Startup Spotlight: Nori is creating a blockchain marketpl...
Seattle-based startup Nori is hoping to deliver what Al Gore, the Paris climate accord and others have not: a market-driv...
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Nori is a blockchain-based marketplace to remove carbon dioxide from the atmosphere. The NORI token works as a medium of exchange for Carbon Removal Certificates (CRCs).
The Nori marketplace is being built right now and we project to launch both the market and tokens for real carbon removal transactions in Q1 of 2019. This offering is for Token DPAs, a convertible security that can be converted to NORI tokens if certain terms and conditions are met.
We are all affected by climate change. And most people feel like we’ve run out of options for dealing with it. Many have tried lobbying their government for action, but the response has been slow and insufficient.
Nori is putting the power to reverse climate change back into your hands. Our marketplace incentivizes people to remove carbon dioxide from the atmosphere. By buying our tokens, you can use them to pay others for removing CO2.
One NORI token can be used to buy one Carbon Removal Certificate (CRC), representing one tonne of CO2 removed. The person who removed the CO2 gets paid with that NORI token and can trade that for cash or any other cryptocurrency. By creating a marketplace where people can easily pay for carbon dioxide removal, Nori will incentivize more people to remove carbon dioxide and ultimately reverse climate change.
Suppliers of CRCs get paid in NORI tokens for how much CO2 they’ve removed. It’s a way to monetize activities they might already be doing or inspire new entrepreneurs and businesses to invest in carbon removal.
Verifiers of CRCs vet carbon removal claims made by suppliers, and in turn get new opportunities for expanding their businesses as they innovate more accurate methods for verifying CO2 has been removed.
Buyers of CRCs get verified certificates that prove carbon dioxide has been removed. They can use these certificates for meeting carbon reduction obligations and for corporate social responsibility reports.
Per leading economists and policymakers, it’s clear that we need a price on carbon. The NORI token delivers that for the world. The price of NORI should be similar to how the Brent Crude Oil reference price functions for oil prices. It’s one single price that reflects true market demand for carbon dioxide.
One NORI token will always pay for removing one tonne of CO2 from the atmosphere. The price of the NORI will change over time as the demand for removing CO2 changes.
As the price of NORI increases, so too does the incentive for people to remove carbon dioxide. We envision an entirely new industry of businesses, jobs, products, and overall value being created to remove CO2 from the atmosphere. The more the NORI token is worth, the more people will take action to reverse climate change.
There are already many different methods available that can remove carbon dioxide from the atmosphere and safely store it so that it no longer impacts global warming. We group them into three broad categories: ecological, industrial, and hybrid.
Farmers can change their agricultural practices to store more carbon in soils. Forest managers can grow trees that sequester the CO2. Kelp and seaweed can be grown in waters all around the world and then dropped to the bottom of the ocean.
Technology like direct air capture can be used to create artificial trees that absorb CO2 from the air. That captured CO2 can be pumped underground where it will turn into rock, or it can be used to manufacture products like plastics, tennis shoes, and carbon fiber.
Hybrid approaches combine both ecological and industrial methods. Crops can be grown that are burned in power plants for energy, and their emissions are captured for storage in underground reservoirs. Minerals like olivine can be forced to absorb CO2 through a process called enhanced weathering. Construction materials like carbon-negative cement and sustainably-harvested timber can be used for buildings.
While Nori plans to enable a suite of carbon removal technologies in its marketplace, we will initially focus on carbon removal through soils. Agricultural practices have contributed to over one-third of the CO2 emitted into the atmosphere since the Industrial Revolution. By changing to practices of no-till, cover-cropping, and crop rotations, farmers can not only store more CO2 in their soil, but also better retain water and grow crops with higher yields. Soil carbon removal comes with an incredible range of benefits to the farmer, and so an incentive to participate in the Nori marketplace already exists.
Shortly after forming the company, we entered and won the ConsenSys Blockchain for Social Impact Hackathon in the Energy & Environment category.
In April 2018, Nori hosted the first-ever Reversapalooza conference in Seattle, WA. We brought together over 100 of the world’s leading experts in carbon removal, regenerative agriculture, and carbon markets to discuss the Nori market design. Footage of the entire conference is available on the Nori YouTube page.
Since Reversapalooza, we’ve been gathering feedback from market participants on our methodology designs in a series of webinars found here.
Our podcast, Reversing Climate Change, is the only podcast dedicated exclusively to a discussion around carbon removal. We’ve had over 19,000 downloads since we launched it in December 2017.
