Episode Transcript
Buy a piece of an island as an NFT. Interview w/ Denys Troyak from Satoshi Island
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[00:00:00] Denys Troyak (Satoshi Island): We acquired a private island in Vanuatu with about 800 acres, and subdivided that island into 2100 blocks of land. And each land is represented by an NFT with certain traits that represents exactly the block of land in that exact position.
now buying a block of land and a house, is as simple as going on a marketplace and purchasing an NFT. You've got your money instantly and the other person has your house instantly. And that's what we are trying to shake up the industry.
[00:00:31] Mizter Rad: Today I'm very excited to have, Dennys who's an entrepreneur, project manager, and also, I believe a very creative person. I got to know about Satoshi Island and Denys about a year ago. And I remember telling my father back then, about it and trying to explain him that a bunch of investors and entrepreneurs bought an island close to Australia. In a territory called Vanuatu, and now they're selling pieces of the island as NFTs, and of course back then, my father was super confused. I tried to explain him in different ways, but, it, it was a big challenge. With that being said, Dennys, how are you doing?
[00:01:31] Denys Troyak (Satoshi Island): Yeah, good. I think, a lot of us, including myself, and I'm sure a lot of the listeners can relate to, to that, trying to explain our industry to our friends and family and those who are not part it.
But it's definitely getting better and everyone's definitely more keen to listen and understand it a lot more than just, than just, having millionaires become from this industry overnight, more to a serious side of how technology can solve every day world problems that you know, and systems that we have.
[00:02:04] Mizter Rad: Dennys, why don't you start by telling us who you are, and how you started? Why did you end up involved with the team at Satoshi? And what were you doing before that?
[00:02:15] Denys Troyak (Satoshi Island): So I was always in, in sort of operations, project management, gigs. Both mainstream tech software and some crypto as well.
And the way I got to be part of the team is, in essence it's definitely right place, right time. At the time where I was, learning to trade, learning cryptocurrency, learning blockchain technology. I was extremely curious and for myself being always, being somewhat of an entrepreneur and a businessman, it was important to surround myself with people who have done it. With people who believe in it. And people that can teach me.
Cuz I, I was like a sponge. I was ready to absorb all the information and really listen to what this, industry is all about. So I just, luckily enough happened to be around, some of the OGs of the industry. Some individuals who have believed in this technology and this industry from very beginning. And it is often that, in that group of people, in that network of connections we discussed about, exactly actually what you just mentioned regarding trying to explain, to somebody else, to an outsider, what is this all about?
So we often discuss, wouldn't it be nice to have a space of our own. A place of our own. Where you can enjoy that atmosphere where everybody's a hundred percent, enthusiast or, or a professional within the industry, and, and of course, if it's gonna be the case, then of course we're gonna make sure that, the entire economy is driven by, digital currency. All the physical assets are represented by NFTs.
This was actually well before the NFT craze itself, with the memberships and art form of NFTs that came out a little bit later. So we were actually, very aware of how this NFT technology can disrupt the regular market. And for us, real estate, was the focus.
[00:04:06] Mizter Rad: I think the majority of us, and I include myself maybe some months ago, thought NFTs were only, or I may say, mainly, not only, but mainly, JPEGs, photos on the internet, or videos on the internet that were being, maybe monetized the different way and now people can buy them and pay ridiculous amounts of money, sometimes, for owning that piece of photo or digital art.
And so that's what people, think immediately when they hear the word NFT. But now Satoshi Island comes, and I'm not saying you guys are the only ones doing this, but definitely one of the leaders, comes and says, you can buy a piece of land in a real physical space. In an island. And, that is gonna be, bought as an NFT.
I guess the question is, or maybe before asking you the question, explain to us how does that work? how does exactly one become a owner of a piece of the island in Vanuatu? And, why as an NFT?
[00:05:14] Denys Troyak (Satoshi Island): So I think by now, everyone is aware that NFT is an exclusive form of digital ownership. That can be easily proven, on a blockchain that it belongs to you if it is in your wallet.
And like you said before, of course the craze was all about art and, and memberships and videos and music, et cetera, and obviously, slowly expanding into physical assets. And I think a lot of the, business people and entrepreneurs could see that, the benefits that NFTs have as far as representing a physical asset. And I think real estate is definitely one of the easiest forms to bring from the traditional world and stick it into our digital world. Because at the end of the day, all the bureaucracy and middle parties that are involved when it comes to trading, not trading, but when it comes to, assigning a piece of real estate or purchasing a piece of, real estate, is predominantly unnecessary.
