In a crypto business that outsiders typically prefer to criticize for its supposed lack of clear use instances, Helium stands out. The New York Occasions not too long ago acknowledged this actuality in a current article, saying “Perhaps There’s a Use for Crypto After All.”
Helium is a decentralized wi-fi community, powered by cryptocurrency. Largely centered on powering “web of issues” gadgets for now, it’s been quickly evolving in direction of 5G.
The Helium community has skilled exceptional success over the previous few years – it’s constructed a worldwide community of virtually 670,000 hotspots deployed around the globe (see dialogue to grasp extra about hotspots).
As most “in a single day successes”, nevertheless, Helium has been a few years within the making. I’ve had the distinction of being a part of (nearly) the entire journey, as I wrote on behalf of FirstMark the primary institutional test into the corporate again in 2013 (what can be recognized at this time as a pre-seed), and reinvested various occasions since.
Alongside the way in which, we’ve had Helium converse at our FirstMark occasions a number of occasions, which is a enjoyable reminder of the journey: then CTO Sean Carey in 2014 (right here), and CEO Amir Haleem in 2017 (right here) and 2018 (right here).
So it was nice to welcome Amir again as soon as once more to speak in regards to the newest.
Under is the video and full transcript.
(Crypto Pushed is a group effort – many due to my FirstMark colleagues Jack Cohen, Karissa Domondon and Diego Guttierez)
VIDEO:
TRANSCRIPT [lightly edited for clarity and brevity]
[Matt Turck] What’s Helium?
[Amir Haleem] Helium is an financial system for constructing wi-fi networks. Right this moment, the primary instantiation of that concept is an IoT community. Once we began Helium a very long time in the past, again after I suppose you first met us, Matt, in 2013, we believed that IoT was the worst solved drawback in telecom. There have been no options for connecting gadgets to the web that have been small and battery powered and wanted to be low cost.
And so, our focus for the longest time has been on fixing that drawback. How do you construct an enormous ubiquitous international scale IoT community? We took numerous totally different makes an attempt to try to clear up that drawback as you effectively know. It was not all up into the suitable. It was a really twisty street that usually went left and downwards and went all over.
With crypto, we had the sunshine bulb second someplace in 2016 or 2017, the place we realized that you possibly can empower folks, whether or not they have been people or small companies and even massive companies to take part within the telecom business and use crypto as a strategy to arrange that. Helium is admittedly that. It’s the financial system that permits people to take part in a worldwide telecom community.
The primary instantiation is IoT, however it definitely isn’t the final and we’ve moved already into 5G and mobile and there will probably be all kinds of different ventures in that course as effectively, whether or not they’re WiFi or fastened wi-fi or no matter different future model, however it’s actually that. It’s like enabling folks to coordinate at a worldwide scale to construct wi-fi networks.
Helium has a provide facet and a requirement facet. How does all of it work?
With IoT specifically, you’re ranging from a clean slate. Regardless that IoT or the web of issues has been one thing that has been talked about for 10 or 15 years, there actually hasn’t been resolution for a way do I construct one thing that connects to the web this fashion? And so, that is a kind of issues that you just’re not speculated to do at startups. You’re not speculated to do the “construct it and they’re going to come” method, however crypto permits us to take that method. And so we did. The way in which we selected to resolve it was to say like, “Okay, we have now to construct a provide facet out first.”
The availability facet in our case is community protection. Right this moment, when you might have a mobile phone, you stroll outdoors otherwise you don’t even have to stroll outdoors, inside, you might have protection in every single place with cell telephones. We needed to construct the equal of that for IoT gadgets. Sensors and small issues. The answer there for us was to create a tool referred to as a hotspot. The hotspot in our case is a mixture of a crypto miner and a wi-fi entry level for IoT gadgets.
It makes use of a wi-fi community protocol referred to as LoRaWAN designed for very low energy issues over very lengthy ranges, very low information charges, so that you’re not streaming video or something like that. You’re simply sending comparatively easy messages like GPS location or one thing like that. The factor that I feel was particular about what we did with Helium is that we made it quite simple to do two issues that have been in any other case fairly sophisticated to do for shoppers. Like mining crypto, not that simple.
