hi everybody this is Charles Hoskinson broadcasting live from warm sunny Colorado it is the fourth of July America's Independence Day a long time ago we decided we didn't like the English as much as we thought we did and we decided to have a bit of a debate about it and I believe we did the very first brexit and it was quite successful and ever since that day the United States has prospered quite a lot we've had a few conflicts along the way a civil war we had to deal with but all things considered United States a pretty amazing place great to live here great to celebrate and then always proud to be an American so I I'm not going to work the whole today but I decided since I have a little bit of free time and I just got back from a very long trip to have an AMA and it's so nice to be joined by as many people as possible so anyway a few announcements a just kind of an update we did the cell phone test net we released it not too long ago along with some documentation and along with the website the state pool channel on telegrams grown to 2100 people a lot of people have managed to actually get the self noticed networking they've given us an enormous amount of great feedback we've learned a lot along the way and the first major patch for the self node test that is coming out either this week or it could slip a little bit till early next week but it should fix a lot of those little issues that people are having we also may create some form of an SDK for it and see what types of things that people can build with the self node and also just keep testing it keep exploring with it we're certainly learning a lot and it's actually very fun to see what the community's doing I think the most touching was that someone posted on Reddit that their 13 year old child was able to actually get the self code working and playing around with that so that's really cool and it's starting to actually provoke questions about how or bors works how delegation works because it's no longer academic people are actually seeing an encode in software with commands that they can run and do and they're asking everything from what is a vrf to well you know what are these staking certificates all about and that's a very valuable things so it's really exciting to see that goat into reality and it's exciting to see people play with it real life ask questions and give us some good feedback so just keep doing that just keep chipping away at it and boy it's gonna be fun to see these updates come you know the other thing is if you're following our repos you'll notice that we've been releasing a lot recently we just cut a major release for the new Haskell wallet back-end which is a really significant piece of infrastructure it's about 5,500 lines of code or something like that and there's there's quite a bit of magic to that it's actually an abstracted wallet layer so it can be parameterized to work with basically any you TXO style accounting system so for example you could technically use it with Bitcoin or litecoin or - or Manero and what we've done is we've decoupled it from our stack and so it can be plugged into the rest ask the rest node or the haskell node so we've already finished the integration with the rest node and now we're starting integration with the new haskell rewrite that we we've almost finished so the buyer and rewrite you're done we're cleaning a few things up then we're gonna make a magic to pull it all together with the new Haskell all the back end and they just add the Shelly rules on top of it and then we have kind of two different approaches we can take for the Shelly main net approach with the russ side and approach with the Haskell side and there's a Delta between them so things are moving quickly we're certainly releasing a lot these days and the software quality is really high and the engineering processes are really good it took a long time to rebuild and retool and get things where they needed to be and it was very painful for us as a company but now that we've done that investment we're starting to see the fruits of those labors and it's always magical when you get to finally see those fruits so please do keep using the self node test net please do keep reading the documentation please do keep commenting join the state pool task force channel as I mentioned there's like 20 100 people in it now up from a hundred not too long ago so that's growing exponentially and hopefully we could have 10,000 at some point in it a lot of great ideas are flowing amer go also just previewed they're staking and delegation center GUI and we're going to be doing some previews of the staking delegation Center GUI for Cardinal in fact I'm getting a demo next week for all the Daedalus work the GUI work is done and now we get to kind of tweak it and debate about where certain icons go and color is in these types of things and so that's really exciting to see again as soon as the new wallet back end is connected with Daedalus and connected to the Haskell and rust node completely then we'll actually be able to to see that on the test net as well and play around with it so you won't have to use a command-line interface to do these things so it's just nice to see software coming together it's it's really cool you know you start with an idea you do it on a whiteboard you talk to a lot of people you hire engineers you live in the world of what-if and coulda shoulda perhaps and at some point you do it and you put it all together and then you release it and then people give you comments and feedback and they get surprised and they say wow that's magical and then they give you new ideas and new directions you never even considered and you pull those ideas and directions together so it's really cool to actually see that happening real time and in real life and it's really cool to see a lot of really deep ideas that were really hard to actually write down and implement finally actually become real so it's humbling it's exciting and thanks guys for all your patience and thank you for being with us along the way community continues to grow the foundations of crypto are quite healthy we have a lot of challenges coming up ahead some of these challenges will be regulatory at the existence of libera and the existence of crypto at this scale is causing governments to really have a serious conversation about everything from who's a money servers business to things like how should regulation and metadata and other such things be embedded into the the transactions themselves and as a consequence every cryptocurrency is going to have to have a strategy moving through the next three to five years about how can they exist as a global financial system and it's no longer sufficient to say that we'll just copy bitcoins ethics and design and transaction patterns and that somehow the whole world will just move to accommodate that you need to have a super set meaning a system that's flexible enough to replicate what bitcoin has but if desired be able to do a lot more at the transaction level and comply with a lot more so that's going to be a fun conversation to have with the community and it's going to be fun to build these types of features because it turns out that you can't build them in a way that preserves privacy and the core ethics of the system it's also going to be fun to pull or Boris Hydra and as well as the other