Lokesh Rao join us to discuss the enabling Metaverse lifestyles with Trace Network.
Lokesh Rao is Co-founder and CEO of Trace Network Labs, a decentralized protocol enabling lifestyle and luxury brands to enter the metaverse. Trace Network Labs’ vision is to build a technology platform that will enable lifestyle brands to launch multichain & multiverse products for the ‘digital twin’, a.k.a. Avatars, of the residents of a metaverse. Lokesh has been working for over 12 years in the enterprise technology space, helping Global Fashion companies acquire and implement technology. Lokesh has been actively building solutions for enterprises using DLT and Blockchain technology since 2017.
Lokesh’s Twitter: https://twitter.com/raolokesh_tn
The following transcript was created using artificial intelligence. There will be some grammatical errors below.
00:01:13:10 – 00:01:30:09
Richard Carthon: Welcome to another episode of Crypto Current your host here, Richard Carthon. And today I have an extremely special guest all the way out in India, working on a really cool project that is very timely, especially as relates to both the Metaverse and NFTs. We have Lokesh Rao with Trace Network. How are you doing today?
00:01:31:23 – 00:01:57:09
Lokesh Rao: Hi, Richard, and thanks for having me over here. I’m pretty much excited. So, yeah, everything is fine and we are going through a very exciting time and both comes off like the new products. But we are going to launch in based on time. And also the drizzle token is going to get listed on on one of the ETF on exchanges. So it’s pretty much exciting time as well. It’s a busy time too.
00:01:58:08 – 00:02:14:14
Richard Carthon: I. Absolutely like to go through the full product of building something and then getting to listing and then having a marketplace like it’s. There’s a whole lot of excitement around what you have going on. But before we dive into all of that, I first want to learn more about you and give us some background on yourself.
00:02:15:18 – 00:02:57:26
Lokesh Rao: So previous to treat network like that’s almost word like 12 years. I worked with these fashion brands, helping them in implementing supply chain solutions. And so in 2017, I got in a kind of hint about like, what is bitcoin? So it was a little late. But yes, that’s how it started. And that’s from there. I got introduced to blockchain as a technology, and then I drilled into it and realized that it’s, you know, it’s a kind of a blessing which which everyone, including the businesses, individuals, everyone needed this kind of tech.
00:02:57:28 – 00:03:58:02
Lokesh Rao: And that’s from there. I started reading piece of enterprise solutions on blockchain, and in 2020 I started working on conceptualizing three separate laws along with my partners. And then so Sunil also happens to be, you know, kind of we know he he has been in the fashion industry for almost twenty five years, and he is going to be very well connected with all these luxury fashion brands. And yeah, so so our journey started with Jason, who lives in 2020, and we kind of explore what the metaverse is and how big is going to be and then sort of like what are the real challenges? And in the space of metaverse and also like how we can capitalize and how we can help businesses to come and create their new market into this space.
00:03:58:19 – 00:04:01:13
Lokesh Rao: So, yeah, so that’s how we started.
00:04:02:10 – 00:04:33:15
Richard Carthon: And that’s really cool, like the fact that you again get to work with a lot of fashion industry supply chains and having that kind of industry knowledge and then discovering blockchain and then now seeing the opportunities that we’re in metaverse and of course, everything going on with NFT. It’s very timely with what you’re ultimately creating with with trace networks. So I think it’s only fitting to now kind of dive into what exactly is Trace Network and how is it? How are you differentiating yourself compared to some of these other NFT and metaverse plays?
00:04:35:06 – 00:05:03:13
Lokesh Rao: OK, so Trace Network Lab is basically enabling real looking metal twins, which is about us and lifestyle for them in the metaverse, followed by PhD’s and digitalization. So the trees network allows vision is to be a de-facto gateway for lifestyle brands to launch in a new set of limited edition lifestyle information products made for our real looking digital and us to move them across the chain and metaverse.
