I need Charles Hoskins in here so I need just a little bit early on the hour my shyest of things to do we're getting pretty close to Christmas and I've been moving as this is more of a personal thing AMAs I'll tell you a little bit about what's going on on my side we we recently moved from two-bedroom two-bath apartment to a ranch and it's a 50 acre ranch and so as a consequence it's been a little bit of hectic trying to move from one place to the next place and you've noticed that I have kind of a new office and things are a little different by popular demand I am regrowing the beard and they said well you want to see giraffes and the MA so I managed to fish a giraffe out of the basement done there is your giraffe so I hope you guys enjoy that overall things are going well life is good you know holiday seasons almost dressed in people but things have been went along quite well and I wish hey and things have been moving quite a lot well with Cardno we have a lot of cool things that we're trying to figure out negotiate very soon we're going to start announcing the IOH case summit a little bit about that so the I which case summit something we do as an annual event yeah ordinarily it's just for I which Kate employees and divided guess of our ecosystem so this year we actually did in January over in Portugal in Lisbon which was a lot of fun we really enjoyed it about two three hundred people showed up but one thing after we announced it we noticed hundreds of people reaching out to us saying you should open this event up to the public and we would love to attend if it was available so after some debate and discussion looks like we're going to move our summit from January to a little little bigger the year right at the end cute one early q2 and open it up to the general public so we'll have a private part of it just for the out UK employees but all the I would say people will be there every single one and it'll be a public event we'll do lots of public presentations about who we are what we're doing and where the company's going in the ideas will have a lot of special announcements at that event so things look for that that'll probably be the next week or two you maybe three and I just put on how long it takes for us to get the website out will release the website in stages so I which case so it is now a public event coming 2019 let's see any other announcements to make research is still going well lots of papers are working their way through peer review a lot of papers have been accepted to various things and we've begun hiring some very specialized cryptographic engineers we put out some job ads as people are particularly a student following those things and those engineers are going to start implementing some of our more exotic and visible protocols in particular the SGX stuff and the other side is the MPC stuff so you may have noticed paper's like kaleidoscope and royale and their successors those papers are quite interesting and can do lots of really cool interesting things in the gaming gambling space but they're bit complicated because they involve multi-party computation so we felt it would be nice to hire some very specialized people who think about that stuff on a regular basis along with zero knowledge of cartography and trusted hardware and put them into a special group within the company so we can begin rolling out these next-generation protocols that no one really has and put them into our stack so we'll make some announcements on that pretty soon all right so let's get to the AMA let's see what you guys have for me EDA is dead charles work for finance instead i'm glad to see that we have trolls already inside the odd chat okay go find another coin then okay does hosting a slot pool a stake pool make you a slot leader and what are the differences in responsibilities okay so basically how it works works a nutshell is that you have this concept of an epoch and you have slots so an epoch is a bounded period of time yeah day week in a month right now we've set it for five days and slots are what you conventionally think about as a block producer so in a proof of work system when you win a block and your right to make it that's what we can mentally think of as a slot so it EPIK has a fixed set of slots our case of cardano's is twenty thousand six hundred for this version of warhorse okay so what happens is at the prior epoch there's an election so source of randomness goes into some form of an election scheme the balls spin and basically public keys addresses are elected to each slot so slot 0 1 2 3 all the way down to twenty thousand five hundred ninety nine are all attached to some address now what occurs is if you win that lottery if you win that system you have the right to be a block producer okay so you can either show up you did not show up or you can take that right and delegate that right to a third party again we call that third party a state pool now the odds are that the vast majority of people are probably not going to set up all the infrastructure necessary and learn how to do all these things they're just gonna want to hand it to somebody else that's a natural human thing we're talking about Africa and many people run cell phones it's really unlikely that people are going to run powerful machines to make blocks and start doing all those other things we'd like these SWAT leaders to do like access network relays and hosting Oracle services and payment channels and other layer to things that will eventually come down the pike so what we're doing is we're building into Daedalus into our software a delegation Center we've already recently published them on my Twitter feed GUI scamp's what this is going to look like basically it'll allow a person who wants to run a stateful to register it that basically means that they're going to take a bunch of metadata and they're going to issue a special transaction and a certificate will be posted on the Cardinal blockchain that will then be visible to all people in the delegation center and based upon a variety of factors and lifetime performance of that pool it will appear in some configuration in the delegation center and if you want to give your potential right to participate in the network to one of these pools you go to that Center you click on the delegate pool that you want and you go ahead and delegate your stake to them which will increase statistically their chance of being elected to run slots so just me because someone has X percentage of the ADA in the system and just because someone has been delegated to does not necessarily mean that that particular pool or person will be able to actually make slots because it's a lottery and sometimes you get ten heads in a row when you're flipping a coin okay so that's the difference between a slot leader and a state pool and where they all fit out advantage of the system is that you kind of create the best of both worlds you have this complicit decentralization that staking provides a proof of state provides because money gets more and more distributed over time but you also create a class of people that are merit-based within the system that are subject to the forces of a free market which can be ever decentralized who are generally enterprise level actors meaning they have more powerful computers they have better internet connections and eventually because they're not going to just be able to compete on fees they're gonna have to compete on services utility and philosophy meaning that groups will be able to create state pools example maybe your favorite advocacy group like the guardians of Cardno or maybe the Colorado Foundation or maybe an alternative foundation and use this as a way of generating funding or people who say I'm going to provide value-added services to the system like be a bridge for Tom across change swaps or be an entry point for a decentralized exchange or something like that so that's the really cool thing about the system is that we're enabling a blockchain based way very easily for people to register pools for people to participate in pools and for people to make decisions that are either economically motivated or philosophically motivated or both and make that user experience as easy as possible furthermore of the system like this also allows for people who are using cold wallets to participate in staking so let's say you have a paper wallet where you have a ledger device or something along those lines or narrowly the system would not be able to differentiate between these two sets of people so if you have paper water or cold wallet you would look at those addresses and it wouldn't know oh that's it on a ledger it just say it's an address so what happens if you can elect it well would show up because your stake is offline but with this type of a system what you're going to be able to do with devilís is take your hardware wallet or your cold wallet and through a procedure import a staking right into the wallet not the value keys so those spending keys are never live within the system but you can give that right to a key within your system and then Dedalus can then allow you to delegate that stake - whatever pool you want so you can keep your spending offline in a safe or wherever you put it or in a hardware wallet like one of these guys and you can still be able to participate as if the stake was live so this is something that this delegation system enables it's just a safer way of doing things it's an our view a better economic way of doing things and it encourages eventually competition by value at so layer two protocols like lightning style stuff and Oracle services and matching servers and other things like that that add value or encourages people to start funding philosophical ideas with services consensus as a service so that's the difference okay well you have a side chain for security token that's a really good question so as security token is then an ER C 20 token namely because there is this notion of regulation that's attached to the token and some of that regulation lives off chain in the legacy world and some of that regulation can be automated so for example if you have a stock that you've issued pre-ipo and you're trading amongst accredited investors you have this idea that only a certain group of people are allowed to possess that asset insiders and people who are above a certain wealth portfolio with abounded geography so you would implicitly have this idea that the addresses within the system in order to have them created and assets transfer between them have to go through some notion of compliance now this is antithetical to a completely libertarian open crypto currency like Bitcoin or aetherium or ADA but might be something you'd want to do if you are an issuer who's trying to have a regulated product but you want to take advantage of the decentralisation of the system now why would you want to do