Slock.it For Investors #6 – What Is Slock.it?

Leon: The next opportunity is called Slock., have you heard of internet IoT – Internet of Things?

Tai: Yeah David says he has.

Leon: So that’s really hot right now, IoT. Imagine IoT things connected to the internet that’s controlled by the Ethereum blockchain using smart contracts. Does that make sense?

Leon: Yeah so give me some examples here. Alright, so I’ll give you this real example. As the slogan of this thing is “If you can lock it, you can Slock. It”

Tai: Are you saying “Slock” like “block’”?

Leon: AhS-lo-c-k.it. Slock. “If you can lock it, you can Slock.It.” So this is a play where there’re two parts of this: the software that they’re developing on Ethereum, and then there’s the hardware that is controlled by the Ethereum blockchain.

So the idea is this is the first time we’re going to be able to do like smart property. So imagine that we all own different kinds of scrap, like tools of bicycles or…

You have a bicycle and how often do you ride it? Like 5% of the time? Most of the time it’s not doing anything. Why don’t you rent it out? Because it’s a lot of work, you got to collect the money, you got to find about the person…

So they’re going to making a bike lock and it’s connected to the Ethereum network over cellular. It’s actually an Ethereum node, and you can unlock the lock by paying Ethers to the lock.

Oh, there’s Tai’s bike, it’s locked and I want to rent Tai’s bike so I’ll pay the lock to unlock itself, I’ll pay the lock with the deposit, security so that I can then use your bike for however long I need to use it.

So that’s one thing that’s going to be…but it’s totally like decentralized. It’s almost like the first time when you can pass ownership of a bicycle and you can walk around with your smartphone and say “Hey I want to use this bike, it’s locked, I just pay it, I’ll pay the lock or pay the Slock, and it will unlock itself, and then I can go ahead and ride your bike around for a day. And then when I’m…”

There will be a GPS chip in it so it knows where you are, and when I’m done with it, I just lock it to any place and then you know where your bike is, you just go there and get it, so that’s the product.

The product is the whole sharing economy where you can start loaning out all the different crap your tools, anything you can put a lock on, and then monetize because you can just simply put a lock on it and people who want to use it they can just…

Say I need a saw and I just go and borrow my neighbours. I’m going to go to the locker and pay the Slock and get the saw I need for the day and then put it back, return it when I’m done with it, instead of having to go buy my own.

And it’s going to be huge because most people own tons of crap they don’t use, they might… I mean if you think about what people have, they buy this stuff, they use it once or twice and they’re never going to use it again.

Tai: So do they have a date for the IPO?

Leon: No, they don’t. You can get on the mailing list.

Tai: Okay

Leon: So that’s one thing. Now on the business side of it, it’s going to be a decentralized autonomous organization.

 

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