet team and the team working on the metamui blockchain, please write them in the chat and we're going to reply to them. Also, anyone who is interested in knowing more about this trilemma, the trilemma that blockchain suffers the blockchain dilemma, which is about identity, privacy and programmability. So these three components sometimes basically need to find a balance in order to make the blockchain effective.

So just to reassure the audience that I see that many are keen to read about the roadmap, be patient. We are going to reveal that shortly in the interview. So be patient.

Yeah, yeah, of course I was about to address that as well. So for Anyone interested in knowing what's going on in the future, please stick with us until the end of the MA and we're going to solve all those interesting questions that you have. So now we can move on with the following question. So one of the main use cases of the metamui network is the creation of central bank Digital Currencies or CBDCs. So there are a lot of other projects now in the world working on this technology. So I was wondering what advantage does your CBDC technology have which is a permission public metamui blockchain offer compared to other solutions? Probably Fantom wants to reply to that one.

Yeah, sure. So metamui Network is the permissioned public blockchain network this sovereign modeling network is building with central banks, commercial banks, Financial institute and other blockchain companies around the world. With metamui, each government does not need to build their own proprietary CBDC platform. They can just publish their sovereign digital currency on metamui publishing. The currency in the metamui does not require complex smart contract programming impact. In most cases, many small and micro nations, local governments and corporate entities would publish their digital currencies and tokens without any kind of customization. In this case, there is no programming involved. You can think of it as a cloud service platform for CBDC publication and asset tokenization.

Wow, that's pretty interesting. It's the first time that I hear about CBDC platform where multiple governments can decide to build their CBDC on. So that's a very interesting idea. Let's see if people here have some more questions. Please don't hesitate to write them in the chat. We are talking about CBDCs. So CBDCs are at the center of the attention of many governments right now. They want to create their own digital currency. We have China. We have seen the US also is working on the idea of creating a digital dollar. So who knows, maybe some of those CBDCs in the future will be built on the Metamui network. Let's keep a focus on that. So moving on regarding transaction speed, because I heard that your metamui network is very fast. So metamui can allegedly offer better performances than most centralized systems including credit cards and processing system. Credit card processing system. So how can you achieve such a high transaction speed with your technology? Phantom?

Sure, Giovanni. So Satoshi Nakamoto mentioned in his Bitcoin paper saying that he implemented peer to peer electronic cash. However, because of consensus protocol, blockchain payment requires many of the middlemen to mediate the payments. It requires lots of data sharing and Networking. In metamui, we have implemented the true peer to peer digital cash payment system. Since data itself has become the money and the valuable asset, it doesn't require consensus nor the reference to the database in the centralized system. Therefore, we can perform the payment in a peer to peer way. And since it's a direct transaction between two counterparties, it is the fastest transaction theoretically possible. In the ideal scenario, we can achieve more than 1 million transactions per second. Also, since it is a peer to peer independent transaction, we can achieve unlimited scalability by adding more nodes to process the transaction.

Awesome. That was very interesting. So if anyone in the chat has some technical curiosity about how this network can process so fast transactions, please don't hesitate to write them in the chat and the phantom here is going to reply to all of them. So we are dealing now with the technology that seems to promise very high transaction speeds. So if anyone is interested in CBDCs, please just don't hesitate. Write the question in the chat. We're going to answer and we're going to ask our experts and they will answer for us. So let's see if we have some questions in the chat. Not yet. So I guess we can move on with the following question. So now we have been going through some technical issues of metamui, but now our audience maybe is wondering what is the actual real problem that the MetaMUI blockchain is aiming to solve? So what are the main use cases of metamui besides the CBDC one that you just mentioned?

