hi everybody charles hoskinson here as promised here is the governance video yay governance video not so live from not so warm not so sunny colorado late at night all right so uh but to understand the governance ideology the what we're pushing uh you have to really understand where we came from mistaking so in the beginning we had obft and obft was static and federated for those of you who don't know that's orophorus bft this was the original protocol for cardano and we said well we'd like to go to a state where we are dynamic and decentralized okay so we're going to go from static confederated to dynamic and decentralized and we thought a lot about that and we said oh well that's prios or boris props depends on who you ask how to pronounce that and we said well wait a minute here there's this huge competency gap in that the people running the system not us and our friends they're going to have to know how to run the system so we need kind of training wheels to do that and we said all right well we have this concept called the itn the incentivized test net we ran that for six months and it accomplished two things one it allowed us to verify that profs works the way we thought it worked two it was training wheels for people you know kind of like when you learn how to ride a bicycle you put training wheels on it until you feel comfortable you take them off and then suddenly you can ride the bike comfortably okay well mission accomplished cardano is getting to a point where more than 30 percent of the blocks are made by paras and within just a few months uh we'll break the 50 point and uh in quarter one of next year we're on target for d equals zero which means that the entire system will be dynamic and decentralized and we no longer need training wheels and the other side of this is that we needed to have a conversation a conversation about system parameters uh something like k something like a naught a whole bunch of stuff and we now see emerging out of this conversation uh organizations like spakra forming we see emerging out of this conversation partial delegation delegation portfolios all kinds of creative cool things in a vast improvement of the delegation experience and the stake pool operation like for example i made a video where we talked about segregation of stake pool operation between cold and hot so basically you can run something on like amazon web services and then you can on a ledger have most of your delegation keys okay and this is what people would delegate to now what does it mean you have a very secure operating environment and if your environment ever gets compromised you can always reconstruct a new one okay so this is the direct result of conversations with rank and file state pool members the community as a whole we could not have these conversations if the community didn't learn what cardano's all about what the protocol is all about this centralization is all about yeah how to run a state pool there are very informed people in fact people equally informed in some cases better informed than the people working in my company about the realities of staking so when we ask how can we do better their opinion matters it's an informed opinion there's money on the line it's a business okay so governance is much the same way in my view you cannot build a successful governance system unless you have at least two things you have to have knowledge and then you have to have participation okay you have to have a situation where people participate and people know what the hell they're doing here we have over a thousand state pool operators and because they had six months because they had training wheels because there's money on the line they learned very quickly how to run the game to a point where they have an opinion and that opinion matters it's valid it actually has teeth behind it people behind it organizations are forming to lobby for that opinion that's effective governance of the state pool side so we said governance in general we need a system that encourages lots of people and when we say participation we mean ada holders okay and knowledge we mean they kind of have a rough idea about stuff and that's a hard one right what does stuff mean so stuff can mean the technicals of the protocol stuff can mean marketing stuff can mean running a business uh stuff can mean partnership development stuff can mean writing a dap stuff can mean a lot of stuff and that's really challenging right here we're going from a particular use case the operation of the protocol itself which is complex but finite and here we're talking about a very very abstract thing the other problem when we talk about participation is we're talking about a very very abstract thing as well because what does data holder mean for example does it mean you actually own ada okay that's one type of it'll holder but what if you're like you know a domain expert who's just floating around in the community and didn't have a lot of ada but you also have a lot of specialized knowledge or you know what if you're a government official who's considering using cardano protocol uh for elections or something you know there's a hundred different constituencies there of participation people within the system people outside of the system people considering to use the system so this is a question of who who should and then in terms of knowledge like what's valuable these are very difficult questions and actually that means that the governance component if you really think about it is the single hardest component of all cryptocurrencies this is why vitalik and others are actually against on-chain governance they don't think it's possible to achieve and they advocate for dictatorships