that well let's say you want to pay dividends instead of having to go through a middleman who takes a fee for those distributions and if you can't reach people when there's an achievement process and there's all these things like especially with bonds you can just directly through a click of a button issue value to your user base let's say you want to communicate with your people and get proof that you've sent the message to the person so for example you're a company and you're doing an annual disclosure of executive compensation or bonuses or something like that what you can do is you can actually use those addresses to send an encrypted message and create a protocol that when they crimp that they sign it in the process so you get a return receipt that they've seen the message they've read the message so not only are you able to in a click of a button at no cost distributed information to all of your shareholders you're also able to create communication protocol that when they read the message you get a cite non reputable confirmation that they've actually opened the message so you get statistics on how many people are actually reading the things you send to them these are examples of things that the security tokens world gives us the above and beyond just this idea of a decentralized marketplace and liquidity and regulation being automated and so forth so the question is will security tokens be a side chain or will they be incumbent within the system the nature of Plutus of marlowe mix our system uniquely well-suited for people to build an asset that would conform to many of the characteristics I've just mentioned but there's a question of control namely who gets to pull a liver and shut off the system and so the question is would it be better to have a separate ledger to account for all of these things with certain properties about that ledger in terms of rollbacks and the mutability and a different notion of control with that ledger or would it make sense to instead have this inherit all the properties that karna no itself has for example this immutability and the timestamp in the audibility in this idea that things don't roll back it's entirely reasonable to say that that might need to live within its own ledger and if that's the case it'd be a sidechain how easy would that be to to set up in our system not hard at all so once CL comes out we'll have an EVM sidechain a yellow sidechain but it would be really nice to get a third party partner to connect a security token sidechain and then you can actually have this situation where tokens can be issued there and flow between Cardno and back and so forth and the whole bunch of ideas about how we can whitelist and blacklist and the transferability rules and so forth so it's something we've been thinking about involved in that conversations also the idea of compliance which necessarily has the idea of identity and you have to have an opinion of a philosophy of that and necessarily the idea of a trusted data feed because external events have some implications on the system and also this idea of regulation as well as a corollary to this topic there's the idea of escalation privacy so ordinarily you'd like everything to be as private as possible so when Alice and Bob are doing business with each other only in Alice and Bob should be aware of that transaction but all outside observers would not be able to link those transactions in that history to Alice and Bob and for the most part those that's the way markets ought to work governments however have an opinion that sometimes for the good of society they need to have a window into those transactions the danger as we've seen with Australia and other jurisdictions is that by having a window what they mean is we should weaken cryptography to a point where as an unlimited use silently used backdoor built into the protocol and as a consequence basically if that key ever gets lost or stolen a hacker can now have the same gods I view as the regulator it's a very dangerous it's a very stupid thing to do however there are ways to construct systems or you can actually build in a threshold backdoor for a particular transaction if certain social consensus is reached and in federal power in a way that it takes quite a bit to get there and it's done in an open way as opposed to a secret way like the FBI having a way to decrypt your messages and they can just do it whenever they want to and not tell anybody or get a warrant for example to do that so yeah if you're having a discussion about compliance you're also having an especially about identity you're also having a discussion about privacy and when can you demonize things who can do that what are the conditions to do those things the security token world is going to live on these types of rules not on the traditional crypto rules that we are used to with Bitcoin where we're only going in one particular direction with maximizing freedom minimizing your exposure of your personal information and removing all barriers to commerce you're going to be putting up artificial walls there so some can be programmed others may require a ledger and it really comes down to the conditions of that whether you're going to roll back whether you have mutability or not whether you want audit ability and time stamping they'll be high fidelity or not and also your opinion about things like identity and privacy and so ok see here this question right here Charles some political activists I follow online have been banned from PayPal and even have banks refused to allow them to open an account can crypto somehow become a solution help these people so we have within the United States this concept of freedom of expression freedom of speech it's a constitutional right so you can take something regardless of how distasteful this idea is and say it and you don't have to fear that someone's going to show up on your doorstep in black bag you and throw you into a secret prison because it was inconvenient to some power group this is the theory but in practice society has build an immune system against certain types of speech if you go around saying terribly racist things or you go around saying terribly offensive things generally what ends up occurring as people become prized they become socially isolated they get fired from their jobs they have difficulty doing business with people okay so for example there was a large right-wing protest from the extreme right wing in the East Coast the United States not too long ago in these Nazi protesters who were marching with torches had every right in the United States under our Constitution to do that but if you actually follow what happened from those protests from that march to today there were significant social consequences to the people who participated many of which who were discovered ended up losing their jobs or suffering some sort of recourse so there's an open libertarian question of is this okay or not so in a sense of libertarian principle you could say well I have a right to decide who I associate with and what I personally feel is right and wrong speech so if somebody says something that's hurtful to me or offensive to me I should have a right to disassociate from that person if I'm walking through a park I'm a particular ethnic and they're saying that my ethnicity causes all the wars in the world or I'm subhuman and low intelligence I have every right to say I don't want to talk to that person business with that person or associate with that person okay that's reasonable where it becomes problematic is when you start saying well there are facets of society that are privatized that have a huge amount of our influence over our life liberty and property for example if you make your living on eBay or Airbnb or uber or on YouTube and you're a Content producer and that's your livelihood you're producing a service and this platform is intrinsically just involved in the act of bringing you together with consumers and then suddenly because of your political beliefs this platform provider decides to D platform you for example recently there's been issues with patreon and many YouTube people have been demonetised as a result of their political beliefs then you say to yourself well on the strictly libertarian side of things this is technically a private enterprise and as a result they have every right as a private enterprise 2d platform somebody the question that is well to what extent does the private enterprise start becoming a social utility and as a consequence of being a social utility there's somehow evolved beyond the point of me going through the park or you going through the park and now like a government institution like court or a library controlled by the county where they're now subject to constitutional restrictions and thus must tolerate your speech or your expressions regardless of how distasteful and that's actually where I think cryptocurrencies are uniquely suit well-suited to actually help us get out of this dilemma in the 21st century because right now we're left with this terrible dichotomy or either we err on the side of saying everything is personal and private and private companies have the right to their own expression or we say these things are public utilities and regulated as such and we're handing our expression to bureaucrats for these masters of the planet they don't really understand well we can choose the third option of saying decided markets that attach buyers and sellers whether you're renting space in your home or capacity in your car or your free expression and put them into protocols protocols are intrinsically neutral they look a lot like governments in terms of their operation no one's couldn't control their decentralized yet they behave much more like private entities differences their efficiency their ability update no fall in a grade and the competitive nature you're taking the best of the free market and you're combining it with the best of principles that we have left behind putting into DNA of these types of systems so I'm deeply concerned about it I think that as we move into the 21st century more and more of our life is controlled by algorithms and data and if companies start making algorithmic decisions based upon some preconceived schema or they're just cowards and they don't want to offend a very small radical minority and as a result they deep platform an entire political philosophy I think that we need to have a third option and the add option our cryptocurrency protocols so what does it mean it means that we will now be able as a society to tolerate a group of people who we feel are distasteful but their near presence in the conversation does force us to analyze and occasionally those distasteful people are right and occasionally those distasteful people affects social change to ensure that our systems do not become tyrannical or that institutions