Fast Company: This “carbon removal marketplace” will make buying offsets easier
GeekWire: Seattle-based startup Nori is hoping to deliver what Al Gore, the Paris climate accord and others have not: a market-driven solution to not only curb greenhouse gas emissions, but actually remove planet-warming carbon from the atmosphere.
The New Food Economy: With a blockchain-based accounting platform, Nori can prove to buyers that the credits they purchase are retired and not resold to other companies.
We are creating a total of 500 million tokens. Six million are offered for sale in this crowdfunding campaign. Ninety-four million will be sold to accredited investors in a Regulation D securities sale.
Two hundred and fifty million tokens will be sold after the Nori marketplace has launched. One hundred million tokens will be held as an insurance reserve (to pay for invalid CRCs in order to make the buyers whole), and 50 million are reserved for the Nori team. These tokens for the Nori team will be distributed over a four-year vesting schedule.
Nori founders, from left to right: Alexsandra Guerra, Christophe Jospe, Ross Kenyon, Jaycen Horton, Aldyen Donnelly, Paul Gambill, Paul Carduner
We come from a variety of backgrounds, but are all united in purpose and mission to reverse climate change:
Aldyen Donnelly has been an expert on carbon markets and carbon pricing for over 25 years, and she wrote the very first soil carbon contract for the Iowa Farm Bureau at the turn of the century.
Paul Carduner sold a startup to Facebook and went on to found and lead the engineering teams for Facebook’s photos and videos products.
Michael Leggett worked at Google and Facebook and led the design teams for Gmail, Google Inbox, Google Finance, and Facebook Messenger.
Christophe Jospe worked as the Chief Strategist at the ASU Center for Negative Carbon Emissions.
Paul Gambill founded the first-ever networking group for carbon removal and is an experienced software product manager.
Alexsandra Guerra is an environmental engineer who was inspired at the age of 15 by Nori advisor Klaus Lackner to build machines that could remove carbon dioxide.
Ross Kenyon is an experienced blockchain community expert and has worked with Tezos, Sweetbridge, ZenCash, Indiegogo, and Blue Frontiers.
Jaycen Horton is co-organizer of the largest blockchain meetup in Arizona, and previously worked as a lead software engineer for Dell and Wells Fargo.
Our advisors are industry leaders in carbon removal, clean energy, and the technology industry at large.
Ramez Naam is a futurist, sci-fi author, and the Co-Chair for Energy and Environment at Singularity University at NASA Ames. His book, The Infinite Resource, was an early inspiration for Nori co-founder Paul Gambill.
Bob Beth has founded several software companies, and is currently a Special Advisor to the World Business Academy for their Clean Energy Moonshot in California.
Nori is building a marketplace so that anyone in the world can make it their mission to reverse climate change.
Use NORI tokens to offset your carbon footprint, invest in a new commodity for carbon removal, and spark the growth of a new industry that can restore the balance of carbon dioxide in the atmosphere. The more people buy and use NORI tokens, the more we collectively incentivise farmers, entrepreneurs, and businesses to remove carbon dioxide across the globe.
All contents of this deal page are qualified in their entirety by the latest Form C found here:
Forward Looking Statements: These materials contain forward‑looking statements concerning trends or anticipated results which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward‑looking statements are not guarantees of the Company’s performance and are subject to risks and uncertainties related to Company’s operations and business plan. These risks and uncertainties include, but are not limited to: the timely availability of financing on acceptable terms, the Company’s ability to develop and operate its business and network in a timely and efficient manner, the availability of future purchasers and sellers of carbon reduction credits, and other future events and conditions. These projections are based on a number of assumptions and estimates made by management and Company’s actual results or activities, or actual events or conditions, could differ materially from those projected in these materials.
The smallest investment amount that Nori is accepting.
Token DPA (Late Stage with Escrow)
If the campaign is successful, you’ll receive a Token DPA for your investment.
The DPA is not equity or a token itself, but a loan that payable in tokens in
the future, with interest.
If the campaign is successful, you’ll receive a Token DPA for your investment. The DPA is not equity or a token itself, but a loan that payable in tokens in the future, with interest.
The amount of time Nori has to pay out your investment in tokens.
If the DPA isn't repaid with tokens after that time, it will be payable in cash
The interest amount that will accumulate on your investment
if it’s paid back to you in cash.
The interest amount that will accumulate on
your investment if it’s paid back to you in tokens.
50% of net debt amount before 2 years
How much you can get back of your investment if you choose to cancel
the Token DPA before it’s paid back.