warhorse improvements and side chains as well as the Treasury system into Cardinal there's a lot to do but the way we've written the code and the way we've put the engineering side together means we can now do it quickly and you know we'll be able to keep up with the best of them we have some great competitors out there Algren recently raised a lot of money and they have a great team and they're working real hard and you know there's a lot of other things like cosmos and parity substrate other things that have hit the marketplace that are quite compelling and interesting and great protocols are coming out every day so it's a lot more competitive today than it was two years ago and there's a lot stronger people in the space today than it was a few years ago and I think that's a value add for us all because the great things they do we learn from and the things we do they learn from and we grow together and it means the crypto movements here to stay and it's quite strong okay so let's uh let's have some fun and let me ban max power real quick cuz that guy's always trolling and yes Israel I had a heck of a lot of fun I got very sick actually I had a stomach flu a chest cold and my gout was crazy I was taking steroids for it my immune system what the hell I stopped eating for five days still have a bit of a chest cold and as a consequence I lost about fourteen pounds and short period of time so I wasn't that managed to go to at least one okay I'd like your response on this if I which case given another chance by ADA holders after Treasury implementation what could you possibly propose next five-year roadmap any revolutionary ideas well yeah there really shouldn't be a situation where we go and say we're gonna go do five years the big strong work you know what's gonna happen is things will get a lot smaller and they'll be broken down into either things we want to build on top of the protocol because we think that they're going to add value and that could be everything from a value stable currency to portfolio gaps to maybe even a venture capital fund to fund the existence of DAV's it can be protocol level improvements meaning there's maybe some stuff that didn't get done like K or Meena that we'd like to give a second shot at and we can speck that out scope that out over 24 to 36 month period and you know we'd like we'd like a budget to go pursue that or there can be things like yeah you know we'd like to make iterative improvements to the software fix bugs clean things up and you know there is a cost to maintaining a development crew to do these types of things so all of those can be broken down into proposals and there's no reason to put them all together into one gigantic pass/fail monolithic proposal it makes sense rather to space it out and in addition to us other people are making proposals and there's a finite amount of money meaning the community is going to have to make a queue and make some basic decisions of where do they want to go and what do they want to do um moving in the next thirty six months to two I'd say you know 72 months there's going to be major advancements in zero-knowledge cryptography and multi-party computation in particular and so there's a lot of room to bring these types of advancements into the cardinal protocol either to improve performance batch transactions together allow off chain computation bring new types of applications to the system or improve privacy these types of things so we can certainly make proposals along those lines and it could be everything from lorring honey badger npc then bring that in and as a side chain and allow people to spin them up anytime they want to do have PC circuits to doing what stark wares proposing to do for theorem so these are the kinds of things that we'll think about and you know we'll make these proposals as well other people okay let's see what we got here am i barbecuing today and if so staking I am having steak today I will find a way to have some good steak today and it's gonna have gorgonzola on the topper and all kinds of great sauces I love steak it's gonna put me in an early grave okay what else we got here Wyoming state Colorado steak we got good beef here son a Mirko shared the euro a wallet staking interface will Daedalus have a similar interface as it looks very useful user-friendly yes and I'm getting a demo of basically a complete user interface next week it's gonna be a recorded demo we're likely gonna rerecord it and then it'll be somehow woven into the status reports that David does so you guys will see that too okay and that's going to be fun I love I love actually demos it forces everybody actually show you something something real are there any features being released in the next version of Daedalus Daedalus Oh point 14 the release notes are being prepared it's gonna take a few more weeks for that to come out but it will come out in the next oh in the 1.6 update so that'll be this month I and yeah there's a lot of Daedalus improvements mostly bug fixing and there's some GUI improvements and things like that we're also going to put some animations and I'm waiting for the wallet back in before we actually start aggressively putting updates into Dedalus functionality the new wallet back end will open up the possibility of delegation and staking the new wallet back-end will also open up possibility of multi-sig and these other things so that's right now a separate piece of software and we're building legacy support right now for the old way things were done in the old card oh no and then we have a new way we're doing with BEC 32 two dresses and you know bit 44 support and these types of things I and those will come together and then we can put that into card ah no and the great thing is because it's the coupled it can be updated independently of the rest of card on all because it's it's that's an isolated system and every week they do stuff with it it's under extreme programming models so it's gonna mean we can add features much much more quickly and there could be tighter integration between what Daedalus team does and what the Cardinal Wallet team does the backend wall team does how do you feel about the new foundation head I haven't had a chance to meet him yet we have a call scheduled and we're gonna probably do a series of calls he's got a great CV in his real interesting guy it comes from a strong operations background and does have a pretty deep background on blockchain technology but it comes from the traditional financial world UVs and these types of things and could be quite a good custodial executive director so we'll have some conversations and talk about strategy in history and unfortunately anybody steps into that role it's like drinking from a firehose so it's gonna be very difficult to get bearings and to hit the ground running but we'll do everything on the eye which case side that we can't try to facilitate whatever's necessary to get them moving as quickly as possible and we're gonna put user in time out again it old max power we'll just keep banning him okay [Music] come on guys give me some good questions Raspberry Pi for just got released what's the progress of running a full node on Raspberry Pi once we are done with the complete rewrite of the haskell byron node it's going to be a super fun experiment to see if we can get working on the Raspberry Pi for we have