00:05:05:14 – 00:05:42:18
Richard Carthon: So basically, we traced it to a club that the unique thing what we are coming up with is in the current space of metaverse is most of the is like closed economy wherein, you know, if somebody want to go and explore the metaverse, the first time period avatars there and then they kind of go and experience that space. And also if they want to buy any, any asset or there, like if they want to buy any branded product, which they want to put on there before going and attending any concert or any professional meetup.
00:05:43:00 – 00:06:13:25
Richard Carthon: So they’re there as suits every and they’re outdoors. They only stay in that specific metaverse. They can’t get it into a different metaverse. So it’s right now, it’s like in a different cities which are not connected to carry your own digital identity, as well as your digital assets into different space. So that’s what Tetris Network Labs is actually trying to sell. So basically, our avatars will there’ll be more of which people can create, which will be realistic, first of all.
00:06:13:27 – 00:06:31:24
Richard Carthon: Right now, there is no such metaverse, which gives a real looking avatars, which actually can represent real you and these are you would be able to carry into any metaverse. So basically, once your digital identity is created so you, you can just use it to enter into any metaverse. And
00:06:33:15 – 00:06:55:16
Richard Carthon: so the identity layer of the avatar would let people to kind of enter into any metaverse without any sign ups and those kind of stuff like today, how you know your Gmail ID is being used to sign up into any new Web 2.0 application. Similarly, to become a new sign up identity for you to enter and exclude any any metaverse.
00:06:56:22 – 00:07:32:23
Richard Carthon: Well, so let me unbreak that real quick like that is really, really cool, so you’re making digital avatars that are more realistic, that are kind of representations of a digital identity. And I believe you call that the buddy. And so not only are you going to create this digital avatar that is a representation of you in the metaverse or whatever representation you’d like it to be. You then can take that buddy that that avatar from traced network and go across chain to any other metaverse because you’re basically interoperable between all of these different chains.
00:07:33:28 – 00:07:45:08
Richard Carthon: All right. Wow, that’s great. That’s cool, man. That’s a huge feat to be able to play nicely with all of these different cross chains. I know that’s a huge undertaking.
00:07:46:27 – 00:08:31:18
Richard Carthon: Yes, for sure, but again, as the technology, which which is right now we are using, it’s like only it’s something like it’s only about putting up the right time and the kind of solution we want to bring to the community, like if metaverse is there and people would be want to one more like billions of people into that space. So there has to be is in this in and kind of just going and exploring the space. And when you exclude the space, it’s all about like, what do you want to do over there? Do you want to just simply collaborate with other metaverse population? Or it’s just that you want to go and attend a concert or a game or you want to do a professional meetup? So it has to be a very easy experience for everyone.
00:08:31:29 – 00:09:03:16
Richard Carthon: So that’s that’s kind of what it was the genesis idea about like why and what what, what exactly we should be doing for simplifying this and this kind of experience to onboard next billion users into the metaverse. And since right now, we are living like majority of our time online. So this is a new kind of digital civilization being made. And so of the more remote population would go there, the more they would they would create. So, yeah.
00:09:03:24 – 00:09:36:22
Richard Carthon: And so besides this. So there is another thing like, OK, you have your digital identity being created. So if I want to let in in the same example, if I want to go and attend a concert, so I would want to also carry my style statement, according to the event and location. So Santa Claus is coming up with the second product, which is being NFT marketplace, where all these global fashion brands, they will be coming up with their limited edition variable NFT collection, which will be completely complying with all the Metaverse standards.
00:09:36:24 – 00:10:01:05
Richard Carthon: So basically, if you are buying these beautiful NFT, you can just simply put on your account and you can just go around, you know, depending on where you are going. And according accordingly, you can tell you this type of statement. So this is another part of your coming up when we are enabling these bands to kind of. So the the digital population on Metaverse.
00:10:02:27 – 00:10:13:13
Richard Carthon: OK, so the bling marketplace, so not only can you make your realistic avatar, but now you can give them access saris and those accessories can travel with you to these different metal versus.