until the project decentralizes and they act as if somehow forces outside of the system will decide how the system will converge uh and we've seen this with bitcoin for example where it's taken 10 years for them to flirt with the idea of smart contracts to a point where they've finally gotten some primitives in for taproot 10 years and this is after five years of market validation from ethereum and deployment and huge amounts of competition massive pushing massive demand from silicon valley and so forth so governance is hard and it's the hardest thing you can do and if you don't believe that you should ask yourself what government has a perfect voting system what government has a perfect set of leaders what government on average always makes the right decisions and who gets to decide what decisions are right decisions and wrong decisions you also have this concept of time horizon okay and what that means is when you make decision d it's always d of t 1 and when you make a decision d of t 2 you know there's a question of what's the time horizon of this so you can have the same d but a different time for it so for example uh let's say that we invest a lot of money in marketing that's the decision and then we look at the outcome of that two one excuse me and we say okay d of t one you know what does that mean and is it a success or failure well what if only a month has passed and we don't have any appreciation price no adoption in these things but let's say that we look at it again a year later and then suddenly our metrics look much better so the problem is that when you start holding elections you start talking about distribution of funds and outcomes there's a temporal component as much as there is a component of the event and actions that are taken and then there's auditability so there's a question of how do we determine truth uh from what occurred so for example bob says give me a bunch of money and i'll deploy a lot of atms and those atms will have ada let's say an organ okay well who checks that and how do we know it's a protocol what constitutes an expert how do people in a system build reputation there's a question of fairness that exists what is fair i'm an american we have this baked into our blood egalitarianism we say one vote one person okay well is that particularly fair let's say five people own a time share and four of them put in the vast majority of the money 99 of the money and the last one chipped in one percent of the money should they all have an equal vote on who gets to use the timeshare is that fair shareholder governance corporation let's say you have 100 owners and 20 of those owners own 99 of the shares should the other 80 have equal say is that truly fair they use a question uh when we say time horizon there's a consequences of decisions so for example let's say you get the vote will you stick around for the consequences of your vote so let's say that uh people in england got to vote for brexit what if 50 of the people who are voting for it for it or against it were planning on moving outside of the uk after they had voted would you consider that to be a fair election if the people who are voting on something will have permanent consequences positive negative on a country it's all about opinion aren't going to be around to see what happens it's kind of like let's say you have a ceo who's retiring and that ceo unilaterally decides to merge with another company but doesn't handle the merger himself or herself and leaves is that a reasonable business strategy so there's a fairness of weight of your vote voice should it be just a characteristic or should be based on value should it be based on merit and then how do you define merit these types of things and then vote there's a temporal factor how often and then you know do you actually are you vested with the system or are you going to leave what if exchanges get to vote they don't own the ada oh no and there's dozens and dozens and dozens and dozens of other questions that will come up when you really start analyzing all these things and people they tend to have knee jerk reactions and make proclamations and they often times they done and kruger their way into a particular voting system they say this voting system is the best voting system we have things like arrows paradox you can look that up okay and there's all kinds of other things that come up in political science that study these particular systems you have different voting systems too there's up down yes no there's preference voting where you pick a collection of things like i like a the most then b then d then c and then somebody else say no no i like d the most then c then a then b that's those are my preferences okay preference voting then you can have approval voting where you say somebody's in charge and that person will make the decisions until his or her approval falls below a certain threshold quadratic voting okay there's dozens of voting systems that you can also use so the question is how do we handle governance for cardano and i've thought about this more than i think anything else that i've ever thought about in the entire time i've been in the cryptocurrency space because ultimately this is the silver bullet people ask what will get you to a trillion dollars people ask what will make you the most competitive platform it has nothing to do with how the quality of the code the smart contract system any of these things because you know what you can always adopt the best on market it's all open source technology what matters is your governance structure because if you have a good one here's what happens with your growth it's like that scene at the end of farscape where crichton finally shows the