hi this is charles hoskinson broadcasting live from warm sunny colorado always warm always sunny sometimes colorado i am back from alabama in georgia enjoyed my weekend off and i had a lot of fun with the giorgio mushroom festival really a wonderful place wonderful people and i learned so much my favorite presentation was done by bill yule and he talked about bugs slugs and thugs and it was mostly a presentation about how insects have co-evolved with mushrooms and basically they harvest or live within the fruiting bodies of mushrooms really fascinating event met a lot of great people like fungi farms uh they're uh they're based down in the south and they provide a lot of the substrate material to actually grow oyster mushrooms and lion's mane and all kinds of really cool things also i met william and alan rockefeller william is a really prominent kid running around and he's just like a mad scientist in the mushroom space had a nice backpack with a pcr tester and you know he's going around taking samples of things sending it out for four bucks a pop to see uh to see if he's discovered a new species and alan is also a legendary mycologist in the uh psychological community uh many of you know i'm very passionate about gardening and a litany of other topics for example this lovely book on aquaponics and i'm actually going to be setting up a hydroponic aquaponic facility very soon and a gourmet mushroom farm very soon and i've been learning about all these things acro tech is going through a renaissance right now and in fact peter thiel has a mushroom company that has a two billion dollar valuation there's a lot of companies with vertical farms that are in the billions of dollars of valuation and covert really demonstrated why that's important uh when the supply chain shut down we're having a hard time getting toilet paper much less a meal to eat and this was relatively minor pandemic compared to existential crises that could happen and because of globalism the world is very fragile and slight perturbations of the supply chains can cause huge problems so local production of food and supplies is a national priority and turns out you can get fabulous margins on these things a lot of these aquaponic growers are getting a 10 to 20 roi so if you got a bunch of money to dump somewhere and you're looking for some delta it's a good place to put it so it's a passion of mine and it's something i think i can explore throughout the many decades it also gives me something to talk about when i travel throughout africa and other places a lot of these countries are always concerned of how do we create sustainable agriculture and it turns out there's a really cool solution to that and it turns out that that cool solution could be quite profitable and allow a lot more diversity without destroying the local biodiversity you know i care a lot about nature and environmentalism uh you know we live in one environment and the things that other people do have impact upon us uh and if we don't take care of the world around us then what we leave behind will be much worse than what we have inherited if you don't believe me just google human fertility rates male fertility rates and look at how they plummeted over the last 40 years that's mostly due probably the plastics and forever chemicals that stick around in your body for the rest of your life after you get them so it's a dark tunnel to go down but i'd encourage a lot of people to do so okay on to cardano i'm back in the saddle ready to [ __ ] some [ __ ] up we're doing well uh may is a big month for us we passed a huge amount of internal testing and uh the integration of pollutus is going very well uh with uh with the node and what i'm going to be doing is throughout the week talking to nigel jer rahman and other people who are directly involved in delivery and we'll do some sort of mid-month update about where exactly we're at where we imagine the pioneer test net to hit where we imagine more public test net to hit and how we're going to onboard all these people as many of you know we have 1500 people who are right now training in a 10 week course with pluto's pioneers and they're getting really ready to start deploying code on the pioneer test net we're going to see tons of applications and edge cases and use cases we also brought on some very specialized very expensive people uh to mostly just work with performance tuning because right now everything is built for correctness then you do performance tuning later uh premature optimization is one of the greatest evils of engineering so we're at that stage where optimization is prudent in anticipation of the large group of people coming on uh we were going to do the plutus update and give some dates but we decided to not do that in the africa special because it just been too crowded there's a lot to discuss and at the end of the month we have the regular cardano 360 episode but it would be nice to give a mid-month update as we get past the next sprint and give you guys where we're at at the end of this month we'll also do a presentation on mithril and a presentation on the new hydra paper as well as a presentation on where we're at with the hydra prototype so we have a whole skunk works that's just sitting down thinking about hydra writing code for hydra and that team's been scaling up over time and my goal is to get something really cool on the test net before the end of the year and so you guys will be able to see real time where that's at uh now if mithril uh for those of you don't know is our like client protocol and magic of mithril is that it's kind of a roll up of all the techniques tools and good thoughts about how to build light clients with full node security it's a very high priority for me when we look at the re-architecture of daedalus to have data lists in the browser and the mobile and on the desktop and have it start as a light client upgrade into a full node where that makes sense that means your user experience will be significantly better but we wanted to do it the right way and there's many different ways to do a light client and you could maybe have a federated data feed from the state pool operators or uh you could have a central server and that's what uroy