#12 - Michael Saylor on his Digital Assets Framework
Episode publishedPodcast: The Network State PodcastThe Network State Podcast
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Michael, welcome to the Network Safety Podcast. We're gonna do a special episode today, where we go through Michael Saylor's new, roadmap and digital assets framework. Michael, welcome. Yeah.
Thanks for having me. Really happy to be here. Awesome.
Okay. Great. So So you just published this digital assets framework, the principles and opportunity for The US. Right? It's a PDF. It's gotten more than half a million views. Maybe you can talk through it, say, you know, what what you were thinking about when you're writing this and and what the goal
is. Sure. So first of all, for the past four years, I've been watching the the crypto debate go on, you know, in The United States and everywhere else in the world. And I think a lot of times, everybody's yelling and there's a lot of talking past each other and there's a lot of friction. And it seems to me that if our goal is to move forward in a constructive progressive fashion, we benefit from a framework. So I put together a digital assets framework along with a set of principles and I try to talk a bit about the ideology, what's the vision and what's the opportunity. And I did it from The
first of all So why don't we start the yeah. Exactly. The taxonomy. Right? So you have six definitions there. Most of them, I think, people have heard. Why don't you go through them? Commodity, security, currency, token, NFT, and ABT. I hadn't heard the last term in that acronym, the asset backed token, but go ahead. So
there's a lot of types of digital assets. A digital commodity is an asset without an issuer backed by digital power. A digital security is an asset with an issuer and it's backed by a security. The third, a digital currency. It's an asset with an issuer but it's backed by a fiat currency. A digital token would be a fungible asset with an issuer. Then you've got digital NFTs. It's a non fungible asset with an issuer offering digital utility. But the difference is you could have 10,000,000 fungible tokens, and we get that, but if you have a 100 different NFTs and they give you a 100 distinct rig
I actually like this because it carves it at the joints pretty well. Let me go through and you see, tell me if I'm playing this back correctly according to your definitions, right? So digital commodity, that would be Bitcoin. That may be the only in your view, is is do you think that's the only digital asset without an issuer?
I won't say that. I won't go that far. I will say, it's a very high hurdle to issue a digital asset without an issue. It's very hard. Right? It can be done. I could, I could imagine other digital commodities. For example, you could I mean, China could take Bitcoin, fork Bitcoin, create China Coin, and they could say, China coin is like Bitcoin but it has special tax privileges in China and it's only interesting to the Chinese people and 1,500,000,000 people. Maybe something as simple as you're allowed to mine China China Coin in China with Chinese power, and you're not allowed to mine Bitcoin.
Interesting. Okay. Great. So so let's say for now at least, digital commodities, we generis, that's Bitcoin. And then for your other things, all the other five categories have an issuer. So an example of a digital security would be, we would actually legalize crypto equities or crypto debt, crypto derivatives. For example, Uber in theory could now put its assets on chain. And in another world, Uber could have given assets in its company to its drivers so that they grew with the with the organization.
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