In the event you’re in a CLI otherwise you’re shopping for an Antminer, which is sort of a shoebox stuffed with wires… none of that UI is designed for shoppers. The identical goes on the opposite facet, attempting to arrange an IoT entry level, additionally not designed for shoppers. These are designed for telecom corporations and the UI can also be atrocious, and also you want a 48-volt energy provide. And also you’re in a CLI someplace. We managed to mix two issues that weren’t client pleasant right into a factor that was fairly client pleasant.
And I feel that has precipitated it to succeed. So, actually, all you need to do as a client is simply get a hotspot, plug it in, use a telephone app to set it up, which is the same expertise to any client digital gadget you may purchase. And that’s it. That’s your participation course of. I feel making it that straightforward and that simple has precipitated the community to blow up. It’s like 600,000 hotspots. Now it’s like three and a half million which can be again ordered. It’s in 1000’s of cities, a whole lot of nations. It’s actually taken off on this method, I feel, as a result of we’ve enabled just about anybody to take part on this world.
What in regards to the demand facet of the community? What are the rising use instances that you just’ve seen?
The demand facet has at all times been the sluggish a part of the equation not like in software program the place it’s comparatively easy or definitely not as time consuming and from an total begin to end perspective to construct functions. {Hardware} is rather more arduous. You’ve acquired to construct a prototype. You’ve acquired to determine the best way to manufacture it. Each iteration of the {hardware} takes weeks or months.
All the things about that course of is sluggish. And so the wager with Helium was at all times that if we constructed the community, that the use instances would seem, mainly, which I do know sounds form of insane from a standard enterprise perspective. However our expertise over time had led us to consider that use instances existed and there have been numerous them. There was simply no strategy to deploy them. It’s nearly like should you had the thought for an iPhone app, however the one telephone you had was like a Nokia flip telephone. There was no method so that you can make it happen.
And so, we’re beginning to see that now seem, the demand is coming and a number of the use instances are tremendous attention-grabbing and we’ve introduced a few of them and we haven’t introduced a few of them. However whether or not it’s issues like delivering packages by way of drones that want coordination or whether or not it’s like linked mouse traps or GPS monitoring gadgets, which I feel was at all times the obvious software for issues like logistics and prescription drugs and every thing else, wildfire sensors. There’s a really, very broad vary.
We’re beginning to see them seem now whether or not they’re from larger firms that already had the thought or whether or not they’re from startups or people and entrepreneurs which can be developing with new concepts. However to me, that’s essentially the most thrilling half, is to truly see the appliance begin to type and reap the benefits of the protection community that exists.
You constructed your personal blockchain. Do you need to discuss why and the way, after which the way it really works, together with proof of protection, proof of location, the entire consensus mechanism at a extra technical stage?
The time that we conceived the crypto model of Helium, which was ’16, ’17 timeframe, Ethereum was actually the one method that you’d feasibly construct one thing like Helium, should you have been going to do it as a layer 2. We already thought that that was going to be an issue. Fuel costs have been already fairly excessive. We knew that the variety of transactions was going to be vital in a community like Helium.
And so, we weren’t positive the best way to proceed, whether or not you’d have some state channel implementation or whether or not you’d try to roll up as many transactions as you possibly can, the way in which that quite a lot of the Ethereum layer 2s work at this time. The opposite factor folks have been doing was forking Bitcoin. You could possibly take the Bitcoin code and fork it and run that method. All the things that we needed to do didn’t actually match into both of these.
I’m glad we made the choice to not run on high of Ethereum as a result of I feel it will’ve been actually, actually difficult to make that work and the price of it will’ve been most likely unattainable. It felt like by necessity, we have been pushed to construct one thing. Sure members of the core group had distributed methods backgrounds. They’d labored on issues just like the iMessage backend and we felt like we had sufficient folks with sufficient expertise to truly do it.
And so, the Helium blockchain is a layer 1, it’s a proof of stake community, the place there are validators who’re answerable for transaction validation and block manufacturing. It makes use of a consensus protocol referred to as HoneyBadgerBFT. BFT is the Byzantine Fault Tolerance world of consensus protocols and the HoneyBadger model of it’s an asynchronous model that doesn’t actually care about latency. Once we thought that was essential on the time. Unclear if it’s nonetheless tremendous essential because the networks have developed.
The validator group, there’s about 3,500 validators, a few third of all the HNT provide is staked. It’s proof of stake blockchain, and you need to stake 10,000 HNT to develop into a validator. There’s a few billion {dollars} price of HNT staked in all these validators at this time. And the remainder of the community makes use of one thing referred to as proof of protection to determine who to reward. One a part of the system is creating blocks and validating transactions. And that appears identical to some other blockchain for essentially the most half.