So what we did, we thought, why not create, the bigger, to be honest, the bigger vision, the bigger picture was always about creating, an environment for our industry where everyone can come and really not be ridiculed, by the mainstream and really be surrounded by like-minded individuals, and perhaps the, the sub-product of that is gonna be great innovation and great projects that are gonna be born out of that. Because of that relaxed environment and that, same mind frame culture.
And that's, since we're doing that, then, most definitely everything has to be digital. Most definitely Satoshi Island's gonna have their own currency, that it's, that the economy's gonna be run on. And All physical assets for that matter, are gonna be represented by an NFT.
How does it work? It's pretty straightforward. It's just a regular, just another, sorry, not regular, but another form of ownership. We all know that NFT, once it's, it is in your wallet, and you can obviously prove it in a blockchain. It's yours. Gives you the ownership and the rights of that particular product. Whether it be a JPEG or anything else.
In this instance, we acquired a private island in Vanuatu with about 800 acres, and we subdivided that island into 2100 blocks of land. And each land is represented by an NFT with certain traits that represents exactly the block of land in that exact position. And the way you prove that it's yours is of course through all the licensing agreements and all the legal documentations that is attached to it.
So in actual fact, all it becomes is just another form of ownership, and just to use as an example, if the company, doesn't, allow what that exclusivity says, it'll be very easy for the owner of that NFT to sue the company and, legally obtain those rights. Where it becomes very easy is when you start looking at real estate in a form of buying and selling.
Because, now buying a block of land and a house, is as simple as going on a marketplace and purchasing an NFT and the transaction is instant, and you've got your money instantly and the other person has your house instantly. And that's what we are trying to shake up the industry.
[00:08:22] Mizter Rad: Okay. I get it.
Let me see if I can break down this in simple words, or try to repeat what you said. Maybe for those that, are new in the space and trying to understand, wrap their heads around what an NFT is and, what we are talking about here, this is what happens: You guys came together, a group of like-minded individuals that like the crypto space, that, that are interested in digital creation and entrepreneurship and said: Why don't we create an environment for like-minded people like us. Where maybe the media or other people, outside industry don't ridicule us and, try to create a community, where entrepreneurship flourishes.
And so, you came up with the idea of, maybe setting up, actual physical space, in this case in Vanuatu, close to Fiji, close to Australia, and, give and take, what happened is that you, realized if we are gonna do this digital environment or crypto environment, we have to, also offer the pieces of land that we wanna sell as NFTs just because it makes sense to have it all digital.
And what happens is, compared to the real world, when you try to buy a piece of land or a property, nowadays, you have to go through a lot of bureaucracy and maybe go to the notary or to the registry office, sign a lot of papers and, maybe talk to a lot of people, lawyers, et cetera, and it's a troublesome, situation or process. And what you guys are trying or, experimenting with, is simplifying that process by simply: click- and- buy kind of situation. Where you go into, let's say a website and with a couple of clicks, buy a piece of land that, in this case is represented by an NFT, which is simply, in this case, a digital contract on the blockchain.
We don't wanna go that rabbit hole cuz I think that's another, story for a different conversation but, basically you buy an NFT, which is a digital contract that tells the world that this piece of land is yours. Is that correct?
[00:10:30] Denys Troyak (Satoshi Island): Spot on. Spot on. I think, that's the best way of putting it. In the simpler terms, the only thing that I would add is, a sub product to that is, is the community that is going to thrive and grow behind it.
[00:10:44] Mizter Rad: Okay, so with that, you mean, people that are, somehow owning a piece of...
[00:10:50] Denys Troyak (Satoshi Island): Everyone who understands our industry, but also everyone who is curious about our in industry. We are hoping to be, a global name, big enough to attract, curious minds, and then we can, in turn educate and, and showcase our blockchain technology and our industry's powers when it comes to ownership of physical assets or ownership of art, membership, anything of that nature. But, yeah, what you just described is spot on in its simplicity is, you are buying real estate, and then if you want to sell this real estate, it's a, it's the most simplest form of markets that you can, possibly come up with, when something is represented by NFT. And of course, we all know very well that it's immutable and it's transparent, which means that the company can't do anything to hurt you. Financially everything is right there on the blockchain in the smart contract, like you mentioned before.
And, in, in a way this gives consumers confidence because I think in a lot of companies, a lot of businesses, an important thing that, that allows them to grow and and expand is, consumer confidence. And we feel that blockchain technology is exactly what they need. And real estate is a big part of that as well.
