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[Music] hi this is Charles Hoskinson podcasting live from warm sunny Colorado it's Saturday night and it's time for a lovely wonderful MA and I hope you guys are having a great day great weekend hope everybody's enjoying themselves it's been a very long week and I'm very proud of the things we've done as I mentioned previously in my quick podcast that I did on periscope we've done four releases in 17 days and not to be outdone we got two more releases coming next week we're probably gonna do one more flight candidate all things considered and then we will do the main net release for Daedalus on the regular version of Daedalus which will aggregate all the changes that have rolled up through the month of April for the flight program and that means all of our users will be on the new byron reboot code so look for that we're so excited about it Linux Mac and Windows it's as I said many times before 18 months in the running and it's just great to see how quickly the flight program got out how many people downloaded and stalled and played around with the software I've seen sync times ranging everywhere from about 30 minutes to 2 hours massive improvement flight candidate 1 & 2 a lot of people myself included on Windows my surface studio took about eight hours to sync I just synced a copy of flight candidate for today just to do a benchmark power in 10 minutes down from 8 hours an hour and 10 minutes how about that you guys excited yeah I am so it's just great that we found several bugs along the way and we fixed those bugs and hours and days used to take us days two weeks to fix bugs okay the case is months because of the way things were architected and built it was just really hard now we find something we could do memory profiling we can just like look at the traces everything is so easy just so beautiful and that's a testament to the great design in the beautiful architecture that we have of course after I did my whiteboard video good response from that some people are still trolling and saying oh well this means Shelly's never gonna ship or you're lying or you should be sent to jail it's getting almost comical now guys really getting comical we have a step-by-step plan i we're getting some stuff wired together right now if you look at the node the 23rd is our next major release of the node internally and externally and that's going to pull together a lot of the shellye components in preparation for the friends and family test net and then probably another two weeks to pull the CLI components into that so if we continue this velocity the Shelly Haskell test ants are fairly imminent and they're gonna run really quickly it doesn't take a lot to pull all of them together if you look at the integration of the Haskell node with the Haskell wallet back-end that's about eight man weeks of engineering effort required there and it can be parallelized and there is a fairly large team on the Haskell wallet back-end so probably about four to six weeks of effort to finalize that last component so overall things are in a very nice envelope and what we thought was going to happen is happening and we're all within the release bands that we feel comfortable with so a part of this is gonna really have a lot of fun at the end of this month and we're gonna talk about a lot about deadlines you know we're going to talk a lot about the things that we're building and where things are going to hit but overall that's the path the whiteboard video and we're following that path and so far it looks like it's actually gonna be well a lot of work a pretty straightforward journey and given that we're upgrading a massive cryptocurrency bringing tens of thousands of nodes from one configuration the other going from federated decentralized a million different things can go wrong the fact that we've been able through careful planning in a systematic effort to get to a point where it's a graceful upgrade and it does not disrupt anything and it allows hundreds of people to take over something that was previously led by three companies that is probably the single greatest achievement this year for any cryptocurrency and I'd love to see aetherium with f2 and their upgrade path I highly believe that they're gonna have two tokens at the same time the original aetherium token and the f2 token and they're gonna compete with each other so we wish him well there but I'm feel real good about the Cardinal upgrade really good and it's a it's a good path that we can use for all future upgrades and things things are pretty much on Rails alright let's talk about your questions huh let's go for your questions how the hell is your beard back already it grows fast so does my belly in my belly Charles please clean this room up it's triggering my OCD yeah it's the old Jordan Peterson clean your room make your bed right and also Admiral McRaven and I agree completely I need to do that I'll make it a project for tomorrow all right first question from Emer Mansoor how can Cardinal stinking run forever with limited coin supply this good question so the first thing you have to understand is that the incentives of running a state pool will increase over time so right now it's just the raw payment of ADA but because of the way we design multi-asset one of the things that we can open up is that other assets can pay their transaction fees and potentially offer inflation to miners for mining them so there is a potential in the foreseeable future that a state pool operator wouldn't just be paid an ADA but potentially could get a portfolio of issued tokens offers for facilitating their transfer so that's one dimension second dimension is that state pools will operate other services like Hydra channels potentially Oracle's and other layer to infrastructure and every single one of those operate on a toll model so as they're used they generate revenue so that's going to be another profit potential long term for stick pool operators to derive funds from also every time a transaction occurs in Cardno there's a transaction fee so just like Bitcoin there is a decrease in the inflation and over time the transaction rate increases and then transaction fees will pay for that and transaction fees are a reallocation of funds so Alice and Bob send transactions those fees go to the state pool operator inflation is a universal effective global it means everybody who holds ADA is slightly diluted from the inflation so that's how that will basically run if there is some issue where more inflation needs to happen the point of a Treasury system is be able to adjust system parameters and so if a supermajority decide there'll be a mechanism to change the monetary policy of Cardinal for whatever greater good is decided for example being able to pay for a huge event like building a satellite network or increase the inflation inflation metric for mining because there's not enough participation these types of things so that's the great part of having the voting system the Treasury system is that you have a regulation valve and what you can do is you can use that valve through a democratic process and you have to make sure that there are checks and balances and you can't change major parameters without overwhelming consent and it takes a lot of time to do that but there's a mechanism to do that and so these things together the fact that state pool operators can basically do more than just one thing the potential for other tokens to pay transaction fees in the native token to state pool operators for processing their transactions the the fact that transaction fees will increase because the volume of transactions will increase on the system meaning there will be a lot of transactions to pay and then a worst case scenario inflation metrics can be adjusted I don't think there's gonna be any problem in fact I think it's going to be the opposite it's going to be a very profitable role being a state pool operator it's good good business to be in and there's certainly a lot of work to do ok hello from rado Springs hello from Longmont Colorado favorite rapper was that Rick Ross because I'm always hustling just kidding are you looking forward to that Jerry Franco Scott OSA and Roman tell Aaron to bring improve I which King card on oh you know Jerry's done great job Jerry our commercial director and Roman is our CTO it's funny when a Roman came on board there were a lot of people who said oh well I which has hired a new CTO it's just a great in general the media in our industry is terrible