that ought not to be socialized and taken over by the government stay private but are no longer in many cases necessary to facilitate our the protection of our life liberty and property so it is something we're concerned about as a company we are involved in it and we will be releasing some products at some point specifically along these lines and I think that these products will be among our most successful and have a lot of social benefit what else we got here okay the topic of shorter addresses that's a really interesting copy because it's something that the cryptocurrency space as a whole is thought about for very long time so an address requires a certain minimum a viable amount of information within it to be functional within a system so you first want a property that addresses don't collide so that when you create address I created address there is statistically speaking insignificant chance that were accidentally going to create the same address it would be pretty catastrophic because you'd end up sending money tweet you know each other we wouldn't even realize that it's a race condition for who can withdraw first okay so that's one dimension of it another dimension of it is that you'd like the address to be useful in different contexts --is so one in context is this concept of I'd like to spend the money but if we can already see within Cardno we have this differentiation between your right of expression of your money and the spending of your money the transfer of that expression to someone else so for example with delegation but inevitably we will have a voting system connected to this as well the more utility that you put into an address the more data has to be in that address by information-theoretic minimums to be able to ensure that you don't have those collisions that's said it is entirely possible regardless of the size of the address to create what's called an alias alias in system this is what we mean by human readability or human understandability so basically an alias system is where you take an address and you register that address or with an HTTP wallet II generator that can be used to create an arbitrarily large family of addresses and you would register that with a human readable name kind of like a domain name where you have an IP representation but they have this thing like google.com or youtube.com or so forth so in an ideal world you would permit a system that first is as conservative as possible with the address size so we save space but still maximally functional at the same time would allow you to take that or an HD wallet and then register that as an alias that is human understandable like Charles's wallet or eBay will count something like that now what this does is it actually creates the same situation we had with iconic domain names a race for people to register if you prevent this behavior in my opinion for this to be useful we also need some notion of a public sub protocol and also a metadata exchange so what that a functionally will mean is that in addition to being able to register an address you can also register an identity and a communication channel that you can allow people to talk to each other so in the future if you imagine multi-sig right now how does that work if you're your own copay you have copay as this trusted central server people create accounts with it and then when you create a keychain you share those credentials out of band and then copay can help people could reconstruct an HD address a multi sick address for those wallets so basically Alice Bob and Jim will all get throughout some process information that all three should participate in multi-sig and then the construction of that will be done through this trusted central server you could register things you could use products about them you'd be able to do this in a completely decentralized way without a trusted server so something to think about something we're going to do but it does take a little bit of time to get there and one of the things we wanted to do before we got there was first have a really deep understanding of how expressive our UTF so model was going to be so we needed to create Plutus tomarlo for that second we need to have a really good understanding of how we wanted to handle both delegation and voting these are the ingredients that go into address complexity once you have those things you layer a good Network protocol on top of that then you'll eventually be able to register some form of an HD wallet or identity into the system and then people can alias so what does it change your user experience to you'd have a friends to list within Dedalus you'd be able to see all the organizations and friends you would make sure that you decide trust of them so it's much like web of trust or you'd have curated lists that would be able to share these types of things and if you trust a third party you can import their list and then you'd have all these channels where you would be able to communicate with them in a secure way using yeah forward security just like you do over a signal protocol or these things but then also send value to these people through those particular channels so you'll be able to communicate and send value and coordinate with them through various means and these ingredients alone are also very pivotal for protocols were you think of about social elements like for example if you have poker protocol on your system like kaleidoscope you'd have your friends list you'd want to play with them you'd be able to ping them see if they reply if they reply that you know they're online and then you can use that as a way to match people to off chain participate in the game play in the game coordinating through them when they're done shut it off collect their winnings and losses and everything just sorts its way out and because everybody knows each other and they all shared this information you can use the blockchain as a broker it just is so much more efficient model so that kind of a thing is coming it's something we know how to do is not really elegant from a cryptography viewpoint it's using primitives that are quite old for 1980s and 90s it's just a situation where you need to have a lot of engineering and a lot of progress and what I think is before you get there so we needed to create the extended UT Excel model we also needed to create a variety of things on related to delegation and so forth to functionally get there but it's on the way okay so this is question I've completely disabled all AV stuck at zero percent restoration for day you know I I've gotten this question a lot and what I think the issue is is that some subset of our users have a corrupt block database so what's happened is somehow some way while retrieving blocks and going through the updates and these things your block database got corrupted and if you look at the way that we handle migration epoch by epoch on the old database to the new database if there's a Crump block there is a potential that this process could get hung into either are slow or infinite process meaning it never completes so we're going to issue some sort of QA statement about this probably pretty soon we're looking into it we have a dedicated channel on our slack the short term solution would be probably purging the database manually and we could issue instructions on how to do that safely the long term solution would be putting some sort of database integrity check inside Dedalus itself so it'd be a utility that you'd be able to check your database and verify that the database actually is not damaged and if it is damaged have a repair utility which will find which blocks or malformed delete them and then pull those blacks in to regenerate the database correctly so that's probably why some people are having an issue if it's slow but it's progressing the other option is the antivirus because this is a disk intensive process you're doing lock Tamayo or you're moving files maybe to be you're compressing really fast PCI Express SSD and when those Samsung he mows it's gonna run great it's gonna be very quick if you have a old mechanical hard disk one of those 5400 rpm discs you saw on the home laptops you're in for several days so if it's really slow progressing it's either some things that are fearing with it like an anti-virus or you have old hardware that's most likely culprit if it's not progressing at all it probably is a block corruption so we'll issue some sort of statement about that and give some mediations for that our helpdesk is looking into it okay Charles how do you feel about AOS come on guys thank you for the Christmas lemony let's see here well staking be possible on a mobile version of euro from the card ah no effect I have talked to Sebastian and Nico about this so we're having a summit about delegation and basically what the delegation spec is and that summits invitation only for Cardinal developers so we've invited euros developers by which case coming as well so the rush team and the hospital team and we'll see if we get the vacuum labs guys there but basically this is all about here's the spec here's how the spec works here's how we're going to implement it and this is what the standard needs to be so if you want to write a wallet that's compliant as long as you follow this that's a contract that yours will work with ours and network will recognize it okay so that's the basic concept that's where we're at and that's so it's nice a 10th of January so my hope is on the back of that that we we can get a strong commitment from a mergo to guarantee that there will be support for delegation in the euro interface and I don't see the reason why that wouldn't happen but anyway the summit's then and it's up to that company to make an announcement but our hope is to have multiple wallets with different visions implementing these functionalities and features so that everybody in the ecosystem regardless of the wallet they choose to use will have a great user experience and be able to express themselves there there will okay from Top Mara can you talk about ADA et Cie and have some plans you have with interaction between the two et Cie has been a very frustrating project for me we as a company invested a lot of time effort money brand and frankly goodwill into trying to build up the et Cie ecosystem we hired community managers podcasters developers I went to many events we always spoke positively of the ecosystem and our hope was that at some point reasonable minds would prevail and that the e.t.c community would understand that to survive it must innovate we already have a principled cryptocurrency it's called Bitcoin it's very principled and within the next three to five years it will have smart contract capability and side-chain capability and be quite performant there are literally hundreds of millions of dollars of R&D and engineering money with multiple companies