[00:12:05] Mizter Rad: Okay, I see what you mean. I think you touch, an important, topic, here that is, is related maybe to governance, when you talk about that the individual has, full power and control of their property in this case by owning an NFT. And the company, has no power or so to remove that NFT from your property, let's say.
But, when it comes to governance in this specific project of Satoshi Island, what are you guys, doing around it? How does the governance look like, in the island at the moment or in the future? What's your vision for that?
[00:12:41] Denys Troyak (Satoshi Island): So another thing we released was, this thing called citizenship NFT. And although it doesn't really give you any citizenship right, of Vanuatu, the namesake for it was perfect because it came with, the same sort of rights as a citizenship would.
And this means that, you have all the voting rights as far as legislations that are an infrastructure that are gonna be designed in the future in the island are concerned, of course, the rights to build, and the rights to access the island as well. So we really used this, this NFT and this space as wide as possible, so we, in actual fact you can even call it a membership NFT, for example, and we touched on those as well. Those are a big deal where, you know, if you buy an NFT and an act as a membership and you get access to a certain content, this is a perfect example of that.
But what we are doing is, this is a true, community project because once we finish, finalize, the foundation fundamentals of the development, we are gonna hand this island over to the DAO of citizenship NFT holders, which means that in a true blockchain democracy, the community are gonna be the owners of this project and decide how the future of this project.
[00:13:59] Mizter Rad: That sounds super exciting. Just for people also that don't know the term DAO is a decentralized, autonomous organization, and is basically, say like a community, a group of people that come together and, decide on different ways. Maybe a group, a company, or a nation...
[00:14:16] Denys Troyak (Satoshi Island): Like a decentralized company without a, without hierarchy or control.
[00:14:21] Mizter Rad: Exactly.
[00:14:21] Denys Troyak (Satoshi Island): Of 1 individual person.
[00:14:23] Mizter Rad: Exactly. And it is very, it's a term very used in the scene in the blockchain, web 3 scene because, people can essentially vote for, reforms or things that the company, is doing, and, it's a way of democratizing, decision making.
So in this case, you guys wanna create a DAO for, for the island.
[00:14:43] Denys Troyak (Satoshi Island): Exactly for the entire project. In the beginning, obviously it's important for us to, tick all the boxes. To have a good relationship with Vanuatu government. To make sure that, they're aware of what's going on and happy with, the way things are occurring.
And of course, form some sort of development, some sort of, almost get the ball rolling. And once the ball is rolling, then the DAO or the people themselves can take over and govern themselves. This is definitely the best form of governance. It's, it's definitely the most clear one.
We all know that, blockchain is immutable and transparent. And you cannot cheat. You cannot make a promise and not commit to that promise. Code is law, and this is what we like about our industry. It's definitely not how, the government operates right now and to use, the country where I live at, for example, Australia, when we had COVID and all the, nobody asked the people, what do you guys think we should do? How do you think we should deal with this situation?
We all understood it was a serious situation, but nobody asked us. And this is what we're trying to avoid. And not necessarily avoid, but to show that there is another way to include the people when it comes to deciding, about our own lives.
Making decisions about things, about our own lives, and that includes mandatory things. That includes, how the currency is used and things of that nature. And I think like you, you touched upon before, it's a true democracy, isn't it? It really is a true democracy cuz it's sometimes it's difficult to agree that we live in a democratic society when, when some of the decisions are taken away from us.
[00:16:14] Mizter Rad: Especially nowadays, it's very questionable. If we actually live in a democratic...
[00:16:19] Denys Troyak (Satoshi Island): exactly. this was as clear as daylight that, that if we thought we live in a democratic world, we are somewhat wrong. And don't forget, another reason, and I'm sure your audience, you've, educated your audience on that as well.
The beauty of Bitcoin is that not a single entity in the world can take it away from you. And it's accessible by everybody in the world. And this is the same, would be for this particular real estate NFTs, for example, on any other NFTs. This NFT will be accessible to anybody in the world with an internet connection. And nobody will be able to, confiscate this NFT from you. It belongs to you forever .
[00:16:55] Mizter Rad: No, absolutely. I agree, and I think it's beautiful how you put it. I think nowadays more than ever, we need to experiment at least to start trying out, different ways of governing. Maybe trying to remove that monopoly in a way... this is my personal opinion, that monopoly that governments have on money.
And I think this is, more obvious than ever, nowadays. And that's why my next question is related to maybe a bit more... I would like to understand more maybe your philosophical or your, your deeper thought behind the whole concept of, of decentralized government and so on.