absolutely terrible we didn't hire a new CTO we never had a CTO I was the CEO and CTO the organization so we've gotten so big we're over 200 people there's so much going on I said I I can't do both roles anymore we're expanding and growing so let's hire CTO so we hired Romain and he's done a great job coming on board it's probably the most complicated job in the entire organization because you have to be a scientist you have to be an engineer you have to be a manager you have to be a commercial guy there's there's a lot there and he's handled that with grace and dignity and he's been able to manage some difficult personalities and not let people walk all over him at the same time he has a lot of empathy for the people under him and he's done a lot of things I think that have definitely improved process and morale so we're very lucky to have a good CTO and we're really lucky to have found him he's he's a wonderful human being all right Rick says well we need to re-enter our 12 word passphrase for the Shelly wallet most likely yes we're still working through that user experience side of things but there's going to be an address rotation so we're going to move from the old-style addresses to the back 32 addresses and we have a completely new wallet type so create of a new wallet is probably going to be part of that migration path so I will talk to Darko about what they've decided to do for the final user experience but it's safer it's it's there's some technical reasons for this the old addresses are not so good and they're very big and the old wallets have a lot of kludgy legacy issues and all of those have been completely resolved with the new Shelley design and they've been thoroughly vetted so probably the user flow will be that you'll restore your wallet into the new Shelley design and rotate to a new wallet and that will be delegation ready on the back 32 address structure but what we'll do is we will have a test net available for that the balance net test net will show that and there'll be a transition process with the balance check test net just like with the ITN and that will give you ample time to be able to know what the final user experience is going to look like and there'll be tutorials and guides and step-by-step stuff and videos I'm showing people how to do that but the good news is it's a one-time event and we're going to permanently stay on this address structure we're not going to migrate from back 32 so this is probably the last time anybody's going to have that event where they have to do some form of rotation rotations are also very helpful for us because we see transactions going from the old legacy addresses to the new Shelley addresses what this effectively does is it gives us data on how many people have migrated because we can actually just watch the blockchain and see migration transactions occur so there's an analytic reason why you'd compel people to do that in addition to some security reasons and some usability reasons and so forth it also is a good way of making sure that people have written their keywords down for some reason there are some people that don't do that and they there's never a case where you don't regret it never yeah you see this comment from Horry Barbosa I say ik not Jorge but this is one we're here from na n io HK has released new paper called optimum waste delay your project it's like guys where the delays now oh you honestly tell me where's the delay been the last few months hasn't been honestly there's not we're pretty much on target for releases in 17 days wake the up you're behind you're the ones delay you haven't read anything recently you see we've changed things we're moving in fast we have great code now real fix bugs quickly able to add new features quickly the flight program we release as done minute it's out its out you know there's no friction anymore but people don't really understand that they just they just want to believe things take six months or a year doesn't take that long anymore and the proof is in the pudding when we ship shelly what are you gonna say i mean honestly you're gonna look stupid all these people saying i should go to jail i'm a con man we're a big scam we delay delay delay delay shelley's never to ship shelly 2020s to the minute we ship it all your comments are on the internet and they live there do you think our community is gonna be so forgiving they're gonna take names they're gonna remember you they're gonna remind every single person when shelly ships that have shipped and then what do you say what do you say remember the internet does not forget it works both ways and we're delivering now I can be confident because I actually see the code I see the software I see the roadmap and god it's a lot of fun to watch you go out every week to two weeks you guys on the other hand you're obviously incapable of paying attention you don't know what's going on so you're really getting into the reputation risk area and no one will ever trust you or believe in you again and you're gonna look like an idiot and by the way just for the community you guys do take notice that the people say Shelly's never gonna ship take names and what it does ship remind them really do it's very therapeutic it's gonna be fun hi Charles how does card out I'll handle fee adjustments what if the price goes up and fee based on that we actually experienced at 2017 when it went from five cent to eight a $2.00 20 ada so feed parameters long-term our hope is to build a formula to dynamically adjust them that's an example of something we could do for the next scope of work the next three to five years beyond 2020 if the community wants us to stay but in the short term the best way of handling that is using the update system and basically voting on fee increases or decreases through the voltaire framework so when Voltaire comes online the community can basically manually set it through updates that happen as early as quickly as one print epic so that'd be one every four to five days if the community wanted to do that or you know more realistically probably quarterly or whatever but it would be nice to actually have a formula that could dynamically readjust fees once eight is capable of understanding its own price and there are ways to do that but it is complicated so that he has the power to do that with Voltaire to change that system parameter alleged cold wallets takings update yeah we're working on that the foundation has contracted an entity I think it's vacuum labs I can't remember which one it was and I think there's a 90-day scope of work to do all the ledger update and there's two major items there above the Shelly support one is the cold staking component and then the other is going to be multi sick with a ledger device and I hope we get on ledger live as well that that's really nice on our side the average case side we are going to build legend into Daedalus and that'll come in probably they're a three to six weeks depending on how fast Daedalus flight can take off and it'll hit Daedalus flight first and then we'll drag it into our GUI prior to Shelly launching so it just depends on how fast Darko can do things card on a possible ID 2020 back-end contender prism certainly could be [Applause] okay hi Charles of the Plutus API is scheduled to arrive at Gogan lodge yeah there should be a big pile of Plutus stuff including all of the off chain infrastructure as part of the Gogan lodge right now we're having a big internal debate about doing a Shelly 1.5 and basically separating multi-asset with its own DSL and having multi-asset as an update to Shelly as opposed to Gogan so we can go from a single to a multi asset ledger and also use it as a way to roll in extended UTX oh it's a good way of testing extended UTX oh and it's a good way of testing some things in the ledger prior to actually getting full Pluto sound so I have a product project manager we just put on top of Pluto's because we're moving Pluto's from an academic project to a full scale engineering project and the team is getting ready to basically converge the same types of release cycles that the node is running on and the other guys are running on wallet back-end and Daedalus is running on so a lot to do we'll have more for you and probably May about that a partner will likely do an update not on April but May on some Gogan specific things and at the Shelly launch event were certainly gonna have a very big gokhan presentation and hopefully by that event we should have a clear roadmap for exactly when we want to roll Gogan out so