Okay, sure Giovanni. So cryptocurrencies and blockchains are originally designed by the cyberpunks and they choose the specific design choices to achieve a high degree of privacy. However, many of these design choices are directly against the regulatory framework of the conventional banking system. This hinders the wide adoption of blockchain to the financial system. By inventing identity based blockchain, we are bridging this gap between the blockchain world and the traditional financial system. Since metamui is an identity based system, we can build a truly compliant can build a fully compliant financial application. On top of it, we are targeting the state of the art cbdc, a central bank digital currency CBDC system that is blockchain based. One positive sided effect of having an identity based blockchain is that we can bind the ownership of the asset to the identity of the user instead of the private key that most of the blockchain uses in the financial system. We cannot let the user lose all his or her asset if they lost the private key or someone Steal the private key. Please think about the scenario when your parents have so many digital assets and passed away without telling you the private key information in the metamui you can inherit your parents digital assets after proper identity verification and court order.

Okay, that's quite curious system because everybody usually is concerned about the possibility of losing one's own private keys because that's, that's pretty much the trade off most of the time. It's the trade off of owning your own money, your own cryptocurrency. You need to be careful of your private keys unless you otherwise you're going to lose your bitcoin, your cryptocurrencies. But apparently metamui blockchain is offering a solution to that, which is great. Although it sounds that basically the metamui blockchain seems to be quite different from a traditional blockchain. So do you think that there should be another name? Like maybe it's not a blockchain anymore? Or this is my personal curiosity, can we call the metamui system still a blockchain even if it's so different from traditional blockchains?

So one of the terminology that we are using is a meta blockchain. So instead of just a blockchain, we say that this is a meta blockchain, that blockchain, they can generate another blockchain and then they can create virtual blockchain inside one blockchain. Another terminology that we are using is the first generation. So unlike first and second and third generation, we are thinking about the basic problems in the blockchain, like this ownership of the asset and then the structure and scalability. So in terms of the scalability, we are considering scalability in three different criteria. So data scalability and network scalability and computational scalability. So to achieve real scalability, we need to have the scalability in three different areas. For example, in the data scalability, as you know that in the blockchain you have to store the information forever and then ever growing amount of data and then so everybody can expect it on some day the data will be explorated, then we need to do something about it. So we have to manage the data like traditional banking system and also the network scalability. So if there's too many data and we need too much data to be shared, and if there is so many consensus and then complex system, we can now process the things independently. We have this network scalability problem. And but more important one is that computational scalability problem. I mean this is not really much seen because we didn't have a Fully we didn't fully implemented this programmable money feature of the blockchain yet. But in the future if you have IoT device, so we're going to have an enormous amount of small transactions and then many of the smart contract code and then chain code should be applied to many different data, individual personal data or very small data. Then we require enormous amount of computational power since the smart contract is run in the centralized virtual network. So you cannot process everything in parallel independently. So you have to have a supercomputing power to really implement this kind of programmable money future to personalize some taxation and all these kind of things requires enormous amount of power. So one of the way to solve this one is that really we truly decentralized operation or distribute the operation so that we can run the smart contract on the edge of the system. That means on users smartphone rather than on the network so that we can achieve truly highly scalability. So we don't have much name but on the community one of the supporters and then users, they call us the Ethereum in the cbdc. But we are starting with the CBDC platform. But we're going to extend our platform to not only just a CBDC and we have many stories to tell about NFT space and other tokenized assets. So we can tokenize a lot of assets and then we can build a digital stuff on top of it. So so we are building many capabilities and then I hope someday someone will name us what we are actually doing later on.

Awesome. That's fascinating. This concept of being the Ethereum of CBDCs. So an open platform where governments can build their own central bank digital currencies in the same way as many companies build their own projects on the Ethereum network. So that's quite fascinating and I like also this name, the meta blockchain. So guys, as we were explaining before, our guests are trying to solve some of the fundamentals problem affecting today's blockchain and they build the metamui blockchain, which is a meta blockchain. They have very interesting solutions. Please write down your questions and we're gonna ask them. I already see some coming up in the chat.

So.

Someone is asking about a wallet, so I guess that you. We're gonna talk about it later. But you also have a native token, right? So I guess that you also have a wallet where you can store it.

