hi everybody charles hoskinson here live from warm sunny colorado to talk to you guys about stick pools and volt and shelly and where we're going from here so we're working on gogan and we're working on voltaire but we're still working on chile and we're also working on basho as i mentioned before the road map is actually parallel so instead of it being linear where we do byron then we do shelly then we do gogen then we do basho then we do voltaire we launched shelley but there's a shelly team that still does shelly stuff at the same time as a gogan team doing gogan stuff so we're just at the beginning of staking and stake pool operation and all of this stuff and there's lot to do so august was all about just getting everything solid and stable and getting reasonable performance and uh we've achieved that we achieved that with the 1.19 release we did a lot of updates to dead list we did a whole bunch of stuff in the wallet back end and all august was consumed just doing that stuff and there was a few releases and for the most part mission accomplished liquidity has been mostly restored with exception of bittrex uh uroy is now where it needs to be uh sebastian has crazy hair because of all the work that he's had to do and it was a tough month for a lot of people but we got through it now when we look to september and beyond there's a few different threads that are coming one of them is this concept of partial delegation i call it one-to-many delegation so instead of saying hey you have to atomically delegate your entire wallet you can go one to n pools and then this will enable some new ideas for example things like delegation portfolios so you can choose a collection of pools and ratios to each pool and then you can share that and import those lists uh smash is another concept that's been under development very heavily and smash is just our view of how metadata should be handled for stake pools but eventually smash is going to evolve to be user driven and what i mean by that is that you the user of daedalus can choose different smash servers that have been basically parameterized by different people so there's the iog default and that's the first generation of the smash server but the foundation can run one a mergo can run one other people in the community can as well and then we'll create an option in daedalus to basically allow people to do that uh the presentation of stake pools you know this is another interesting thing so right now we present them and uh we're finally gonna get that whole non-myopic thing and proper ranking again and so forth very soon that's a big priority for september that's just one way of presenting them you can present them via different parameters and actually you can even present groups like when this portfolio idea comes in instead of showing individual pools you could do a portfolio view and then you just click on some collection of pools to delegate to and there's different ways of ranking that and so forth so there are a lot of conversations about presentation and this is a big ui ux thing and this is actually a big science thing as well about staple preferences so more than one smash will come because smash is being turned into a plug-in for our db sync and once that's been done it's possible for the community to reuse that architecture to instantiate their own smashes and then we can make those user downloadable portfolios will also be user generated and user downloadable and uh you can import them into daedalus and we'll create a format for that and we're going to think a lot about different presentations and you're going to see a lot of experiments on different presentations and we even have a dedicated ux ui guy whose job is to think about this his name's mike and he's quite good and he only recently came on board so the current presentation don't fall in love with it there's going to be options and different ways of doing things we hear you we see you you know there's only so much we can do in a short period of time and there's a lot to do to get there one-to-many delegation now i just got the proposal from vacuum labs for the update for ledger and trezor and uh they're gonna do one-to-many delegation on ledger and trezor that's actually quite straightforward for them to do but then we're also gonna see if we can do pledging and i've actually been in talking to aguilos about a concept of proxycats test proxy keys and so the idea here is that we'd like to have a state pool operator have two environments a hot environment and that's what they run on amazon or in their bare metal server and a cold environment and that's what contains all the private keys and the money and that is where people are delegating their rights to so basically uh when you delegate to those certificates and everything all the things that uh give the pool the right to make stuff and win should live in the cold side and then what the cold side will do is it will create some transactions that will give the hot side the right to operate on behalf of the cold side okay so this is kind of the best of both worlds because you can optimize the hot side for cost and have it a really nice environment but if that environment ever gets compromised what you can do is you can generate new transactions to a new hot environment and and you don't lose your money and we'd like this cold environment to be trusted hardware like ledger's treasures or potential even deploy on sgx or things like that so we're actually exploring all of these ideas on uh how to do that and this is part of the relationship with vacuum so they're going to very least give us pledging and one-to-many uh delegation and we're also going to have the hardware wallet center coming in daedalus so you'll be able to delegate from your ledger or trezor device with a deadlift just like you can with ada light and uri so all those features are coming but we care a lot about the operating environment for the state pool operator and really really think a two layer model a two two module model makes a lot of sense where you have trusted dedicated hardware that is cold offline air gapped those keys never touch the internet people delegate to the credentials from that system and then that system allows you to generate transactions which enable an operating environment which lives in the cloud or on a bare metal server uh to be able to do all the work and so there's some things we have to think about like proxy keys and so forth to fully enable this experience but vacuum's a partner in that respect and they're going to work very closely with us and we'll keep updating ledger trezor until eventually we get to that cold hot environment for you spos because we care a lot about your security and your safety another thing that i'm really keen to do is multi-sig pledging okay so basically multi-sig pledging is where you have uh smaller pools come together and they pull their capital together and then they use that for a unified pledge so we have a situation where some people no matter how favorable the protocol gets was parameters just really not they don't have enough capital quite yet to be able to be competitive so instead of complaining about it let's let them work together and then be able to work something out where they can collectively pledge and that collective pledge can count as one pool and then they can split up the profits by whatever scheme that they want so we're going to explore multi-stick pledging we're going to explore test proxies there's a lot of things to think about that are coming on the horizon not necessarily in september this is september and beyond but when we say that the shelly thread is continuing this is what we mean two other things there are the parameters k and a naught and d and d just keeps decrementing um we're almost at 7.7 and it's just going to keep falling that's going to happen it's kind of autopilot at this point everything is looking good the protocol is moving the right direction k and a naught are deeply connected to each other and i'll tell you we had a big meeting yesterday and there's a strong