So how important is it for you, let's say or Satoshi Island to try out new forms of government, or in this case, economies outside the fiat system, the fiat world. And when I say fiat, for those that, maybe don't know what fiat is basically currency that is controlled by central banks or by government.
So the dollar is a fiat currency. The Euro is a fiat currency. Australian dollar is a fiat currency. Everything, every single currency that we know out there is a fiat currency. So this is definitely a breakthrough experiment that you guys are doing. Trying to build an island where, there's no fiat currency in the ideal case. And you're just running the island and the economy on crypto.
So how is that? How is that looking and what's the philosophy behind?
[00:18:21] Denys Troyak (Satoshi Island): The simplest way I can explain it is with one single word, and that word is: fair.
Right now, if you look at the monetary system all over the world, is it fair? Do we know exactly what decisions are made as far as printing money over and over is concerned, and what kind of effect it has on us, the people when we fall into recession.
And, our houses, are worth more than the, they were, a year before. For what reason? We all think that the bricks, are going up in value, but in essence, it's the dollar that's losing the value. And why is it happening? Because the government has the freedom of printing the money as they please and pumping the money into the economy or taking the money out of the economy as they see fit, without asking the people how it should be done. We are creating, Satoshi Island looked at that system and said: look, let's create a blueprint of what it would be like if there was a set amount of currency. And Satoshi Island will run on its own currency, but it's not gonna be just printed really nearly.
There's gonna be 21M satoshi Island tokens, coins, available ever. And then the people can decide how this is distributed. How this is used to continue to pump the economy. To continue to survive the economy and pay for the maintenance of the island. And then things of that nature. And of course, everything on the island is gonna be in Satoshi Island currency, as it would be in any other country.
Like you mentioned before, if you go to Australia, you expect to spend Australian dollars. You go to America, you expect to spend American dollars. And the problem is a lot of the people say that it's a promissory note that you know, has absolutely no value whatsoever. Digital currency is different. Digital currency very much has a value.
And that's what we are trying to create. We're trying to create that blueprint of digital money where you can see exactly on the blockchain, all the transactions where things are going. How things are being used to really benefit the people. It's difficult to, to see what it's gonna be like right now, but I'm sure it will start taking shape as the economy begins to grow.
[00:20:33] Mizter Rad: Absolutely.
And I think it's also a matter of, trying out and, and seeing where to go, from here, and the important thing is that you guys already started and you're serving as an example to many others maybe, that are also tired of the FIAT, centrally controlled system. And want to experiment with other types of, governing or economies.
I was, I don't know if you've heard about Seasteading?
[00:20:56] Denys Troyak (Satoshi Island): No. Can you tell us more?
[00:20:57] Mizter Rad: Seasteading is a project that started maybe I think more than 15 years ago. I was involved, back then much more than now, and they basically take old petroleum rigs that are in the middle of the ocean, in international waters.
And they try to create nations in the middle of nowhere. That was the concept, at least. I don't know how advanced they were in practical terms, but, the idea was to try out different forms of governing.. Different forms of trading and different economies outside of the current system to see, what works best.
And I think you guys nailed it with what you're doing cuz it's pretty much, something like that. But you are actually doing it at the moment, with the help of, high tech, or latest tech like, blockchain and crypto. That's great.
[00:21:45] Denys Troyak (Satoshi Island): Yeah, that, that sounds about right. And, whenever I talk about blockchain and cryptocurrency and digital, ownership of assets and things like that.
I always come back to two terms and it's: immutability and transparency. And I think, our society will be better off if there is trust, if there is fairness. It's not it's not that we don't want to pay tax. That's not the issue. The issue is not with us not wanting to pay tax.
The issue is that we want to see a fair system. And I think blockchain technology provides a fair system.
[00:22:19] Mizter Rad: And actually I, funny thing is that you would think that governments or traditional governments are against it. But, I saw a letter that you got from the Prime Minister of Vanuatu and he seems super excited with the proposal of the, of this, of the development of this smart city or smart country.
Can you tell us a bit more about this? How do you guys receive the news and how exciting is this for you guys? How helpful is this?
[00:22:43] Denys Troyak (Satoshi Island): So it was very important. Although we operate, with a form of anonymity and freedom, it was still very important because we are within the laws, the common laws of Vanuatu, to have an incredibly good relationship with the government.
And this was one of the reason why we chose Vanuatu as a jurisdiction. When we started researching and finding the right land and everything like that Vanuatu def, the government definitely showed a lot of eagerness and interest in the technology. They definitely discussed, about utilizing technology to put, to improve their own systems.