black hole and it goes from nothing to something something slightly larger to something slightly larger and larger and larger and larger and then you start getting the idea that whoa this is a bad deal similarly no matter where you start on the spiral if you have a good governance system your system will absorb more and more and more and more people to the point where the system becomes the system with a billion people because those people feel valued they feel like they have a voice and they stick around and they bring friends and family into the system and they feel that it's fair they feel that the system is legitimate and they feel that all opposing systems don't have this capability and you know you get this enormous wisdom of the crowds there's actually a great book called wisdom of the crowds and you know we tend to think oh crowds are stupid you know the mob is bad blah blah blah and that's just not true the reality is that when you look at collectives of people if the social dynamics of those crowds are correct there is no one smarter than the crowd there's people like alex pentland for example who studied this stuff they call it social physics he wrote actually several books on this and there's other people who think about these things but if the social dynamics are right you have a good idea flow good communication in those crowds the crowds collectively make extremely good decisions there's a ton of evidence for that when you actually read the papers and you look at things so the question is how do we get the right social dynamics how do we get a system that people perceive to be fair how do we get a system that has high participation and a system where over time the knowledge increases okay now we have evidence from the stake pool experiment that starting with training wheels is probably a pretty good idea lo and behold what we're doing with catalyst the whole voltaire experiment so what are we doing we're saying okay we have this concept of the dc fund and we're right now in fund one and we're focus grouping and talking about things and building interfaces and tomorrow we're going to talk about fund two and this is the first time every single holder of ada gets the vote on 250 000 worth of ada that will be in the treasury system on how to use that and we have a ballot system an innovation management system and tomorrow we're going to go through all of that okay and this is this month in october now the point of this is that we want to replicate this spiral here's the hypothesis that we have and you know these things are hypothesis hypotheses the hypothesis is that if you put a little money pot people will show up and want part of it and they have to go through a structured process to ask called a ballot and then what we can do is put a process it's called innovation management we have a great partner and that innovation management partner is called idea skill and they specialize in this type of stuff what they do is they take what you've proposed and work with you and work with the community and that's what we started doing with fund one as a prototype and a focus group and they get you to a better ballot ballot two okay and this ballot is superior it has a higher chance of being approved and they'll work with you to iterate and iterate and iterate and some subset of these things will get approved and every six to eight weeks we're going to do that launch funds with the cardone treasury the state pool rewards some go to the state pools and the delegators some are already going into the treasury account that lives in cardona it's managed by the blockchain itself and funds can be moved over into treasury tranches people vote and then they decide to either just return it to the treasury or they decide to distribute it to ballot proposals that people have my hypothesis is that what this is going to do is increase participation and my other hypothesis is this is going to discuss priorities okay this is one this is two and then three develop thought leaders and four improve you x ui of voting in general so every time a fund hap comes the amount of funds available will increase the amount of ballots submitted will increase the quality of the ballots because the innovation management process will develop competency and will develop thought leadership will increase we will have more clarity on the priorities of the protocol in general not charles hoskinson's priorities not the cardano foundation's priorities the priorities of all data holders and every time we do this we get a focus group because people participate they go to reddit they go to telegram they tell us directly they go to twitter they complain it will improve just like the staking experience is improving rapidly it's going to improve the ui ux of voting we have a voting app that's going to be launched and we'll have a voting center in daedalus itself in fact we're tendering a bid right now to accelerate the development of that voting center i've approved a larger budget for that every time we do this it's like living on the spiral okay so the first few funds it's small and doesn't seem like a big deal but it establishes a mechanic and the other thing is that each time we do this it's not just the ui ux but also the methods of voting so we currently have threshold voting we're exploring preference voting we'll also explore other systems like for example quadratic voting different ballot architectures multi-stage voting okay we also have something called voting registration that we're going to be pushing in with an xhfc event which will prevent exchanges from voting with your ada there's all kinds of cool things that we've come up with that we're brainstorming and testing