it working on rock pi the rust side so we have a good partner in the community named Marcus who helps us with this stuff and we also have quite a few people at AI which Kate who are kind of hardware nerds and they have Zim keys and raspberry PI's and these things so I suspect that they will definitely have a lot of fun trying to get card out on to work on that device but looking at the stats it is powerful enough so it'll be interesting to see what we can do and if we get working we'll probably do a video and tutorial on how to do it yourself okay Pascal and Pluto's MOOC we do have a Haskell in Pluto's MOOC there on udemy they have several thousand students for getting some feedback from them right now we're currently writing a Plutus book and the Plutus book will be released in July sometime I believe that's the Amazon deadline that we have and that's the first book we were written on the the language will probably do a follow up book that's a bit more comprehensive for you know getting developers involved maybe an O'Reilly publication or something like that but we need to wait for the Plutus platform to get a little bit more advanced and for you know us the SDK and libraries and these things to emerge because then there's it's more useful to do a book of that calibre so right now we have kind of a three-stage strategy for Plutus and Marlowe we're doing workshops slash hackathons to show it off and get people excited about it and get feedback from the community we're engaging in some MOOCs and content materials like the udemy courses and the book that were publishing and then inevitably we need some people to build some actual DAP with Plutus and use them as case studies of what's easy and what's hard and so forth and that's why I'm ergo has been seating these accelerator programs like the New York program and we've been collecting a whole bunch of potential partners that are interested in building things on cardano's so once we get to a certain threshold for Pluto's platform then we'll be in a good position to have Pluto's platform basically allow people to build apps and then those tabs will create a feedback loop to improve the content material and and obviously the developer experience and then once that goes through some of these iterations then eventually you have enough to write in a Riley book or something like that and then that brings the next wave of developers in and then the wave continues it's a feedback loop [Music] now let's see what else we have here how is ethiopian implementation going any updates so Ethiopia in particular it's a three-stage process one is a feasibility analysis two as a pilot and three is actually converting the pilot into a finished product procurement of these types of things tend to live in the three to seven year time horizon and the first step is just an MoU to establish the relationship and then you negotiate a feasibility study along with a pilot so we're in deep negotiations right now for a feasibility study in a pilot and pending the success of that pilot what we learn from it it it very naturally makes sense to either say okay we can't do this because of some logistics reasons or the government's not ready or the environments not ready for something like currency or it does make sense to continue going and pursuing it in which case there'd be an open bidding process and RFP would be issued we bid other people would bid and then basically the best candidates win so you have to be very patient and we have to work very systematically and so we are deep negotiations right now on the contract for the feasibility study and pilot and with any luck that will that will conclude soon so I I've gone back and forth and our people have gone back and forth and right now it's in the hands of the ministry when will heavy marketing of kirtanam kick in you know i i've seen a lot of discussion about marketing you know marketing me has to be done in in a stages so you know first you have to ask yourself well what are you selling what are you trying to bring in so right now the point of the platform is to basically build a community around that platform start a discussion about the philosophy of the platform the goals of the platform where we want to go to have people integrate to create liquidity and for a most part we've been overwhelmingly successful in that respect we've been able to build a community in the hundreds of thousands where top fifteen cryptocurrency consistently going into the top ten we have great liquidity I think we're now 30-plus exchanges a lot of people want to work with us a lot of people believe in what we're doing and think what we're doing is a good idea so that is kind of stage one and that's what the byron era was basically all about it was learning how to release a cryptocurrency how to build a community how to get people behind it I get things where they needed to go Stage two is about decentralization it's about handing this idea over to the community in many different respects from the Cardinal and proof of proposal process to third-party people building infrastructure and making contributions to the project to the actual decentralisation of the consensus algorithm meaning we go from a PFT protocol to going to true proof of stake protocol with a thousand stake pools and lots of things going on so in that respect that's a huge process and it requires a different kind of marketing so the first thing we need to do is we need to take the 40 plus white papers we've written the extensive documentation we have all the comments we've made and pull them all together into a white paper and basically the white paper will be a aggregation of sense that's concise and provides a great degree of technical clarity on why is this special as a product and what's unique about it and and why did all of this research have to happen and what are we bringing to the table that's really interesting and as you for everybody so doing that is quite a challenge and we have a team actually lined up specifically to do that so it'll be a process but we'll get it done now once that's done then the next thing you do is you look end to end all of your marketing content and then you basically do a post-mortem of what did we do well what haven't we done well and then you redo the brand reorient the messaging and you generally work with partners on this so we'll retain a third-party firm there are several we've worked with in the past and we'll have our own local assets as well and then we'll come up with a plan to how to reorient communication and this is going to be a comprehensive plan so some of it will involve blog posts some of it will involve original content like YouTube videos we love work with third-party partners like for example there's lots of educational YouTube channels like what I've learned and there's another one like Chris Erick or whatever I can't remember there's dozens these guys who make these five 10-minute videos explaining everything from quantum mechanics to string theory to how quantum computers work in a way the general public can understand so you go partner with them and then you create a udemy course that explains what is Cardone oh and you know like things like that so there's a whole spectrum of content that has to be created and then there's lots of marketing that has to be done through certain channels some