There'll be a different view of how identity works. Identity has been people signing in with their username and password to a service and everything they do in that service within that website or that app is based on something you know, and all the security around the world has been built around passwords etc. We do see that the world is going to change to something you have rather than something you know, so your identity will improve, it will essentially be in your mobile phone. And you'll use that to essentially scan a QR code or have a security token on your phone and your identity. And all your data that would have been trapped within one of those companies or another will be portable and will move from company to company so it's very easy for you to switch from one financial institution to another, from one healthcare provider to another.
The whole world that's based on trapping users into one company or one country is under pressure, people will have more ability to move. And companies that relied on locking users in are going to suffer. Companies that basically compete on the merits and can accept the fact that their users come easily, but also might go easily building their business models on that basis, we'll be able to thrive. But the key to that is what we call portable identity. So if you're building a company that traps the user within your company, we're not investing in that company. We think that's an old world way of doing things if you're building a system that works in one country and isn't portable across national boundaries. We think that it is just not scalable.
And it does mean that people will have the concept of portable identity, we promote the notion, just like the World Wide Web is one namespace for the whole world. There's not like a Chinese internet and a Brazilian internet. There'll be one namespace like a global namespace, just like there's a global namespace for domain names for identity. People have an identity on Twitter or Skype that is global and not national. We're viewing that there'll be a namespace for identity. And companies that are working in the identity space, not pure identity companies, but companies that combine identity with messaging, with payments, with other services like healthcare, storage, voting, etc. are powerful.
Telegram was a company moving in that direction, they hit a regulatory roadblock, but a company like Telegram could be an innovator in this market. They were a company I was early on interested in and integrated with. They are currently licking their wounds after having pushed something that got them in trouble with the SEC. But it doesn't mean there wasn't a lot of imagination there. And so those are the kinds of plays that we're interested in and excited to see what happens. Revolute is another company that was willing to innovate and has some Russian backing as well. So we are looking for innovation in those kinds of realms. I didn't participate in Telegram token sales because as an ex regulator, I thought they were going to get into regulatory trouble which they did. I like Pavel and I just integrated with Telegram. I haven't found a way to invest because the process they took did result in something that was going to be deemed as a security. They basically made a mistake. Unless they structure the deal differently, it wouldn't have been possible. But I do like the technology stack.