now what this will do is help us in two domains it's going to help us in that abstract ill-defined domain of knowledge because you're constructing an expert class you're constructing a dialogue you have a structured process for innovation management and there's lots of idea flow and the social dynamics are moving in that direction and if we do this right because that honey pot keeps growing you get higher and higher participation because everybody wants to be funded you want ambassadors the foundation can't hire all the ambassadors and some people say this is not a fair process so my response to that is well then screw them go to the community and say you are damn qualified to be an ambassador and you'll be the first set of ambassadors approved by the community itself and funded by the community itself it feels more legitimate than one organization just asserting that right well go prove that you want to write a podcast i already gave a challenge for three podcasts we have two of the three already established with candidates they should immediately go and do what i told them do apply for the dc fund they probably will win those pilot podcasts that they do will be uh their resume and the community will decide should we hire these people or not and guess what it's priority because they are comparing those ideas to other ideas and you the community will get to decide so when we do that crowdcast tomorrow we'll talk all about phase one and every six to eight weeks we keep doing this the experience gets better the sophistication gets better more money is at stake more ballots are flowing you develop an expert class of thought leaders and eventually the thought leaders can form kind of a governance layer of the system they not personally have a lot of data because we're embracing something called liquid democracy liquid feedback what this effectively means is that people can delegate just like they delegate to a stake pool their ada voice to domain experts in the community so even if you personally are not very vested you can end up being very powerful because people can give you their voice and you can even make money from this this thought leadership eventually can become a job just like state pool operation can become a job okay now along the way as this is a hypothesis and it's experiment we're collecting data we're learning we're focus grouping and there are domain experts we're going to be bringing in organizations we're going to be bringing in who specialize in these types of things to advise us right now we're really curious about improving the quality of ballots so we already got one of the top partners in the in the world idea scale and we signed a contract with them we're working with them we're also working with submittable for the ballot architecture process the first cohort will be messy the next one will be less messy but data will come nonetheless from each and every one and then we can talk to those domain experts and we can talk about better social physics better social dynamics improving the wisdom of the crowd we can talk just like we talk with stake pool operators about a more fair more robust system for state pool operators we can talk about how to create an expert class in the system and have thought leaders emerge and have more diversity of voice okay now this is an evolutionary mechanic just like the itn was an evolutionary mechanic and it will take months and months and months and months and months to mature and evolve but every time we do that we climb the spiral and we get more certain in this thing eventually we'll get to a point where this is not just about funding things but it's deciding about cips cardano improvement proposals so when we talk about an hfc event so hard forking the protocol and evolving cardano okay we can either talk about parameters or we can talk about design in both cases all these voting mechanics and experiments can be re-leveraged to then decide on new parameters and the community will have all the tools necessary to do that and it'll have privacy and security and high participation and ease of use and so forth okay so somewhere on the spiral it'll assume the cip process and then the community will be totally in control of the parameters and design of the system so they control the funding that's the treasury the who pays of sustainability and they'll control the cip process which is the who decides and the beautiful thing is we'll have an enormous amount of evidence and data about whether this system is stable or not and by definition it's stable if the system can converge reliably to decisions and the community accepts those decisions meaning that we don't have a cardinal classic in a cardonal cache this is the hypothesis if we can accomplish this we will be the most valuable cryptocurrency in the world because we can absorb all other innovations of other cryptocurrencies we won't lose community but we're always gaining community and we can always pay for the next step in our evolution it may take 10 years 20 years 30 years but it's just like that farscape episode where it keeps doubling and so in the beginning it looks small but you notice that the pattern of growth is inevitable this is the magic of companies like tesla and spacex when you have exponential growth on your side you can't lose musk looked at batteries and he said well hang on a second here everybody in the world is investing billions of dollars into making batteries lighter charging faster more reliable cheaper to make easier to recycle because we have cell phones and mobile devices and everybody wants a cell phone with a bigger battery that charges faster has nothing to do with battery-powered cars but he's downstream