all around the world working very hard to get Bitcoin to a very solid state certain things won't be changed the consensus algorithm won't be changed and a lot of things are going to have to be pigeonholed in that will make Bitcoin suboptimal for a large list of applications so that is a position where if you can take those things that it's likely not to be competitive with a particular IOT eye and run those things better you at least have a hopeful to do something interesting so my first argument was we as an ecosystem need to embrace a treasury model here's what happened I we published a spec we did a year's worth of research we spent a lot of money and time and effort on it hit pieces were written about me and my company et Cie dev said never going to happen ever you'll have to fork the network if you do this and at the time they control the two majority clients parody and gift and basically a lot of people said you're trying to solve a problem that we don't have we have plenty of money we have plenty of funding our road maps great we're going to create our own governance system so let's go create a foundation I said well guys the whole reason we're in this place is because we had a foundation that we disagreed with so we're just going to be solving the problem of a traffic around a ssin we disagree with by creating another foundation and somehow we're going to be more honest and more moral and we're just so we didn't get the Treasury system in we had ideas about side-chains they were criticized we have ideas about charting the consensus algorithm creating more useful proof of work system they were also criticized so we still participated we put a lot of money into mantas we created mantas in my view it's the best of the end client ever made period aetherium theorem classic it's fifteen thousand lines of code it's very concise it's extremely well designed it's performant its bug free its security audited by a third party code else key and that report is public honestly he couldn't ask for more for a 1.0 product that was built from scratch for our ecosystem and the response from some in the community is it was an unnecessary product no one uses it and now that IO HK is starting to financially pull away from the ecosystem good riddance so I'd like to believe that there's still lots of people in the etherion classic community that have a good relationship with us and think we're good people and want to work with us and I will make every effort to collaborate with those people but I I will warn any cryptocurrency there are over a thousand liable cryptocurrencies floating around the marketplace many with lots of money lots of philosophy and lots of adherence no one has to use your cryptocurrency no one is entitled to anything and a year or two everything can use change go to coin market cap from 2000 I think 11 12 13 14 15 16 17 into the day and look who was in the top 15 and looked at who's in the top 15 now things change fast here and the only way you survive is if you build a good community an honest community a transparent community an open community that is appreciative of outside contributions and outside ideas and don't view an alternative team with an alternative vision as a threat but rather as an opportunity to broaden your ecosystem and make it better if you build an ecosystem that's insular says not invented here or this is the only way we're doing things and screw everybody else your babies typically gonna climb way ladder until eventually you're no longer relevant no one cares at all about you so that's the threat it was very hurtful the things that were said repeatedly year after year we took it for a long time because I really honestly believe in the principles and at some point you just have to make decisions about where you want to be and where you want to go so we'll try to work out a compromise we'll try to figure something out that allows us to continue moving forward and do right by the people in that ecosystem but god I got to tell you there are days I woke up where I said screw these guys and if I'm saying it other people are saying it and you know if you're a the third-party DAP developer trying to make a decision where do I go you're just shooting yourself in the foot whenever you make people feel that way Charles how easy will it be for projects on aetherium to switch over to ADA so there are two schools of thought and actually they're philosophically represented by two completely different frameworks within the same card on an ecosystem one school of thought is that most of what has been deployed on aetherium while well-intended doesn't really have viability or a good business model behind it rather they live in the prototyping or proof of concept phase and there's going to need to be considerable redesigned we architecting and in some cases just completely coding of what's been done to make it eventually work in the future so in other words you create this idea of the operating system people deploy a lot of apps on it but then you go to a completely different type of system and they're just not compatible with each other so the migration requires people to rewrite all their code like for example when we went from dass to Windows you know it's going from one to the other was hard it was very expensive and time-consuming but people recognize that the GUI idea the 32-bit operating system real cool is a real good idea adds a lot of values so retooling rewriting recoding made sets that's one dimension of it and the goal there is to try to make that transition as easy as possible that's reflected with the Plutus mindset within our organization where we say there's just a fundamentally different way to write these types of applications which is more elegant more secure lower-cost to maintain and more realistic with how these systems are actually being deployed so we have Haskell Pluto's Marlowe runs the client server and blockchain and there's lots of things we can do within that model to make those things easy and what you do is you populate your DAP framework with a group of people who are familiar with those techniques as you're loading set and you don't need a million developers to be able to make a huge impact you need five hundred to a thousand vigilant groups geographically well distributed to build successful things and the economic success of those things will encourage many people to come into the platform as copycats for example with the iPhone it's a totally different paradigm it's a totally a way of doing things the way things were done with Windows so Steve Jobs funded a bootstrapping of people to enter his ecosystem and then when they started making money they started getting users everybody said wow that's a good ecosystem I should do something in that too it was a time consuming expensive retooling but the paradigm was so compelling and the idea that there's all this value there drove lots of people into that gold rush so you need a loading set that knows what they're doing with good tools and good principles and get them out and get them to be commercially viable and learn from what's come before the other school of thought is that if an ecosystem gets too big you're not going to be able to displace this ecosystem it's gonna be there and that's the standard but it's just interoperability with that standard so that's what Yela is all about where you can take solidity code and compile it to run on our system and at the end of the day you know if that's the standard well then we were to support that and then it's an argument of security performance and operational cost if you're an app developer maybe the initial set because they were I co-funded our ether guys but if this is actually going to be a real ecosystem you're viewing aetherium as infrastructure like Amazon Web Services or Rackspace okay and if you believe that then it's a game of do I trust the platform to do what it says it's going to do do I trust reliability and am i okay with the security and operating cost of it so you're making an infrastructure argument if that's indeed the standard we don't know so what we did is we took our money and we actually created two completely independent teams and gave them mandates to pursue both these threads and allow Cardinal to support both of these threats so if for whatever reason that ends up becoming the standard in the market and we have to live in this real hell that's insecure and back at least we'll try to give you a glass of water and he'll you know maybe it'll have some ice cubes in it if we're right and we think that we're due for a new paradigm Plutus will take off and becomes a successful paradigm and be able to go off and it's people that this is the better way of doing things but in both cases we have those grounds covered so the answer is it'll be quite easy if you will support web 3 where you support solidity just take your application you take the tools you're used to using like a truffle and remix and so forth compile it run it on our system when can you do that today you already have two test notes at KVM and yellow test net we have a command-line interface with mallet you can download those tests that's you can take your app run another system we'd love you to do that and come back to us and tell us what your experience was like and what you learned from it and so forth we will be dramatically enhancing the capabilities of yella throughout 2019 k2 Elohim backend semantic space compilation a better surface language for yellow so syntactic sugar so you can write directly in that command line in that assembly like language which is kind of like C and more language parents so you should be able to go from JavaScript to yella Louella and so forth spc will give lots of language interoperability so traditional fellows can come on it and I'll then enhance the theorem cooling will just be ported over and it open source no one can stop us from doing that and then we can just make an argument that it's faster cheaper safer to run on our system that it is on the etherium system and a lot of people end up green with us on that and so we'll get some from that channel we'll get some from that initial channel and if there's money to be made the markets will bring people into the system does ADA have any plans for a death platform yes we do Daedalus was always built with the intention of being adapt platform it's right now card on a wallet and that's all you can do with it but what's gonna happen over 2019 these are gonna see a series of evolutions with Daedalus where a lot of things are going to occur to dental is just make it awesome first off we're gonna see a terminal work its way into Daedalus and that terminal is going to be very verbose it's gonna let you do lots of amazing things directly talk to the card on a wallet back-end manually construct transactions do your UTX so all of these great things