Our next guest joins us now, John Kikko, Senior Director of Investments at Hashgraph. Nice to see you today. Thanks for taking some time for us. Thanks for having me. Let's talk all about Hedera. I know it's a crucial part of our conversation here today. For anyone a bit unfamiliar, what is it and what makes it different?
Yeah, so Hedera has been around for eight years now. So we went mainnet, public mainnet. It's a layer one enterprise focused distributor ledger technology. It's a long word to say blockchain, but it's unique in the sense that it is enterprise grade scalability, speed, it's price predictability is really crucial. And our governance is quite unique because there's 39 known parties. There are Fortune 500 companies representing Tech, big tech, consumer, discretionary. McLaren Racing is one of the governing council members. Accenture, a system integrator. So it really spans a whole sort of broad group of industries that are supporting and operating the network. So that's quite unique. Versus a blockchain, there are unknown validators that are operating and validating the network. So enterprises are feeling a lot more comfortable utilizing Hedera as a settlement network for tokenization, for example.
and some other interesting use cases, Lloyds and Aberdeen using Hedera for collateral. What's the differentiator there? What do you think they were most trying to fix in that equation?
Yes. Thank you for bringing that up. So Lloyds Banking Group is a very large UK-based bank. Aberdeen is a large asset manager. What they've done is to demonstrate money market funds on-chain used as collateral for a production-grade FX transaction. And what we've done in the US is actually be part of a largest collateral sandbox using tokenized money market funds as collateral to effectively move across 39 organizations such as Citibank, BlackRock, JP Morgan, and Fidelity to show the use case of tokenized money market funds in the United States And that's settled on Hedera as well. So we just finished that early July. That's awesome. Congratulations on that.
What are institutions testing in the Onera sandbox? You mentioned the sandbox there recently. Let's dive into that a little bit more.
Yeah, absolutely. So what is the significance of that? So it's taking the existing market structure of traditional securities and taking collateral like banks, custodians, tri-party agents, using existing market structure we've tested using blockchain technology or Hedera to settle and and move assets and so what we're moving towards next is a production pilot in end of this year we're going to have these same large enterprises financial institutions using blockchain for real life cloud mobility. And there's hundreds of trillions of dollars being moved daily. And so this is a significant sort of movement in the industry.
I'm about out of time. I want to squeeze in this last one, actually, producers. We'll bump to the last block. I got about a minute left. Interoperability remains a huge challenge. How does your Clipper protocol help different networks actually work together?
Yeah, what's really important is that we're seeing more and more fragmentation and more blockchains being spun out from banks and a lot of sort of fintech companies. We're needing interoperability across these networks, and we need it in a way that's safe. And so cross-ledger protocol by Hashgraph allows value to move across networks without trusting a third party. And that's really important because we have too much exploits using bridges today and it's been $20 billion plus of hacks that we've seen in the industry. We cannot tolerate that no longer.
I knew that was worth it to get in that last question. John Kikko, thanks for being here.
Thank you.
Really good to see you.