things are our predictive capabilities are growing pretty considerably we're getting much more foresight into where we can do things and how long it takes to do things did you do is a death adopting some of cardano's code no their hatred of me and their inability to read our papers seems to work on our best interest even though it would definitely D risk f2 they've decided to just keep going their own way and discount us you know next year it's gonna be the biggest mistake they ever made they haven't touched a single line of her code they never talked to us never contact us never reach out to us that's just how a theorem is that's their ecosystem yeah you say I'm full of myself but guys we did do five years of research and right 60 papers for some reason there's some people who they have this mental block and they seem to think that unless the price is 25 billion dollars and you know the code is fully written it's worthless but guys if I have a cure for cancer in a vial or written down on a piece of paper isn't any less valuable as long as it works you understand the intrinsic value of that thing and we spent five years basically building the best technology Bar None it's a fact it's there from performance to a path to scalability to how we're gonna handle interoperability to how we do updates how we thought about on chain democracy these things are here and we went talk to people all across the world more than 50 countries we have 200 people at AI which k dozens and dozens of Engineers working every single day and various different aspects in each of these areas who think about nothing but this there has never been a project like this in our industry and no one has worked as long in our industry on anything like this so yeah yeah damn right I'm confident in my technology because it works it's amazing and when these things start rolling out of the market aetherium can't touch it and they're gonna have a really hard time because every time they try to do anything they're gonna endure bureaucracy fragmentation a lot of actors pulling it one direction or the other direction because they want power or money and that slows them down and they have no on chain way of deciding what things are going to be so the only thing they can rely on is a cult of personality around a particular person that's it that's all they got just like all these other coins so I wish him well I really do but I'm not optimistic I'm very bullish on the things we've done I cannot see the stake pools and that I tend for weeks now do you know why no Steve I don't maybe you should take your blindfold off dude just think for a minute ask yourself ask yourself this I don't know you I don't have your computer here I don't have any logs here the bug you've just reported is not a common one we're not seeing a lot of that they helped us so do you honestly think you're gonna get an answer like really do you do you honestly think that I'm gonna just sit here and be like a well Steve here's what you need to do type this command in and it's gonna fix everything come on man you know there's a process we have a helpdesk if you're having an issue submit a ticket there's also telegram channels and there's well more enough staple operators to help you figures things out if you're unwilling and able to use those services then you're probably not the ideal person for the ITN it's a test net for a reason oh there's another one nein what happened about the presentation done by Charles and Duncan at Google we got invited by Google to do a presentation so we went and did a presentation at Google where we talked about crypto currencies and Cardinal and they said wow that was great and awesome and we took some cards and left then after we did the presentation at Google some people in crypto media basically took that and they wrote this whole thing trying to apply that there's a partnership between Cardno Google you know and this is just as the sadness of the state of crypto media it's terrible it's absolutely terrible everything you do is an article every tweet is an article every interview is an article every ama is an article and of course they never get it right they just say stuff and then people read it they think things that aren't true Google doesn't partner with people they conquer people and absorb people and there's certainly a lot of nice engineers if you will they're fun to talk to but they don't need us they really don't they don't need anybody basse they're just going to do their own thing attitude show the community is more than just a wallet if you're not convinced now get the hell out of the ecosystem so all your a believe leave you don't know get out you're just thinking it's a wallet you haven't seen it's not a wallet get out you're an idiot you were born without a brain oh man I'm having fun tonight guys I really am you guys you guys he just there's there's some people in this space they they just cannot admit they're wrong and they double down on lies they double down on stupidity they double down on rumors and misconceptions and then when you show them the evidence they still will not talk to you believe you you know if you think we're just a wallet you're just you're just stupid you just straight-up stupid that's that it's true everything is an article raging bull it really is every tweet there's like an article now every AMA there's an article and they never get a right or they just go on a crazy direction how will card on oh I'll paste Algren how will al grant I'll paste card on oh I mean we're moving faster than these guys were significantly more valuable we have a much larger network effect we have a much clearer path to commercialization we are already in existing marketplaces with strong mo using commercial relationships and we have a much broader cryptocurrency what do they got we're two years ahead of them I respect the team and the technology and I think they have great engineers but we're two years ahead of them and we're not slowing down we're speeding up so no they got to catch us oh we got a Tazo sky you could have said that about Tasos last year you kind of said that yeah good luck with that guys we have yet to begin to fight come on guys let's have a fun one Charles would you ever teach another you to be course about Cardona you know I would love to do an update of Bitcoin or how I worry learn to stop worrying and love crypto and basically talked about all the things I've learned over the last seven years it'd be wonderful a heck of a lot of fun I could do a lot of digital whiteboard videos and talk about philosophy and actually get into formalizations and actually specify Ledger's and things like that it would be an enormous endeavor and you know after we start closing off the card on a roadmap for 2020 I'd love to take a little bit of time off if I have it and did I be able to do something like that but I think realistically what's gonna happen is we'll get drafted for another three to five years and I'll be too busy getting all that set up but you never know I have a CTO now so maybe I'll be able to commit to it but I would love to do that that would be a lot of fun as Hydra considered a layer two solution as some have claimed claim yes it's always been a layer two solution so it's on top of the blockchain that's what makes it so nice it works in parallel with the existing consensus system it doesn't require a hard fork to operate it's beautiful you can add at any time we need it but we fixed all the problems lightning has what happened to beef Jane never heard of it since 2017 this is another great thing and then I hear it mentioned the other day and they discovered there was a reference to it a year ago what happened since guys beef chin is operating there a real venture there in Wyoming Taylor Lynn home runs beef Jade we've been consistently working with him our commercial team and our professional services group talks to them and they will deploy on Cardinal it's a done deal they're part of our go bean launch portfolio so yeah it's been it's been going you're building stuff takes time six months to a year in most cases if not longer so when people when people when people sign up to work with us we of course work with them but then there's like lots of meetings and lots of engineering and it's a it's a process we don't on a daily or weekly basis talk about it as we're talking about it 2017 the first time we mentioned beef chain it was respected the cardinal ecosystem was in 2019 at the I which case Summit April so I don't know where you're getting 2017 from