However the different in our case was, what are we attempting to do with the Helium community? And actually, the factor that was particular for us was rewarding folks for constructing the community protection earlier than there was utilization for it. We devised this scheme referred to as Proof of Protection, which is mainly hotspots transmitting encrypted packets over the airwaves to one another. And the community would try to reward individuals who created essentially the most protection.
So should you may show that you possibly can hear a whole lot of different hotspots at very lengthy ranges, you then would earn greater than somebody who had it in a lounge on the ground that couldn’t hear anybody. Proof of Protection is designed that method, it’s fairly detailed by way of the way it works and fairly sophisticated, however the gist of it’s the longer vary, the higher your protection space, the extra HNT you earn.
Let’s discuss in regards to the tokens and the way it all works within the tokenomics. There are HNTs, there are HSTs, there’s the idea of Information Credit score. How does that each one work?
The primary token is HNT. That’s the native, the token that hotspot house owners earn. It’s what validators earn, it’s what’s used for staking. The aim of HNT is to have the ability to create Information Credit, which is the second token within the Helium ecosystem. And Information Credit are, you possibly can consider them as a secure coin within Helium. And they’re just like one thing like a mobile phone minute or an airline mile or one thing like that. It’s utilitarian in goal. It permits you to switch 24 bytes of knowledge over the Helium community wirelessly. And that’s all you are able to do with it.
You’ll be able to’t commerce it. There’s no speculative worth to it. You actually can’t even switch them. The one factor you are able to do with them is destroy them to pay for visitors. We like that system. It was really influenced closely by Kyle and the Multicoin group once we first met. And we like that system rather a lot as a result of it provides predictability to finish customers, however the worth of Information Credit is at all times the identical. And so should you’re a consumer of the community constructing sensors, precisely how a lot it’s going to value to make use of the community always, regardless what the worth of HNT is, which is fluctuating round.
And so you possibly can solely create Information Credit by destroying HNT, that’s the… They name this the Burn and Mint equilibrium. You’re destroying HNT to be able to create Information Credit. And the ratio adjustments primarily based on the worth of HNT. Information credit are fastened in worth and HNT is fluctuating in worth. That system works actually, very well as a result of as I stated, it provides very predictable outcomes for customers of the community and nobody has to second guess what the worth of utilizing the community is, which I feel is an issue in methods like Filecoin and others which have a single token.
The third token isn’t that related for customers apart from it being an attention-grabbing founders reward system. We’ve a 3rd token referred to as HST, and we modeled this a little bit bit after Zcash. Zcash was the one system that we knew of that was rewarding the founding group and its buyers over time, fairly than in a pre-mine. Most blockchain networks will create the entire tokens up entrance and they’re going to allocate a share of them to the founding group, its buyers and that’s the way in which it really works.
And we by no means appreciated that mechanic that a lot as a result of it at all times felt incorrect. It was barely unfair to only give the founding group all of those tokens up entrance and allow us to promote them every time we needed. It by no means fairly felt proper. And so we used the system, which we borrowed from Zcash, the place HST holders would earn a share of mining rewards as they have been created over time. We thought that was extra honest. The distinction between Zcash and Helium is that HST is tradeable and Zcash founder rewards will not be tradeable, however that’s mainly the three units of tokens, HST, HNT and Information Credit.
To start out weaving in some questions from the teams, a query from Nitesh about successfully the way you see the incentives evolving. “Incentives have been the important thing to scale the Helium community, however with rising gadget numbers and decrease rewards, how do you conceive of incentives happening when we have to maintain scaling the community?”
It’s query. I feel a part of what occurs in crypto is that folks develop into desensitized to regular rewards or regular ROIs. And that’s a little bit little bit of a messaging problem. Early hotspot hosts by at this time’s HNT worth made an absurd amount of cash, a whole lot of 1000’s of {dollars}, even tens of millions of {dollars} in some instances for his or her earliest miners. I feel that distorted what acceptable ROIs and acceptable rewards appear to be. And so, so far as I perceive, HNT mining remains to be one of the excessive ROI miners which you can take part in, makes use of no energy, has no actual working value.
