hey everybody I've been having some terrible internet problems I try to make a periscope and unfortunately the periscope didn't work so I decided I did she won from home and hopefully it all works out for everybody if not I'll do a pre-recorded video and just upload it to YouTube I'm not sure what the hell is going on um anyway just a few more clarifications on my comments just make sure everybody's on the same page everybody understands internet bad internet make everybody have hard time explaining what we're talking about so one more time here's the situation as of June 19th the rewards are going to run out for the ITN we basically plan that now what's happened is that the ITN is basically a full cryptocurrency it's running since November excuse me December and it has 19,000 validating nodes it's got 1200 registered state pools blocks are being made and here's the reality we don't control the ITN it has full peer-to-peer it's basically being run by you the community the state pool operators so whether we you want to or not if the community wants to let this thing keep living it'll just keep living okay that's what true decentralisation means you're no longer in control you can't flip a switch and turn something off so the rewards are going to run out on the 19th and some of us internally have been saying well there's a lot of value to having a rapid prototyping chain where we can test a bunch of ideas as quickly as possible in the rough side of the world and see if these work or test alternative models like an alternative smart contract model an alternative network model maybe different monetary policies different consensus mechanisms like a variant of Ouroboros whatever it might be like we have a private version of world wars or a Borah scripts enos for example all these kinds of things and so far we've been using the ITN as our testing bed for that and what makes it particularly appealing is that people treat it like a real chain because the rewards are real for it so as they are running out we first have to make a decision of whether to keep running the chain or not and that is a decision that the community is going to make and they'll make it by just simply keep making blocks keep making slums and if you want the ITN rewards to continue until the heart Fork of July 29th then there will be a voting mechanism that is command line based that basically allows you to vote for a hard for candidate and that's built into the system itself so if you leave your pools running if you keep propagating the network after the 19th no one tries to kill it then we will submit a proposal for a hard work upgrade and we'll do it a few days later and we'll make an announcement on how that's done and how you'd actually vote Nicola or Rome Allen or you know someone will basically do that okay now let's be clear about the rewards the rewards no come out of thin air when we said hey the monetary policy of ADA is that there are thirty 1 billion ADA in circulation and there will only ever be 45 billion ada that means there's a delta of 14 billion and that 14 billion are the unmelted coins just like Bitcoin Bitcoin has a distribution and then there's 21 million potential coins and so the difference between that 21 million in the current amount of Bitcoin in circulation is the stuff that is is what's created every single ten minutes when a block is minted okay same situation for us so for over the last six months all those ITN rewards are either going to the state pool operators and the delegate errs or the Treasury it's coming from that pool of 16 billion 14 billion excuse me so this is no different if we extended an additional month then basically instead of having six months worth of draw from that pool love seven months worth of draw from that finite pool of 14 billion on minted coins okay so no new ADA is being created it's just saying we'll do an additional month of rewards okay second there's not a vote to create a new token if that was to occur then it would have to make sense and the token would have to have using utility that is clearly different from ADA so if that happened what would happen is we would take something that we were planning on the defy side for its own token maybe a stable coin or an Oracle coin like chain-link or something like that instead of running it directly on the card on a main net we'd run it as a native asset or native utility on this prototype chain so you can imagine things like governance as a service or perhaps incentivizing use of yella whatever that might be or otherwise this would be dilution Airy meaning it would just basically split the value of card on between two chains so it would be card on o plus a defy application or something along those lines or a new utility and basically it means you own both of them so the sum of those two is still conserved value for the ADA holders so this is not a vote to create a new token this is not a vote to basically create a card on Oh classic it's just a vote do you wish to continue the ITN at least for another month while we sit down and think about how could we create incentives for maintaining this longer term as a basically rapid prototyping chain was something at stake similar to like coin to Bitcoin now the reason why I bring that up is that there is a difference from a test net and from what has happened with the ITN people treat the ITN like it's real because there's real money at stake people don't treat a test net like it's real because there's no money at stake okay and you can there's infinitely many of them you can spin them up collapse them down so the consumer behavior the game theory the rational actor stuff is very different with the ITN than it is with a standard test that like the Pioneer test that for example so there would make a lot of sense to have something that does have some form of incentive or value behind it that can be used as testing infrastructure which is in some way separate from the car domain chain because the car domain chain is is like the chain that's secure and formal methods and basically has all of that that rigorously tested stuff on it and what we don't want to have to happen is a move fast or break things philosophy somehow compromise the security credible reputation of that chain so it does make sense to potentially have a rapid prototyping sandbox well basically what this is all about is saying it's coming to an end tomorrow if you keep it alive you're basically voting to keep a conversation around how do we achieve these ends if you don't want it to keep alive just shut your pool off and if enough people two-thirds pools keep it alive then we'll submit a hard fork proposal and then anybody who has a DES test net ADA can basically vote on that and if two-thirds the people or whatever that threshold is that we end up setting vote for it we'll do the hard fork and basically just move those rewards over come July 29th when when the hard fork is done with Shelly on the main net okay so I just wanted to clarify all this with you guys so people understand what's going on and they don't go crazy about this and say that we're creating a card on Oh classic or creating any token or this is some shenanigans the itn is already a full cryptocurrency whether we want to shut it off or not is actually not my decision because it's fully decentralized so you the community get to vote on this and get to decide on this if you have tests that eight-hour you are delegating running a stake pool you actually can do something so come tomorrow you'll make that choice either turn it off or leave it on and if enough of you leave it on we'll write the code and submit a proposal and if enough of you vote yes then we will continue running the itn will continue will honor all those new rewards that come from the itn come July 29th we'll move them out of that finite 14 billion this does not change the monetary policy of Cardno right now they're still only ever going to be 45 billion ada this does not change the reward function or any of the things on the Haskell side or any of the Haskell code it's just saying we're drawing an additional months worth of rewards from the pool that we've drawn from for the other six months that we've been running the itn and we're doing it for seven months now and it's basically an invitation for the community to explore how could we incentivize the existence of a rapid being chained and if we ever did want to turn it to something more we do have the option of doing that and likely what we do is move something from the dphi side that makes sense into that and basically represent it that way and by the way you own both okay so that that's that's all I want to say about this but I just want to make sure everybody understands what we're saying this is just a situation where you know we have to make a decision and the community itself is all over the place on it some people were considering basically a burnout where they spent all their Aida try to bring the network down other people we're considering forking it and doing their own thing with it and so I said all right well community if you want to kind of kick the can down the road and see if we can make something of it by the end of July then vote and voting is pretty obvious right now all you have to do is just keep making blocks as of the 19th you will not get rewards for making those blocks and if that happens for a few days then we'll submit a proposal and then after that proposals accepted rewards will restart and all rewards that accumulate from that point on until July 29th will be taken from the reward pool just like the last six months have been okay thank you guys