really don't maybe they were around in 2017 but they had no cardinal relationship at that time hi Charles why pollachi an instead of DAG okay Jago tell me what what would a dad do for us why would that make us faster do you know do you have any reason or did you just talk to the iota people and I said dak dak dak or the Ava people and they said tag tag tag and just assumed it's better data structures or that they have a place and a purpose and they do them things for you we would not gain him any appreciable acceleration changing our architecture to a directed acyclic graph over a regular blockchain structure no advantage at all in fact it probably slowed us down well Bart when I say I'm insisting on no delays and development I'm talking about today there have been historical issues where we've had to take more time than we thought and we had to throw away an entire code base that we were originally planning iterate on and the original scope of shelly was a lot smaller than the scope of shelly today because we realized we had to add more to actually truly decentralize the system it's called product reality you know and that's how it works and Vitalik butor and learned that with aetherium - he thought caspere would be out in two years how'd that work out for them where's Casper who did buy their time frame 2017 POS beta rolled out 2018 POS main net they're already two years into their scalability solution and they've been celebrating two years mining free right wrong didn't happen it's gonna happen this year maybe maybe not welcome to engineering welcome to science it occurs what matters is have we gotten past it and are we in a position where we're actually executing reliably on a thread that is predictable and the answer is yes and you can see that with the bio reboot you're gonna see that with the upcoming Shelly releases as for the past it is what it is we couldn't do anything about it we tried best effort wasn't like we were just sitting on a couch literally everybody was waking up every day stressed out of their mind working month after month trying to get these things done and trying to find creative ways to solve the problem it was one of those painful decisions of my career having to throw away a codebase I paid for and realizing that we'd lose at least six months to a year turned out to be eighteen months of effort as a consequence of that it was also painful seeing reports that were coming to me the CEO of the company and those reports were inaccurate about when things were gonna hit when they were gonna and how they were gonna hit and what do you do about it you just say all right well we can complain about it we can cry about it we can belittle man-children about it or he can suck up and go and solve the problem and that's what we did we solved the problem some people had to be fired some firms had to be let go we had to change some approaches we had to pivot on a lot of things we had prune some things from the roadmap way to get more focused and that's how commercial products and projects work when Vista was under development they had a clip when FS there's dozen little things like that to get it to market similar when the eight 787 was being built by Boeing there were a lot of things that they wanted to put into that plane they just could not put into it and end up in the 737 max in the 777 X and that is how product development works as I've mentioned many times before more often not you guys don't see that but we did this out in the open we did it transparently and as a consequence it meant that you guys got to see the good the bad and the ugly and we were very clear all the way throughout them we are making best effort and when delays happened we explained them and we didn't try to hide from them but that's never gonna be good enough who the hell is this da Vinci j15 guy I keep seeing that people say hey any comment on that he's a loser he's just some guy I've never met him I know nothing about him he obviously doesn't have a very large audience or else I wouldn't know about him and if he's criticizing Cardno or saying something about car da why do we care if some misinformed or under informed dude over the Internet has a poor opinion of our project is that really gonna hurt us like I yeah am I gonna wake up tomorrow and be like oh man I didn't sleep last night some guy over the internet said bad things about me or didn't understand the brilliance of what we were doing no guys you shut everybody up by doing the work and releasing and showing success that's how you win so stop worrying about some random guy over the internet you know just send him links to the work we've done send them all the content the I which get YouTube page the blog send them a link the flight our github repos if he's a real person here's what he'll do he'll do diligence and when he sees it you'll say there have no projects in the entire cryptocurrency space that have done as much work in such a short period of time as our project and have as much potential as our project if he's a not a real person he'll keep his original opinion that's how you fight that and there's no work on your side other than bundling together some resources I Mike Tyson did not say cardano's sucks I've even been to Mike Tyson's old house I like Mike Tyson he's a good guy thank you for the hard work you have people on the ground in Africa yeah I do have people around the effort they live there and they've lived there since 2016 his name's John O'Connor and all the people he's built there every single day they go to work yet mo we use talk to people we have people in Tanzania we have people in South Africa we have people in Ethiopia people run around Nigeria we have all these ambassadors and community evangelists running around I know a lot of heads of state as for a con you know good for him some dudes got a token great and you know I was at the president's sons summit in South Africa a con committed to go there he decided to try to shake people down for money and not show up you know so there were a lot of people talking about Africa there are a lot of people talking there's tons of talk talk talk talk talk talk we we have this MOU we know this guy we can do this and great and the key thing is you ask yourself where's the next m-pesa has it happened you know you first off you have to be serious about AG tech if you're gonna win in Africa or any of these guys serious about Ag tech are they doing anything in agricultural technology on the supply chain side the identity side the voucher side to tracking tracing fertilizer they tracking and tracing subsidies the farmers are they helping with mechanization so farmers can buy farm equipment or have fractional ownership or Lisa rented dealing with those supply chains which are very difficult doing anything inactive no okay still a big chunk of the entire continents economy is to connect to tak-tek that still where billions of dollars are flowing in and out are they doing anything Natural Resources yeah sure everybody's got a gold token right the mines don't exist you know and somebody's gold it's never been audited the government says it's there sure yeah got some land I want to sell you to yeah okay so are they doing anything real in natural resource to sustainable mines okay a sustainable project financing for these things so it pays for not just building the mine but also the end of life and being able to clean it up after they finish and making sure that the workers are paid fair and treated safely and they're not treated like slaves like what the Chinese do nope nobody's doing that guys we're there I live with these problems that reports every single day we talked to the UN we talked to dozens of different NGOs we're fully aware of these problems and we're fully prepared over a long arc of time because every single one of these things takes about three to seven years to actually do something real to get our products in the hands of the people that matter the people the diaspora the farmers the people who will one day wake up and have real wealth and be in the hundreds of millions but you have to have patience you have to earn your respect you have to actually provide real value you have to be prepared to have huge setbacks you have to deal with changes in regulation capital controls you have to deal with a rule of law being shaky sometimes you have to deal with regime change you have to deal with the fact that sometimes your projects attended are politically dangerous for example if we build a voter ID system it allows certain