of that enormous investment wave so he just has to survive long enough until he has a battery that lasts two thousand miles okay and the minute that he's there people start thinking why do i need charging infrastructure i can just charge it at home kind of like an oil change that you get every two thousand miles so it's a game of surviving long enough for the growth to take you in a direction where you went it was the same when gordon moore was looking at semiconductors and he said these vacuum tubes they're king today but the way that transistors are growing the density is growing the capability of improving the system is growing eventually we're going to be somewhere on the curve and there's no question that this technology is going to win it's just a game of surviving long enough then you can have a general purpose computation and the cpu is born that was the business model of intel and that's why they're so big so that's the game for us is how do we unlock the wisdom of the crowds and the beautiful thing is this is something that has been studied for over 30 years hundreds of books have been written and it's incredibly well understood and there's really good ways of going about that from mit stuff the university of michigan stuff it's so beautiful there's just great tools that are there and it starts with this fun structure and fun two is the first time everybody gets to participate talk about that and we'll keep growing and growing and growing from it and every six to eight weeks we keep reloading and keep going at it and more and more people get funding more and more people participate more and more projects start and they bring more people into the ecosystem so you have this beautiful organic growth and every time we do it my hypothesis is that we'll get better experiences more methods more thought leaders more priority discussion and more participation eventually we get to a point where we're far enough on the spiral where we can reach escape velocity and the entire evolution of the system is controlled by the community and we regress nothing and then io global is your humble servant as are many other firms at that stage we say we have a proposal to evolve the protocol and there's this concept first among equals it's basically our proposal is treated exactly the same as every other domain experts proposal in the space and we can band together form a committee a consolidation a consortium that's decentralized and as a group bid for the future of the system and other groups will bid for the future of the system and there's competition we'll have to fight each other and justify each other for why our ideas are great and the community ultimately gets to decide so no matter who wins you win because that group will be able to execute and there all the physics and the wisdom are in such a way the hard questions will be asked now you say charles what evidence do you have for this hypothesis the cardano foundation let a lot of people down because lately they've been a bit obscure a bit opaque they really have not had a lot of transparency about where they're going what are they doing so instead of the community just sitting on its hands and complaining and saying how dare you get better 700 people spontaneously came together and have started producing a very extensive community roadmap that has enormous merit you know what's going to happen is a hegelian dialectic the foundation will say hmm and the community will say hmm and they'll come together and form a synthesis and that synthesis that they form will be significantly better than anything that either side could have what is the difference between that and funding the future roadmap for the system when all these different firms could come together and form a decentralized consortium that will then fund and propose a future we'll have all the hard conversations along the way we just have to evolve the participation the expert class and the tools so that we get a similar outcome to what we got here with the stakeholder operators there is no doubt they just have to be patient i understand a lot of people come to twitter ah that's not fair for the small stake pool operator ah we're gonna go out of business in a week if you don't take care of us you know that's noise bunker hunker down and in three to six months the system will reach a stable equilibrium and k will be where it needs to be and the minimum cost will be where they need to be and we'll have all kinds of things alliances form and advocacy groups form and delegation portfolios and people won't even be delegating to individual pools anymore instead of be delegating to groups of pools and there will be the spokra uh you know delegation portfolio and the cardano foundation where mecca amended one and the i o global recommend and the amerigo recommended one and the league of women voters recommended one okay hey pick your favorite constituency and users will look at all these different portfolios and they'll click to that and under the hood people be spontaneously coming and going a market will form businesses will form we're in kind of you know a fact finding right now but we have enough competent people around to create a conversation where it will converge to something fair and stable i have no doubt about that we see all the signs pointing in that particular direction it's frustrating but we know where it's going it's a sink it's an attractor okay this process with the dc fund is going to do the exact same thing that's my hypothesis it will force the evolution of voting systems it will increase the level of participation the quality of user experience will increase the amount of people participating will be there and the