of it is physical marketing meaning you go to events some of it is digital marketing and so forth but a new strategy will come why because at that point you're not just talking about a philosophy you're not building a community you have a functional product that actually requires input from the community for that product to work at its highest level so you need to bring more people in in a different class of people and and upgrade an existing group of people then there's a whole nother marketing surge that will occur when Gogan comes out hopefully not too long after shelley and basically that's about developers developers developers developers you know post Steve Ballmer they're developers developers and you have to bring as many developers as possible in and there that's very easy to do there's a whole circuit of functional programming conferences there's a whole circuit of meetup groups that do functional programming and that's just a game of numbers it's a very systematic effort we go and make a list of all of them and we say we will have representation at all of these places we will have workshops at all of these places and we're going to go hit the pavement very hard and bring in as many of these people as possible will create a stack exchange for it will do all the things you need to do to get a great developer community and that will run in parallel to the marketing that's running with Shelley so yeah marketing will come and it comes in stages and it comes in phases and every time you do it you bring a different demographic in you don't lose the old demographics they stay they just get upgraded a bit and then overall the entire ecosystem gets stronger it's a it's a process and then you know after we finished the Gogan marketing then you know there's this idea of Voltaire where we're basically talking about governance and that requires a completely different type of marketing and discussion of how do we now leverage these developers and these people running infrastructure and this great philosophical community and then find leaders from among them to act basically as a governance layer for the system and basically bring it all up and then anticipation for the Treasury system so if we do all those things right it'll be a very good community so those things are coming ok let's see what we got here okay so there's a question right here about delegation if we delegate my ADA my understands that our funds remain spendable do not leave our wallet but how will rewards work if I've actually spent half the ADA that I've already staked so what you have to do is staking is you have to pick a window of time to say that an election is going to occur and once that election occurs leaders are selected for the future for some time period and and what that basically means is that when you're within that time period that that decision whirl that's when prior staking decisions matter and then after that's occurred when you restate those those elections have already heard that those people have already been brought into the the system as leaders for that P bak meaning that when you spend your ADA you're not going to influence or change that decision so basically you pick something to stake to then an election happens and after that well you know if you move your ADA it's not going to have any influence on that so so we call this an epoch it's a five-day period right now is the parameterization for that and basically an e-book has slots and each slot is belongs to somebody or a group of people depending on if it's Prowse or or Boris classic and when that slot comes up somebody is responsible for making that slot that slot filling it with the block and that person only gets that right based on that election that occurred so that's basically how it works so it doesn't require bonding it doesn't require locking or any of these particular mechanisms that other people are doing and it's a pretty flexible system and it means that your your ADA it doesn't have to leave your wallet you can hold stake so you can do it on a paper wallet or ledger device once we had support for that and basically you're free to spend your ADA how you see fit they're also going to be an enterprise address concept we have a specification and it's coming with Shelley where if you for whatever reason want to exclude yourself from participating in or having the right to decide who is has state control over the network you can put it into an enterprise address and it's as if the ADA doesn't exist from a staking stamp so there might be people live in regulatory environments where staking is illegal for whatever reason so you can basically convert your ADA to a form where it can't stake so it basically provides some degree of indemnity there in that respect can't speak about coinbase at all don't even ask when is the NEPA Pao and light client support coming to cart down oh that will happen post Shelly probably during the golden era but I really really really want that support because we'll get the ability to do side chains but we'll also get the ability to do super like clients which means you'll have a very fast bootstrap time my goal long term is that when you install Daedalus it just works instantly you do not have to download the blockchain you don't have to download a lot of information you just install it you can immediately use it you can immediately start doing things you entering your keywords restore your wallet it's super fast to restore and you just have it and then as a background process gradually Daedalus will upgrade itself to a full node but that has no bearing on your usability of the wallet and because of all the network improvements we've made and other things we're doing down the pipe the downloading of chain and syncing of the chain these things will be done a lot faster than it has been historically but that'll be a background process so it doesn't interfere with the usability of the system to get there we need proof of Styx teachings and we know how to build them we have a paper for them it's just one of those things that's just sitting there waiting for the rewrites to be done and now that those rewrites are near concluded this is exactly the kind of stuff we can talk about which makes the product so much better and so much more usable and it also allows us to future proof of the product because at some point the Cardinal blockchain will be very heavy it'll be in the petabytes if we're successful but if we can always use it and only have a few megabytes of data then that means it's usable for everybody in the world regardless of the hardware they happen to have so it's very important as Justin Sun invited you to have lunch with Warren Buffett you know I they're gonna go normally Warren Buffett does it at this great restaurant called Smith & Wollensky which is a steakhouse in New York and it's a great steakhouse I go there often every time I go to New York it's one of my favorite and I think they were moving it somewhere else now which is just a shame you know it's a standard dinner and you sit down and you talk to Warren and and he basically asks you a bunch of probing questions and after it's all said and done you go home and then Warren's opinions probably won't change at all because you know how he works is he has a whole group of super smart people he talks to on a regular basis and