countries to have a census if they have a census then they're allowed to have their elections but what if the ruling party doesn't want to have elections well sudden that thing that we thought we were going to roll out two months ago he's been delayed for two years okay so you know you're gonna see all the time these guys from Apollo iconic Rana they just claim and claim and claiming claiming claim and claim I don't run into him and I should because we're there we're building and we wake up every day and we know everybody pretty well and they're not talking to the same people we're talking to and maybe they have their own set of people but the proof is in the pudding no one owns that continent no one's gonna on that continent the point is to get the technology there and let the continent decide its own path hey Charles can you give any updates on Voltaire or the voting system oh I could oh I could but I'm not going to we got a lot of cool things are more than 10 people working full time right now unfold hair and they are doing amazing things d'Or is a brilliant product manager and there are some good engineers there the entire ITN team has been moved over to little tear and they're just doing some crazy good stuff so I'm gonna leave it to them to make their announcements and that's going to be a nice surprise for you guys sooner than you think or any the employees being laid off or furloughed and UK due to karana 19 nope we have them laid off a single person due to Corona going strong when will we be able to install car down on a rock pie when we actually create the Haskell test and we're going to talk to Marcus about embedded devices and low powered devices we're really gonna try to see if we get to work on a rock pie and get it to work on a Raspberry Pi I do believe it's possible it's gonna be a little tight but it should work it really should work so Marcus is the guy that's really good at that stuff and it'll be something that the friends and family test that does I before we launch the public test net and that'll be really cool but I'd love to see it on like an Intel compute stick or on a Raspberry Pi there's no reason it should run the performance profile shows that it could fit into that envelope yes I'm very happy Falcon about McCann and they're working their primary output for the first generation of this stuff is going to be the Cardinal org refresh and then there's going to be a lot that flows from that but one of the most important things we can do is make sure that we have a big media campaign we get on Wikipedia and we have a single source of truth for Cardno and that we really focus on producing certain types of content like for example y or boris is amazing and we have a few months to get all these things together with that relationship and they've been helping us a lot to not only get that stuff done but then also to talk a lot about how do we do brand differentiation on the enterprise side so they've been definitely very useful for us and I really like what they've done it's blockchain really even good for anything besides a currency yes see my prior videos for an answer there's about 400 hours where I talk about that how will the development of Marlowe improve now that Simon Thompson working for I which K as a lead will get more and then also Simon can build other types of DSL so we can do non-financial dia cells so it's really nice to have a DSL expert and be able build a nice DSL team hi Charles is 2020 still the target of Maine that Shelley yes you idiot yes [Laughter] okay yeah you see Bart he didn't read he didn't watch my last video what are we shutting down the I which came notes on the rust ITN we're gonna shut all of our ITN nodes down with the balance check test net because that's the last opportunity to actually pay out anything right so when that hits we're shutting it down as I mentioned in my prior video watch the videos keep up come on guys give me something good the stable coin debacle yes so there's a lot of people talking about regulating staple coins so there are really two different classes of stable coins so there are asset back stable coins and then there are algorithmic stable coins so asset back stable coins those are stable coins that basically have a promise behind them so for example teather they say okay each of these tethers they should be backed by a real US dollar somewhere sitting in a bank now the problem with full or fractional reserve money is that you are completely at the mercy of the custodian and the person making the promise okay so historically every single time this has been tried it has failed in the long term there are no exceptions given enough time in the nineteenth century there were over 200 private currencies issued by banks throughout the United States every single one of them failed because it's too much temptation there's too many things that can go wrong when you have a backing behind an asset even the United States we backed our money by gold with the Bretton Woods Agreement and then in the 70s Nixon said yeah we don't need to do that anymore and we just took the gold away and we said the US dollar is now not backed by anything okay so I'm not a big fan of backing something buy an asset to make a lot of sense when that asset requires custodian risk and that asset can be decoupled by a central actor so then I'll go coins those are like the maker dows and these things and generally how those work is you have some stable and something that floats in the thing that floats has an upside and a downside and somebody takes the upside but they agree to take the downside and as long as that is is somehow bounded and people are able to operate within those bounds then the other asset doesn't have an upside but it doesn't have a downside so it's volatility is very low but as we've seen with liquidations and maker Dow that hasn't worked so well in practice I tried to do it too dan Larimer first project I did in the space it's called bitshares and we had this thing called the bitusd did not work so algo stable coins super hard super difficult however they can be tremendously valuable if you figure them out for example if we create an algo stable coin that was backed by ada or some construction involving ada then it would create gargantuan amounts of trading and demand for ada if the stable coin was successful because the only way to generate them would be to have some sort of a de component for its generation so if it becomes like tether and it has billions of dollars of daily turnaround and billions and circulation of value it would actually push the value of haida up so it makes a lot of sense to try to create an algo coin where your backer is the underlying asset but they actually get the monetary policy right in the economics right no one's ever done it and so we do have a team of people led by bruno paleo who are just examining these things in general and seeing what we we could conceivably do and we have a lot of ideas that have been percolating for the last seven years but it's a very challenging thing but it's the single most valuable thing we can do in the cryptocurrency space long term because it's the only way to do lending it's the only way to do insurance and it's the only way to actually completely decentralize our cryptocurrencies there are needs for stable assets merchants are not currency speculators they need stability if they're going to conduct commerce and furthermore if you want to onboard people and have them stay in your ecosystem holding an asset that's not volatile is a very important thing and it's a very powerful thing so it's something we think a lot about but it's a lot of work yeah it's something that will come over time if we can figure it out Charles would you want AI which K to continue working on protocol upgrades after 2020 guys I got another five years in me I really do I'm a young guy and we have the best team in the world for building cryptocurrencies and we got all our problems fixed so we're moving faster than anybody else you'd be stupid not to have her company go and given another shot because what we could do with another five years is unbelievable I mean in five years we went from two guys to 230 in a gigantic effort in ten labs and 60 papers and a million lines of code and having to make a lot of mistakes learning how to get all this stuff done and now we have this mammoth engine and if we're not voted back in then I have to disassemble that mammoth engine so then somebody else has to come and figure out how to build that all that capability