Vanuatu is a very interesting country. They don't really have any control over them by any other of the big parties. Although those other parties do try. They're definitely trying to stand on their own two feet and, try to stay away from any of the being influenced by anyone else.
So that's why they really looked close into this technology and they wanted to be the innovators, in this space. They want to be like the first country to show innovation and to show, to show its people and the world that they're open to this kind of tech. And this is why we got the endorsement from the Prime Minister and endorsement from the Minister of Finance, because they can see that how could this technology can improve the systems and get people's confidence in the government as well.
[00:24:07] Mizter Rad: No, absolutely. I can see that, also for the team, it was, it was a sort of maybe a validation moment, for you guys to say, Okay, it was not absolutely needed, but this is, this is better than not having it. The support from...
[00:24:22] Denys Troyak (Satoshi Island): A hundred percent. It was it was very important.
It was very crucial and very important and... it shows many things. It shows the openness of the government towards this technology. It shows the support of the government that they want to see this blueprint that Satoshi Island is creating and how they could utilize this particular technology to improve their own systems for their own people.
And of course, there's other byproducts like providing jobs and, and obviously better medical, educational facilities, which Satoshi Island gonna be investing into. And, more importantly, putting Vanuatu on the map, and, bringing the people to visit that beautiful country as well.
[00:25:01] Mizter Rad: And it also shows in a way that, it's, it's becoming a trend, for countries that are not, let's say in the first world, as some people say, the biggest economies. Trying to, find alternative ways for governing or running their economies. You see the example of El Salvador, making Bitcoin a legal tender, because of course they're tired of maybe also raising a Bitcoin bond now, trying to bypass the tentacles of big international monetary organizations like the IMF or the World Bank, which have suppressed, these economies for many years now. And so this could be a good alternative.
[00:25:41] Denys Troyak (Satoshi Island): You're spot on. You're spot on. Because they did put it on their agenda, on their trade agenda as far as, trade and other things are concerned.
They put the innovation and technology on the forefront of their goals. And that's exactly right. You're spot on. Being a small economy. Not having much say on a global scene. This is the way for them to break out of that, stigma and really, make a name for their own.
[00:26:04] Mizter Rad: Exactly. Cool.
Cool. Dennys, tell us a bit more, I think people are, interested to know a bit more about Vanuatu as such, as the territory itself. You already said that you have, I believe 2,100 blocks of land, 800 acres. How much is a block at the moment and can people actually buy them still?
[00:26:25] Denys Troyak (Satoshi Island): Unfortunately when we first started speaking, it was, like you said a while ago, and we were in the beginning of the growth of our project and we were still finalizing some systems. Currently, we have been sold out. Every single land is now in private hands. There is gonna be one little public push of sales via our development partner Tenset, which is gonna happen on the 8th of August.
But apart from that, the only way to get your hands on day on a Satoshi Island NFT. Land NFT, is gonna be on a secondary market. Which I'm sure is gonna start start popping up everywhere about end of August.
As far as visiting is concerned, all you need is accommodation. So you just have to wait a little bit longer.
Once we start developing a little bit more accommodation on the island. We are gonna open the island as a resort. By the end of the year. Again, it's gonna be very exclusive. There's not gonna be much spots available. But it will allow everybody to really come and, have a look at it and really come in almost for a vacation and check her out and see what this, decentralized smart city is all about.
So that's that. As far as the country's concerned, it's gorgeous. It's beautiful blue holes and white sand, beaches, and everything you can expect from a South Pacific country. With gorgeous people and, very, friendly, accommodative, hospitable people as well.
[00:27:48] Mizter Rad: Okay, can you still become a citizen?
[00:27:50] Denys Troyak (Satoshi Island): So we, we gave away 21,000 citizenship NFTs and we gave those away for free. So we never thought about charging them because that wasn't the premise of the project. However, knowing our industry, I am very confident that as soon as people mint, which is gonna happen very soon, then a lot of those NFTs will pop up on a secondary market.
So I will suggest, keep an eye out, get your hands on one because you know this, in my opinion, I think, there will be a fair few of them available in the market, but are very important because in the future they will allow you the governance of the islands. Allow you, ownership of the island whether you have, land or not.
And I think, I think there's a potential of, of those being very scarce in the industry. So keep an eye out. Maybe the first wave. There will be a few of them on the secondary market, if you can get your hands on one.
[00:28:37] Mizter Rad: Talking about secondary market, when you have, let's say. I'm an owner of a piece of land in Vanuatu at the moment, I own an NFT. And I sell it to a friend of mine. Do you guys get any percentage from this secondary market, or how does that work?