$50,000 – $1,070,000
needs to raise
before the deadline.
The maximum amount
is willing to raise is
Nori needs to reach their minimum funding goal before the deadline
If they don’t, all investments will be refunded.
Nori is on a mission to reverse climate change by making it as simple as possible to pay people to remove carbon dioxide from the atmosphere. Nori is building the open source market infrastructure to allow for carbon removal projects to measure and monetize their activity. Our voluntary marketplace, based on blockchain technology, will enable carbon removal suppliers to connect directly with buyers, improve efficiency, and reduce costs.
Humanity would not be as successful as it has been without affordable and reliable fossil fuels. However, burning fossil fuels releases carbon dioxide and other greenhouse gases into the atmosphere, exacerbating the greenhouse effect. There are only two known ways to manage the greenhouse effect: reduce the amount of new emissions into the atmosphere (mitigation), and remove the past emissions that are already there (carbon removal). We are past the point where mitigation alone can reverse climate change. We need carbon removal.
We see addressing climate change as a waste management problem. Carbon-free sources of energy allow us to not create new waste. Adding a tonne of new waste to the atmosphere requires taking one tonne away. Nori’s aim is to become the first voluntary garbage collector of carbon dioxide.
Nori also seeks to make carbon removal a form of environmentalism that could be rewarding rather than punitive. If people can make money being carbon removers, we believe that much of the conflict between economic growth vs. the environment would vanish.
Carbon removal refers to any ecological or industrial approach that can take carbon dioxide out of atmospheric or oceanic circulation beyond what would have occurred naturally. While the approaches have varying scaling potential, costs, technological readiness, measurement techniques, permanence, energy consumption/production, and additional impacts, they are all similar in that they comprise a way to capture and store carbon dioxide.
There are several ways to remove carbon dioxide from the atmosphere. They fall into three main categories: ecological, industrial, and hybrid.
Ecological carbon removal can be achieved through land and ocean management techniques. These approaches often present co-benefits that extend beyond carbon dioxide removed through regenerating or improving natural assets.
Soil Carbon Storage refers to techniques that can increase the organic matter (carbon) stored in soils on agricultural and managed lands through cropping and grazing, typically under the paradigm of regenerative agriculture.
Afforestation is the establishment of forests or stands of trees where there previously was no forest cover. Carbon dioxide is captured by photosynthesis and is stored in the biomass of trees.
Blue Carbon refers to carbon captured by the world’s oceans and coastal ecosystems. The carbon captured by living organisms in oceans is stored in the form of biomass and sediments from mangroves, salt marshes, seagrasses, seaweed, and algae.
Industrial carbon removal refers to engineered solutions that use synthetic and mechanical processes to remove and store carbon.
Direct air capture with mineral geologic sequestration uses machines to extract and concentrate carbon dioxide to store in mineral carbonates with no economic value. This can be done under the seabed.
Direct air capture into products uses machines to extract and concentrate carbon dioxide into products ranging from concrete, polymers, graphene, and other materials containing carbon dioxide.
Hybrid carbon removal is a combination of ecological and industrial processes.
Bioenergy with Carbon Capture and Storage (BECCS) relies on biomass to remove carbon dioxide, generate energy at a power plant, and produce gaseous emissions which can be captured and stored underground.
Biochar relies on biomass to remove carbon dioxide and generate energy by using a process that starves the fuel of oxygen thereby leaving behind a carbon-rich residue that when spread over soil sequesters the CO2 in the ground.
Biosequestration in materials refers to any approach that leverages biology to store carbon in products ranging from carpets to clothes to building materials.
Enhanced weathering is a chemical process that occurs on land or in ocean that spreads minerals. Certain types of waste rock from mining operations can be exposed to carbon dioxide and combine with it to create mineralized carbon storage.
The first type of Carbon Removal Certificates (CRCs) on the Nori platform will be generated from agricultural projects that can store carbon dioxide in soils. We are starting here because of the crisis of soil carbon loss, the immense potential to store carbon in soils, and the unique features of the Nori design which enable risk mitigation against carbon losses and lower verification costs that do not exist in traditional offset markets. Through more regenerative farming practices there is a theoretical capacity to store ten billion tonnes of CO2 per year. By creating a financial instrument that supports growers to increase carbon dioxide in their soils, we’re also advancing a number of great co-benefits like drought resistance, reduced runoff pollution, and an overall improvement of soil health.
