Can Blockchain Technology Bring Dreams to Reality?
Just a week ago, we discovered a blockchain company which can make dreams come true. We got very excited about this amazing blockchain technology, so our CEO Paulius Stankevicius interviewed the CEO, Kirill Silvestrov, of Eternal Trusts to find out how technology can bring dreams to reality.
1. Kirill, there are rumors that your company can actually make people's dreams come true! How is that possible and are these rumours true?!
I’m happy to say that these rumors are certainly true. At Eternal Trusts, we work closely with our clients to create dreams that are consistent with our expectations on how science and technology are going to evolve in the coming years. When the technologies that are needed to fulfill those dreams become widespread in the future, we guarantee to find providers that will make it happen. In doing this, we make the dreams you have today, a future reality that you can really believe in. As part of the process, clients can preserve and store their DNA, their brains, or bodies, potentially allowing for the application of new innovative procedures to the biomaterial in the future. This preservation of biomaterials can be done now, in the present day, with other tasks taking place at a later date. The preservation of biomaterials is an essential part of the process as it is quite likely that a client’s dreams may not be achievable in their lifetime. Once these developments have been realised and are legally and ethically possible in the future, we will then begin the process of delivering the dreams.
2. So, your company is based on blockchain and somehow you are able to deal with non physical entities like dreams. How does that work from a technical perspective?
We aim to be able to systematically break down our clients hopes and expectations, using a combination of artificial intelligence algorithms and the expert knowledge of our scientific advisory board. In addition to this, to store and protect the assets of our clients from external interference, we create special legal constructions called Discretionary Purpose Trusts. The main advantage of such legal entities is that no one, including heirs, can claim the assets held in them, so in the end the funds can only be allocated towards achieving the objective preset by the client. We then manage the assets held in the trusts. Being professional asset managers and investment bankers, we have a lot of experience in this area and clients should feel ample confidence in our ability to successfully manage these assets for them in the long-term.
The blockchain comes into play through the way we store the agreements with our clients so that they can never be lost, in the secure storing of the trust deeds, and in the way we break down clients’ dreams into component parts and store them until the moment when these dreams can be made reality. Therefore, we can store the data on the blockchain for hundreds of years, while our hybrid intelligence system consisting of AI and the scientific advisory board will continuously seek the most reliable partner contractors that can provide an optimal solution for each component stage of a client’s dream. And by using the smart contract technology, we ensure the payment is guaranteed in the future. All of this is minimising human factor through the use of technology so that there is only the client and the machine in the final solution.
3. Do you provide a certain guarantee for the dreams? How are you able to guarantee that dreams come true?
The first step is to help our client formulate dreams and objectives that are theoretically executable and predicted to be resolved in the future with the help of our “solution consultants”. In a way, we are creating and aggregating a demand on future technologies. This can help R&D companies to steer their research towards markets with more potential as they can use this demand when looking for external investments. Once those companies invent what our clients want and are able to safely provide it as a product or service, our hybrid intelligence will be able to assess the reliability and affordability of their solution, and if it fits all the criteria, the transaction is guaranteed to be made straight away. Moreover, as we manage the assets in the trust funds, we also seek to grow their value, which again helps us to drive future developments. Once a big enough group of people on the planet say this or that is needed, the demand will stimulate the supply.
Another important feature of our platform is that it is set up to ensure that none of our clients will end up with nothing. We work closely with our clients to develop their dreams, and we encourage them to use their imagination, but it also our job to help guide this process so that together we have the opportunity to prioritize and rank the objectives from the most likely to the least likely. Therefore, if in the future a component of their dream is deemed to be fundamentally impossible to achieve, our algorithm will automatically go down the list and select an objective that can indeed be achieved.
4. In one of your press releases we read that Eternal Trust actually pays for your customers dreams. How do you generate profit for a company then?
We are paying customers in tokens for sharing their dreams with us — first of all, to show potential clients how our platform works, as when a dream is shared, it will appear on our platform. Secondly, this data will give us bundles of dreams to work from. Once we have collated all of the responses, we will then publish our research in the form of the top ten dreams and the top ten technologies that participants would like to see becoming real in the future.
Our business model is very close to that of asset management. In the future we will generate profits by the long-term management of our clients’ assets and we will also receive a success fee once the dream is achieved.
Whilst it may sound on the surface as though ET is a platform that is only for the benefit of the very wealthy, this is not the case. When fully operational, we envision Eternal Trusts as becoming a hub for all of humanity’s dreams. Of course, this means that an investment is necessary on the part of the client. The kind of fantastic dreams that we encourage and want everyone to aspire to do not come for free, but in order to fill the trust fund with the amount of $1,000,000, it is enough to sign a contract with an insurance company with monthly payments of $80 for 20 years. If you are around 30 years old and in good health, this kind of commitment is certainly not beyond a large percentage of society.
5. Kirill, where do you personally see Eternal Trust in the next 2-5 years? What major developments can we expect next year?
In the next year, the aim is for ET to be a fully operational, autonomous platform that provides the best possible solutions for our clients. From this solid foundation, we will be well on our way on our mission to being able to guarantee that our clients dreams will be executed whenever they are possible in the future. We will also be working out of our central office in Zurich and heavily promoting the platform with the assistance of our partner networks.
Within 5 years, we aim to have 160,000 clients with $10bn under management, and to be represented on 4 continents.
Ultimately, our dream is to make the world a better and happier place. We want to not only sell hope, but we want that sale of hope to be guaranteed.
Entrepreneur Editors' Picks
These Co-Founders Are Using 'Quiet Confidence' to Flip the Script on Cutthroat Startup Culture and Make Their Mark on a $46 Billion Industry
My 7-Year-Old Daughter Started Selling Eggs. Here's What She Taught Me About Running a Startup.
Why You Need to Become an Inclusive Leader (and How to Do It)
Career Transitions You Can Make in Your 40s and 50s
Billionaire Naveen Jain Is an Expert at Disrupting Fields He Has No Experience In. His Secret Sauce for Building Multi-Million Dollar Companies? 'You Have to Come as Naive.'
4 Principles to Develop Next-Level Leadership at Your Company
This Filipino American Founder Is Disrupting the Beverage Aisle by Introducing New Flavors to the Crowded Bubbly Water Market