does or you can evolve crypto a little bit and use much more sophisticated cryptographic primitives and if you do it just the right way you have a trustless experience with relatively full known security similar to what mina and these other people are chasing uh so we chose the third option uh for the mithril inquiry and we've been moving down that road for quite some time there's about three years of thought that's gone into this and now we've gotten to a point where we think we have something really cool and we'll be submitting to ccs i believe and we'll see what happens with that but there's a litany of new research that's coming down the pipe for summer i also signed off as many of you aware a 1.5 million dollar budget enhancement for our boris omega so we can scale up the omega team and scale up the prototyping we're right now leading in the proof of stake world i think we're the most evolved of all of the proof-of-stake protocols but you don't rest on your laurels when you have a lead you smash the anvil and you strike when the fire is hot so we're going to try to accelerate that lead and roll up all of the things from fast finality to self-healing to uh ability to recover from 51 attacks uh to decouple clock so you don't have to rely on an external clock mechanism and a collection of other things like multi-validation blocks and so forth and all that will be rolled together into one universal protocol which will be kind of the capstone of the entire auroboris research agenda that'll be deployed after we deploy genesis and genesis is after gogan but it'll it'll happen not too far from that and it's a high priority for me because i think it kind of it's like lebowski with the rug ties the room together i think that's really a key competitive differentiator so plutus is cooking away the teams are working well we're where we need to be not for lack of exhaustion the engineers are working extremely hard because there's so many moving pieces and there's so much code that's why we're number one for github connect commits but they are definitely getting there and the other thing is because we have so many integration partners all around it's forcing us to become more polyglots so we're working uh to make sure that our stuff works with javascript and our stuff works in the browser and our stuff works with conventional stuff so there's tons of that third-party integration work that's happening under the hood and that's quite exciting we will be scaling up our research commitments as well i looks like we'll be investing about nine million dollars to create two very specialized labs uh one i'm going to put in university of edinburgh the other one we haven't announced yet we'll be splitting funding between them and basically it's going to be blue ocean research and there's a really cool steering committee and so forth but we'll make a a bigger announcement on a later date um about the specifics and how we plan on allocating that and that's just one dimension of the larger research budget that's just open research and then there's going to be other things for domain-specific research some that i'm passionate about some alkalosis passion about some that the community is quite passionate about catalyst keeps chipping away and ecosystem is very strong as a closing remark uh you know i'm bombarded by lots of people talking about doge and they think that somehow i get annoyed that the market cap of doge is higher than the market cap of cardano doesn't really affect me i don't really care my concern is rather the holders of doge having unrealistic expectations and the existential threat the failure of doge will have upon the cryptocurrency space when you talk about a smart contract system what you're basically doing is saying that that system those tokens do something so for example with ethereum people buy ether to pay for transaction fees okay so there's there's stuff that you do with it there's dexes and dows and stable coins and so forth there's real utility there so when someone buys ether they may be purchasing ether not with an expectation that ether is going to go up 100x but purchase ether with an expectation that they're going to use that for some application maybe to buy a crypto kitty or maybe to do some cool new thing when someone buys doge if you look at the commentary of the community 99 is we're going to get rich the only way you get rich with doge is if you take your dogecoin and sell it to someone else so that other person you have to ask why are they buying it are they purchasing that because they intend on using it for something or are they purchasing that because they want to get a 10x if that mentality persists there's only so many doublings you can have before it doesn't happen anymore and then a panic sell happens and if you look at the distribution of the coin over 90 percent of the holdings are held by less than one percent of the participants so at any time a cascading failure can happen and the people who are selling are always in the money so whether they sell doge at 60 cents or one cent they make a huge profit and that's a very bad situation to be in so catastrophic failure is the most likely outcome here as people with wildly unrealistic expectations and very limited experience investing acquire these assets and then once the failure occurs their opinion of the entire industry will be the same as bill mars the same as a lot of people in the mainstream like charlie munger it's a scam it's a ponzi scheme there's no use in utility it's not a real thing i intend on being in this industry for decades as you guys saw with the africa special promise is delivered we have five million people who are coming into our ecosystem now and for years of their lives they're connected to this blockchain and growing with it as more services are enabled that's one deal many more are coming so i don't like things that destroy the reputation of my industry make my job harder and ultimately harm people i really really don't and it's my belief that what's going on with doge is a not sustainable b will result in a systemic catastrophic failure of that cryptocurrency and c create millions of people who are disillusioned disenfranchised and remember where