Yes, metamui is a blockchain and technology name and also the token and coin name. So we have a native token called metamui and then so metamui comes up with not only just metamui mainnet but also we provide metamui Wallet that people can use to store not only just Metamui but also many of the CBDCs that will be published on Metamui network will be stored on this wallet and then this will become ultimate ownership proof and then ownership store of many different assets. So not only just CBDCs and digital currencies and tokenized securities like digital stock and in the future maybe some of the value of NFTs. So this will be the one of the universal wallet that ownership is actually binding to the user. So that just like in the banking system, if you forget about your password or if you lost your device, then you can identify yourself and verify your identity and then we can reset and restore your valuable assets.

Awesome. I guess that you also replied to one other question that I see in the chat, which is about other types of coins that are going to be added to that wallet. So maybe you want to just clarify that small point just very quickly about other coins you mentioned stable coins will be added to the wallet too, right?

Yes. So one of our main target market is the hybrid cbdc. So stablecoin not published by the private entity. I mean we could add stable coin published by the private entity like USD Tether or USD coins. But our main target for Metamori Wallet is hybrid cbdc. That stable coin published by the traditional financial entity like a bank, so that it could be the collateral asset. Means hybrid CBDC is the CBDC stablecoin published by this commercial bank or even the central bank. Then what is different if it is stablecoin published by private sector is that this hybrid CBDC will be fully 100 collateralized, 100% backed by the real fiat currency like dollar or euro or other sovereign currencies. So this could be the one major difference. And then our specific target for Metamui wallet is for hybrid CBDC.

Awesome. That's very interesting. I think that CBDCs are for sure at the center of people's attention today. And not only people, but also governments around the world. But I would like our audience to understand that here we are not talking just about CBDCs. So now we're going to talk about also another important component of this technology which is NFTs. So you mentioned NFTs among the use cases of your MetaMUI platform. So why do you think we need to bind the NFT ownership of an asset to the identity of the person?

Sure. So NFT is the one and only the unreplaceable asset that you own. Please imagine that you lost your private key and you lost NFT that you bought at a very high prices. This is more miserable situation than losing your own money. In metamui, since we bind the ownership of the asset to the identity of the user, not to the private key, we can reset the private key and you can gain control of your valuable NFTs even if you lost your private key. In my opinion, this identity based ownership is a wonderful contribution to the blockchain and digital art space. Since metamui NFT platform is identity based, we can provide verifiable credentials of the original creator of the digital art. It prevents fraud seller cases. Please note that since the metamui identity mechanism is self sovereign identity, we don't review the user's identities. Each user is in control of their identity information and they can make a decision whether to present the private information or not. Metamui does not store any kind of user's information on blockchain either. So it is GDPR compliance system.

Thanks. I think that was very important point because a lot of our audience care very much about privacy. So it's important to know that on your system they will be given the possibility to keep their data private despite using the advantages of this identity based system for NFTs. So that's very interesting. We have another question here from Joshua H. He's asking, I heard that Riksbank from Sweden is doing Ikrona project. What is the technical approach difference between. How is the technical approach different between Rikesbank and your company? So Riksbank is the national bank of Sweden and this Ikrona project. Yeah, yeah. So Cesar, you wanna. You are based in Sweden, so I guess you are qualified.

Yeah. So Sweden was one of the leading countries when. When the CBDC debate started. So back to 2018. Nowadays Sweden is is mostly a cashless Society with almost 85% of financial transaction are done by mobile phone. And this is the plan for the Swedish government to drop the cash and only focus on digital. And that was the main motivation behind the Ekrona project. So the Swedish Central bank or Riksbank has published their reports for the first pilots on March this year. And then there is some issues that seem unsolved. Those issues among them there was offline payments, there was most of the safety and the security of the data of the users and also on the keep the centralization of the printing money or publishing money. So one of the many features of Metamui blockchain are solving in fact those issues that the Riksbank reports mentioned. Also other countries are following the same thing for Sweden because it is a one oriented approach and in midam we are not imposing people to use the technology, but we are calling for debates to find alternatives and increase awareness for policymakers to find alternatives for technology. So mainly for the Swedish E Krona project, it was a technical issue that couldn't solve many of the CBDC's issues. And here Metamui tries to position itself as a saver and solve those issues. And to prevent following the same path that Swedish EKRONA is doing, we try to approach other governments and try to educate them of the possibility of mitamwe as an alternative to solve the CBDC issues.