[00:28:52] Denys Troyak (Satoshi Island): Yeah, we do, We get, we get a commission of 2.1% on No Satoshi Island and NFT resales. Now that is, that, commission goes into a, into island fund, which, pays for maintenance and, future infrastructure and stuff like that.
[00:29:08] Mizter Rad: Like admin cost.
[00:29:09] Denys Troyak (Satoshi Island): Exactly. Any profits from any of our business doing on the island or any of the resales of NFTs go in to the fund to look after the island to continue to build its future.
[00:29:19] Mizter Rad: Okay. And as an NFT, you said the minting will happen maybe on August. Correct?
[00:29:25] Denys Troyak (Satoshi Island): The land minting will, the land minting will happen the end of August.
Yeah. And, and citizenship NFT is very close around the corner. We've been working on that for a long time and we're ready to go soon. We're just finalizing couple of final contracts for our land. Like I said, all land is in private hands now, so we just need to finalize few final simple contracts.
And from there, once we finalize these things, it's gonna be as simple as buying it on our own marketplace. Where you can obviously save, an Opensea fee, for example. Or you can actually, buy an Opensea as well. Of course, as always, and I think, I can't stretch, this enough. Please, everyone be extra careful, extra vigilant when it comes to buying any NFTs, any tokens.
It is very important that you do your due diligence and make sure that there's lots of scammers, lots of fishing in our space, unfortunately. But it's up to us to make sure that, we don't get caught out.
[00:30:18] Mizter Rad: Yeah, definitely. That's an important one.
As an NFT holder, Dennys, can I rent out my NFT while I'm not there?
Okay, so let's back up a bit. I'm an NFT holder. I own a piece of land. What can I do with that? Can I build, let's say a little house and rent it out to whomever I want, or how would that?...
[00:30:39] Denys Troyak (Satoshi Island): absolutely. Yeah, absolutely. As a buyer, it's completely up to you what you would like to do with it.
You can build yourself a house or a home where you can live. Maybe you wanna live there two or three months out of the year, and the rest of the time you can just rent it out. Of course, all this renting out and all the economy is gonna be on Satoshi Islands currency. But like any other regular house, you have those exactly the same opportunities to rent it out as short or long term accommodation.
Yeah, or living in it yourself, any time of the year.
[00:31:11] Mizter Rad: Okay. I see. Tell us a bit more about, I also, pinned this, tweet on, You can see it on the, on top of this Twitter space. It's this tweet where you are shaking hands with the guys from Tenset. Can you tell us a bit more what the deal is all about?
[00:31:28] Denys Troyak (Satoshi Island): In the beginning when we first, came out, we were around that bull market and there was a lot of hype around NFTs. But by the time we finalized all our systems, unfortunately we came into crypto winter. So we weren't able to raise enough capital to begin a development of the island from public hands.
So Tenset reached out to us and they showed a lot of interest and a lot of enthusiasm towards our vision. And we partnered up with them to take it away from sort of public sale where we didn't manage to get enough capital, and go to a private investors private hands. Those who are, who see the, see this vision not only for what it is, but also see the technology and how it's gonna evolve and how it's gonna disrupt this industry.
And we had a lot of luck there. There was a lot of savvy investors that were very keen to, to own a piece of real estate on a crypto island, crypto city, which we are, hoping to become a crypto capital of the world. And that's what that meeting was all about. We officially partnered up with Tenset as our official building partners.
And it's always, two teams are always better than one I say. And now there's two of us who are gonna be driving this concept and driving this blueprint, to its full success.
[00:32:45] Mizter Rad: Fantastic. I don't know. If anyone wants to, ask a question or participate, please feel free to raise your hand.
I can give you the mic. We definitely open to that. But in the meanwhile, I would like Dennys to maybe tell people how can they learn more about Satoshi Island? If they wanna get involved, what can they do?
[00:33:06] Denys Troyak (Satoshi Island): The best thing is, of course, to go to all our, official social media channels. We are very active in those.
We have a lot of information in those. Especially our Discord. Our Discord is designed, quite well. Which has a beginning beginner section. For those who, are coming new into our project or just learning about our project. And it has a very nice information there. Our website is also put together really nicely and has a, almost like a rollover effect of how the whole project is and what it's all about.
Definitely social media. And Twitter. And discord. And and yeah, and our website are the best way to learn. That's for sure.
[00:33:43] Mizter Rad: Cool. I know Harold wants to maybe ask a question or jump in. Harold, are you there?.
[00:33:48] Guest 1: Yes, I'm here. And, thanks Mario for hosting this and, and congratulations on your success, so far.