he's a value investor he doesn't look it ups and downs he he's been following Benjamin Graham's books since the you know before any of us were born and and so he looks at long term fundamental arcs and he says there has to be foundational things here for these things to be good investments so there has to be stable markets that are well regulated there has to be some way of managing volatility there has to be real use in utility behind the product there has to be a clear way of differentiating one product from another product and also there has to be a management layer for this ecosystem that is stable and competent this was not the case for example in 1990s which is why Warren Buffett stayed out of that space but then as these tech companies became professionalized and became among the most valuable companies in the world he pivoted and moved into them and continues to make great money so there is not a damn thing that Justin's sunk until Warren Buffett in any way shape or form that will convince Warren Buffett to change his opinion of cryptocurrencies or his fundamental investment thesis because he's been consistent with that thesis for his entire life and he's one of the world's richest men because of that thesis he's going to keep that ceases consistent and frankly the cryptocurrency industry is going to have to catch up to a point where that thesis is compatible with the cryptocurrency industry and that will happen you know inevitably it will happen it happens to all industries and no he hasn't asked in if he asked me I'd still I would turn it down it's just a PR event and I've met many very famous very rich powerful people from heads of states to Kings to billionaires I don't need to go sit down for two hours with Warren Buffett to validate myself but Warren is of course neighbor he lives in Nebraska I live for your Colorado so he wants to talk to me he's well Morgan welcome come out to the ranch and we can talk about horses okay when we got here I'm also placing bridge all right what do we got here why does or borås a consensus algorithm have different stages such as hydrant genesis so protocol design is about changing thing is about accommodating demands and business requirements and technical requirements so if I come to you and say hey my number one priority is speed and I trust everybody running the system and I own all the servers and there's only going to be seven of them and though never a change so give me an algorithm that is as fast as possible and let's see what we can do with that so I'd say okay great here's raft it's do they have any Byzantine resistance so if any of the nodes are lying or doing anything it'll crush your protocol but it's a super-fast protocol it's it's easy to implement and it has a lot of robustness and power behind it and you can get great performance like lots and lots of transactions per second now if you come to me and say there's a federation and there's gonna be a group of people but we don't trust each other however there's only seven of us did I say ah you need a B of T protocol okay so here is Paxos or here is or bourse b of ter here's Tangaroa or something like that okay now it's slower because it has to do more and it has more things but it's not dynamic it's static you don't change the quorum then you say oh okay well here's what we're gonna do we're gonna put a voting system in and we're gonna vote and decide who's in a fixed quorum and that's teapots it's basically what Dan Larimer created okay and then you come to me saying no no no we want this to be dynamic so we don't know how many people are gonna run it it may be this many maybe this many but there's gonna be some process that we follow decide that okay well that's what proof pure proof is steak is about or what we're doing with or borås now every time you you do these things you change the cryptographic requirements you change the capabilities of the adversary you you have performance trade-offs that you make there's all kinds of things in your design space that you have to think about and so the more boards research line has been less about saying can we find the ideal protocol and can we take a step back and can we just ask what makes good protocols and what are types of good protocols in the cryptocurrency space when your goal is to do something like proof of State so we started from a PFT we have a kind of a classic synchronous protocol we have a semi synchronous protocol with a little bit more dynamic control we have this bootstrap from Genesis idea we got rid of the clock and we have something called Chronos which is cool and we're doing all these different things and that's all for a single sharded protocol meaning that everybody's working on the same piece of work they have the same view and then we even did work with parallel chains and soon Hydra which will say now people have different views and people are doing different work and that's a sharted protocol okay so the the point is that when you put all of these things together then basically that gives you options and choices and then what we do is we say okay well what is the cryptocurrency how should a cryptocurrency be used what does it mean to be a good cryptocurrency what is decentralisation mean how much privacy do we need to have how much resilience do we need to have against an outside attacker what types of failures should we be able to recover from and what are we willing to do like reset the network put in a checkpoint you know there's all kinds of philosophical questions that exist there what you need to be able to do though is you need to have the protocols written down for that entire design space so as you're navigating that philosophy those philosophical questions of how do we solidify and pick a combination of these things you understand very precisely what you have to do what you're giving up or else what happens is you don't know where you're at you don't know if you're in a in a situation where everything is is is you know can they right and the gkl paper basically defines what is a ledger and what makes a secure ledger and under what conditions does that not work what conditions doesn't work in so forth so we've been gradually building the theory out in fact not only we've been building it out we've been rewriting some of the papers for journal publication and we've been doing this in a very open transparent way through a conference submission process so you're a CCS crypto and so forth and that has allowed us to gain an enormous amount of knowledge about the entire design space and it puts us in a very competitive position because we now know how to compare what we've done with Al Gore and and Kasper and hash graph an avalanche and all of these other classes of protocols we have a standard model within the company of how we fit those into this framework and we understand the trade-offs that they've made and then you can make a compelling argument well maybe there's a reasonable trade off so you could also make an argument they're unreasonable for being a cryptocurrency but that's much more informed rigorous systematic way of thinking about these things than just writing one protocol and saying this protocol solves all problems forever there's no issues with it and everybody else is wrong no you get to see the theory and you get to see why we did what we did and we can have