Yeah, awesome. Thanks Cesar. So yeah, I'm very curious to hear in a little bit what other partnership you have secured if you have some projects going on with some governments about issuing CBCs on the Metamui blockchain. So stay tuned for that. We're going to get there soon. So first I would like to ask you another question. Now it's about the consensus protocol that is established on the metamui blockchain. So how does that consensus protocol work and how is Metamui's meta coin differ from the Ethereum ERC20 token?

Sure. First of all, Metamui does not require complex smart contract programming to publish the digital tokens. You can use pre built chaincode libraries to publish the digital tokens instantly. Instantly. This will reduce the cost and error in publishing the token. One of the major problems in quorum blockchain is that very valuable token data and test token data are stored in a single monorithmic blockchain. This kind of garbage data creates lots of problems in other blockchain networks. In metamui the publisher have to pay the metamui network to publish the token. However, since it is a paid premium service, published token can have their own ledger. Since each token have its own ledger and genesis block, we can selectively delete the ledger if we no longer need the token or the publisher didn't pay the usage fees. In my opinion, having a blockchain system that has to store the information forever with a tiny publication fee is not a good economic model. Metamui has redesigned the token economic model so that blockchain network is more sustainable for the future, especially if you consider the blockchain system that requires an enormous amount of data storage. In the case of NFTs, etc. We need a blockchain system that has a good token economic model that you can trust its existence in the future.

Okay, cool. That was a very interesting explanation. Actually, it's very interesting for me this concept of being able to delete selectively some of the ledgers that you have registered on this system. And I was just wondering, how does the decisional process would work in that case? Like how would a government, how could you reassure a government that suddenly their own ledger is not available anymore on your blockchain? How would that work in terms of decision making in that case?

So metamoi network itself is a collectively service provider to this government to publish the cbdc. And then once they publish the government publish their cbdc, they are in full control, but also having a full control. Meaning they have to be responsible for providing paying to the service fee to the network operator of this metamui network. And then if they guarantee this kind of service fees being paid, then the metamui network operators, they provide a guarantee of the existence of this blockchain ledger and the system. So this is a better token economic model. So if you think about other public system that one day they have an enormous amount of data and then no one can handle this data and then just suddenly blow up. So instead of having not so. Right, that's a correct economic model, we are specifically designed economic model that guarantee the survivability of these valuable data. So not only just CBDC data, but if you think about the NFT data and NFT data, not only the token is important, but actually the art data itself, the existence of ART data itself is also very important. But if someone is receiving very tiny amount of money and then maintain this huge amount of data forever, then this does not make sense. I mean, this person may not be responsible for maintaining this data because they cannot have money for maintaining this data forever. I redesigned the token economy model so that the blockchain network and then the users of this network all be beneficial and then it'll be much more fair economic model for everybody involved in. So in metamuin network we have specifically worked on designing the mobile nodes. So not only the big network operator is involved in running this network, but some of the every user with a very limited resources they can participate in running the network and then they can benefit, get a proper share of this profit and then business that we are learning together. So this is a more decentralized economic model that I'm thinking of and then designing.

Awesome. So I hope now it's more clear for the audience how this system would work. But in case you still have some doubts about how the Metamori blockchain aims to revolutionize the world of CBDCs and NFTs and blockchain in general. Just write down your question in the chat. I'm going to ask immediately our guests about it. So guys, I'm very excited now to get to the actual point where we talk about your next moves and the partnerships that you have been securing so far. So I'm very curious, what are the partnerships that have you secured so far? Probably, yeah Cesar, you want to reply?