we're at our political environment let no crisis be to waste people will come in and use that as an excuse to put the heavy hand of regulation in our industry favoring large corporations governments and hurting smaller companies and you the end consumer if your intention is that every time you download a cryptocurrency wallet you have to identify yourself and have a bank account to link to it and that's a great idea go down this road because that's what you're creating if your intention is that there are severe restrictions on your ability to buy and hold a cryptocurrency in a regulated marketplace then keep doing what you're doing because that is what the counter reaction will be if there's a hundred billion dollar asset that collapses you don't believe me look at the failure of enron and sarbanes-oxley as an example every time scandal or major collapse happens in a marketplace usually that is followed up by an overreaction and regulation which seldom corrects the problem and often is used to destroy competition and benefit insiders i endured and lived through bit license many of you listening are from new york and you always ask why is this asset not listed on exchange here why is it so hard for me to do something in the cryptocurrency space here well you have your answer bad regulation and these types of existential problems in the industry create that because if we can't regulate ourselves if we're all just so happy and enamored and then we get into this frenzy where avarice is the only goal not creating use and utility not changing the world you know our mission statement is pretty simple with cardano it says to bank the unbanked to give those who don't have economic identity economic identity so that they can leverage it for value and governance who are the consumers nation states who are in the new systems business because they got 100 million people 200 million people 300 million people and they got to take care of them and globalization's kicking their ass and they need something to compete big businesses who are super tired of bureaucratic and efficient systems that cost them super amounts of money to be able to interact with a marketplace and there's no reason for that and they want to innovate and they want to have business model innovation individuals who pay 85 interest on loans and 15 to move money around when they can get it that's a pretty natural marketplace and it covers 3 billion people and it's understandable why these systems are necessary take a step back and ask yourself what is the use and utility of doge there's not a stable development team the monetary policy is devaraj there's just constant decay of value so it's not a particularly attractive store of value with that monetary policy infinite inflation there's no use in utility or perceived desire to have use and utility it's okay if you don't have it today if the intent is to wait till it's there and sell it to somebody who's going to use it for that but there's no path to that there's no vision for that it's as if something magically will just appear and somehow it'll organically become the standard but then how does that occur what is the governance structure what's the voting system to do that how does the community decide what is the level of sophistication of the community what attention is paid to evolving and growing this community none it's a bunch of people who want to get rich quick and when you ever see that you know they're headed off a cliff and the problem is if that was just their thing i wouldn't care at all it's like what's the price of the tea in china have to do with me it doesn't affect me but that is going to affect us all it's an existential problem when a million dollar thing fails it's not a problem 100 and that's where doge is going 100 billion dollar thing fails it's an existential problem to an entire industry just that simple so that's why i care that's why i comment on it and uh to you trolls who come to me attack me and say oh yeah it doesn't bother you that it's so high no it just bothers me that you're going to lose your money because when you do you're not going to take it on the chin and move on you're going to attack my entire industry and call all of us bad people even the people who warned you that's what bothers me and that's what needs to stop so it is what it is dog barks in the caravan moves on cardano's still going to be here we're going to be here 10 years from now 20 years from now look at the roots we've planted trust a man who grows things you have to invest you have to water you have to put the right nutrients in the soil and our nutrients is the community and our soil is the marketplaces we choose to be in the people we sell to really need what we sell and the community that comes on board knows how to maintain that and sustain that and every time we've asked you've risen and answered we've said the incentivized test net thousand stake pool operators came out of the woodworks and built stake pools now we're up over two thousand we said plutus pioneers time has begun 1500 developers came up and said let's get it done i'm going to invest a lot of time and effort spending 10 weeks to learn all this stuff i've never seen before and you guys did that and you know what's going to happen is success will breed success we'll have the prism pioneers for the prism identity system you guys can add identity to your stack we'll have pioneers for many other things and then these classes will become regular occurrences and eventually thousands will turn to tenth of thousands and tens of thousands will turn to hundreds of thousands and so forth and the community will grow that's the point that's where we're going it's who we are so that's my belief and uh we're on schedule things are looking pretty good as i said we'll do some a mid-month update and uh just specifically about things that related to the testnet plutus uh and then of course cardone 360 at the end of every month and i obviously keep doing my amas i really enjoy doing those amas i and i enjoy not being able to travel again i'm fully vaccinated ready to go and life's pretty good can't wait to see all of you can't wait to see the world again as it opens up till next time cheers