Since the Industrial Revolution, humankind has burned fossil fuels to produce energy which release greenhouse gases. Despite our understanding of the clear linkage between excess greenhouse gases in the atmosphere/oceans and global climate change, humans have been unable to stop emitting. While reducing and replacing carbon emissions are key components to slowing down the flow of greenhouse gases to the atmosphere, because carbon dioxide stays in the atmosphere for hundreds of years—warming the planet—the only way to stop the most severe effects of climate change is by balancing the total stock of carbon dioxide in the atmosphere. This can only be achieved through carbon removal. Carbon reduction is a start, but it’s simply not enough.
The easiest way to view this is an arithmetic problem. We are putting too many greenhouse gasses into the atmosphere and not taking enough out. Carbon removal helps create the necessary balance to roll back the effects of climate change.
Nori is unique in the carbon market space because we are focused 100% on carbon removal from the atmosphere. Paying people not to cut down existing trees is not a model that would qualify for CRCs in our market. Reversing climate change requires both decreasing current emission rates, as well as removing the 1.5 trillion tonnes of excess CO2 that's already up in the atmosphere. Many companies and initiatives focus on reducing present and future emissions, but Nori is the only market that deals exclusively in removing past emissions. Nori allows buyers to pay for CRCs in a first-in-first-out (FIFO) order as they’re entered into the marketplace. This commoditizes the removal of CO2 and removes the costly matchmaking process that occurs in traditional carbon offset markets.
Nori is also different from existing carbon markets by taking a software approach to reduce costs for suppliers and buyers through streamlining data collection. By accounting for the ownership of the CRCs on the blockchain, Nori eliminates the double-counting problem that has plagued past attempts at creating healthy carbon offsets markets. Nori’s cost structure is substantially different from traditional carbon offset markets. We do not charge fees to develop new methodologies, and only ever charges suppliers a one time registration fee to list projects.
The Nori marketplace has three distinct types of users involved:
A Supplier is a person or entity whose actions remove carbon dioxide from the atmosphere, store those elements in a terrestrial, industrial, subsurface, or aquatic reservoir, and offer CRCs for sale in the Nori marketplace. The initial suppliers in our network are American farmers and groups working with farmers who are removing carbon dioxide through their agricultural practices.
A Verifier is a qualified professional in a position of fiduciary responsibility who can attest to the accuracy of evidence provided annually by CRC suppliers to substantiate their claims that carbon dioxide has been removed from the atmosphere and stored in a terrestrial, industrial, subsurface, or aquatic reservoir. The initial verifiers we are working with have past experience working with traditional carbon offset markets.
A Buyer is the name given to a person or entity that uses NORI tokens to purchase CRCs in the Nori marketplace. Buyers might be corporations who want to negate their emissions or individuals who simply care about environmental sustainability.
Beyond active market participants, Nori is working alongside scientists, policy makers, businesspeople, and concerned citizens to build an open, transparent, and iterative platform.
Nori needs its own token so that one NORI can always be exchanged for one Carbon Removal Certificate (CRC). NORI’s price in secondary markets will become the effective price of carbon removal. The token also enables price discovery from buyers with value-based pricing. One of our biggest goals is for NORI’s price to be treated similarly to the Brent Crude oil reference price but for carbon. This would, for the first time, establish a truly universal and market-driven price on carbon, which is desperately needed.
One NORI token allows for the purchase of a Carbon Removal Certificate (CRC). Think of it like a gift card that allows you to pay for carbon removal. When used, the NORI token will immediately retire a CRC.
No. We work with third-party verifiers who conform to our established methodology standards to verify carbon removal data.
There are numerous benefits to regenerative farming, such as saving on fertilizer, machinery, and gasoline. Plus, there’s less carbon dioxide going into the atmosphere because of the reduced need to refine the nitrogen through ammonia production. With regenerative farming, farmers don’t need to spend money on fuel sources to power their plow. They end up with more carbon in their soil, which makes their crops grow bigger, better, faster, and more nutritious.
Nori is adding another benefit to farmers who participate in the marketplace. For every tonne of carbon dioxide they remove and store in the soil, they get paid with a NORI token. Farmers increasingly are doing regenerative farming for the economic and environmental benefits. Farmers in our network can receive payments for the ecosystem services they are already providing, encouraging the growth of regenerative agricultural practices.
