Special — Solana - Acquired  ## Metadata - Author: **Acquired** - Full Title: Special — Solana - Category: #podcasts - URL: https://share.snipd.com/episode/ec3d1729-ff7a-4d86-b64c-bd94d3e6ecfb ## Highlights - The Nasdak Network: A New Way to Trade and Communicate Key takeaways: • Nasdak is a company that provides a censorshipresistant messaging network. • The idea of a censorshipresistant messaging network is based on the old Shannon Hartley theory of radio. • The main benefit of a censorshipresistant messaging network is that it allows for more efficient communication between people. Transcript: Speaker 1 And this is kind of our philosophys that like, break away from all of these, like, chains of proof of work, this idea that you need this like, full objective cation, and just canna go all In, make the fastest possible communications network. And then what we're thinking about isn't so much about like store value or global money. It's more do we have the most censorship pesistent messaging network, this way of passing information throughout the world that guarantees that any two parties connecting o this Network will always receive their messages tay can always synchronize, they can always have fair access, that nobody can get ahead of em. And that's more of a financial system. It's mover market place. It's literally what like nasdak provides to you when you like, jump through all the hoops and get your machine set up in the same room, suber room, as nasdak runs their markets. They'll literally give you a ethernut cable at's exactly the same length as everyone else's toyour information gets to the markets at the same speed as every one else. That censorship rersistenc so we kind o, like bought into this idea. And this is probably because qualcom is a communication company. I always kind of think of these like oldscom terms of radio, shannon hartley, theorium, like hate, like this is just information passing between people. ([Time 0:21:04](https://share.snipd.com/snip/57581577-7c7d-45fc-87b9-eb3e248166f5)) - Modern Treasury: A Startup That's Revolutionizing Money Management Key takeaways: • Modern Treasury is a software company that automates the full cycle of money movement, from payments to approvals to reports to reconciliations. • Modern Treasury is one of the hottest young fintex start ups on the market, and has raised 50 million dollars from tough farms like Betchmark. • If your company manages complex payment flows, Modern Treasury is a good option to consider. Transcript: Speaker 1 Oror andrew cortin a live show, the one right across the street from bench mark's san francisco office, who would then, of course, go on to lead there series. Eh, it was fate as all couse of the live show, dmitrius probably yelling at us right now. So, who is modern treasury? For customers like gusto pipe, class pass marquetta and others who manage complex payment flows, modern treasury automates the full cycle of money movement, from payments to approvals To reports to reconciliations. With modern treasury, you can manage all that viasofare and give your overworked finance teams a rest. Modern treasurie's robust a p is allow engineering to build payment flows right into the product, while finance can monitor and approve everything through a sleek and modern web dashboard. They're one of the hottest young fintex start ups on the market. To day, they've raised 50 million dollars from tough farms like betchmark, as we mentioned, and of course, altimeter capital. And why? Comminator, if your company manages complex payment flows, seriously, go check them out. Speaker 2 If they're fin te if the company might be like real state te at any time you have like money flowing from one place to another, and you need to account for that in multiple places. They're all on different schedules like t's actually kind of amazing that companies do this without modern treasury. The engineers building something customed to account for it, that doesn't talk to the thing that the the accounting and finance people have to actually recognize the revenue. And it's amazing that this happens at all without modern treasury to tie it altogether. Speaker 1 Totally so, because the only thing that the modern treasury team is even close to as nirty about as payment operations is acquired itself. ([Time 0:23:17](https://share.snipd.com/snip/57664399-03f9-48fa-8dfb-c91cf934c7f5)) - The Future of Settlement Key takeaways: (* Solona is a settlement company that helps to secure transactions by finalizing the trade between buyers and sellers., * This finalization process is slow and official, meaning that it is extremely secure.) Transcript: Speaker 2 Can i ask you, o, to define a couple of terms? I've heard these terms ement layer and execution layer. Can you go into that concept a little bed and explain where solona could fit in? Speaker 1 Yes, a settlement. I