hi this is Charles Hoskins in broadcasting live from hot humid Florida I'm actually in Miami right now I figured I'd take a nice vacation a little break for a week uh and it's been a really interesting weekend and I'll tell you guys about it later but today's video is a video for a special guest and that is Mark Cuban I noticed over Twitter he's asking some questions about cardano and we always love it when people are curious about the ecosystem yeah first off if you go to cardano.org it can actually take you through a funnel and show you all kinds of different things about who we are what we're doing and the purpose of the project cardano started as a long Arc research and development project the point of cardano was to ask where do we need to go what do we need to do to have an ecosystem with a billion people not an ecosystem with a million and be able to sustainably provide a financial operating system for that out furthermore what collections of Technologies need to be brought together to enable that ecosystem to actually do that at a reasonable cost for the bottom two billion people so it wasn't just a project about how do you write a spark contract system or how do you write a blockchain it was also an academic project and a multi-disciplined project so there was game theoretic research programming language research identity management research and now we're finally turning on all the components of the system last year we achieved the first sustainable proof of stake system and that's what ethereum is attempting to do at the moment with ethereum too and has failed and many of the third generation systems are either inspired by or equivalent to what we've done so when you look at polka dot or Al Grande or all of these other things in terms of the smart contracts that's really been the big thing this year along with the Awakening of catalyst and governance uh and what we decided to do is rebuild the entire smart contract model one because it's not secure and you can see that with billions of dollars of customer funds that have been lost because of insecure hacked apps two it's not sustainable cost predictability the high gas fees that applications have you're a consumer experience guy we're a consumer experience guy you tell me is it sustainable to have an application where the transaction fee costs more than the amount of value being moved person's moving ten dollars of value cost nine hundred dollars to move that that's where the market Standard ethereum is currently at and it's a non-trivial thing to move away from that without admitting some degree of centralization which means the entire model needs to be rebuilt second there are only eighty thousand solidity developers and there are 25 million developers throughout the world who are DOT net developers and Java developers and so forth so how do we bring those people in and how do we get them to use their tools and techniques and languages that they've written collectively trillions of dollars worth of software throughout the last 40 years into the cardano ecosystem so we had to rebuild that entire model and figure that out and we brought some of the best people in the world people who write programming languages for a living like Philip wadler and others who created the Haskell programming language and worked on most modern languages throughout the last 30 years and now we're turning that system on with an aim to not only have it in place this year but also pour over lots of great daps that exist in ethereum through something called the erc20 converter last year only 31 percent of new dapps were produced on ethereum 69 were not so being the Colossal Network effect Monster uh the reality is that they're losing their Steam and not only that most app developers when polled especially in the top 50 top 100 either have plans to be multi-chain or have already decided to start migrating to different chains because of cost and quality concerns while being on ethereum the first to admit this is ethereum itself which is why they're trying to rebuild their model for ethereum too and that's like moving a cruise ship so it's a dying Monopoly in that respect giving us plenty of time to do that despite the fact that we still haven't turned on Smart contracts for the system there's already actually dozens of defy applications that have come out want to move into our ecosystem or new ones that are being found in our ecosystem which has well more than a million people just in the traditional Western World and they're very Evangelistic they've named their vineyards in Napa Valley cardano there's cardano wine they've renamed hotels in Spain and actually accept payments so what can you do with your Ada today you can issue assets you can buy wine you can stay at hotels more than 50 000 locations billions of dollars worth of Adas moving on a daily basis Changing Hands between people unlike ethereum you can vote with it because there's a voting framework to distribute over a billion dollars worth of venture capital for a growth engine for our ecosystem and there's already been I think four or five funding rounds for that every time around comes in 20 to 40 Ventures get funded more on the way and then we have a whole bunch of other things these guys are building highways but they have cars without license plates driving down their highway so all your transactions that are occurring they don't have any notion of identity we have that these deals we do in Ethiopia like the 5 million new customers we brought into the cryptocurrency space we brought them in by giving them identities called dids decentralized identifiers this is going to become one of the most important and relevant things for dapps over the next five or ten years because compliance is coming as you're aware there's things like anti-money laundering and know your customer and so forth it's not about just getting the application to Market it's about understanding that this application May cover regulated activity so what tools exist in the toolbox to actually allow you to handle that regulated activity in a mostly automated way these are the kinds of things we think about in the cardano ecosystem this is who we are and what we do