I feel to me, it appears like we’re nonetheless far-off from that drawback, however there’s a form of expectation challenge. There’s a niche between 50% APR being good and other people being upset. And I’m undecided that we’ve bridged that completely or that the neighborhood as a complete has been in a position to bridge that correctly. However there’s a number of issues happening that can assist over time. Like hotspots are going to get cheaper over time. I feel it is a actually unhealthy time period for something to do with {hardware} and manufacturing over this COVID interval.
There’s an improve to the community referred to as HIP 55, which is able to trigger the {hardware} necessities of hotspots to go down considerably, so it’ll be a lot, less expensive to fabricate and produce hotspots. All of that adjustments the ROI calculation or the inducement calculation there. As hotspots get cheaper, you must earn much less and you must be much less motivated and incentivized to take part.
And so, I feel over time, issues will cool down and as utilization of the community picks up, I get much less and fewer frightened about this, however I do suppose there’s going to be a constituent of earlier customers which have made all their cash and now begin to cycle out of the system and that’s completely regular and completely anticipated.
Whereas we’re at it, speaking in regards to the tokens, do you need to discuss in regards to the decentralization facet of this? Or for instance, you talked about the {hardware} and the requirement for the hotspots. I feel it’s essential to know that Helium isn’t within the {hardware} enterprise as you decentralize that to the neighborhood. That’s one facet and perhaps discuss how the community is structured from a basis perspective and different issues.
Sure. There’s one thing like 65 totally different hotspot producers now. We constructed them initially not as a result of we needed to be a {hardware} producer or we needed to generate income. And I feel lots of people Helium mistakenly suppose that Helium, the corporate earns something from hotspot gross sales. Folks typically say, “There’s a licensing price. Helium Inc. doesn’t care. They’re simply curious about promoting hotspots.” We really make nothing from any hotspot gross sales. There’s no licensing, there’s no nothing.
And so for us constructing the primary hotspots was essential as a result of it allowed us to create the consumer expertise that we thought mattered essentially the most. All the things from that has been open sourced and handed off to 3rd events. The hotspot ecosystem is as decentralized because it might be. We really, as an organization haven’t any interplay with the distributors apart from to help with technical questions and technical issues over time. Different components of the ecosystem are equally decentralized, like up till very, very not too long ago the corporate, for instance, didn’t run any validators.
There at the moment are 3,500 validators, 3,300 of them are nothing to do with us. They’re members of the neighborhood and different people who have purchased HNT or participated within the ecosystem. It’s on target. I feel what’s onerous in regards to the decentralization story with blockchains is admittedly the core engineering that should occur. And also you see this with Bitcoin and others the place there’s at all times comparatively a small group which can be expert sufficient to take part within the engineering.
I’d like to see that develop in a extra decentralized method and have extra enter from the neighborhood, from an engineering perspective, however so far as hotspot and validators and customers have gone, I’m actually pleased with how distributed that’s and the way little half the corporate actually performs in any of that anymore.
What about governance? And also you talked about HIP, what’s it? How does the neighborhood impression the event of Helium?
There’s a course of that we borrowed from Bitcoin. Bitcoin has a factor referred to as Bitcoin Enchancment Proposals, that are BIPs. We’ve Helium Enchancment Proposals, that are HIPs, and anybody can submit a HIP. Practically the entire adjustments on the Helium community have come from proposals from the neighborhood and never from the corporate itself. There’s a number of exceptions, however for essentially the most half, they’re neighborhood pushed. And so, somebody from the neighborhood writes the proposal, it will get voted on by the neighborhood. And it’s a HNT weighted vote.
Lately, I feel the community is to the purpose the place these HIPs now have to essentially include code. I feel we have been attending to the purpose the place folks have been writing extravagant and sometimes very, excellent proposals for the best way to enhance the community. However there was nobody to truly like do the engineering work. And so, I feel the community is evolving now the place the expectation now’s if you wish to submit an enchancment proposal it wants to return with the code that comes with it, and that’s just like the way in which Bitcoin and Ethereum and different networks do it. It’s like, right here’s the change I need to make after which there’s a debate and dialogue and a really energetic course of after which folks find yourself voting on it and both it’s accepted or rejected.
Query from Chris within the chat, “How did you navigate whether or not or not HNT and HST was thought of a safety by the SEC?”