just beautiful thing people to be real happy with it it's going to be insanely great the best terminal every time and we have some great plans for how to do that but then you're going to start being able to use that to submit smart contracts it's the change like you can use mallet with the mantis client do that and then gradually we're gonna wake up a dead list is just gonna change and you'll say wait where's my card on a waffle book oh you'll see wait a minute I see an app store like Google Play whoa incur on a wallet is an app and I just click a button and suddenly I have my wallet back great but wait a minute there's also an etcd wallet and there's also now kaleidoscope running as a DAP well that's really cool well how do we accommodate that you can take that Haskell and use gh CGS to convert it to JavaScript and then becomes a known package an electron the platform we built Daedalus on allows you to have note packages and chrome applications running and also clues web assembly so that put a universal dap platform and we'll have a store where people can submit in a decentralized way there are applications whether they be dabs wallets or explorers or whatever infrastructure and basically create a user experience where there's one click install and it's a platform agnostic so that means that you can use it for aetherium you can use it for Cardno or other platforms that's the vision we have containerization experts we've hired and other people we've hired we brought in they've been working as skunk works for months and months and months thinking about how to make this model work both within electron and outside of electronic containers communicating each other experimenting with gravity well we've been looking at a lot of really cool ideas about how to accommodate this but overall the concept basically is that we are converging to a point where Daedalus will become that cap store and that's I think one of the last miles for broad consumer adoption to say that if you're going to have a DAB it's easy to get it like a cell phone application it's one-click install it's right there as a developer it's easy to deploy because you can use the web tools that you've come to know and love and you've segregated your blockchain code from your client code from the server code that you're connected to that triangle is preserved and it all just makes sense very beautiful way of distributing and there's no world garden you can charge and have a payment system that's where trusted hardware is really cool because you can have this idea that certain things when you load up if you have an access token and that token can be controlled with untrusted hard for enclaves so you can put in DRM into the system if you want you can go far down that rabbit hole as you go and there's no Apple or Google alerting over it saying we're in charge of this whole thing we get decide what's legitimate what's not that's the vision and we're building that right now we have a whole team on it I've they've been on it for quite some time [Music] so this is an interesting one how do you compete against current modes of payments like credit cards and these types of things you know the thing about the legacy financial world is it's both brilliant and it's also dumb its brilliant from the perspective that somehow someway hooker crook we as human beings have managed to construct a system where billions of people are able to engage in very elegant commercial transactions with each other of arbitrary complexity I can just go to Amazon and buy stuff I can send PayPal payments to my contractor who's doing the walls on my house I can just do all this stuff and people get paid and it's one of those things where if it works it works fast it works well there's accountability there's recovery and I'm happy and at the same time when the system doesn't work it is miserable it is exclusive it's culturally damaging so for example there's a war on cash many people who live in cash economies are being discriminated against they're not able to pay for large purchases with cash if they get caught with large amounts of cash the government takes it from them there's something called civil asset forfeiture there's a litany of examples in the United States Europe and in some countries it's even becoming illegal because of cash above a certain amount so over an arc of time those who wish to live in this economy are are being discriminated against there's a collection of people including in the United States who are unbanked can't get a bank account or it's too expensive for them to get a bank account or they live in an area where there's only one option that option for whatever reason doesn't work for them in which case they have through these money centers and pay high fees to cash a paycheck high fees to be able to conduct basic commerce or send money to people they're basically pushed out of a world financial system for the word earlier in the conversation we were mentioning this concept of deep platforming let's say you want to make money and let's say that patreon is your source of revenue and because of your political beliefs these are MasterCard go to that and say we will pull our support from your platform no longer allow you to process payments on our systems unless you get rid of Bob so you get a call from them say sorry we got to get rid of you now we've been pushed into this in fact if you look at Bank behavior or financial intermediary behavior oftentimes that behavior is made not because of a direct request from a regulator but rather a perception of that newing business with certain actors could endanger their correspondent bank relationships or their relationships with other money service businesses like Visa MasterCard for example so they say I can't give that marijuana dispensary a bank account the state of Colorado it's perfectly legal we can do that we can process their payments but if I do that what happens to my correspondent relationships outside the state for example so given that cryptocurrencies act as the viable future cash that last option that basically you always have in your back pocket that you always know is going to work if somebody comes to fix my car at least today I can go and hand them whatever that is $100 bills and I've never met a person that you can accept that maybe one day they won't but right now they will similarly eventually cryptocurrencies will become that option that you always have so if you get cut off you still have that channel where people can pay the difference is carrying large amounts of cash is dangerous dangerous the store dangerous to transport can be confiscated crypto it's all up here all on devices like these guys it lives in the cloud and you know it's there and it's globally accessible no matter where you're at in the world so in a way this is a counter-reaction from society to protect us from those who are trying to use our financial lives to control our opinions our philosophy and our expressions it protects us from that it also ensures that our life liberty and property still can move the really cool thing is it's not just cash all of your cash flow assets your equities your stocks your bonds your property like your house can also live in the same medium be transnational and subject to an international understanding as opposed to a national understanding that's a really cool thing so I think that's how you compete do you say well there's always going to these systems that are fast and recovery built in and people like them but we have cash for very good reason governments killing cash this is the new cash and this new cash is not controlled by the government and we need that option for a free society to preserve itself it's an interesting question that's been asked simple question what are those very very big powerful banks and governments would allow in a centralized system well you know governments of banks and these guys wouldn't like the internet the problem with these systems is that they creep up on you and you can't get global coordination fast enough to control or ban them so they end up getting in the hands of consumers consumers understand why these things are important and by the time you'd like to regulate the system it's already spread out the idea is already there it's already too powerful for example this concept of democracy the world didn't just magically go to democracy and everybody said oh that's great idea let's just go do it it happened in a certain few places like the United States later France and monarchs were saying wow this democracy thing's a real bad idea because apparently the very people that were oppressing and taxing and treating really badly could somehow get together and vote us out whoa that's not good we can't allow that to happen and these are the people that have all the armies these are people have all the resources and led the world for thousands of years yet decade by decade their power you wrote it away and now the majority of the world does live in under some form of a representative system and there's a constant tension between the two so in one dimension if he have a good idea and that good idea increases our life liberty and property spreads our freedom that idea is intrinsically able to inculcate itself within the minds of many people and incubate to a point where it it can't be displaced the minute you've exposed somebody to the concept of rule by the people the concept of rule by the king just is antithetical to everything you stand for you say guy I don't want this birthright person that I didn't have any say in just having total dominion over my life I'd like to have some say over there and admit that you say wow them insurance and loans and capital markets and money live in a way that does not require these Krupp evil middlemen to control them then people start realizing that this is something that they need to have now not everybody gets it just like not everybody gets freedom there's still people who live under terrible dictatorships and similarly there's still people who live under economic dictatorships but at least one country will open the doors and allow these things to exist and because it lives in the internet which is also open it will continue to grow and fester and thrive to a point that eventually erodes away at these institutions not because it in aristocratic it erodes away at them because they are less efficient than these new systems and on a computer compared the loos there's no greater example of that than what the Internet's done to journalism in the media you have this concept of hierarchical control over the flow of information and the idea of what's legitimate to what's not and little by little all of a sudden the citizen can become their own journalists report their own news and we now see every year newspapers television channels other venues go extinct or require government