00:10:14:13 – 00:10:53:23
Richard Carthon: Absolutely. And that’s that’s what is the purpose of this is basically like what we are able to do in the real world. We should be able to do the same in in the digital world as well, where it has to be more limitless. So the way how I am trying to carry my style statement in the physical world and depending on any event, I decide what I need to hear. So same way in many ways. Also, you would want your avatar to actually represent the real you. Right? So accordingly, you have to have your accesses and your digital wardrobe to to choose the right set of clothing and accordingly, you move forward.
00:10:54:17 – 00:10:55:27
Richard Carthon: You know, these kind of meetups.
00:10:57:05 – 00:11:35:19
Richard Carthon: Oh, definitely, man, and it’s just it’s just cool to see like this new phase, this new ability to create something like an avatar that is a representation of what you want it to be. So I guess my question for you is how are the avatars from your marketplace and what’s being created? How like, what is happening in the background for those avatars to look more realistic? Is it that they’re having like full bodies? Is it that you are trying to like like how is it like if I want to go in there and I want to make an avatar that looks specific to what I want it to look like? How is that creating them by creating it? Or are you and your team like, I send you a picture and you create it? Like, How does that work?
00:11:36:15 – 00:12:03:03
Richard Carthon: It’s going to be very simple. So first of all, it is going to be you who is just going to take your photo and generate the avatar. So it’s going to be beautiful. We have done very and you are going to define these attributes and pieces of your photo. It would generate the avatar. So eventually it’s going to be, you know, it’s a combination of your fees as well as various attributes about your body. So accordingly, the system is going to generate this disaster for you.
00:12:04:14 – 00:12:10:27
Richard Carthon: A cool so I seen a full body picture and then your algorithms able to create a representation of of that
00:12:11:21 – 00:12:23:02
Richard Carthon: into the piece and based on other attributes you are going to define about your body, like your height and measurements. So according to a system where gender disorder got it.
00:12:23:06 – 00:12:36:24
Richard Carthon: Now that’s really cool. That is very unique. So like as you look at the road map of where L are, I know that you also have again tokens coming out soon. You kind of tell me about like what is the token utility of of Trace Network.
00:12:37:21 – 00:13:12:12
Richard Carthon: So Family Tree is token that’s going to be used for governance. So basically, the token holders would be able to make various kind of decisions and they would be able to basically participate in this kind of decision making like ritual brainstorming board, which build kind of partnership to do. And so all these kind of activities besides this token is going to be used for community incentivization. So basically, it’s going to be a reward to the network participant who would be participating into this kind of campaigns and activities at time to time.
00:13:13:03 – 00:13:43:22
Richard Carthon: Apart from this tree’s token will be used. A major portion of this token is going to be used to distribute it amongst the network users. So, so basically, trees will be used for incentivizing staking on the network. And the main use of these token comes in is token will be used as a base token, fuel domain acquired and fees. And these fees are like, you’re thought.
00:13:43:24 – 00:14:17:17
Richard Carthon: And if these years millions of merchandise and fees will be minted using trees token. Apart from then the third product, which I have not spoken about, it’s made a box to box. It’s a virtual space which you can design for yourself then, and you can use it to collaborate with other metaverse residents. So the NFT for many of us will also be introducing Treece token. So these are some of the major utilities of Trees token, which we have part of coming down.
00:14:17:19 – 00:14:22:04
Richard Carthon: We are going to work on with some more interesting use cases of trees token.
00:14:23:01 – 00:14:41:22
Richard Carthon: Yeah, thanks. Thanks for bringing that that down. You brought up trace blocks. I want to spend some time there. So for a person who doesn’t necessarily has experience the metaverse, our virtual reality and all this works. How would someone potentially if they want it like they listen to this right now? They’re like, This sounds really, really cool. I want to be able to create like a cool
00:14:43:10 – 00:14:59:26
Richard Carthon: metaverse room that I can invite me and my friends to do x y z, or I want to put on a metaverse event. How would they be able to come on to trace network set that up? And one of those steps kind of look like, do they have to have a VR headset? Do they only use their computer? You can just walk us through what that looks like.