The lure query! [Laughs]
Yeah. I’m selecting the onerous questions simply to be very clear. [Laughs]
Candidly, I want there was clearer steering on the best way to proceed in a few of these, however I feel we have been very cautious in regards to the token design right here and we by no means bought any HNT, there was no pre-mine of HNT. I feel we did as a lot as might be performed to make sure that we have been on the suitable facet of the rules there.
Query from Keith. “When can we get delegated staking please, actually, actually, actually please?”
The query right here only for context is true now, you need to stake 10,000 HNT to take part as a validator. And that at this time is 1 / 4 of 1,000,000 {dollars} and at occasions it was much more than that. There are third occasion distributors within the ecosystem the place you possibly can stake a lot smaller quantities. You’ll be able to stake 100 HNT for instance, however the draw back is that you need to belief the seller. I’d like to see partials staking on chain and I feel it’s simply one in all this stuff the place there are extra urgent considerations, I feel forward of us. Thus far the ecosystem of third occasion distributors appears to have been reliable and good. I’d suggest that in the intervening time.
Query from David, “Will you please converse to the current vote to bear a thousand X redenomination?”
I’m undecided there’s actually… That didn’t come from us. A neighborhood member proposed splitting HNT or not splitting, redenominating HNT at a thousand to at least one ratios. So should you had one HNT in your pockets at this time, you’d have a thousand after the change was made. I feel it’s attention-grabbing. I do suppose there’s, what folks name unit bias within the crypto world, the place I’ve had hotspot miners instantly inform me that I’d fairly earn a thousand HNT that was price nothing than one HNT that was price 100 {dollars}.
And so, there’s one thing unusual that goes on mentally, the place I feel folks like massive quantities they usually can conceive of them being extremely worthwhile sooner or later. To me, that’s the place that concept got here from, was somebody proposed that redenominating HNT it handed, and I feel it’s going to occur later within the yr. It simply, once more, hasn’t been a precedence for us to implement within the close to time period, however so far as I do know, it’s nonetheless coming later.
There’s varied questions across the common theme of the place is that this all going. Query from Samuel, for instance, “Realistically talking, the place do you envision the Helium ecosystem will probably be in two years, after which 5 years? When do you envision that Helium’s 5G flywheel can be applied?” There was one other query on the 5G as effectively. Associated query for Keith. “Do we have to cowl each inch of the earth with LoRa community, or is it okay to cowl most of it from a fuzzy perspective?”
Query from Andrew, “When the community is totally constructed out in most creating rising international locations, what’s the estimate for the full quantity of Helium hotspots? Do you must cowl every thing? What number of hotpots is that going to be?” After which as a separate query, and one or two others ask as effectively, “What’s the timing for 5G?”
I’ll reply the 5G stuff first. The {hardware} for it exists and it really works and it capabilities, and you should buy a 5G hotspot at this time. And I feel GigSky is the primary MVNO that’s utilizing the Helium community. You generally is a GigSky subscriber and take part within the Helium community already. I feel actually, the query is when do I begin incomes proof of protection rewards for 5G, or when do I begin incomes rewards normally for 5G?
And I feel I’d be hopeful that that’s this yr. We’re working with the FreedomFi group regularly pondering via that, and there’s varied proposals locally. Once more, I feel there’s HIP 37 and 51 and 52 and 53. A number of totally different options right here locally about the best way to implement rewards and like the best way to allow mining within the 5G universe. I’m optimistic that the community is on the suitable path there.
How does backhaul work with 5G as a part of the division technique?
Right this moment, backhaul is identical as it’s for the IoT community. We anticipate customers to convey their very own backhaul no matter that could be. I noticed one of many questions in right here is about Starlink, for instance. Completely legitimate backhaul to make use of. The community doesn’t care the way you’re linked. It does care that the connection is nice and dependable and secure, however past that, do no matter you need there. And I feel that’s an essential factor going ahead. And as we see range of choices for backhaul, I feel that’s going to develop into fairly thrilling.
Already it’s possible via one thing like Starlink to create cell networks actually in the midst of nowhere. And I feel that’s superb, and I feel we’re going to see evolutions of that and we have now varied conversations happening with potential companions about how that may work sooner or later. By way of a number of the different questions on LoRa and the place will Helium be in two years, 5 years. I feel it’s solely possible within the subsequent two to 3 years that Helium is the biggest mobile community in america.