differences of opinion but you can't have differences of facts you understand why these things exist the way they exist okay let's see here what else we got hi Charles is it true that Cardinal was marketed as a gambling platform in 2015 you know I've seen recently a lot of people just come and say this bizarre story and usually they come from the taste side but people lead you 30 miles outside but basically it's something along this narrative in 2015 a group of super shady people got together and they went to any grandmother they could in Japan and basically said that Cardno is a get-rich-quick scheme that's gonna be a giant casino in the sky put in money and you'll instantly get money out and and you know wonderful for everybody and then they collected all the money and then we had no idea what we were doing and then tezo's came out and then we just copy pasted all their ideas and then pivoted the project there to go legit so we could stay out of jail this is the narrative that is going through it is such a bizarre insane bereft of reality narrative and in they parrot this because there's some third-party websites in Japanese that say Cardinal is gonna be used for gambling but they can never point to an AI which K release anamur go release or any content or material from a content or Cardinal foundation attesting to this what Cardno itself doesn't mention this at all there's no connection to that all the research we've done has no connection to that reality the code we've written is completely new and it's written in a cleanroom approach with it's its own set up and everything we've said consistently has been that Cardno is an open platform now yeah you're damn right the games are attractive and interesting and we were absolutely going to pursue them where and when they make sense and most popular apps right now an EOS are certainly in the gambling space and I'm sure a lot of people are going to deploy these types of things on Cardinal and their high-growth vehicles but the philosophy of the project has always been to be a financial operating system and has always been to be what cryptocurrency should be for the developing world and to reimagine the regulatory balance of these things to think about the transaction atomically to think about each protocol that is being used atomically we've been intellectually consistent we've done an enormous amount of research we've written an enormous amount of code we've gone through hell as a project to innovate and do the things that we're doing and we haven't copied anything from anyone yet this seems to just be repeated over and over again and I just keep asking what where's the scam the ICO was extremely transparent nine thousand nine hundred and fourteen people participated there's an audit report that's published the demographic information is published less than 5% were over the age of 65 there were transitive buyers meaning they usually had a family member was also involved their help desk tours everybody bought it got it where's the scam I just really would love to know but yet they repeat it they just keep going through it there's stuck in a cognitive loop so I think the issue here is that some people get in love with fiction and they get in love with narratives that are invented in their own minds and they don't like reality very much they just stick with that and just keep running with it repeating it repeating it repeating it repeating it repeating it and no amount of evidence no amount of work no amount of progress no amount of effort can ever dissuade a person to get off of that cognitive cycle that they're on for example the anti-vaccine movement there is no evidence none there's none you can't find it but yet some people are so convinced so convinced that it's a fact that vaccines cause autism to them it's a fact that the drug companies are innocent some giant conspiracy and their goal in life is to poison your children for some unknown reason and all the doctors are in on it and all of society is in on this and you can show them medical report after medical report you can show them any evidence that it doesn't matter this in their mind that that's the way it is the same for the Flat Earth Society you can show them pictures from space it's a NASA conspiracy you can go to Antarctica say where's the ice wall and they'll say it's a conspiracy you're now part a conspiracy because human beings are confirmation bias engines they they exist in this realm where when they've decided something's true it's true no matter what and unfortunately there's some group of people within the the cryptocurrency ecosystem who just have this belief about Cardinal it is what it is I'd love them to show evidence to support that belief videos of me saying things I'd love to see marketing materials for my own age K saying these things I'd love to see where we stole things from pesos or where we stole things for other cryptocurrencies we're point to the copy-paste point to the plagiarism in the white papers point to the code that was borrowed you can't because it doesn't exist it's fiction and it's fiction repeated over and over and over and over and over again and you know it is what it is and so we we deal with it it's fake news and you know you move through it and yeah you know frankly people wouldn't be this passionate and excited about what we're doing if it was just some cash grab product they'd see through that they'd understand that we wouldn't be doing the kinds of things we're doing hiring the kinds of Engineers we're hiring we wouldn't be writing the software we're writing we wouldn't be doing the research that we're doing it is very easy to build a cryptocurrency we've done this multiple times as a company it's very easy to copy something and make my own minor cosmetic improvements to it and launch something and if this was just a game of numbers we would have done this in Legion in 2017 we had every capacity and capability to do that instead we did the very hard thing over and over again writing software that took years to understand how to write well and we endure brutal criticism along the way if people saying we're competent we don't know we're doing we're too slow or too rigorous for to academic we're out of touch we don't know how to write software we endure it all of that and all that criticism because we knew that what we're doing is right so you know it is what it is sometimes there's delays a research and development has delays that's not an indication that we're incompetent it's an indication what we're doing is challenging no one looks at SpaceX from the it doesn't land properly and say that's it the company's over these guys don't have a vision they don't know what they're doing you look at the trends and you say from the beginning to where they're at they're launching people into space they're landing Rockets on platforms they've done amazing things but if you take a cross-section of SpaceX during their their reign and you would see them picking up pieces of rockets off of a beach you would see all kinds of flight delays you'd see all kinds of design defects with the Merlin engine you can see all kinds of things that were deeply troubling and conservative and you'd say oh wow must not be going well the same for Tesla if you take a cross-section of any time the company's history 2008 they're bankrupt in 12 hours you