information level of those people will continue to increase some tools will be built by us some tools will be built by the community some tools will be built by professional e-voting companies that see a market opportunity to come in and work with us because it's a business like any other business of helping us decide and it doesn't matter if this spiral takes a month a year five years it will get to where it needs to go and i guarantee it we'll get to where it needs to go probably early next year or middle part of next year because these things tend to cascade just like that black hole and then the cip process will come in we've pre-built it with the foundation there's a lot of participation already we're going to keep hammering that anvil and get it to a point where it's really nice cip and crc and then the community will take the design of the parameters and there'll be consortium bidding for the future of the system once that has been achieved it is inevitable that cardona will succeed there's no doubt in my mind because it's just no longer a situation of how do you compete with this or how do you compete with that our competitors the algorands the eoses and these others they don't have this mindset of evolving to grow beyond them they also don't have a mindset of this continuous improvement in curating the growth of the community to a point as we've demonstrated with the stake pull operation to build checks and balances to overrule cults of personality people often say how do you fire your founders you outgrow them you don't get rid of them you make them unnecessary and then they're always there like steve wozniak he's always there with apple he'll be passing out iphones when the latest iphone thing comes around and the everybody looks at him with glowing admiration but apple has outgrown steve wozniak and similarly cardano shall outgrow charles hoskinson if this spiral is right it is an inevitable and it is the best thing in the world because it means that the system is truly truly decentralized not just in terms of consensus but decentralized in terms of a reliance upon the brilliance of the few instead the wisdom of the crowd supplants that now we've already constructed everything we need for a decentralized brain the university of wyoming deals show that u.s institutions can take ada for labs that's only going to continue those mindset dynamics are set there's plenty of enterprising professors who know that they can now make money participating here so not dc fund two but probably three four five some professors are gonna start submitting ballots or what kind of push them a little bit the minute that one of them gets funding you know what happens is that they start talking to all their friends and they say we got a new nsf in town it's a lot better than the old one and then a lot more will participate which means we have competition on the scientific level and we have tons of competition on the engineering level many different clients constructed emerga already wants to construct a rust full node meaning there's client competition with the haskell node i guarantee at some point vacuum labs is probably going to wake up and say well we built ada light why the hell don't we also build a full node which means we have a lot more diversity than on the core infrastructure and that is a direct consequence of the dynamics that we have set here today with this system with what we've done with voltaire that team is r18 they're our fastest developing team in terms of their ability to put something in market they built the itn they're building voltaire and it's all about getting the model right in the level of participation right and like the itn as that crystallizes to a final protocol voltaire 1.0 will be pulled into cardano in the way that's nice and then it'll completely take over the parameter and system design implications it'll take over all those decisions that the system has to make and at that point cardano is truly completely decentralized and the most decentralized cryptocurrency in the history of the space and because of that i see itself evolving to become whatever is necessary now there's a lot of work to do and a lot of participation to deal with a lot of things to think about and this is going to be the single biggest series of debates that we have as a community which is why i keep making all these videos about think for yourself and disagree without being disagreeable and our conduct and also political philosophy and basically just thoughts about the world because at the end of the day you are the same as me and this system only works if we have the right social dynamics and we have the right crowds and if you have crowds of group think crowds of propaganda crowds of thin decision-making that's impulsive not deliberative and has no empathy and emotional intelligence the system will give you trump results the system will give you demagoguery the system will give you uh shallowness and scapegoating and blood sacrifices cycle after cycle about why things aren't working so well if you have deep thought deep consideration empathy good communication good social physics good idea flow then the system will give you beautiful things and beautiful outcomes so you start small and that old saying from prometheus big things have little beginnings that's what we're doing tomorrow with the dc fund two 250 000 in the grand scheme of things is not a lot but it has the ability to become a lot and grow a lot and the system will evolve to a point where it can do all these things so this is governance now this roadmap discussion rick wants to do a vote as quickly as possible and this is where i counter well how do you make sure it's a fair and