00:15:03:26 – 00:15:31:22
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00:15:35:25 – 00:16:14:03
Richard Carthon: So the first question will be very simplistic wherein you will get all the infrastructure to create your virtual virtual space. When you design up your space by yourself, you can exercise it by buying the Lysol products from blowing NFT marketplace, and then you can use the space for a regular meeting up with your friends, family, or you can use it for, know, doing these kind of interviews like what we are doing or otherwise you can rent it, you know, to other others, such as YouTube or whosoever needs a virtual space for collaborating with others, some medical assistance.
00:16:14:15 – 00:17:03:12
Richard Carthon: So, yeah, there are going to be a lot of utilities for this virtual space, even like brands they can, you know, create their virtual store wherein they can do a kind of experience to people like whatever products they offer. You can, you know, let people to come over there. Let’s just go with a simple example. Let’s say recently, H&M has opened a virtual store for people to come and experience their products on their thoughts, and then they make the decision. So similarly, almost every businesses would need this kind of setup where they can let the the population metaverse population to come and explore their products, experience state and then accordingly, you know, people, people can make the buying decision so this virtual space can be used for obvious of these purposes.
00:17:04:18 – 00:17:34:18
Richard Carthon: See that again, man, it’s a it’s a new and exciting world, and for a lot of people who can, like, conceptualize how they’ll be able to use it, I think the better I think the better will be for adoption. I’ve just seen like those steps that like, Oh, I can actually go and set this up and do this now. So on that subject, where are you and where is traced network on like the road map of people being able to come on, create their avatars, use the network, create the virtual rooms, can kind of walk me through like what that world map looks like.
00:17:35:24 – 00:18:18:24
Richard Carthon: So, yeah, and so we are ready with our first product, buddy to let people create the realistic. We are going to launch another week or days. Right now, we are busy with the listing stuff. So since Jason Fact is going to get listed on who will be prime on this coming in twenty eight. So right now we are going to be busy on that. So immediately after that, our plan is to launch this product and bring NFT marketplace. So we have already onboarded twenty seven local brands like Italian Brand Plus Berlin from France and like like these, there are 27 brands which we have already onboarded, who are right now preparing their Metaverse Eagle Collection for our show buddies.
00:18:19:05 – 00:18:41:07
Richard Carthon: So in the meantime, like we, we would have a good set of population, but buddy population and in the meantime, so basically will take a gamble, see around a month to launch, bring NFT marketplace and then start launching these burns collection over there. So bring some, some some of it is going to get launched by end of February. Early week of March.
00:18:42:15 – 00:19:15:06
Richard Carthon: A school. It sounds like a fun timeline. I know I’m eager to go check this out just. It’s a cool concept to be able to create my virtual avatar and be able to go to a bunch of different metaverse is to have these experiences and just get your first footing into this space, right? A lot of people aren’t necessarily. Into the metaverse just yet. And I mean, like physically using it. We’re still very early as it comes in that a lot of people are now aware that it exists, but not a lot of people are participating. And I think this allows a really, like you said, you’re trying to onboard the first billion people.
00:19:15:08 – 00:19:32:21
Richard Carthon: It sounds like a pretty user, easy way to onboard these users, which is again pretty, pretty remarkable. As you kind of take a step back, you look at the Metaverse and NFTs and where things are headed, like, where do you see market adoption as it relates to this space?
00:19:34:15 – 00:20:09:03
Richard Carthon: See a marketed option in something like we we know, you know, how the internet evolved over the time, so there is always initial there is there are like kind of mindset who are pretty much active, proactive to to come and explore it. And then there are few people who who never believe that it’s going to be a success in coming time. So, so like for even for this piece, also, it’s going to take some time, but like all the big tech companies they are working to to create the kind of experience for all these people who are spending so much of ours on online.
00:20:09:12 – 00:20:41:16
Richard Carthon: So in this case, it’s not going to be as easy as it’s not going to be as a big time to do you know when to onboard more and more people on this beast? It’s it’s more about like, you know, how quickly we can create open infrastructure for people, how how easy and quick it will be for people to come and and on board and start experiencing the metaverse. So right now, all these metaverse, which are now being created, they are like a closed economy.