subsidies or have to diverge to a different business model to stay open so they went in from a 50-year period from the people who gets to die what's real what's not real correct information was not correct information who's legitimate is not legitimate - running out of money and now desperate for a bailout desperate to stay relevant and survive and the next generation won't even put more pressure on them there is no difference between that institution and the banks and frankly governments in many respects so competition and markets will erode away of those power bases it's inevitable it's the laws of markets and AMEX of how human beings work is it an easy process of course not is it a process that is is just gradual and now no hardship or pain no in fact till 1992 it was illegal to sell things on the Internet it's called the NSF AUP the National Science Foundation acceptable use policy so you're going to have ups and downs regulation that make no sense dinosaurs trying to fight against extinction but that's just how the world works and we just have to accept it and have the courage to face it could you elaborate on Restorick art you've shown twice so this is a hardware wallet called tan Jam ta ng M I've mentioned it previously very little close for the camera so you guys can see it so basically what this thing is is it's a credit card size it's got a trusted Hardware module on it cause very little to make like a dollar and how it works is they forgot to your phone and operates on NFC so basically I have my phone up in here and you can see my phone and you just hold it onto the back of the phone like this and it brings up a wallet and there you go here's your cryptocurrency wallet don't know if you guys can see that or not and so basically you can spend from it and so forth so we're currently negotiations with the company to create a variant of this for EDA and it'll be a very low cost easy to distribute wallet for Cardinal and our hope is to have a multi sig variant of it so we can sell them in a two-pack so you have a spending version which has a pin code with it you can carry around with you like a credit card and you on the mobile version of Carolyn's wallet which will eventually come out soon you'll just be able to tap it on the back of your phone brings up the account and you can just authorize the payment and enter your pin code and if your wallets stolen or you lose it or you forget your penny so you have a second card we'll make it a different color we call it the recovery card and you leave that and a safe somewhere at home a safety deposit box wherever that might be and you can just use that to move the funds because it's a one of two multi-state and as long as no one gets your pin code for the the spending card basically have this nice security model and the cost to sell both of those cards is very little and the cards are fairly durable and they're a CD and so forth so so it's important to have a spectrum of hardware devices if you intend on the ecosystem growing and actually have a great user experience it's nice to have a low cost solution that allows you to conduct commerce just like you would with a credit card and be easy to use and in a with your phone and the ways that you want and it's nice to have a very feature rich powerful programmable hardware module like alleged device for example where you can always add new features and functionality and so forth so that's what we're doing right now we're still in negotiations but I hope we can get it done and we'll buy a lot of them and give them away at the summit that we have it'll be open on the market people can just buy it through white label sources like crypto supreme in other places okay see else we got here let's see Samsung Galaxy S nine plus how do you see the role of the Cardinal foundation in 2019 now that Nathan Kaiser is the chairman where we see significant partnerships with governments in bonanza first it's very important to who Nathan Kaiser is great human being Oh at the Harvard bird and it's a it's a leading-edge think group within Harvard Law School that has been on the forefront of the intersection between law and digital concerns so for example they were the ones who really came up with the Creative Commons license and they think a lot about the emergence of cryptocurrencies and what that does on traditional deconstructionist so he's in a domain expert he's Swiss but he speaks fluent Chinese French German Swiss German English a really brilliant guy and a great lawyer and just a good human being so I have the utmost confidence in him made me sing from Berko he's chief investment officer there and has literally spent over a year of his life now looking at hundreds if not thousands of ventures who are trying to get funding and trying to participate the card on ecosystems because a deep understanding of where this ecosystem can go proper investment and Domino is independent party in Switzerland a financial expert and leading expert how banking works and just a great guy as well one of the most eloquent people I've ever met so this is a interim board and the point of this board is first to clean up the mistakes of the past and make sure that the sins of the past don't in any way prevent Cardno from becoming a great protocol in the future and continuing to grow second this is group is mending it with getting the foundation restarted getting the community management set up the idea of card on ambassadors the card on Omaha and the idea of empowering podcasts and meetup groups the forum so that we can organically get a great community going and make sure that those people who are really loyal the NIA takis of the world who've done wonderful work for example in Japan or the Ericka Kang's who have done great work in Korea get resources in there so that they're capable of scaling what they've already done to new levels and bringing wonderful bottom-up community in preparation for the Cardo no improvement proposal process delegation and for voting on Treasury proposals in addition to that there's the regulatory outreach side of things so this system is going to touch many many regulated markets we go to Mongolia and they have hundreds of billions of dollars of Natural Resources in that country that is just right there waiting to be utilized for the betterment of that country so the next generation doesn't have to have the worst air in the world and the next generation doesn't have to spend four hours going 20 kilometres from the airport to a hotel in the city because the traffic is so bad and do this in a sustainable responsible corruption-free way those products will be regulated and will train on regulated global marketplaces how will that go from idea to reality this was one of the reasons the foundation was created was to enable these types of situations to have a clear roadmap step by step by step by step so that eventually you could wake up in a reality where these things can be unlocked and create liquidity and if not there then in Ethiopia or the Prime Minister is a cryptographer the only one in the entire world who's the cryptographer broke codes during the AirTrain war wrote papers on symmetric crypto gets crypto currencies better than anyone else any Prime Minister in the world it's the same in Rwanda it's the same in Uganda it's the same in Angola it's the same in Venezuela it's the same in Chile it's the same in Argentina and every single one of those cases there's a story behind where they want to go and where they're at and there needs to be a shepherd to help navigate those markets and deal with not only local regulation but the geopolitical consequences of creating liquidity for the three billion people who don't have it and an expression for the billions of people who don't have it or are actively oppressed and then there are things like for example liquidity getting exchange listings in Japan and make the FSA like the product getting Exchange listing throughout the world it in coinbase in other places without an entity like the foundation power to do that it's it's always a half measure and its a half effort because you need that organization with that status of being a not-for-profit and the voice of the community legitimize by the community to go and get these things done so that councils job will be to basically initiate these processes get them started so that when permit important members are selected those board members can then take those threads to the next level and they clearly understand the point the direction and the purpose of why the foundation was created it was not created to empower or Rickon rich a small group of people or to be a piggy bank to be used to the for personal gain that's unethical to every single thing we stand for and why that organization exists and why the guardians of Cardona were created was to correct that injustice in the ecosystem and so the new board needs to lay some foundations to make sure that that becomes encoded into the DNA of the organization so that when custodians come the conversations around how do we take it to the next level how do we make it faster better more democratic how do we go ahead and grow this so that it has a bigger influence and ensure that competition occurs so that if they can't get it done someone else can get it done so basically I think it's a very significant change it's not felt immediately in the beginning because it's a huge task and a lot has to be done but now for the first time a long time reven good conversations we're having the ability to actually engage in productive dialogues that don't regress and get cut off in for the first time ever when people send emails and then saying hey maybe we can do something there's at least somebody on the other end who's reading it and cares about it and eventually will reply to so I'm very excited about that and I think it's a good thing for the entire community in the ecosystem as a whole okay so I love these questions Charles why was the max supply of aina 45 billion chosen instead of a smaller supply considering big coin is 21:9 you know what's it so extraordinary to me is the arbitrariness of this decision and how people just don't seem to comprehend that we're playing with decimal points so if anyone conceptually thinks there's too much EDA in circulation I'd like you to do this instead of thinking about ADA let's create a new currency we'll call it killa ada and instead of there being 45 billion there's only 45 million of them and it's worth a thousand times more than inna so instead of four cents worth a lot more would you say wow that's that's the currency for me well you can just do that you take your ADA you move the decimal point in Bitcoin you can do the exact same thing you say now there's not enough Bitcoin in circulation so instead of having 21 million Bitcoin let's have 21 billion Bitcoin and and we'll call the millet