representative vote well i saw this with the dow hack only eight percent of the ether holders voted is that fair is that representative vitalik thought so 90 of the community ended up going with vitalik now did they do that because of that vote or did they do that because vitalik decided that's a decision you guys have to make so i am very skeptical that the next few weeks we can legitimize a community driven road map with a democratic mandate but you know what we can do is we can start developing priorities thought leadership and we can start utilizing idea scale and we can treat this like one giant ballot and you know what maybe in a little bit more time maybe november december we actually get to a point where we can have a reasonable vote with a reasonable level of participation so fund three during that time period and dore and the rest of team uh they're ready and willing they work for you the community they really want to see these things get adopted and that would be a great proto cip it's not exactly saying what we're going to do we have a pretty good idea to finish off smart contracts and these other things but the foundation has always been an enigma and we can definitely get a democratic mandate with these types of tools and if it works there it's a good indication that it's going to work in general for the rest of the system so that's governance in a nutshell it's the single hardest problem and it's a superset of all these other problems and if you get it right you build systems that are stable for a long time and ultimately systems that transcend all other systems because people know that that system is always growing and evolving and that's the fair one and if they participate there they will always feel like no matter who they are where they come from they matter and they have a voice you have to ask yourself in a marketplace of ideas why would you want to join a cult why would you want to join a system where you have a leader why would you want to join a system where you have no voice or your voice doesn't matter as much as some other person why wouldn't you want to join a system where no matter who you are what you do there's always a place there's always an opportunity to contribute you can make a full-time job if you're a smart person willing to put in the time and thought of being a domain expert and actually get paid by the protocol people ask you what you do you say i'm a thought leader for what for cardano that's a job oh yeah make 100 grand a year eventually that's going to happen for somebody somewhere and when you have those kind of dynamics it's like obvious that that system will always be able to pick the best technology and always be able to integrate the best technology especially if you've already done the hard job of building a decentralized brain which will give you more innovation than any of these other cults of personality around particular research groups and there are particular famous scientists or so forth so this is a hypothesis we don't know if it's true or not it's my opinion and everything in cardano has started with my opinion on a whiteboard and what we've seen is some of it i got right and some of it i got wrong but we are where we're at and you know what we are where we're at now with an army we have a thousand plus spos we didn't have that last year we have that now and they've done a phenomenal job making cardano a dynamic and decentralized system and we didn't have to worry about slashing or any of this other garbage we went did things differently we produced something very different and now we're doing it all over again and we're physically reimagining in the most grand way possible how governance is supposed to work if we do this not only will we win but we will change the world because this model can change election systems of countries and companies and if it can do that some countries and companies will do that and if they do that then we'll get different leadership and different outcomes and we can start thinking about things in different time horizons and not worry so much about the short term and we're a lot more about the long term and also be able to deal with emerging existential threats to all of us like ai and other things in a responsible way and create a regulatory layer that makes sense for these things the key is here bitcoin proved you could move value anywhere in the world to anybody in the world instantly ethereum proved that you can program things you had a programming language for value so you could replicate all the power of wall street on a blockchain and do all kinds of wonky cool experiments and cardano if we do this right will fundamentally change the way that people relate to each other interact with each other and ultimately give consent about where we should all go the burden is on our shoulders now to carry that enormous task which is far greater than those who have come before us which is why we are true third generation cryptocurrency we're not the smart contract chain we're the governance chain and this is our challenge but i think we have the right strategy i think we have the right humility and frankly the right community and partners to get there so tomorrow we're going to start that discussion and you're all going to start participating little by little more and more we'll trickle in and we're going to wake up one day and hundreds of millions of people will have a voice the largest government in the world has no country and choices made that are completely digital that have a huge impact on everything else it's a beautiful thing and it's a good life's work thanks for listening everybody i hope this helps a little bit and until next time have a nice day