00:20:41:25 – 00:21:21:03
Richard Carthon: So everyone has started realizing that that’s not how they can on board. So many people are worried they can do so much of stuff in the virtual space. So we have just started like scratching the surface of this whole space. And now now coming up with like 3.0, it’s like all the bars are going to be in the hands of people. So it’s going to be, I would say that, you know, we already have a huge population of crypto enthusiasts. And if the NFT enthusiast who understand this piece, apart from that, there are people who who are still reluctant to, you know, kind of give away their private information to access anything.
00:21:21:12 – 00:21:52:22
Richard Carthon: So once we have this infrastructure at least ready for people to, you know, kind of be we are giving them reasons to come, come on board and start exploring it. So it’s two two steps going in parallel. One is creating this infrastructure for people to kind of keep their privacy intact and also creating a base for them to easily hop from one metaverse to other metaverse and also along with, you know, keeping their assets with them apart from that.
00:21:53:21 – 00:22:28:03
Richard Carthon: And also, yeah, the most important thing is like the gaming population, they are the ones who who are the first one to experience the metaverse. So even the gaming metaverse are also a version of it. So they are the one who who are going to be, like, pretty much active in coming up in this space. And there is an at the site offered like on the technology side within the the universities, which are getting built up. So basically, it’s all about creating a standard like NFT has a standard basis on which it can be moved from one platform to other platforms.
00:22:28:05 – 00:22:59:07
Richard Carthon: So similarly, the Metaverse would also have to have a standardization for all these, you know, content files which are going to be maintained with the NFT. So once this standardization comes in place, it would be pretty much quick. I could see, like in another three or four years, we will be in a position where at least in a majority of the population who is right now, excluding Facebook, Twitter, they would come on this place and start exploiting it because it was going to be a new version of this social media.
00:23:00:22 – 00:23:35:02
Richard Carthon: It is one of three, and that’s why you’re seeing a lot of these larger companies start to get into this space because they don’t want to miss the boat and and just because these large companies who have a ton of money means they’ll come in and they’ll do it correctly or they’ll come in and be able to create what people are wanting to experience in this, and especially for their early adopters who are already here. And it sounds like already have a leg up on that. Sounds like you are already going after the right types of things. You have the long game in mind. So I definitely appreciate that sentiment and for expressing some of that feedback with us.
00:23:35:04 – 00:23:48:10
Richard Carthon: But man, you’ve given us a lot of information, a lot of great things to think about. Always like to wrap up with two fun questions, the first being with all the information you have right now, if you can impart one or two pieces of wisdom to yourself when you first got started in the space, what would you tell yourself?
00:23:52:11 – 00:23:55:25
Richard Carthon: OK. Please repeat your question again, because I missed the last part of it.
00:23:55:28 – 00:24:07:23
Richard Carthon: So you have a lot of knowledge and wisdom in what you’re building and creating right now. If you could go and impart that wisdom to yourself when you first started building this? What’s one or two pieces of advice you’d give yourself?
00:24:09:00 – 00:24:43:05
Richard Carthon: So the first piece of advice because this space is completely new. But I would say that this space has two important things. One is we are using all those technologies which have already matured to a level which which like, for example, each NFT is blockchain. So only there is a huge adoption in this piece already a lot of stuff being paid out. So it’s all about like connecting with it within the ecosystem to, you know, to kind of define the right solution for people.
00:24:43:07 – 00:25:17:09
Richard Carthon: So like initially, I started with something within and it was something only business oriented a solution. Now I’m coming into place within that community and the people are first and their experience is most important. So I think that that’s something I shouldn’t have like Atari in the first place itself. But yes, but soon we really we kind of understood this part. The committee’s first and one. So you start realizing that what community needs? So accordingly, if we build up something, it’s going to, it’s going to be adopted a lot more faster.
00:25:18:23 – 00:25:39:26
Richard Carthon: Sure. Definitely appreciate that sentiment and feedback. Community, community focused, community centered, and it really does help with creating something that your community wants to be engaging with, and that community will continue to expand as you keep building for them. So thank you for that. What is the final thought that you want to leave with all the listeners here today?