can't name you a single company in the world of the settlement. Theye were briefly inno spotlike, during thislike, game stock thing. Ah. But basically this is what, like, is the final state of the trade as when they look it, like the list of who owns what, and they change the values around. And this is what bid coin does, right? U bitcoin an hour later, everyone in the world considers that settled. Speaker 2 It's slow, it's official. It's like the very bottom war, exactly. Speaker 1 But it means to be extremely secure. And that security, in the traditional world has been commoditized to the level that the company that does it, there's only one of em, and they make some small percentage, like the things that they settle, but all the fund stuff, derivatives, option ands, spot markets, futures, perpetuals, whatever sophisticated financial thing that you can imagine that runs at an exchange, which does execution and clearing. Some of them do clearing, but just think of it as like one lair, not not to make it too complicated. ([Time 0:25:21](https://share.snipd.com/snip/263480f7-7888-48b1-9fef-2236c4790f27)) - The Importance of Independent Censors in a Byzantine Fall-Tolerant System Key takeaways: (* The growth of the Salona network is real, and it needs to be scaled up to take on a billion users., * There is no replacement for sovereign money, and Salona is not meant to replace digil gold or saor value.) Transcript: Speaker 1 I would say that it's twice as much. That's enough to do a ton of really cool stuff. That's enough for governments, for a bunch of communities to form. So, like the growth that you're seeing in a theorem is real. Al right? There's real people using the network just for what it was designed for. And that that's really cool. But it really needs is like change from either it onto a shartet system, or ethone to a bunch of roll ups, or lay er twos, or whoever you want to design that to really take on, like, a billion users. That that's just not going to happen there. And what we set out to build with salona was, i think we just never thought of salana as replacing digil gold, sovereign money, or anything like saor value necessary. It was how do we build a byzantine fall tolerant system that can synchronize information and globily as fast as it can? And this is really a kind of thinking of these systems in a very old school way, like like a morbid analogy. Is, you have a bunch of censers detecting a nuclear strike. How do you make sure that they act correctly? As you need a high degree of independent, verifiable censors that is necessary to corrupt the system, to go wrong. Abology described this as the nocomoto co efficientso it's the minimum set of independent participants that, if they all colluded, would break the network. So right, like i have my i have my censor ray to detect a nuclear strike, how do i know that it's working? I need to max ise that minimum set that would collute against me. And to do that, to really scale that to a very large number, ([Time 0:32:30](https://share.snipd.com/snip/504d6295-a721-4fad-bfbb-c283538afb24)) - Building a Community of Censorship Persistence Users Key takeaways: • Thevalidators were the first group of customers or users of nasdak. • They were very positive and wanted to play around with the idea of maximizing censorship persistence. • This led to a community of builders who were willing to do whatever was asked of them. • This process taught the team that it is not about reducing friction for users, but about giving them something that they don't have elsewhere. Transcript: Speaker 1 So, like, thevalidators were really like the first group of customers, or users. And they're like just superpositive people. They just want to play round with cool talk and this idea of maximizing censorship persistence. It's just cool. People like canna think it's cool. It's go try it, right? How cool it'd be if it works. Rit. So we kind of got like, a really good community of builders that were willing to do whatever we asked them to do, which is, like call up a data center, go and stall a machine there. Like this is not just like grinding systems at home. You actually need to understand what you're doing. And that process really taught us that it's not about like, reducing friction for users or doves. It's about giving them something that they don't have, like, anywhere else, like giving them like, something so interesting and so cool that they're willing to do the hard work to build And like, deploy an the use case that we thought would be really interesting was, what if we, like, ran nasdak on this thing, like the thing that serum runs, like price time cue, central Limit order book. And through the winter, a lot of people were telling us that dexes are dead, that we shouldn't go bother. ([Time 0:59:13](https://share.snipd.com/snip/c265c6a1-d46f-4fb3-be95-2f8314a6505f))