We're working with farmers, farm developers, and farm technology developers right now to build this product in a way that provides real value to the farmers while ensuring the removed CO2 is verified accurately and credibly. Regenerative agriculture can provide an enormous boon to farmers (better crop yields, better water retention) but the transition can be difficult and complex depending on factors like who owns the land. We're engaging with different partners to make sure we're building a system that can be beneficial to both farmers and buyers of their CRCs. There are pilot programs beginning soon.
After launching the cropping methodology, we intend to add managed grazing projects and agroforestry. Industrial technologies are a little farther off, and they are primarily doing Carbon Capture and Use (CCU) rather than Carbon Capture and Storage (CCS) for the moment. As industrial technologies continue to plummet in cost, we will be ready to help them monetize their carbon removal.
Paul Gambill: My name's Paul Gambill and I'm the co-founder and CEO of Nori. Three years ago, I read this article about how climate scientists are becoming very discouraged because no one was listening to them. I live in Seattle, a city with a lot of beautiful and natural environment around it. And it was just becoming more and more clear to me that that we do something about climate change now.
Paul Gambill: When I first started this, I kept looking to try to find a partner who knew something about material science or chemical engineering or something to help us build products. Over the years, eventually, we've gone in a different direction that I think is going to be far more effective than just building products. I've known about the Drapers for a long time. We've been doing a lot in the climate space and hope that Nori can get some recognition in the blockchain and cryptocurrency space. We're really merging these two worlds together, so we're hoping and believe that what Nori is going will enable people to make a difference.
Tim Draper: Well, thank you for coming to Meet the Drapers. Give us your pitch.
Paul Gambill: Hi, my name is Paul Gambill. I'm a co-founder and a CEO of Nori. We're on a mission to reverse climate change. I was curious. Why was no one building a business around actually trying to solve climate change?
Speaker 16: Mining and burning trillions of tons of hydrocarbons [been running 00:17:04] this crazy chemical experiment on the atmosphere. Very unusual and a very extreme threat as you can see.
Paul Gambill: The economic value of fixing it seemed unlimited and obvious to me. I've also been involved in the blockchain space since 2010. And last year's introduction of ICO's and the idea of token economics was exhilarating to be a part of. Last summer, I left my consulting job and along with six other people, founded Nori, a blockchain-based market place that makes it easier for people to pay other people to remove carbon dioxide from the atmosphere.
Tim Draper: Wait. How does it work? Why do I buy the token and why do other people use the token?
Paul Gambill: We're connecting suppliers, so these are people who remove carbon dioxide. These might be farmers, entrepreneurs running startup with buyers.
Polly: How do you remove carbon?
Paul Gambill: On the ecological side, you can plant trees. Everyone's familiar with that. One of the most amazing methodologies is called soil sequestration. American croplands would store one billion [crosstalk 00:18:01]
Tim Draper: How do you get CO2 from the air, into the soil?
Paul Gambill: It's by changing farming practices using crop rotations and leaving covered crops in the soil that they're using.
Polly: Covered crops? What are they?
Paul Gambill: Covered crops, you can either add additional species into, like in-between the growing lanes and you leave the stubble, so after you harvest whatever crop you're growing, you just leave it. What that does is that it encourages more microbial growth, so bacteria in the soil. And that's where the CO2 comes from.
Bill Draper: Farmers like it for that reason?
Paul Gambill: Farmers like it for that. It also produces better crop yields in the long run. This is a profitable business for them.
Polly: What are the obstacles?
Paul Gambill: When you switch to these methods, you start to see a slightly lower crop field for a brief period of time and then it comes back up because you have to rebuild the quality of your top soil.
Tim Draper: Tell me a little bit more about the tokens. Have you done an ICO?
Paul Gambill: We haven't done this yet because we've been working on the economics of this for six months. It's a complex challenge. The way that this market works is buyers who are, for example, corporates who want to negate emissions in their supply chain, individuals who want to make a difference, energy utilities and so on. They use our token and the buyer purchases that certificate and is immediately retired so that it can never be resolved. Corporations are already most familiar with buying what are called carbon offsets. These aren't exactly the same thing as offsets because those include things such as avoided emissions and we're only focused on removing what's already up there.
Bill Draper: Tell me a little bit about your personal background.
Paul Gambill: My background is in computer engineering and management.
Bill Draper: Where did you get your engineering degree?
Paul Gambill: I went to Arizona State University for my undergraduate and then Duke University for my Masters in Engineering Management.
Polly: Is anyone else doing this besides you guys?