00:25:43:02 – 00:25:44:17
Richard Carthon: Your voice is breaking, Richard.
00:25:45:21 – 00:25:50:20
Richard Carthon: I apologize. I’ll saying, what is a final thought that you want to leave with all the listeners here today?
00:25:52:12 – 00:26:25:27
Richard Carthon: Oh yeah. So I would like to tell everyone that eventually we are going to enter into metaverse now or a bit later. It’s all about being openness in terms of like what exactly you want to do and experiencing metaverse. That’s more something you have and you should have in your head because metaverse is right now, it’s it’s just in a playground for you to to kind of experience it where it’s going to be more of a metaverse is going to be a niche for a specific purpose.
00:26:26:06 – 00:26:57:21
Richard Carthon: So some of us are going to be on leave for social collaboration. Some of us are going to be of it, maybe for education, maybe for tourism and that kind of stuff. So I think let yourself open in terms of exploring it. The next part is, you know, to what extent you can be part of that world, then that something will be decided in future once we know that how it’s going to shape up. But eventually it’s going to be one single universe of these small summit devices.
00:26:58:01 – 00:27:28:11
Richard Carthon: And I think it’s going to be a really exciting time when even Trace Network Labs is also going to play a very pivotal role in this and will let you enjoy this, this journey with us. And especially since since we have started with our first product, which will let you create the realistic outcomes, I think you should come on board. So by next week, we’ll be launching this product if you come and experience like what kind of photos you would get. And so the journey has just started.
00:27:30:06 – 00:27:37:18
Richard Carthon: Sure. And thank you for sharing that final thought. Look at what ways that people can connect with you and learn more about everything you have going on a trace network
00:27:38:11 – 00:27:59:09
Richard Carthon: so people can connect us to our website, restore network. From there, they can connect us on our Telegram group and lots of information are being shared. They can connect us on Twitter. They can connect with me personally if they want. Do you have any queries which they want to discuss or they have any any thoughts? But.
00:28:03:11 – 00:28:04:23
Richard Carthon: Like any.
00:28:08:09 – 00:28:26:13
Richard Carthon: Another reason like why they do, why they don’t want to explore this place, please be more intricate in understanding what all other things we are overlooking, which we should consider while bringing up this kind of important connectivity between the physical world and the church is good.
00:28:26:15 – 00:28:58:10
Richard Carthon: So make sure everyone go check them out on trace that network. Check out the socials. We will also be able to put all of that in the show notes, of course. Again, Locast, thank you for joining us. Dropping all the amazing knowledge and for everyone listening. Stay cryptocurrency, take cryptocurrency crew. We want to give a quick shout out to all of our faithful listeners out there. It’s been an amazing journey and we really appreciate your support throughout the years as we’ve been growing as a community. Each episode, we decided that we would start sharing some of the reviews that you were leaving for us for today. We would like to share this review. Today’s review comes from PJ Nic.
00:28:58:22 – 00:29:34:23
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00:29:34:29 – 00:30:06:12
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00:30:06:20 – 00:30:21:22
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00:30:27:15 – 00:30:28:09
Richard Carthon: Thanks for tuning
00:30:28:11 – 00:30:40:14
Richard Carthon: into another episode of cryptocurrency with Richard Kraken’s. We’ll be back with more exciting developments from the world of blockchain and cryptocurrency next week. But until then, stay cryptocurrency.
00:30:49:26 – 00:30:52:10
Richard Carthon: Three U.S. senators now.
00:30:57:01 – 00:31:31:21
Richard Carthon: Thank you for joining us for another episode of cryptocurrency. Just one quick reminder cryptocurrency is a cryptocurrency and blockchain education platform that’s bridging the gap between the curious newcomers who are just discovering the space and the thought leaders who are shaping its future. All opinions expressed by Richard Cawthorne, the cryptocurrency team, and their guests on this show are exclusively their own opinions. You should not treat any opinion expressed by Richard. The team and their guests as a specific inducement to make a particular investment or to follow his financial advice. This show and any other crypto current production is exclusively for informational purposes.
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