I have a couple questions. One question is real estate has a history of predators, that go in and steal, use whatever mechanisms they can to steal land. What protections do you have against these scammers? You mentioned, the, model scammers that are out there on, in the NFT space.
What protections do you provide the owners from these scammers going and stealing their NFTs?
[00:34:21] Denys Troyak (Satoshi Island): So we've got this thing that we called Advanced NFT security. And Harold, it's actually a incredibly important point. If you made a mistake and, and an unfortunate individual who's been fished and connected to your wallets to the wrong link, we are all know very well that your funds can be drained and your NFTs can be lost.
Your Satoshi Island NFT, however, cannot be withdrawn from your wallet without an approval of trust. What what we call a trustee. And trustee is your secondary wallet, almost like a treasure or almost like a two fa. Which will act as a confirmation of that particular transaction. So that's how we protect our community from losing their homes and losing their land.
Now, we also know in our space it's very easy to lose access to your wallet. Whether you lost your seed phrase. Or whether you simply, unfortunately passed away and you have no, nobody else has access to your wallet. What we did at Satoshi Island is we introduced this concept called beneficiary, where, if the NFT has not been actioned with in a certain amount of time, it will automatically be transferred to your other nominated.
We've introduced this to advanced NFT securities concepts to make sure that, our community is safe from losing their NFTs ever.
[00:35:41] Guest 1: Thank you. Appreciate that. Innovative thinking there. My other question is
around business opportunities. One of, one of the business opportunities I'm involved in is hard money lender lending, which is lending money to, rehabers, developers, who are going out and building real estate.
Do you have that type of opportunity within your ecosystem?
[00:36:04] Denys Troyak (Satoshi Island): We have a, so as I mentioned before, we have a fund and this fund is gonna be controlled by the DAO. And this fund is gonna be growing exponentially. And it's also gonna be secured not only by Satoshi Island currency, but also stable coins and Ethereum and lot of other assets .
One thing is that DAO will be deciding how the entire project operates in the future. So we have ideas about decentralized mortgages and lending protocols and grants, but the actual design and choice of those is gonna be up to the DAO. Harold, keep an eye out. See how it all develop.
And I'm sure that the DAO being, being put together by clever individuals and a lot of them is gonna come up with some great innovative solutions.
[00:36:50] Guest 1: Okay. Yeah, that sounds good. I'm thinking even more so from the owner's point of view, let's say you have a owner who wants to build out that, that real estate and needs to get financing to, to, build whatever they wanna build on that real estate. That, that wouldn't be controlled by the DAO, right? That's up to the individual owner, Correct.
[00:37:10] Denys Troyak (Satoshi Island): Yeah. Yeah. The coming up with the funding to build is gonna be for the individual owner of course, but, the DAO will be able to have a decentralized mortgages available for anyone to apply and obviously for anyone who has land to apply to build, but this is gonna be in the future.
So immediate access to funding is obviously for the owner to come up with, on their own accord.
[00:37:30] Guest 1: Okay, How soon would actually people be actually able to build on the real estate?
[00:37:37] Denys Troyak (Satoshi Island): As soon as the end of August.
[00:37:40] Guest 1: Okay. And so initially, , Each individual owner would just, if they wanna get financing, they will just take care of that on their own.
And you say eventually the DAO will have some mechanisms to be able to get that financing through?
[00:37:53] Denys Troyak (Satoshi Island): That's correct.
[00:37:55] Guest 1: Gotcha. And so the initial financing won't be in the Satoshi currency?
[00:38:02] Denys Troyak (Satoshi Island): So the infrastructure for you to build the module are homes that we are providing for individuals, that can be in any currency.
So it's up to the individual to choose what they're paying.
[00:38:13] Guest 1: Gotcha. Okay.
[00:38:14] Denys Troyak (Satoshi Island): And in, in essence, it has to be, in essence, it has to be FIAT because unfortunately our factories, like for example, the modules have, a chassis which is covered by, aluminum walls and things like that.
So all these things, unfortunately are still with the mainstream companies. So it has to be built with fiat. But any future development is gonna be in Satoshi Island currency, that's for sure.
[00:38:36] Guest 1: Got you. Okay. And then you just introduced another concept that I didn't catch before. So you guys actually have some something in place to to build out homes?
