hi this is charles hoskinson broadcasting live from warm sunny colorado always warm always sunny sometimes colorado i get to be in the office tomorrow but still in the home office because the air conditioning is almost fixed apparently it takes days and days and days to resolve a simple problem with the condenser anyway i wanted to make a quick video for you guys to discuss the thing that you've all wanted to know and see so here's where we're at uh we have uh all the stuff coming together for version 1.4 of the node uh the wallet back end is uh just going through qa at the moment we'll cut everything off on the six uh graphql looking pretty good dbsync is looking pretty good and the rosetta apis are looking pretty good so everything gets wrapped up today and on thursday friday then next week we will begin uh bringing in lots of exchange partners outside of the original white set and go with light purple uh and it's off to the horses so it looks like everything is on schedule looks like everything's looking good and we're going to do a mid-month update and the mid-month update will announce the date of the hfc event how that works is that based on the feedback that exchanges are giving and the other infrastructure people are giving the foundation mergo and other people that come together for a consolidated opinion of what is the best date for delivery based on upgrade time software readiness is looking very good bugs are very light a few dozen here and there we've corrected those with the flying squad there was a serialization issue and some issues with the cli we were able to go through that entire end to end looking good feedback for alonzo white is looking great and we're very ready for light purple so at the mid month update we're going to give a precise date and we'll probably give two dates one is the primary date and then a abort fallback date so as many of you know when we do an hfc event it has to be triggered five days before the actual day that the hfc occurs so if it's august 31st then that would be the 26th that it has to be triggered on uh and i think there might be a little bit of a buffer i think we have up to maybe 48 hours from the roller the epic to trigger the update so it could be the 28th but somewhere in that window if we don't for whatever reason feel comfortable to trigger then we have to do a rollback date and that's usually the next epic so five days afterwards so at the moment i think the window is going to be the end of august to the first week of september but we're going to know that date definitively based upon the feedback we get from the exchanges the foundation emergo and the rest of the partners who have to integrate and end and the software's all being pulled together right now node 1.4 is likely going to be the node i think we're going to launch the hfc event for uh there's some qa stuff that has to be done i believe they're going to hard fork the test net the next week or so and we're obviously going to get a lot of feedback from different people but everything's looking good and i as soon as i know something i try to let you guys know uh we're pretty happy with db sync we're pretty happy with rosetta we're pretty happy with graphql why do people care about that because that's how the exchanges talk to cardano if that doesn't work you can't use binance and bittrex and coinbase and so forth so that kind of has to get done the note has to completely stabilize for the wall at back end to integrate for daedalus to integrate and uh we integrated against 1.2.8 1.3 fixed a bunch of stuff and there's some last-minute roll-up things that need to be done with 1.4 so look for the mid-month update we'll give the precise date of the hfc event and we're going to give you a primary and a fallback date but it looks pretty good towards based on the information we have that it's going to be august september late august early september more likely than not um maybe the 31st to i'd say september 7th for the primary date and then there'll be a board fallback date in the event that something is discovered uh past the cutoff date so for example if we initiate on the we're on the day of the 28th and some bug comes out we don't feel comfortable with it we have to then wait another five days for the next next day for the epic turnover that's just how that works so anyway so that's uh basically where we're at we're in a lot more at the end of the week we're to know a lot lot more at the end of next week but so far nothing has come up that is catastrophic uh nothing has come up that would indicate a substantial delay there still could be moderate delays to minor delays but there's nothing at the moment that looks problematic we have smart contracts running on the node a lot of infrastructure and it has to be integrated in for example the pollutus application backend is still a huge work in progress but that's irrelevant for on-chain smart contracts for the actual running and execution of those uh contracts that are compiled to assembly it's kind of the mental model to think about is something is like evm something is like solidity plus zeppelin and web3 and all that other stuff pab lives in that world and blues core and what the node has lives in the evm world and that is a kind of a mental analogy to think about so you do the first one which is get the infrastructure layer deployed and then of course the development tooling that's a running game you keep adding to it you keep building things you keep integrating things and you keep finding all kinds of different things also you can compile multiple languages to run on pluto's core at the moment it's pluto's but it's conceivable that people could compile scala or whatever else uh to run the earth so desire it's not currently in scope but it is something that we've talked about in uh prior days so that's uh that's the brief update figured i'd just make one real quick for you guys every day i get reports i get my readout and uh things are looking pretty good with uh with the readout and um we keep looking at the bug logs we keep looking at all the output of the flying squad and everybody else now again the official date will come at the mid month update and that's when we'll know with absolute certainty when we want to do it because it's a consolidated opinion there's an opinion with an io but then there's external people who have to have a say or else what would happen is that if they're not prepared and ready their infrastructure will go dark for some period of time and that's bad for the ecosystem so you kind of do the preponderance of all the things the good news is going from mary to alonso is significantly easier than going from byron to shelley where there were completely new ways of doing things and that was a very dramatic upgrade which meant that