Thank you so much Giovanni. So always when it is about new technology, it's about educating people. It's about explaining your point of view in solving actual problems. So this is the main concept for Sovereign Wireless metamwe. We are trying to build an ecosystem around the technology in order to educate people, show them the feasibility and of the features of the technology and its capability of solving CBDC problem and building this ecosystem is at the heart of the philosophy of the company today. We can proudly say that we concluded so far very very interesting partnership. I named a few of them. We are an official partner and member at the onfif, the official Monetary and Financial Institution Forum through their Digital Monetary Institute and for people from policymaking and from the financial sector. OMFIF is one of the leading points of contact that gather central banks around the world and more than 2,000 financial institutions around the world. So in being member we had partnered with onfif with allow us at Sovereign Wallet to promote and empower metamui technology and reach wider public. Another strategic partnership that Sovereign Wallet has concluded is with the Nordic Blockchain Blockchain association, one of the most vibrant blockchain network in Europe with more than 3,000 experts in the blockchain technology. And once again those people are leveraged for the company and they are the ones who can vehicle the message to policymakers and to bankers and to central banks around the world. Another strategic also partnership and membership is with the Digital Euro Association. It is one of the leading association now that's working on the Digital Euro initiative. This means that all the EU or the Eurozone country members are working now on a Digital Euro initiative and the efforts led by the Euro Digital association would help in clarifying the thoughts and the research toward this purpose. Other partnership are to be announced soon and we are working in every country we are trying to target to support local people and experts in the field, to be our partners and to drive pilots projects locally alongside with us. We can say that through the past four to six months we had increasingly reached several countries in order to start pilot projects. I named just Regions for example, we have very advanced talk with countries from Northern Europe, from the Middle east, from Central Asia, from Africa. And CBDC pilots project should be announced after summer at maximum. So this is the way that we see that growing the awareness within the community and within policymakers regarding solving the issues of CBDCs. It is the main focus for sovereign wallets to educate and to show our technology as an alternative that could solve different CBDC issues. And essentially the CBDC design trilemma that phantom was talking earlier about it. So we are excited about where we are now and what we are trying to reach. So our main philosophy is we are trying to build the Internet of sovereign digital currencies. And this is one of the subjects of today is to try to enable countries through the meetup with technology to issue their CBDCs with the most advanced safety and security when it comes to issuing digital currencies for every country.

Thanks Cesar. So that was a lot. There is a lot of meat here. So we have a lot of partnerships going on and also yeah, a lot of countries around the world very very much interested in the CBDC technology. Personally I heard about projects going on in Singapore, we got projects going on in China, US and many more countries. I guess metamui is doing projects also around the world on this technology. So just to clarify a little bit, where do you stand in terms of roadmap and what do you hope to achieve in the upcoming months? If you can shortly summarize, where are you in terms of like developing your technology, is the technologies already available and in terms of technological advancement, where do you hope to see this technology in a few months from now? I don't know, maybe you see the one too.