bitcoins there you go Milla bits and now we have 21 billion we've moved the decimal points it's worth a thousand times less so it's math you can just move one direction or the other it has no effect or bearing on the price the best thing based upon this those people are not the people you should be listening to and those people are not the people that should be driving the price of the system up and down the price should come with people's adherence the philosophy and vision of the system the governance of the system and the actual consumption of really you to use case and utility of the system like gasoline no one looks at gasoline and says well there's just too many gallons of gasoline in circulation we we need to cut it down a little bit by a factor of 10 there you go or have a gasoline burn let's go set half the world's supply of gas on fire so we can make the price of gas go up it's insanity it's utility commodity you use it to do stuff and ADA is much the same way if we do our job right we have this beautiful DEP store and tens of thousands of dabs that aren't running Katie that is the feel there and that feel will run those that decentralized infrastructure and it will enable things that couldn't have been enabled before in ways that couldn't be done before and by natural consequence of consumption of that just like when Ford puts more cars on the road just like when you see more tractor trailers hauling things just like when you see more power plant burning natural gas the price of these things go up because you have more demand relative to supply and people take bets on that but it doesn't automatically just change because we decided to move a decimal point that's meaningless and that's not what off to grind guide market places so if you think there's too many to go by milla aggo Baga kannada adah and and tell me how great your portfolio is doing I hear you can get it at a great price can we donate the Cardinals on - easy but to me is terribly broken you know we have this thing called PBS we have things like NPR in the United States and like Public Broadcasting in National Public Radio and there are these donation of thoughts they say if you believe in Sesame Street and you like our programming donate money to us and call in give us some money and every year they do it it's in your face it's annoying as heck and they spend a considerable amount of effort going down that road and you know what we need to I think move to is instead of a model where we wake up and try to bake certain people to give us money to keep things going but she never is enough we need to move into a model where we have this concept of the people's money and we have this with governments we we have a budget we have a Treasury you know the government the United States we taxed people we take the money we put it into the government and the Congress gets together and they create a budget and they say what are we going to spend the people's money on but the great thing about cryptocurrencies is instead of a congressman in control of this you will be in control of the people's money if you hold data or if your - it will - any system that has a Treasury and then people can come and say I want X dollars of value to go do Y so the Cardinal foundation they'll go and state we've spent all of our initial funding or we're drawing down on it we need some money or submit a Treasury ballot for two million dollars worth of ADA to pay for operations throughout this fiscal year okay then here's the beautiful thing USA - holders will look at that request and say well did they do their job what KPI should we be looking at just like the congressman has to look at the US budget and say well yeah this money we want to give to this organization nor are they capable of doing this or this department Homeland Security the Department of Defense the Education Department are they using the money correctly and if they're not well what are we gonna do about it leadership changes maybe we'll have budget changes maybe we'll have de prioritization of certain programs line items say we're only going to fun X but not why you get to decide that and the funder and Fundy they can have a two-way conversation and competition occurs so wouldn't it be better instead of saying can I donate to the Cardinal foundation saying I now will have the foundation come to us it holder and say we have done X and we want y for that and then you get to go ahead and decide well what are we going to do that just like the congressman gets to decide oh that's the concept of Treasury what's really nice about it is that it creates a very different level of communication and accountability and it creates a different level of maturity within the ecosystem because implicit in this conversation it's not just about do I like the foundation or not it's very easy to create things that are likable it's all about instead saying well among the pool of possibilities of all the things we could be spending money on and funding and getting going is this the best thing to fund now here's the beautiful thing about having that conversation it actually stops community splits and forks because you're talking to each other you're communicating with each other you're coming up with a strategy there if you say we're going to give 10% of all available Treasury funds to the foundation somewhere in that conversation is saying this is so essential to our ecosystem that it deserves that much funding and we believe in the vision direction of this organization so much that we're willing to give them that kind of responsibility and so forth so you have control you have a voice you have a way of influencing you have a way of steering the direction and as a consequence you feel like you're heard you have a chance to express yourself that the decisions ecosystem are making are legitimized in some way as opposed to having no control I don't get to control Bitcoin I don't have a voice if I disagree with what a very small group of people are doing the odds of me changing their minds or influencing that process is very small and if I can do the odds are most other people can't do it and as a consequence it dramatically increases the situation where minorities will say screw this we're done we're voting with our feet let's create a cache or classic or gold or whatever the heck the latest for flavor of the week is going to be so the answer short answer is as a foundation probably the longer answer is if we've done our job right we can get the best of all worlds where people can be able to get the same output of a donation but they get more certainty and also we create a conversation that can better establish the direction of ecosystem as a whole just what we need if this thing is going to be real yeah the law is a very good book hi Charles can you please talk about your plans for soon as hackathons getting dibs on board to learn Pluto's thanks very much so the good news is that Pluto's already has a fan base and a user base and when you're creating new things it is really a good idea to go niche people have this idea that somehow some way the only way you're gonna get mass adoption is if you start with something that already has mass adoption and it's already out there but guys at the end of the day smart contracts are completely new things we've never had this type of infrastructure before we've never had this type of coding practice before we've never coupled these things in the way that they've been coupled before so regardless of whether you're approaching this from a c-sharp or Java or JavaScript viewpoint at the end of the day you're living in a reality where you know you're gonna have to learn new tricks and new things so then the question is does the fact that you can do these new things with a language you're already familiar with somehow someway dramatically increase your potential to do them in other words are you entering the space because you can use Java and you say why not or are you entering the space because you want to do something in that space and you're looking for tools that will allow you to do things within that space so I feel statistically speaking that it's the latter to the former we have a situation where people will be willing to learn new languages and frameworks and new development patterns to be able to write software in our space we have empirical historical evidence for this with the cell phone revolution with the 32-bit Revolution and so forth time and again it's proven that a certain class of developers not all of them but a certain subset of them were very willing to do interesting things incumbents face now what we've done is we said if we go niche we have a chance of getting those first adopters very passionate very involved to write great software and show that great things can be done the difference between your average JavaScript developer and your Haskell developer is no-one ever started with Haskell as their first language unless they were so privileged to go to Edinboro our Glasgow or a very small group of computer science institutions most Haskell developers are a little older little grayer in the beard and have decades of experience and our experts not only in development engineering but also computer science Duncan Koontz is a great example of that so who would you rather be writing the future financial applications of the world your JavaScript developer that went to hack reactor or took a course on code Academy or something like that has very little experience can't read a specification does not really know how to use cryptography properly and has you know some idea of how to develop or somebody who is an expert engineer because years of engineering experience and it's very systematic mature and methodical for it now now we're not talking about all developers we're just talking about the beginning the bootstrap of your ecosystem one of the reasons why a large majority of DAB's aetherium don't work or have are riddled with security flaws we had things like the dow hack because the initial group of developers who were developing for aetherium weren't pretty junior some are experts in do great work and there are some great examples of that if you look at solidity code where it's incredibly well written but the system was over accessible and emphasized mass adoption when it made no sense to emphasize mass adoption because we didn't have in the etherion ecosystem a lot of things figured out that you needed figured out to be able to comfortably write code this javascript suffered from the exact same problem as did PHP and that's the reason why during the 1990s in the early 2000s the vast majority of websites and servers that use PHP or JavaScript were riddled with code errors efficiency problems security flaws etc etc and the consequence of this was billions and billions of dollars of economic damage and a really bad user