everybody needed a long time to get ready and prepared for it whereas here it's it's more of just upgrading and verifying the upgrade is right running the test suites these types of things and mel mccann does that with exchanges and there's dozens of other people whose job is to worry about these things anyway we're getting down to the wire and uh i feel pretty confident about this release it looks like there's going to be the hfc event prior to the conference in wyoming so that's always fun so we can kind of like celebrate there uh also we'll uh at the time of the hfc event do a uh a hfc party and i will be present we'll be there live so either it works or it doesn't if it doesn't work it's not going to be a very good party but i think it's going to work beautifully and i have a wonderful whiskey that ramon our cto gave us it's over 30 years old it was a gift last christmas and i told him i'd open it at the launch of alonzo so i can't wait to open that up and i'm talking to lars right now about the minute that the hfc event occurs uh getting some things deployed to alonso as kind of a celebration so i'm always up for ideas about that it's going to be a very exciting time this is a long overdue and this upgrade is is basically everything batteries included for the actual act of running compiled pluto's code on cardano's mainnet now that said a lot of tooling has to be built afterwards so the alonzo testnets will continue they'll go from light purple to dark purple to red to black and that's really just an advancement of these tooling ecosystem all the pluto's pioneers and a lot of the development companies have been using the pab the plus application backend and the associated tooling to build their stuff so they're going to continue testing and growing with that as we get closer closer to the conference the current estimate we have for pap being fully integrated around september 10th but that's a tentative date based upon what we discover and as we keep onboarding people there's more to do and so forth so there could be some slippage there but that doesn't impede the hard fork the infrastructure upgrade and the fact that once the hard fork occurs it's like having the evm you actually can run smart contracts on cardona just nobody wants to handwrite evm code no one writes the handwrite java bytecode or you know clr code or stuff like that it's not really that pleasant so that's why you like high-level languages and that's why you like the surrounding infrastructure so it's very important that that infrastructure be ready as well and that's moving along quite well and we've seen enormous amount of commentary and documentation other things from all of the pioneers who have done a really admirable job being members of this so that's uh that's where we're at so tune in at the middle part of the month i don't know the date yet for the mid-update as soon as i know it i'll uh i'll tweet it for you guys but i think it's probably like the 15th or something like that i'll have to look into it but it's the middle part of the month we do our mid-month update and you guys will get your date for cardone uh and then start preparing there i'd also like to thank all stake pool operators and other people who have been vigilantly testing alonzo i have been running alonzo white and i'd like to thank all the police pioneers who have gotten us here it's been one hell of a ride six years of thought we've been in market for four and uh you know we thought that we'd be able to get to pluto's a little faster but it it was a process but not uh not not one that was unearned you know the reality is there's a lot of magic behind the extended utxo model and also the ability to verify smart contracts and there's going to be a beautiful story about the utility that this model provides at the cardinal summit so i highly recommend you guys attend that it's the third week of september and there's a lot of options in person and online and we'll be rolling a lot more out at the cardano 360 update at the end of the month specifically about the conference and now that we're in the alonzo er approaching it what does that mean for everybody this is not the end rather it's the beginning uh there's going to be a long tale of things to do like shelley will likely do one more hfc event before the closing of the year as kind of a roll up because what's going to happen is there's probably going to be some parameters that need to be changed some additional things with the plutus model that developers are you know say we should change to make things a little easier and better that's the tuning phase there also is the rollout of orbor's genesis and there's the rollout of the full peer-to-peer stack so we've been testing peer-to-peer for quite some time we have the governor installed into the system and that's going to be rolled out tentatively uh fully operational by the october time frame with the data sets that i have uh and then also genesis uh hopefully we should be able to gradually roll that out and get it in place before the end of the year alongside another hfc event so that's what the rest of the year looks like genesis full peer-to-peer full smart contracts the entire development stack with those smart contracts obviously we're already fully decentralized on validators and delegation and these types of things a lot more to do but we're working on it uh but you know it's a it's a good time and i'm really proud of all the stuff that it took to get here you know uh between when we started and the milestones that we've gone through in the journey that we've gone through to where we're at today it's a pretty amazing thing to see uh the progress that's been made and it's a pretty amazing thing to think about how much innovation has occurred here i mean literally everything was built from scratch even things we should have probably used something off the shelf we still did it from scratch uh and this is uh the first i'd say totally original cryptocurrency since bitcoin itself in that there really is nothing derivative from it like you know if you look at for example z cash or litecoin or any of these things very wisely the architects of those systems started from something that existed made the changes that they wanted to make and then rolled out a product even ethereum borrowed some ideas from many other places and um and rolled those out cardano was unique in that we kind of started from first principles and every single component of the system whether it be how peer-to-peer networking works and how that stack protects itself from asymmetric attacks to heals itself to how do we do ddos mitigation to the stake pool model to the game theory behind the state pool model to the accounting model to the programming model for smart contracts the resource model for these