look at their production quotas and you say well they're not making enough Model S's and then it was not enough gen3 is now they're shipping 65,000 cars a month more than mercedes-benz in the united states so you know the these things take time they take effort there's ups and downs you roadmaps are just that they're where you want to go sometimes the weather is bad and you have to camp for three weeks and hunker down doesn't mean we don't know what we're doing it just means that the environments harsher than we intended or maybe the road isn't the world we need to take we need to pivot and go in a different road the fact that we can do that the fact that we can recognize that means it's a great project and it's being led by great people and that I think is is the thing that people always have to take home as for the rest of this noise comes up it happens and it's a more of a reflection at this point on the people who say it then a reflection on us as a project I'm perfectly happy and comfortable with the things that we've done and I'm very proud of the people who have done these things okay white companies is Amazon implement payment systems as any cryptocurrency the moment if that's beneficial to them yeah so this is the deliberate question so basically when you're thinking about payment systems and your big guy like Microsoft or Google or Apple and Amazon you know and these payment systems are you are just so painful you lose a lot of money a lot of value flows out you have billions of customers you have direct relationship with those customers oftentimes you know more about your customers and the government knows about your customers and you'd say why the hell am i dealing with these middlemen we know more than they do we can write better software than them we should have a direct financial relationship with a customer customer has money I have a product they should be able to pay me and they should be able to pay me easily so they say let's build our own system the problem is regulation and the problem is that the people who are involved in this industry have monopolies and these are state-sponsored monopolies because of the regulatory environment well the existence cryptocurrencies has changed this calculus tremendously and as a consequence what it's done is it's opened up the realm of possibility of now having a mechanism where you could have a direct financial relationship with your billions of customers so the only one who had enough balls to go and say let's go do that is the Zuckerberg if he wins the F by and it's successful there's gonna be a Microsoft coin and half of us on coin a Google coin and Amazon and Apple coin they put it together they're gonna do it because there's too much money to be made and too much money to be saved and it gives you more direct access to all of your customers and in a way this opens up floodgates for the entire industry and it is the single greatest threat to the oligarchy of the financial industry the all of these people are basically going to those chases the wall Fargo's the banks of America these these international settlement groups their lunch is going to get eaten by this and it's a great opportunity for us because these systems that are being constructed or programmable they're open for the most part which means that they can be interoperable with crypto currencies and even if they're just interrupts with Bitcoin that's going to be enough for all of us so I view them as positive developments there's certainly huge privacy implications there's control implications I mean this is a reality you could wake up and say because you violated our Terms of Service you can't have access to your Facebook wallet and you could have 30% of your money in there it's a terrible terrible thing and that's a reality that could happen so navigating this space from a consumer perspective is going to be quite hard but I'm very excited it's good for all of us all right what else we got here Glenn you missed the beginning of the talk I talked about the self note test that referred to that see what else we got here come on guys give me some give me something good Craig Reich cried in court is that like aliens where the blood comes out and it burns a hole in the desk the tears come out and they'd burn holes and things that guy's a joke have I spoken with Jill Rowan you know Rick I've never met Joe Rogan I always wanted to I love that damn show it's a lot of fun this is another one of those things of timing you know I would love for staking to be out smart contracts yet before we go on a show like Joe Rogan and I'd love for our Africa work in for the work in Georgia and other places to be a little further evolved before we go and chill Rogan because then we have some very serious very real meat and potatoes that we can talk about and it's not just hypotheticals or philosophy or all this is going to be great one day we can say it is great and it's great right now and it's great right now for the right people and then Joe can be like wow that's amazing do you do DMT and then we can talk about aliens for a bit but the point is that you know all things have their place in their time and I think we need to be just a little bit further along before we get that kind of notoriety but then once you're there you can be a reoccurring guest and then there's a whole intellectual dark whip to leverage into and start talking about so we'll we'll get there and I'm very very happy to know that we're making for us too okay the protection mechanism against too many stay cool so you have to delegate to the state pools so there's only a finite amount of ADA and the financial incentives are basically set up in a way where you're going to have a kind of a sealing of state pools and if you have more than that you actually make less money so I'd highly encourage you to read our paper we wrote out of Oxford with Alaska suppes the paper covers how you parameterize that model and that's why we can believe that they'll be stable thousand state pools after a while what do you think about micro dosing mushrooms there's a great book it's from Michael Pollan called how to change your mind and it talks about selasa pea mushrooms and the entire psychedelic movement and where these things come from it's very exciting to see that that's going back into the mainstream and there's real research at Johns Hopkins and other places happening and it shows that there are tremendous psychological benefits especially for depressed patients and people who are at end of life and dealing with those issues and there's a lot of people Silicon Valley who do micro dosing because they feel it gives them more mental clarity and apparently it's quite popular Brazilian Jujitsu community as well again for the focus and the clarity it's as with anything that nipple eats your mind it's it's a dangerous road to go down and it's one that requires great degree of clarity and thought but it's exciting to see that that research is now being legitimized in the mainstream and real scientists are looking at it and they're pursuing it in a rigorous scientific way the problem with a lot of these studies a problem with a lot of the research that had been done is very anecdotal and it wasn't set in a way that was repeatable or useful for other people so even if you find the path to enlightenment just because you