Paul Gambill: There are startups that are working on different methods of carbon removal but no one is doing it at the level that we're at. We're rebuilding the infrastructure to make this all possible. There is no other team in the world who could do what we do. Our CTO built the photos and videos teams at Facebook. We are the world's leading expert on carbon markets and carbon removal contracts on our team. And one of our advisors, Klaus Lackner pioneered the concept of direct air capture. Collectively, we have more experience in the carbon removal space than anyone else.
Tim Draper: Vish, do you have any questions?
Bill Draper: How much money have you raised so far and how much money are you looking for?
Paul Gambill: We're completely bootstrapped right now. We are selling our tokens raising the $1.07 million through their [crosstalk 00:20:22]
Bill Draper: 1.07?
Paul Gambill: Yes. That's the maximum allowed by the SEC.
Tim Draper: On the show.
Paul Gambill: Yes.
Tim Draper: Yeah, we have a limit. We can't raise more than a million dollars.
Paul Gambill: I have learned more than I ever wanted to know about SEC regulations in the last year.
Tim Draper: We all have. It's been the biggest year for the SEC regulations.
Vish Mishra: Very ambitious plan, actually.
Paul Gambill: Thank you.
Vish Mishra: My question is also my fear. This is going to take you so much money. Have you thought about what could really go wrong in this business?
Paul Gambill: The goal is that we're providing financial incentives for people to do this. For farmers, that's a pretty straight-forward thing because farmers work on very thin margins. We're talking about being able to provide more than 10% of what their expectation is in revenue per acre.
Tim Draper: This is like a private cap and trade.
Paul Gambill: Cap and trade is different because the governments issue three allowances and these allowances really distort the price signals in the markets. What we're making is our token ..
Tim Draper: It's a different psychology.
Paul Gambill: Yes, it is.
Tim Draper: But it still could eliminate the need for a cap and trade.
Paul Gambill: It absolutely could and that would really be our goal. It's a market-driven price on carbon dioxide. An economist would be saying, This is what we need for decades to solve this problem and we're going to provide that.
Tim Draper: Terrific. Thank you so much for coming to Meet the Drapers.
Paul Gambill: Thanks so much for having me.
Tim Draper: Great.
Paul Gambill: Thank you.
Paul Gambill: I guess my pitch went well. Tim asked me if I'm been through an [inaudible 00:21:55] before which I hadn't, especially with his background and interest in cryptocurrencies and blockchain, I think he immediately understood about the token and how that works. I forgot to mention that our podcast is called Reverse in Climate Change, so that people can find that.
Paul Gambill: The Drapers are really knowledgeable about figuring out what they need to know about an industry. They ask some pretty insightful questions that will give them insight into whatever it is that the entrepreneur is building. If you're interested in taking action in having agency to do something about climate change, you can buy the Nori token like coupons. You can use them to pay for removing carbon dioxide. Yourself. You have that power now.
Tim Draper: And now, it's up to our judges, but actually it's really up to you because you can vote online at meetthedrapers.com and you can invest. There's no other show in the world that allows you to invest, but you can invest. With that, I'd like to ask our guest judge, Vish, what did you think?
Vish Mishra: I like his ambition, so if he can narrow it down to maybe corporate farmers. Don't go after all the farmers. Go after the major corporations who are the big farmers in the U.S. because they all get it.
Polly: He made it seem very simple and clear. Put in a token, you personally can get rid of this carbon. That makes me feel so good, plus he seemed like a really super smart guy who thought of every angle.
Tim Draper: This is a guy who, he dug into the SEC. He figured all this stuff out. He was ready to go. He created this token. He's made the token make some sense. He actually put in the [finding 00:23:38] a network around it.
Tim Draper: I was thinking, well, this is pretty good. The one concern I might have is, does this make sense to a farmer?
Bill Draper: I'm with Polly. I think he explained pretty well why it would be attractive to a farmer.
Bill Draper: Intelligent guys and total commitment to a problem that all of us understand is one of the biggest problems in humanity. I am all for backing this person.
Polly: Me too.
Tim Draper: Okay, well, let's go to the crystal ball. Here's what we do, Vish.
Vish Mishra: Okay.
Tim Draper: We look at the crystal ball and we say, crystal ball, crystal ball, Nori. Once you've sort of felt the power of the crystal ball, you get a vibe. And now what we do is we vote thumbs up, thumbs down, thumbs all around. Boom. Mine was up because I kind of liked where this guy is going.
Polly: Mine's way up.
Tim Draper: That was interesting. And you, the audience, you can decide. If you want to vote up, do you want to invest, we've got Nori and you've got an opportunity for Nori. Now, let's get on to our next entrepreneur.
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