for execution units for the smart contracts every component is fairly original and there are some things here and there uh that we found some collaboration that we could do uh but more often than not it was very original and you know we didn't lift anybody's code because nobody was crazy enough to write anything in haskell at the scale that we have done uh except for a few notable exceptions like kadena and for a while the icp guys were on that train but they simply gave up and went to rust because they thought it was a better choice for them so it's pretty remarkable to see how that's evolved over time and it's pretty remarkable to see that it's still working still scaling still chipping away there are a lot of optimizations that need to be done like the hd the hard disk utxo optimization to get things from just memory only to a hybrid model where there's memory and disk for utxo storage there's a lot of performance optimizations that need to be done and also mithril is a very high priority of mine so we can enable a full node security like client experience so we've already reached out to two separate firms to collaborate together to build a prototype for mithril and that's something i think in the coming months we can gradually roll it to the system we still have a full hydra team they're going to have a beautiful demo for you guys an update for you guys at the cardano summit in september but all things together it's all it's all pulling together quite nicely one of the things that is totally missed uh by a lot of the critics of this project is the sheer magnitude of the community we have and you know it's not just fans there's real developers thousands of them who are waiting in some cases building at the moment and training for this model they're not going to go away especially the ones who've already been funded by uh catalyst quarter million people have voted in fund five uh twice as many uh votes were cast than the votes cast before it's pretty remarkable when you think about that magnitude and that size and how fast things have grown and with with the governance side so it's very fortuitous that we have this huge evangelistic community that's very excited wants to build things to be met by the fact that now they can build a lot of really cool stuff and they've already built some cool stuff like for example cardinal wall will show the metadata standard and what people are posting to the chain also the there's been thousands and thousands of nfts already issued on cardinal with economic activity in the tens of millions of dollars in fact a recent critic of ours over twitter uh mocked and said that we need we can't nft the tweet because we would need uh smart contracts and one of our community members replied by nft'ing the tweet and issuing it on the card of blockchain putting it up for sale i was very tempted to buy it so that's innovation that's already recurred as a consequence of mary and it's very exciting to see that that that has happened and i just can't wait for alonso and the surrounding infrastructure around alonso uh because it's going to open up all that innovation that's bottled up right now like a genie uh that we've seen with the pluto's pioneers program our dev partners and uh other such people and you know we've also broadened the base over a million people in ethiopia have been brought into the cardano ecosystem through prism uh out of the 5 million and that continues to grow we're continuing to onboard already and many millions more are coming in the next 12 24 months for realfly and the conference will talk a lot about it uh but this is a this is a good moment in the project's history and um it's one that rewards the stability this development process has brought every single week i see a hack with a d5 protocol or a bridge or some design flower issue and it bothers me because the money that's lost is seldom the money of the developers occasionally it is but usually it's the money of the users of the system and the developers get paid up front i've always viewed this as a moral hazard and an unsustainable economic model and one that will either be sued out of existence or regulated out of existence if it continues there needs to be adults in the room who have the dual desire of not only building something great and getting adoption but also ensuring that the things that they release aren't taking time bombs to harm the people who trust them the whole point of the model that we constructed for smart contracts and why it took so long to bring out was we thought carefully about how do you build great smart contracts so a big part of the story at the conference will be the formal verification of smart contracts and getting to a point where there's limited ambiguity and a high assurance of correctness of the implementation and what types of tools we can borrow from the 30 years of progress that the haskell ecosystem and the functional programming leaking system brings to bear to make sure that these programs work right the first time not after they explode and hurt users so there's some uniqueness there that said there's still the ocean and the the pond and you know it is a priority to have evm interoperability and also a path that will allow us to be able to use mainstream programming languages yet do so in a way that preserves the certification levels that we care about among one of our largest investments uh and strongest relationships is with runtime verification uh and rv has been working with us since i believe 2017 uh to do things like formalize the ethereum virtual machine and to actually run programs like the alpha frontier program and to build the virtual machine yellow all of these things are things that will be brought into cardano in the coming months and years and what that will do is widen the base of development that can occur and benefit from all the other infrastructure that cardano has like the native multi-asset standard the metadata standard the fact that prism is tightly there in our software and by the way the prism pioneers program will be starting soon and we'll announce that at the conference if you want to use the sdk and build an identity-oriented application for d5 that requires that there's going to be a path for these things all those tools are available alongside the governance tools that we're building with catalyst so to me this is really the model done right it takes a long time to get there because you have to learn how what not to do and you have to make sure that you're building on bedrock you know the great irony is that while ethereum was first to market ethereum is still borrowing some ideas from bitcoin when you look at the sharding model what they're attempting to do and this was beautifully written in a recent blog post called why cardano from dc