in that capacity and that domain expertise back up and then propose an alternative roadmap it would be a travesty it really would be the people I have in my team they don't want to stop working they want to keep working they're fired up they're ready to go so this is one of the reasons why we're going all hands on deck getting Volterra where it needs to be because it's super important that we get that voting system out as soon as we can and get Shelly and Gogan out as soon as we can so that people can then vote and I believe I really strongly believe that the community will decide to keep by which cater out terms of what we'll do we'll take it from the best cryptocurrency to the best financial operating system the world has ever seen that really truly can support billions of users it really truly can basically be the engine of all the value transfers of the world we really can go and give it a fair shot with another five years given that what we've achieved with these five years and the team that we have so we'll make the case we'll put the price tag on it and we'll get that voting started as soon as we can and if the community wants us we'll stay if they don't want us well then unfortunately I'll have to disassemble this engine it is not cheap it's very expensive of people they're the best they there's so many PhDs here there's so many talented engineers and scientists and this is not a charity you know the whole point of a treasury system is that the system can pay for its own maintenance you should never have a system where you have to rely of people being nice or goodwill or beneficence because you're just PBS at that point you're the National Public Radio at that point begging for money on a telethon every six months hoping to god you'll get your funding it's not sustainable and it's annoying as hell no you should have a real commercial system and if cardano's really valuable should be able to pay for its own bills and it should be able to afford the best engineers in the world to take it make it the best system in the world we think with the Treasury system we designed there's a path to do that and it's the community's decision whether they want to do it or not and if they want to go in a different direction okay that is true too centralization you know the freedom to decide the freedom to pivot the freedom to fire the founders the fee that freedom to move in a different direction or the freedom to double down on the things that they think are valuable and our job is to make the case and your job is to decide if that cases has been made or another one is is better Jim Lewis what was Eric Weinstein's theory I'm familiar with Eric Weinstein you're talking about the the mathematician and is he talking about the simulation hypothesis or what was the what was the thing he was talking about [Music] tell us about the new masks I've had these for years guys they're from Nepal and from Africa and Venice I used to go to Carnival is the doll Zimbabwe no so a little bit different the dollar goes down the whole world goes down all boats done they try very hard to decouple but sadly guys you just have to live with us Americans for now Charles will you my lambo what Lamborghini do you have I love Lamborghinis they're good cars really expensive cars but they're good cars two thousand dollars for an oil change it's crazy it's absolutely crazy [Music] mm-hmm Oh Eric Weinstein has a new theory on everything well I've actually been following Stephen as Steve Cohen Steve Knight Steve Cohen but Stephen Wolfram excuse me wolfram he's a friend of mine I've known wolfram for years came to my summit in April of 2019 even gave me a book one of his books I think I actually haven't sent around somewhere so I did everything I liked him he's a cool dude but he just recently said that he's pursuing a computational theory of everything and being of course Wolfram it means you're gonna get a 500 page book and a boatload of computer modeling but he's certainly having a lot of fun and this is probably the the Twilight project so every academic has they get a little older they pick a Twilight project like Phil Wadler has Plutus and Sylvia McCauley has elgrand and this is his and whether they win it or not it's where they just put their career their reputation their resources all into one bucket and they go and chase something and they see how far they can go with it so Wolfram is actually chasing not a small thing he's chasing like a unified theory of physics he's redoing all the foundations of physics using his knowledge of computation and he's trying to basically build it from a series of simple rules it's batshit crazy but you know he's that kind of guy that chases stuff like that and he's certainly made a little bit of progress so I highly encourage you to go to his personal blog and read about his results and see the hypergraphs and the other things that he's put on it's the super super cool stuff I have a lot of respect for Wolfram he's a legitimate genius and he is an man literally what he did is he wrapped himself in a corporation and made so much money from it that he had the freedom to basically pursue any idea that he wanted and he has maintained tight control over every aspect of that company and those ideas and really Wolfram is an extension of himself and he's now leveraging that kind of capstone the beginning yeah it almost reminds me of a TS Eliot quote you know we must never cease from exploration and at the end of all of our exploring will be to return to where we started and know the place for the first time really what's amazing about Wolfram's career is that he published this first physics paper as a teenager and he was became a physicist I think around 21 22 very early and now he's returning after going on this crazy massive journey and he's returning with of having slayed the dragon with all the gold and treasures and he's being able to distribute it with his first passion in a way that he just couldn't simply do 50 years ago so we we certainly do wish him well and it just makes me really proud to see that people can still pursue their dreams and do so and in such a grand way and if they happen to achieve them fundamentally advance the entire human race that's perhaps the most selfless thing of all so so yeah I haven't seen the wine stream thing but I've certainly been paying a lot of attention to Stephen Wolfram Weinstein's a smart guy too but he doesn't have Wolfram behind him it's nice to have a big company do you have a favorite Austrian economist yeah Hayek and Ludwig von Mises are both very good I'm not a huge Austrian economist yeah there we go Wolfram at a PhD in physics 20 years old oh yeah I knew it was in his early 20s that he got his PhD I was thinking 21 for some reason but I couldn't remember the exact thing but it's a ridiculously early age to to get a PhD in physics just ridiculously young like Terry Tao got his PhD in math at 21 why did you shave your beard I was doing some traveling and I needed to wear a mask and the mountain man beard just made that really difficult and so I shaved it too to wear wear a mask we're right at the peak of the epidemic and it's starting to die out and it's probably the next two to four weeks will die out now let's talk about kovat a little bit since we're all living with kovat and it's cowling the entire world so I I have my father's a doctor my brother is a doctor and I know a lot of people in the medical business and we talk quite often usually daily about therapeutics and basically the state of everything where we act and I talked to a lot of heads of state and you know they they have opinions about when to open their countries and where all of this is going to go so the worst case scenario is this thing is so deadly and terrible that we all have to wait for a vaccine before we do anything the data they have conclusively shown that the worst-case scenario is not going to happen and that the case fatality rate is not as high as we thought it was going to be so I've seen reports for example entire country of the Netherlands started doing antibody testing and about 3 percent of the population has already contracted and recovered from kovat and when you factor this into their case fatality rate it goes from double digits down to 0.1% or something like that so it's certainly worse than the flu but it's not as bad as we thought it was going to be the mortality rate in Italy was similar to in localized settings influenza seasons 2017 and when again if we they were to do heavy antibody testing there's