[00:38:46] Denys Troyak (Satoshi Island): Exactly right. So we've partner up, our team member is James Law. And James Law has a company called Cybertecture. And they're the leaders of, smart, sustainable modular buildings. And this is what we're gonna be using to build on Satoshi Islands. They are designed specifically for the conditions on the islands to prevent any issues with tropical storms, earthquakes, et cetera. And, almost like a municipality, that's the only bylaw as far as land ownership is concerned. But in essence, it actually makes it easier for the owner because number one, it reduces the time of the development drastically. And number two, we can guarantee them the safety of their home, to deal with the conditions.
[00:39:32] Mizter Rad: I pinned a video, of, of Satoshi Island. The intro video, the explanatory video, on onto this Twitter talk as well, so you guys can watch the video is one of these three posts that are pinned, to this, conversation.
Actually, I think "Klab Klab", Did you wanna ask something or, intervene? You go ahead.
[00:39:52] Guest 2: Yeah. I wanted to ask,
[00:39:53] Mizter Rad: Please go ahead.
[00:39:54] Guest 2: Yeah, so I had a question about the DAO. I've been starting this concept for some time now and it's quite interesting, but, to get it straight, anyone who buys a citizenship NFT on Satoshi Island would be, would have access to the DAO...
[00:40:09] Denys Troyak (Satoshi Island): would be part of the governance of the Satoshi Island.
[00:40:14] Guest 2: Yeah. My question was that how do you determine the competence of the person who will be entering the governance of the Satoshi Island? Because it will include a lot of important decisions, right?
[00:40:28] Denys Troyak (Satoshi Island): All the future decisions will be made by the DAO. And, we are hoping that it's gonna shape up into serious individual and crypto savvy investors. And visionaries and entrepreneurs. And because there's 21,000 of them, if there's a couple of individuals who are not serious about, the future and the vision we assume is gonna change hands because at the end of the day, it's still an NFT. And is still tradable.
And I'm sure those who don't see the future of Satoshi Islands is gonna get rid of it. And those who are serious about the vision itself are gonna pick it.
[00:40:59] Guest 2: I get that. But, for example, if someone has the money to hold it. And for example, Mike Tyson, he's a great boxer, but I don't want him to govern, island or, or anything political in that aspect.
So how would that be balanced out? Obviously Mike Tyson doesn't have the competence to governor, island or, ecosystem for matter?
[00:41:21] Denys Troyak (Satoshi Island): I would answer that in two parts. Part one would be who says Mike Tyson doesn't have the competency of governing an island. I think that's a little bit unfair to say. And second part is it's a completely decentralized project, which means you don't, you're not gonna know who's governing. It's just gonna be numbers in the paper. Those who have the Satoshi Island citizenship NFTs are governing Satoshi Island itself. And there's no forms of KYC.
It's just gonna be a wallet address that, you know, that perhaps the certain aspects of questions or decisions that are put together to an entire board, will come up. And, there, there will be a secondary board of 21 who are gonna make sure that, silly decisions are not put forward. But ultimately it will be coming down to the entire DAO.
So I think, yeah, I think it's, there's no point of trying to to, monitor who is the, who's the holder. That's not the point. It's a very decentralized process. And you're not gonna, you're not gonna know whether it's Mike Tyson or not. You're just not gonna know.
[00:42:21] Mizter Rad: Right? And, and in the end, it's all about, having a system where you decide what you want for your community.
So I think you won't take a decision that you, that will affect you. That's in theory, that's how it should work. Let's see how it plays out.
But, I think we're running out of time. Dennys, I really appreciate you taking the time to be with us today and sharing your experience. I really cross my fingers and give you thumbs up for what you guys are doing.
I think you guys are doing a great job. A lot of courage for you guys. I know, I can imagine it's not easy. You're fighting a lot of fights at the same time, I feel. But, it, it takes a lot of courage and willingness to do something like this.
Very disruptive, very different. Very experimental in a way, but I think, again, you're doing a great job. Thank you so much for being here. Thanks for sharing with our community, what you guys are learning and doing.
And again, for everyone, if you guys wanna get involved or know more about Satoshi Island, feel free to contact Dennys here or on Twitter, or check out their website.
I posted or retweeted some latest information. You can find it on my Tweets.
And Dennys some last words.
[00:43:35] Denys Troyak (Satoshi Island): My, my absolute pleasure. I love, communities like yourselves because, people show interest and they wanna come in and they wanna learn, and they wanna ask, all sorts of questions, which is very important.
This is how our industry's been built on transparency and, and trust. And we welcome any questions. We welcome. Myself personally, I love continuously learning as well, I really appreciate being invited. Thank you so much. Follow us, follow our journey and let's see what sort of path we are able to create in front of us.
[00:44:06] Mizter Rad: Thank you so much for being here and hasta la vista. Chao Chao.