found something that's that's you it doesn't mean it's universal for everybody and in some cases it could be quite harmful for their people so applying a rigorous methodology that can give us some clarity about what the group could benefit from is a powerful thing and it's very exciting to see that that's actually happening and it's happening in places like Johns Hopkins which is one of the best institutions of research in the entire world for medicine okay why is the a the price right now down boss your guess is as good as mine I don't know how these markers work his is pretty crazy you know I love these types of questions are the unmitigated a what will be used to fund incentives and rewards if he is so they created by a god mode from the protocol where they be pre mined and stored in a wallet guys where's Bitcoin there's Bitcoin if you mind Bitcoin it creates Bitcoin right you state it creates data why is this so conceptually hard is I was on a show his cryptic refers squishing you asked me is when are you guys gonna burn any ADA it's letting what the ADA that's in circulations in circulation human beings own it not machines then it's not magical ADA living in a wallet it belongs to human beings it's it's distributed and when staking is on ADA has created inflation occurs to pay for the network maintenance and provide a Treasury for future investments in the network okay so as long as the man outpaces the inflation it doesn't deteriorate value of the underlying asset so that is something there as all cryptocurrencies have or most have that to promote the maintenance of the network and and why would that be any different than Bitcoin and we've been explicit upon that I just don't understand people sometime you know coin burns and these things too much a ton circulation if you if this is where your mind is you're an idiot get out of crypto you don't know how any of this works you're gonna lose all your money I used to have a pocket protector because I had these fountain pens and I love them but occasionally they would leak and I got rid of the pocket protector when I got rid of the fountain pens I got a lot of for that pocket protector too by the way all right let's see here Amazon copyright Merkel tree I hope they didn't that doesn't make any sense at all that's prior art they didn't invent it authenticated data structures have been around for a long time and do you own BTC yes it's the only crypto I hold outside of ADA alright guys its fourth of July I don't want to be here much longer give me a good question good question come on ah that's a good one ended on on 4th of July are you proud to be an American and the answer is yes I'm very proud to be an American you know this is a very special country it's a very unique country the magic of America is that we're one of the few countries in the world that can exist with a bad government that no one likes respects and in some cases we actively want to change yet somehow we were able to solve giant problems a great example would be the space program you know for a while the u.s. space program was the envy of the entire world and we went to the moon we did amazing things and somewhere along the way we lost her way and it became a lot less exciting and sexy and we stopped trying to solve big problems like go to Mars and we focused on low-hanging fruit in collaborative efforts like the International Space Station and some citizens said you know we should still do the big stuff we should still do the big problems and they went then they built SpaceX and now there's a Nevitt ability about the human race going to Mars and it more likely than not an American flag will be on the shoulder of the astronaut who does that because the private citizens got together and did it it's the same for water quality it's the same for global warming there's a great company in America called carbon engineering which basically knows how to suck carbon right out of the air and if this is done correctly it could basically Geoengineer the entire planet if we want to do American entrepreneurs wake up every day clean up the oceans figure out how to get rid of all that plastic and the oil patch we're world leader nanotechnology world leader in biotechnology we are leading the AI revolution there's not a damn thing in the world we're not a leader in or getting close to being a leader in or if we wanted to within 10 years could be a leader in and that's just because of the character of the people and we welcome the best and brightest from all around there is no canonical American no matter where you go there is no vision you can have a picture this is an American black brown yella Muslim Christian agnostic it doesn't matter they were all all kinds and as long as we have that that that soul of the country is there our best times are still ahead of us there are a lot of problems and you know there's a lot of things we need to fix I'm not happy that we incarcerate one whole percentage point of our population war on drugs half stand it's it's an immoral affront to everything we stand for we run an empire it's out of necessity at the moment if you think we do a bad job with it you guys should see what China does to people look at the concentration camps in western China and look what Russia did the people and 100 million people they killed yeah we're not so nice but they're a hell of a lot less nice than us and so that has to come to an end too and we have to find a better way of having the world be governed so that we don't descend back into tyranny and chaos and these problems but you know overall it's an amazing place and it's a place to live that makes you better and it's a place that doesn't hand you everything on a silver platter and say here you go life is easy life is hard in the United States you have a lot of debt you incur there's al it's hard to get a good job sometimes sometimes you have to move sometimes you have to make sacrifices and there's a lot of people who think that we should just make it easy for everybody but that hardness is what defines us and the challenges that we have I think about my grandfather in Montana and the environment he grew up in that's a state that had the Homestead Act which said that if this was back in the 1860s 1870s when it came out and said if you could live there for a year I'll give you a bunch of free land not how to ten people either died or went home because it was too hard but the people who stayed that's Montana it's the same for Alaska and this is where we come from and you know these are the people so as long as that's the case I'll be proud and it always will be you know a lot of people like to complain a lot of people like to have differences of opinion and say everything's horrible and racist and we're all bad but yet somehow someway we're still the everybody still talks about us everybody still wants to come here and do things so it's great to be an American and it's great to be here in the 4th of July I very rarely these days get to be home for this holiday and it's one of my favorite so yes very proud and always will be proud so anyway thank you guys so much for for sitting and thank you so much for the faith and support and let's just keep chipping away at it and hopefully the next time we talk we'll have the New Testament out and you guys can tell me how magical it is or how bad it is Cheers