a very strong possibility that a big chunk of Italy similar to the Netherlands 3 3 or 4% contracted Corona already so then suddenly that case fatality rate that goes from 5% to significantly lower look at the people who are dying well the young can be infected the vast majority of people who are dying are people who have comorbidities who are over the age of 5 and obese or people who have lung problems or immune system problems so so really this is a disease that strikes the vulnerable but not the young the young can get it and certainly can have a hard time with it but the vast majority recover and the vast majority have mild symptoms what's really extraordinary is the advancement treatment for a RDS so advanced respiratory diseases there were standard protocols to treat them in the last three months those protocols have advanced probably more in the last 10 years and it's gotten to a point where they're there's considerable innovation in the way to treat people in the ICU without having to ventilate them and as a consequence because they don't go and I found a letter first you don't need the ventilator and second your chance of damaging the lungs goes down and actually the patients tend to recover faster yeah furthermore there is now I think more than 500 clinical trials for various different drugs from REM disappear to hydroxychloroquine and all of these are basically showing some real progress REM des aveer there are some conflicts of interest in the studies that I've seen where Gilead has involvement the study construction and patient selection but even with what they've done there's there's definitely some hope there and Remzi severe in particular is a very exciting drug because it can be converted into a pill and use as a prophylaxis meaning it can be distributed proactively to the elderly to the nursing homes to the medical personnel and prevent infection or reduce the chance of infection and because of the nature of that drug it doesn't seem to have a lot of side effects hydroxychloroquine if it does work and there are massive chest going on within a few weeks we'll conclusively know if it does or not does have more side effects especially when coupled with it this row - and for those who have heart problems butthere's along a short within I'd say about four to six weeks we will have good therapeutics from conv listed blood plasma into drugs that will take the very sick and give them a significantly better chance of surviving furthermore all of the PPE shortages in the United States in particular will be gone and the testing will be scaled up we now have tests that take ten minutes to do and they can be done in right here in this part of the nose instead of having to go all the way back up problem with a test where you have the tip go all the way the back of the throat is that it tends to make the patient coughs so the amount of PPE that the people have to wear is a lot more and has to be changed so much better test rapid testing antibody tests all of these things in the Western world will be at scale within four or six weeks therapeutics will be online within four to six weeks the case fatality is significantly lower than we thought it was and also because a lot of people were already God had heard immunity is starting to kick in especially amongst people are very ephemeral people travel so that means that the second wave will be a lot more muted from the first wave the Spanish flu was the opposite killed between two to three million the second wave killed between 25 to 30 million people so it was much worse I think it's the opposite for kovat so I so I'm really really really excited to see that we're probably going to crawl our way out of this in May and June and exiting spring and entering the summer coronavirus is not going to be as bad as it was now there's still going to be social distancing there's still going to be masks there's still going to be people getting sick the ron r will still have to worry especially if you're obese and have comorbidities and you're older these are risk factors that make your CF are bad but if you do get sick there are now treatments will be treatments and there's a protocol every step of the way from when you first enter the hospital to when you're really sick at the ICU which has been tested now on more than two million people and as a consequence there's a huge a body of knowledge about how to treat you well so your chance of dying in June or July will be considerably lower than your chance of dying then in wing if you're in wuhan you got it the very first day this thing came out so I'm cautiously optimistic that the third quarter in fourth quarter of this year will be a lot better I know that there's gonna be a second wave but I don't think it's gonna be as bad and I think we'll do a better job the problem is that because we shut down the economy about 10% of the entire US workforce is now unemployed and this has devastated the poor and it's devastated them in ways that we will not recover from the minute we reopen the economy and when you kick this many people into the unemployment quotas and then you still put them in debt and demand that they pay things that they can't afford that's the kind of stuff that creates revolutions that's the kind of stuff that gets people very angry so there's going to be a huge wave of social unrest a huge wave of defaults a huge wave protests political changes on the back end of coronavirus before even the vaccine comes out which direction it goes it's hard to know it really is but it's all I know is it's going to be a big deal now we as an industry the cryptocurrency industry I think are the primary beneficiary of these things when people lose confidence and governments when people lose confidence in central banks political realities they tend to flee to safety they tend to flee to contrary infuse and gold can be confiscated crypto is much more difficult so I think it's gonna probably lead to a second wave of speculative interest into the cryptocurrency markets basically because people are afraid of the incumbency markets and things are you know things just are not good right now now as for a vaccine if you look at Pfizer Johnson & Johnson and a litany of these other companies all of them are basically converging it the same safety and efficacy windows so the thing that we've done differently this time around is generally how it works of the vaccine is you produce some of it you do a safety trial and then you do an efficacy trial then you if you proves it's good you mask manufacturer two to three years for that latency here they're manufacturing it while doing safety efficacy and so if it doesn't work all of that stuff goes into the junk yard to the to the garbage dump and so if it does work that means there's no delay from when it's proved safe and effective to actually do mass distribution so optimistically the earliest we can see a vaccine for at-risk groups and VIPs would be quarter four of this year more realistically quarter one of twenty twenty one if the safety and efficacy trials look good Kovach nineteen he doesn't seem to mutate as much as the normal flu does it's fairly stable and so as a consequence of vaccine probably would be quite effective given that it's manufactured in such a short time window and all things being lucky will have strong therapeutics in a few months they'll continue to evolve and we'll have much better therapeutics by q1 of 2021 the ARD s protocols are already incredibly good much better than they were just two months ago and a vaccine is coming q1 so we'll mop it up from q1 why is that relevant it's relevant for mass gathering so political rallies entertainment business sports events these types of things they're not going to get back to normal until vaccination has been propagated through the general public so that's gonna happen but you know there's been a lot of innovation on certain things that are just necessary in the medical industry like for example rapid testing of viruses in general that are low cost this has never been a priority but now it is reusable PPE is another thing that's truly amazing and we've seen some pretty incredible advancements there were you know standard of cloth mass and and 95 s can be reused enough forty fifty times there's even a lot of innovation on sterilization of clothing so for example you take your lab coat off you can put it into a UV cabinet and then take it out it's been completely cleaned so there's a huge amount of consumer innovation and enterprise innovation or just rapid