spark by nico the ceo of the firm one of the cardinal companies floating around was this concept that while the accounting model is simpler to understand uh and perhaps program four there it's being silently abandoned as the move to the ethereum two happens because the reality is that you can't have global state and have sharding and do that in a sensible way you have to have some local representations maybe through side chains or other such things so in a way ethereum is moving closer to the model that bitcoin pioneered and we were able to refine to the extended utxl model and we've seen great results with ergo which was a little ahead of us thanks to their agility uh with things like erko script and the on-chain oracles the launch of husd and so forth and i think most of the space will realize the wisdom of moving from global to local state and realize the insanity of attempting to get high performance in a system where everybody has to be aware of everybody else's business see the roll-ups you see plasma channels they've already conceded that fight we were built native for this paradigm in the best possible way and i think we're far ahead in that paradigm and over time i believe this paradigm will become the dominant paradigm it's also important to understand that most gaps are going to be rewritten in the next 24 to 36 months and most apps will become multi-chain gaps are not loyal to a blockchain any more so than an application developer was loyal to microsoft windows as they migrated to android and ios and they will migrate somewhere else they're loyal to users and cost and economic models and ease of development and in the end users will go dapps will go where they believe they have the best chance to succeed within the operating cost of the model so this open fight there's no settled science there's no settled network effect and we're all just living it it's the one of the biggest lies that's been told in the space and anybody who believes it will be left behind and i believe very firmly that as the next wave of applications upgrade from d5 to real fi that's d5 with identity and metadata and certification and governance and regulation and all the kinds of things that are actually required for a real ecosystem they will become blockchain agnostic and they will also need to make get strong assurances that the protocol is correct because their liability will increase and they need on chain governance to help them sort out the management of things they claim are decentralized without relying upon centralized organizations like foundations as several people in the ethereum space have learned throughout the years and in that space we pre-built for these things and we have a lead over all the incumbents in that respect so the game is open and i'm glad that we get to play that game you know to win it you got to change it well it changed and our days ahead are going to be really really good we've had a lot of critics we've had a lot of criticism some fair some unfair um in terms of delays and things like that it's extraordinary to me that the very people who say that we're always delaying let's say people who accept that it's taken seven years for ethereum to even get to a proof of stake plan we were first to market with it not them and ours is better but that's okay you know that's commercial criticism and it occurs here and there but there's a very particular type of criticism which is just puzzling to me it's a criticism of denial of existence what's so strange is that after the alonzo hfc event occurs and we've popped our champagne and we've had a great moment as a community there will still be a rather substantial group of people in the cryptocurrency space that are so committed to the great lie that we have no intention or ability to deploy smart contracts that they'll claim we didn't do it and actually i'm very curiously watching the poly market prediction market where they have people it's about evenly split between yes and no well we have smart contracts by october first our current deadlines are showing august to september nowhere in october if we do do the hfc uh will the yeses actually win i actually don't know even though it happened and contracts will be running and we've entered the smart contract era of cardano we can show the unique ways we can do things and satisfy all the requirements i'm somewhat skeptical that they'll actually give the money to the people who bet yes on this because of the great lie that keeps being repeated again and again and again so hopefully at the summit we can put that specter to bed and show all that's been done all that you've done as a community and crow but there are going to be people for months if not years who still claim or just a wallet just a test net just a white paper and so forth including people in the venture capital class including people who are professional developers don't let that dissuade you because at the end of the day we're not here for a popularity contest at the end of the day we're not here to win the hearts and minds of a different religion whether that be the cult of satoshi or ethereum or wherever have you we're here to change the world the systems of the world to improve them and make them better for everyone everywhere the systems that govern the financial infrastructure the systems that govern the choice architecture of how you get to vote and make decisions of who's in charge the way our property is represented and traded and stored and as long as we continue to grow at some point we'll wake up and instead of having millions because it wasn't too long ago that we just had thousands we'll have billions of people and all of these rivalries and complaints and delusions and grand lies that keep being levied they will seem so trivial and small one too long ago that paul krugman when asked about the relevance of the internet very famously said it will be no more impactful than the invention of the fax machine and he won a nobel prize in economics and i imagine the critics of our ecosystem will suffer the same fate upon reflection and that's for them to deal with and the people they attempt to attract credibility and investments to question them about in the future but today as we move towards the dawn of alonzo we just don't care about them anymore the game has changed we changed it and we're here to play the new one and this is the game for the hearts and minds of the billions of people who are looking for a new system thank you for playing it with me thank you for being part of this movement and i really do look forward to seeing you over the next two months august and september and it's going to be a very very good conference a great celebration and a great commitment to the future as we look towards the next five years part on 2025. cheers