experience and just a really horrible time getting the web to a better state and then there was a tools and frameworks and better training and now if you look at the enterprise jazz developers the enterprise PHP developers they're very competent they're very skilled that is hardened with lots of expertise so in my view when you're trying to prove out an ecosystem and show that an ecosystem can really do something special you invite the best to that party and we felt that by going Miche with Plutus we in haskell this would give us the best opportunity to do that this is a group that for the most part has not come to the smart contract party they like their tools they like their ecosystem we're going to try to bring that in first and our conjecture is that group is going to create magical amazing incredible experiences that are really going to be exciting and as a consequence it's going to bring a lot of people into the ecosystem now the good news is it's actually not that hard or expensive to train people to learn how to use these types of techniques if they really want to and we've proven this empirically with two courses we've run one in Athens and one of Barbados since during January 8th in Ethiopia with an all-woman's class we have a Haskell course we've created and we've partnered with Jason King and his organization Toluca Phi that class that we're doing in Ethiopia and our goal is to Train 10,000 developers throughout the world within a 12 to 18 month period post class in Ethiopia so that will be the starting set and in the back of that will build great frameworks and great tools to get people into that ecosystem if we bet wrong we have a back-up plan that's yella which we will continue to invest heavily in and that'll allow everything in the etherium ecosystem work at our ecosystem and eventually people to port over Java and c-sharp and so forth so it's in port from now I think they have a strategy on both sides my conjecture is by going niche we can deliver a great experience great applications which are far more secure and actually solve real-life problems we have a path to train lots of people we and all of that educational material will be completely open-source books videos and other material you guys can consume that galliston consume that any way you want and then if you get it wrong we have a plan B and you know works that the other one works right it's like having two redundant systems-- alright let's look for the last one yeah I love comments like this Coronado has no smart contracts that can use today like blockchains already have we have three test nuts you can run flu this contracts you can run evm contracts and you can run yellow contracts what would you like to deploy them onto the system what can you deploy today to aetherium well ray what can you deploy today that you don't have to also connect to a server if it operates at scale go ahead and create Oberon a blockchain you come back to me and tell me how much your operating cost is on aetherium for that oreos or any of these other guys it's a pipe dream it's a pipe room I could fork etherium any day with my own software and give you guys an EVM great have I innovated have I given you a good development experience have AI given you a secure environment to write these things in good languages to write these things in No and nor have the competitors they don't have anything that we have they just don't they have a fantasy a fantasy that in 2017 was worth a lot of money and in 2018 disintegrated and over 94% the value is lost in the player the etherium side so I just love being lectured that we're just a white paper we have over 40 half of which you've gone through a peer review so on that account we're damn good white paper and that we have no functionality when the fact we do and you should for major updates or you can't run smart contracts because you can't what have you built take your solidity code run it on our tests that show me that you've actually tried to do something in our ecosystem because let's say I had that feature would you actually be using it there ray no you wouldn't you're just an troll and you know what our ecosystems littered with you people and history is littered with you people here you go this is a Cunha form tablet of a message that's written in 1800 BC by a gentleman who was complaining about the quality of his copper 4,000 years of history people are still posting and trolling whether it be Babylon or it be here it doesn't really matter you know if you're going to do great things you have to take the time that they deserve beautiful things take time ecosystems take time functionality and good features takes time what we have done with this project is we have gotten the brightest people in the world across many different institutions and they care about our space our needs they didn't give a about our space five years ago they care now they write papers now they write code now we've created a lingua franca for our space if you look at all of our specifications ledger specifications delegation specifications can sense the specifications Network specifications wallet specifications in math implementation independent our scientists can read them our engineers can read them in domain experts eventually we will be able to read them so we can actually have a conversation of what is a wallet none of our competitors did that either they took old ideas from the 1980s and bolted some sort of voting system on top and said look how amazing we are or they took a theorem and forked it and said they're the world's best standard they just shit-faced lots of crap like certain block chains have done or bought companies to achieve legitimacy or they created a model that was horrendously expensive and insecure and accomplished nothing and evaporated ninety-four percent of its value so that's what we've done if you don't think that's an accomplishment great you should probably leave the space because no one's accomplished anything by your standards [Music] okay one last question and I gotta get going we're in Wyoming are you moving I ohk to Cheyenne Wyoming got my boots and everything you know we we had to make decision about where is the world financial system going to go in the next five years to ten years and we looked at a lot of different places and we had a lot of different conversations and we looked at where regulations that the global economy is at and you know originally we said that there was going to be a great financial pivot to a job and to a certain extent there's definitely that's occurring we looked at the values of the things we care about and if you look at where China is going with Social Credit and gradually transforming Hong Kong and Taiwan and other places at the end of the day they may have marketplaces a lot of power and money but you know the Soviet Union had a lot of power and money it didn't make anything they did or thought legitimate or right and I do not want to live in a world where everything I do is controlled by an algorithm or on I go to the supermarket if I grab the back of pork rinds I lose some Social Credit if I grab the broccoli I gain some social credit because it's quote unquote healthier if I spit on the sidewalk I lose some Social Credit if I ride the train without buying a ticket I lose some credit you know some people somewhere may think that this is a good idea but the concept that somebody gets to be judge jury and executioner for your fate and that person you didn't elect that person you have no influence over I is everything that is against what we've accomplished as a species and it's against the Enlightenment despite all of our problems I still feel that the United States is one of the freest countries in the world and I still feel the United States has the best potential to be a great innovator and a great foundation to innovate from I'm biased I'm an American but at the end of the day we still have a constitution we still have checks and balances yes we have ups and downs but just imagine how good it would be for the world if the things we do wrong are corrected by the philosophies of two currencies all that power all that control could then be liberated and turned into something that is good for the world as opposed to bad for the world so from a philosophical dimension it really does make a lot of sense to me to try to help home a bit and we're already starting to see cracks there's discussions about property registration on a blockchain voting on a blockchain issuing of securities on a blockade and little by little if we get these things to take hold and these tentacles to dig deep eventually these things will turn into political influence and overcome existing system and frankly we are due for major changes in our country we cannot continue to have the political systems we have and expect that we're not going to descend into a civil war and our foundations are not strong in that respect yet our people are strong we still have the smartest we still have the best and we still have the most innovation not because we make them at home but because all the people who do these things tend to still come here the reason why we are now number one in the world for making rocket engines is because someone left South Africa to come to the United States so as a consequence I think it's thinking that Wyoming in a particular in the United States in particular has a great potential for us to do a lot of good but this doesn't change the global nature of our company we're in operating in 16 countries from Argentina to Japan and we'll continue to do that or enterprise portfolio continues to be pan-african and focus and we're going to continue looking outward but i just don't want to base my company's future and fate in Hong Kong when I see what's happening in China continue to happen and if I have to relocate it's only three and a half percent extra taxes to be in the US it makes it organizationally and bureaucratically speaking significantly simpler and it means that we now get to take a lot of things that we're doing and bring them home and make my own backyard a little bit better some people they get so tired of things they just leave rouse their citizenships and say our best days are behind us but if we're unwilling to fix our home that how could we judge other people for not fixing their homes if we're unwilling to change our society and make our society better then how can we judge other people for the problems in their societies I have no right to criticize Social Credit if I'm not here trying to avoid it occurring in my own country and the only way I can do that is to have an economic poisonous in addition to my own voting rights that I have so anyway guys an hour and 40 minutes this was a heck of a lot of fun thank you so much for participating and Merry Christmas and Happy New Year and I'll see everyone in January chairs