sterilization and things to avoid transmission so this is going to have not just an impact on kovat but it's going to have a huge impact on influenza which every year kills half a million people world why'd it's a bad deal and that's awesome it's also done a lot of work for rapid development of vaccines and rapid drug testing so perhaps we're gonna get synergistic benefits from it so there's some lights at the end of the tunnel there but the social unrest is going to be much worse than the death it's going to cause a lot of problems could break up the e European Union it could end the Trump administration it could push America into a depression it could create strucked a whole new world order that we're not really sure what it looks like but everything is going to be different anyway that's my coronavirus update Bridget's regretted the professionalized II regret KVM or 2018 does 2018 haunt you I know done to haunt me and KVM doesn't haunt me I mean our relationship with RVs great and you know you never regret doing good research and you never regret building good technology I mean at the end of the day because aetherium just didn't understand the value of it we had to pay to make sure that cerium had formal semantics we needed to do this to fully understand how to build Plutus and then also to basically build something better than what then what Gavin would have constructed so I don't regret that I think it was money well spent I'm sad that we weren't able to take it to the next level and get all the benefits of it but you know that's the nature of research you know it takes a huge amount of time and there's a huge amount of money a lot of brainpower and not everything you do works out and not everything you do can be immediately commercialized and there are a lot of things that are just amazing if you can achieve them but unfortunately you just can't afford for whatever reason the full realization of that technology so don't regret that you know 2018 was a learning year we had to deal with the consequences of a poor vendor we had to deal with the consequences of assumptions we made not being true and you know we tried very hard to manage it and then it just got untenable and then we had to start over and it did create some delays and you know if I got a do-over of course we do things dramatically differently but you don't get do-overs in life and that's not what life is about what life is about and what running a company is about what great ecosystems are about our learning for the mistakes you make building resilience and overcoming those mistakes and growing to a point where you're capable is still being competitive and ultimately stronger today we are stronger company we're a stronger ecosystem or a more focused company and we have much better out looking technology than we would have ever had had we made decisions differently in 2018 and did everything right the first time you know the other thing is that even if we did everything right we delivered everything to market you know maybe we would be number five or six on coin mark cap so it would be a little bit better but we're in a massive depression our industry so it really wouldn't have moved the needle so much on price nothing is going to do that we have to grow out of this and we have to wait for crypto winter to completely end we were exiting before kovat we saw every indicator inside of that and Bitcoin was headed back for to 20,000 in coronavirus robbed us of that uptick so now we just have to wait a little bit longer so you know that's deeply frustrating because if you look at where cardano's at today compared to where was that when we first launched there's just no comparison you know we're just so much better yet the price does not reflect that and that's deeply frustrating and it's deeply frustrating that people have these unrealistic expectations about returns and unrealistic expectations about what price translates to there's a whole class of people who the only data point that they collect with crypto currencies is where it sits on coin market cap and if you're not looking good that day your scam or a bad product and you know if you think wow we spent all this time building all these things the only thing you care about it's a vanity metric it's it's frustrating it really is and I wish the space wasn't like that and it's one of the things that if it keeps being like that it's one of those things that makes me want to leave this space but the good news is that it's not always about that and there's certainly a lot of people who aren't there and this is why we're in Africa and other places because they don't really care about the coin market cap they care about their fertilizer vouchers and their identity and their property and they care about being able to wire money to their children these types of things and the fact that we have technology to do this in a free and fair way at a scale of millions to billions that's what keeps me in the space and keeps me invigorated and motivated and it balances out the noise and the speculators [Music] this is a great example of confirmation bias I've never had flu vaccines and never had the flu how do you know you've never had the flu you could have been an asymptomatic flu carrier could have gotten it and had no symptoms and spread it to your friends or is there gonna be an event for the launch of Shelly yes there's going to be an event for the launch of Shelly a virtual event we'll announce it when we have a date it's gonna be a big event if free to attend you don't have to pay anything all of our product managers are going to be there tons of presentations a merkel will be presenting the Cardinal foundation be presenting we'll have exhibitions these types of things I think crypto currencies Luke are probably the only way to implement universal basic income if you want to do that and basically what we could do is a pilot and scale it up to diaspora for refugee payments and that same mechanism could be reused for ubi in my view ubi only makes sense when you have a sovereign wealth fund and you're distributing profits otherwise you're redistributing inflation and you're just gonna you know take from the rich to give to the poor it didn't never works in practice it never works ever do you ever talk to max keiser he's a character I talked to max and Stacy all the time well tomorrow be at the virtual Shelli launch yes she will be presenting both for the foundation and for Iowa Kay do you think there are other beings outside of our planet statistically yes it makes a lot of sense universe is a big place you know and one of these things is we just gotta get faster than light travel figured out somehow someway gotta bend the rules a little bit or else we'll never meet them what do you talk to max and Stacey about the weather I talked to them about the weather I ping them and say how's the weather they say it's great I say wonderful it's snowing here they say BRR goodbye that's what I talk about come on guys give me something good here have you found a platform that can sustain a virtual event yeah we were looking for one that didn't use zoom and I think we found one we did a search and there was like 25 different candidates and they're gonna do the final suggestion this upcoming week to me but I think they've picked a vendor Charles his golden ticket for the virtual lodge the crypto Factory if we're gonna do Willy Wonka who's gonna be the Oompa Loompa what's your favorite Pink Floyd song my favorite album and song wish you were here absolutely love it I was after Syd Barrett got schizophrenia and got kicked out of the band was replaced with Roger Gilmore and they did that album as a homage to him and it was just it was just amazing yeah actually I just got some good ear buds I'm an audio file I have dachshund audio engine speakers and all kinds of stuff but I just bought these these are the Sinai's ears true momentum Wireless twos they now have active noise-cancelling and they fixed all the problems with the prior generation but I think I probably have two grand wertha head earphones and ear buds and things like that I just love music are you planning some sort of partnership with polka-dot no we don't need to why they they like our papers and they read them and they're friendly guys the people at web 3 and parody Tech and every now and then I talked to you Gavin would I run into him here and there but he was the guy that pushed me out of the etherium group he told Vitalik him or me and then he got pushed out talks the only one of the eight left