and we build it on Open Source foundations patent free over 105 academic papers I think around ten thousand plus citations they go through the standard peer review process if your regular computer scientist whatever you do and cryptography or machine learning uh go through uh no no corners cut no exceptions so you know that it's being built with great protocols and we built it for the future and given the fact that all the dapps are not sticky they're fluid it doesn't really matter if you launch your smart contracts today or five years ago the really successful applications are mercenary they're going to move over um it's just like if you have an application you're running on an Amazon and somebody else like Rackspace company wants to give you a better deal you do that because you're not loyal to those providers they're infrastructure providers and that's the point and that's why the third generation like binance chain for example has gotten so much success in getting applications to migrate so quickly so it's a big ecosystem it's a complicated topic it's not Doge it's not easy it's not just one thing it's a vision and a pursuit of saying how do you build something where power floats to the bottom it stays decentralized as you go from Millions to billions of users it has predictable cost as things run on it uh and also you're able to run the things that you care about on it uh whether that be crypto kitties or it be a DEX or it be a stable coin um and there's a lot of amazing education like the plutus Pioneers program as I mentioned we're just about to turn on smart contracts here as an ecosystem it's happening in the second half of 2021 and every six to eight weeks the governance system gets more evolved and we've just recently fully decentralized the entire network beating ethereum to the transition to proof of stake and kind of guiding the way about how to run a global scale Network for about six gigawatts of power unlike what Bitcoin runs on which is 113 terawatts of electricity so it's my life's work and I'd love to have you out in a ranch got so many donkeys and some sweet tea and other things and it's good talk about these because it's not just a product it's an ecosystem and there are many products within that ecosystem some of which are highly investable some of which are just pure technology and they're not quite investable and they're more of the Dominion of scientific inquiry or open source infrastructure and it's not something to be taken lightly one final thing we are one of the few if not only major ventures in the cryptocurrency space that has native access to Africa this is my passion I don't know where your passions lie but something I wake up every day and think about and right there is where I believe D5 is going you know here in America it's easy for us to get along it's very cheap for me to get credit I know it's cheap for you too but when you live in Ghana or you live in Nigeria or you live in Ethiopia some people there they have to spend 85 percent interest to get a loan under a hundred dollars and that's a moral failing of the global order in the global system that's got to stop and that's not because of racism or evil Banks or things like that it's systems and the whole point of why we build what we build why we have an identity stack and why we're making sure we have an easy path to get great D5 applications and run them at a very low cost why we have these Democratic elements and we can scale the system to billions of users is that our intentions to onboard users in those jurisdictions those deals they take years to do Ethiopia took us over four years to negotiate during a Civil War and despite that and despite it being listed as the in the bottom five percent of countries of ease of doing business we were able to close a deal for five million people that's going to grow to over 20 million people which is one of the largest if not largest single deals in our industry and we did that in giving each and every one of their case through 12 people in the country identity which will eventually give them economic identity a payment system will be connected to that Credit Systems will be connected to that and the financial services that they use that are cardano enabled will be at the lowest possible cost anybody can provide with no middleman and that's not exclusive so that's going to go to Kenya that's going to go to Ghana that's going to go all across Africa because we have a pan-african view and we're very committed and dedicated people and what makes cardano really unique and special is not people at the top it's people at the bottom when you have a million people that wake up every day and they believe in something it's not a product to them it's not just a fun thing it's not a meme it's a lifestyle to the extent that they're willing to tattoo their body with our logo that's something very special and there's real value there that doesn't go away and that's an army and we'll wake up and it'll be five million we'll wake up and there'll be 10 million and so forth so love to have a real conversation about it I don't think Twitter's the place people go to discuss these types of things it's uh entertainment but it's not real value and there's a lot of nuance to these conversations which is why I invited you to my Ranch I have a ranch in Wyoming and a farm in Colorado a few your family are ever out anything just want to get dinner come on by and we'll have a chat in any event it's nice to see that you are interested and um from time to time drop by especially after smart contracts come out I think there's a lot that's going to pleasantly surprise the industry uh and each year we just keep growing so if not this year maybe next year maybe the year after at some point you'll build something uh and we love work with you on lazy I think there's some mou discussions that are there for nfts because you could already do nfts on cardano and everybody who's done them has done very well although some I think are like the hoskinsons for example are probably a little too close to trademark infringement for my taste until next time thank you all for listening especially you Mark if you did and have a wonderful day cheers