urge within the science side of the organization to increase k dramatically so there's a lot of modeling that's going on right now but i think that's going to come in the in the coming months sooner uh hopefully rather than later and there's a lot of discussion about the relationship with a knot in that respect i think it would be counterproductive to massively increase k until we have one-to-many delegation ready to go and we also have this portfolio idea ready to go because when you have many more pools if it's still an atomic choice you'll have a pareto principle situation occur so these are kind of interconnected to each other but there's a huge huge discussion about getting this to the next level and i think many operators will be quite happy about that so this is the environment and then this is the presentation of staking you know this is the metadata and so forth and there's also a ranking conversation that exists here and there is one notion of ranking but there can be other notions of ranking and at some point these should be user driven because there's a lot of ideas floating around uh and a lot of work to do on deadlifts itself i will sign the vacuum labs contract probably this week it's a direct aisle global vacuum labs engagement the prior one was with the foundation we wanted to speed it up and not have to go through two months of arguing and tendering and so forth so i said it i'll just pay for it even though it's quite expensive but that's okay this is what we do for the ecosystem and i think it's going to really uh add a lot of value in the month of september and of course we'll talk a lot with the operators about getting this hot cold environment uh and i think that'll maximize their security and then allow them to really optimize their hot environment so they can provide lots of services and this cold environment is reusable so right now it's just for staking but when oracles come hydra channels come and other components come this model can still be used so that means that as all those components come they'll have that same security characteristic which is quite advantageous [Music] so the parameters of course will long term be controlled by voltaire and september is really the first month that voltaire's waking up for everybody in the system and there's an enormous amount of work occurring i just signed a budget approval to increase the budget by six hundred thousand dollars uh specifically for voltaire so we can accelerate a few things to make voltaire get out to market even faster but you know again i i will always do things where and when i can to accelerate things if it makes sense it's not a matter of resource allocations because usually you can't just throw more developers on something but wherever you can and you can speed things up i do which is why we're using vacuum it's why we're using uh why i signed the budget augmentation for voltaire and i have some other things that are coming down the pipe that i'll probably add more resources to as well i'm very keen to get these things done and shelley is a big deal and staking matters a lot to everybody our scientists are super excited and super happy that they're getting real data they're working very closely with colin edwards our quant and he's been doing a lot of number crunching and we're just starting to dip into the business of staking we've also been talking to bison trails and other organizations about staking as a service for exchanges uh and my preference would be to have a staking dashboard similar to the daedalus presentation on exchanges and so instead of having exchange run the pools be in control of your ada even though they have custody of it you can still use the dashboard to reflect your stake preferences so i think it's the best of all worlds because exchanges can still get a slight fee or revenue stream for being the middleman in that process but they actually don't make decisions about who gets to make blocks instead you the owner will still be able to do that so we're having a lot of conversations about how would we build something like that and uh right now we're seeing if we can bundle that into the work that we're doing with rosetta which is the coinbase workline we've been working really hard on rosetta integration and it would be cool to add a staking layer to that integration as well so i can't really report too much on that at the moment but that's definitely something that alex matthias and other people like jerry fragascatos in the organization are thinking about very deeply and it's super important to me because it increases the level of decentralization and increases the level of control that users have even when their stake exists in a custodial account so under the hood lots of stuff is going on with shelley environmental improvements for stake pool operators a lot of parallelization of work streams we're thinking about new concepts like proxy keys for kez multisig pledge uh we're certainly bringing out one-to-many delegation that partial delegation is a big deal and we really want to get that done stake pool portfolios are a concept i believe in very very very uh deeply and i think that it is uh absolute requirement for helping the little guy in mission oriented pools because they can get bundled in with roi and then people make decisions based on a group instead of an individual creates cooperative instead of competitive equilibria for people and obviously presentation means a lot too and there's a lot of ui ux things to think about and yes we are having tons of discussions about system mobile parameters you have to wait a few epics for the system to stabilize before you have those conversations because you need meaningful data and we've had enough epics that we're now in a position where we feel that we could actually start making some meaningful changes and we are so those will be announced soon so this is just a shelly specific update there's a lot of gogan stuff going on that i didn't mention because that's gogan and that's for a slightly different time and we'll talk a lot about gogan at the end of the month and rahman is directly involved in work assignments at this point so he's acting both as a director of engineering and a cto and his primary focus at the moment is gogen related and there's just just so much stuff happening there that's uh it's mind-boggling to see how fast and how much depth is occurring but that's okay we're getting it done uh and as i mentioned i just added an extra 600 000 into the budget of voltaire to accelerate a few things and we brought in some other external firms to speed up some things so that we can guarantee delivery of our schedule of voltaire and de-risk um some of the experiential improvements um so going to be a busy month lots of announcements lots of things to do i personally working with the marketing director about product marketing as i've mentioned and we're going to do a lot of comparison marking marketing we're going to do a lot of explanations of why is bluetooth is better and extended etxo better and these types of things and of course our staking model will be very clearly articulated and explained as well i'm personally taking a hand on the defy side of things as well and we're working very closely with marketing and product research to try to lay out a very beautiful competitive d5 portfolio we already have a beautiful stablecoin idea uh and we're executing that looks like in partnership with emergo and we're going to keep going down the list oracles dexes and these other things i don't like to lose and i don't want to lose i want to win because winning means that we bring a billion people to the system and give them an economic identity and that system will carry the principles that i think are necessary to avoid a bad future so i'd like to win this one and if winning means mass adoption and lots of daps and d5 let's get it done pick up a shovel and get it done anyway uh just a brief update i hope this is helpful for everybody uh whatever i can make them i'll send them your way y'all take care now talk to you soon