And I’ve stated this earlier than, and I feel numerous folks within the business suppose I’m loopy, however it’s solely attainable that that’s true. In the event you take a look at the scale of one thing like Verizon or T-Cellular, their cell networks are one thing like 100 thousand towers in all the of the US, and there are already 600,000 hotspots with one other three million coming. So should you see something like that success within the mobile within the 5G world, then it’s solely possible that Helium will get to a measurement the place it’s the dominant mobile community within the US by way of protection.
That will probably be very disruptive from an financial perspective, I feel there will probably be all kinds of different carriers and MVNOs that get constructed simply purely on high of Helium. I’m past excited to look at that unfold and see if it’s really attainable to do that. I feel having CBRS as an possibility is such an enormous deal as a result of that’s actually been the moat for the longest time, is that you just couldn’t purchase spectrum as a small measurement firm, there was no method to purchase $50 billion price of spectrum, however now you don’t need to to be able to begin constructing.
I’m enthusiastic about mobile, particularly, I feel the demand facet is clearly solved relative to IoT. We all know what the predominant use case is for mobile networks the place that’s not essentially true in IoT but. And now the issue is simply constructing the community out and ensuring that the inducement is appropriate in the identical method it was for the IoT community and I feel we’re on the suitable path for each of these issues.
Query from Benjamin, “As Helium grows and launches a 5G cellular service, what makes you suppose that web service suppliers is not going to reduce off Helium gadgets from their community?”
I feel it’s most likely the most typical query that I get requested. I proceed to only view that as not a factor that’s more likely to occur. To me, it doesn’t really feel any totally different from utilizing my residence web connection proper now to conduct Helium Inc. enterprise as I’m speaking to you. I don’t suppose that violates any phrases of service that I’m conscious of, however I’m conducting enterprise and I’m incomes cash. To me, they’re one and the identical. Generally, folks want to take a look at their very own phrases of service and be sure that they’re not doing something they shouldn’t be doing, however on the entire, that’s not a problem that actually ever involved me.
Query from Spencer, “How does the remainder of the telecom business view Helium?”
God, I’m not in the remainder of the telecom business. I’d think about that largely they’re intrigued at this level. We’ve good relationships with a number of the carriers, we introduced with DISH not too long ago and we work with different carriers on the LoRa facet. So definitely everyone seems to be I feel some mixture of impressed and intrigued. I feel there are a complete group of individuals that also suppose Helium is a Ponzi scheme and crypto is a joke and no matter, and I look ahead to seeing their response over the subsequent few years.
Perhaps to wrap up a few of these questions and simply normally for anybody listening. What are the other ways one may become involved at Helium? There’s the mining, there’s shopping for the tokens. There’s a query round in case you are an entrepreneur and needed to construct one thing on high of the community, what can be attention-grabbing out of your perspective? From the very mundane, simple to truly constructing an organization on high of the community, what are the other ways one can work with Helium?
It’s fairly broad. In the event you go to helium.com/ecosystem, I feel that most likely provides the perfect view of the totally different entities that take part. However as you stated, it’s usually both internet hosting a hotspot, shopping for HNT, you possibly can function a validator. These issues I feel are at all times going to be excessive worth and helpful to the community. However what I’m personally essentially the most curious about seeing these days is functions and use instances that folks construct. So, should you go to helium.com/use, there’s a useful information there on the best way to get began.
There’s tons and many low cost growth kits obtainable. I don’t know. By way of use instances, I get requested that query rather a lot too, and I don’t know. I’m always shocked at a number of the issues that I’ve seen and I feel that’s the perfect place to be. And once more, it jogs my memory a little bit little bit of the iPhone. Might by no means have predicted a number of the functions that now exist on the iPhone. I can’t predict the Helium functions both apart from pondering that they’re superior after I see them.
That’s, to me, the factor that I’m at all times essentially the most curious about is what folks construct and seeing makers and entrepreneurs developing with new merchandise and concepts that use Helium is to me, one of the thrilling issues in regards to the community.
Very cool. Effectively, it’s been an unbelievable journey, and in some methods it appears like Helium is simply getting began. And I do know for a truth, we’re all extremely excited in regards to the potential and what’s in retailer for the community. So congratulations on every thing you’ve constructed has been unbelievable to look at and so excited for the long run. And thanks very a lot for coming to talk at this occasion. Actually loved it. Thanks.
Yeah. Thanks. And thanks for having me.