Okay, thank you. Thank you Giovanni once again. So we are ready to deploy our technology and we are aiming that at the end of this year that the full features of metamui technology will be ready through the CBDC platform that we are building now. And every country that's willing to issue CBDC will just connect to the platform and engage all the process, test the technology, test the features and run pilot projects. So for this year we have three major target objectives regarding CBDCs. The first one is to build the CBDC platform that will include three main CBDC pillars. The first one is the cross border CBDC that will enable cross country's financial transfer and inside countries financial transfer. The second thing objective is the whole state CBDC and it will be launched at the second half of this year. And so who say CBDC is the CBDC related to central banks. And in the fourth quarter of this year we are aiming to launch the retail cbdc. And this is the way how commercial banks are interacting together when it comes to issuing central bank digital currencies. So in the final round we see that our CBDC platform at the end of the year will be ready and we will celebrate on January 3, exactly one year after the launch of the Mainnet. The meetup with Mainnet. It is January 3 and this date is reflecting something on the blockchain sphere. It is the same day that Bitcoin launched in 2009 and then in 2020 first through MeetAM we redesigned the blockchain and we are proclaiming ourselves the fourth generation blockchain. So after one year anniversary we will see that our CBDC platform is up and running and many pilot projects across many countries are also ready to deploy and operational. And in the other side, as Phantom mentioned that Mitamui technology is not only CBDC or fintech oriented platform, it is also an innovation platform. And for next year we are planning to do more innovative and disruptive inputs into the crypto space. We are willing to host the immigration of many of the crypto tokens including stablecoins to the MetaMUI platform. So the users will enjoy a zero transaction fees feature on our MetaMUI while also our project team will enjoy the easy way to secure and protect the publication of crypto tokens on the blockchain and the crypto arena. We are getting more and more attention and cointelegraph is one of the leading crypto and coin media. They are now recognizing our high tech technology and the products and they are together with them we are driving important marketing campaign to promote our metamui technology.

Thank you Cesar. So I see that we have an answer. We have a question from the audience. So how do you compare to Ripple xrp? I'm not sure you can actually draw a comparison between your two technologies but maybe you can. Phantom, do you want to reply?

One of the. I mean LIPPU is targeting for cross border cbdc. So one of the typical use case for Ripple is that they typical design is that they using the settlement coin. In this case Ripple has become a settlement coin. So if you have two countries sending the money to each other then one country's national currency have to convert to the Ripple XRP and then the receiving in the receiving country they have to convert back to the their own national currency. So in this typical scenario we need two money trans. I mean two money exchange is required. But in metamui cbdc we are innovating in this crossword CBDC domain and then we are experimenting. We have developed one of the first atomic swap between two different blockchains. So we've been tested in the last year about convergence direct exchange between Bitcoin and Ethereum last year and then we implemented this system last year temporarily shortly. But what we are really going to do is that direct sovereign currency to sovereign currency transfer so that in the future without going through this settlement coin or the intermediate media tree coins, the people in two different countries can directly send and receive and exchange money each other. So we can enable the direct sovereign currency to sovereign currency transfer. So this is our one of the our main differences.

Awesome. I think this concept of interoperability between different CBDCs is something fascinating and something that probably will be central in how this technology will develop in the future. Before we wrap things up, I would like to ask you Phantom, if you have anything to add regarding the future milestones. Do you have any additional information you would like our audience to know about what the future milestones of your project will be?

Yes. So we launched the Metamui mainnet on January 3 this year and we successfully upgrade the mainnet version 2 last month. So Metamui is one of first upgradable blockchain both in the blockchain mainnet point of view and also the chain code. Blockchain application programming code also can be upgraded. So metamui will continuously upgrade its capability with its upgradability in both blockchain mainnet and various chain codes on Metamui. We plan to make Metamui the best platform to publish CBDCs, tokenized securities and NFTs. Lastly, I'd like to thank every sovereign owner of Metamui for their continuous support and our partners worldwide for their partnership in this journey together. Thank you very much for watching this metamui Ama.

Awesome. Thank you Phantom. So I think that by now our audience have a pretty good understanding of what metamui is trying to achieve. So we're talking about Meta blockchain that is aiming at solving some of the fundamental problems of the blockchain technology. And this technology is a Metamui technology is appliable to NFTs, CBDCs and also other aspects of blockchain. But if you want to know more information about this project, don't hesitate to check the website which is sovereignwallet.network. the link is in the description below. So thank you Phantom and Sisa to join the conversation today. It was awesome to talk to you.

Thank you so much. It's. It's a pleasure to join you. Thank you, Giovanni, for animating this ama. And thank you also co for this support through promoting us.

Thank you for sure and thank you. Thank you very much, audience for following us. I'm Giovanni.